SEGMENT REPORTING

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

An operating segment is defined as a component of an entity that engages in business activities from which it may recognize revenues and incur expense, its operating results are regularly reviewed by the entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and its discrete financial information is available. The CODM for the Company is the Chief Executive Officer. The Company does not aggregate its operating segments for reporting purposes, and therefore, the reportable segments are the same as its operating segments.

Following the acquisition of Alimera and during the fourth quarter of 2024, the Company reorganized the segment information that is regularly provided to the chief operating decision maker which caused the identification of significant segment expenses to change. Therefore, the Company recasted prior period segment information to conform to the current-period presentation in accordance with the segment guidance at ASC 280-10-50-34.

The Company is now organized into two operating segments as follows:

•Rare Disease and Brands – Consists of two reporting units, Rare Disease and Brands. The Rare Disease unit consists of operations related to the development, manufacturing and marketing of proprietary branded pharmaceutical products, with a strategic focus on products used in the treatment of patients with rare disease conditions and consists of operations related to Cortrophin Gel and ILUVIEN (there were no sales of YUTIQ during the quarter ended September 30, 2025). In addition, the Brands reporting unit includes a portfolio of approximately 20 brand products that are principally sold in highly genericized markets.

•Generics and Other – Consists of operations related to the development, manufacturing, and marketing of generic pharmaceutical products including those sold through traditional wholesale and retail sales channels, sales of contract manufactured products, royalties on contract manufactured products, product development services, and other. As of September 30, 2025, this reporting segment was comprised of over 100 product families.

The CODM evaluates the performance of the Company as two operating segments based on revenues and Operating income (loss), exclusive of corporate expenses and other expenses not directly allocated or attributable to an operating segment. These expenses include, but are not limited to; certain management, legal, accounting, human resources, insurance, information technology expenses, and transaction and integration expenses related to the acquisition of Alimera and other acquisitions.

The Company does not manage assets of the Company by operating segment and the CODM does not review asset information by operating segment. Accordingly, the Company does not present total assets by operating segment.

Financial information by reportable segment is as follows:

	Three Months Ended September 30, 2025
	Generics and Other		Rare Disease and Brands		Corporate and Unallocated		Total
Net Revenues	$	98,688	$	129,125	$	—	$	227,813
Less:
Cost of sales (excluding depreciation and amortization)	53,736		39,653		—		93,389
Research and development	8,472		3,832		—		12,304
Selling, general, and administrative	1,405		43,983		31,268		76,656
Depreciation and amortization	—		—		22,632		22,632
Contingent consideration fair value adjustment	—		—		(14,470)		(14,470)
Loss on disposal of assets	—		—		295		295
Intangible asset impairment charge	—		—		767		767
Operating Income (Loss)	$	35,075	$	41,657	$	(40,492)	$	36,240
Unrealized gain on investment in equity securities	$	—	$	—	$	3,140	$	3,140
Interest expense, net	—		—		(4,727)		(4,727)
Other expense, net	—		—		(853)		(853)
Income (Loss) Before Income Tax Expense	$	35,075	$	41,657	$	(42,932)	$	33,800

	Three Months Ended September 30, 2024
	Generics and Other		Rare Disease and Brands		Corporate and Unallocated		Total
Net Revenues	$	82,711	$	65,621	$	—	$	148,332
Less:
Cost of sales (excluding depreciation and amortization)	42,585		20,490		—		63,075
Research and development	6,123		4,005		—		10,128
Selling, general, and administrative	1,384		35,705		41,986		79,075
Depreciation and amortization	—		—		15,748		15,748
Contingent consideration fair value adjustment	—		—		825		825
Operating (Loss) Income	$	32,619	$	5,421	$	(58,559)	$	(20,519)
Unrealized gain on investment in equity securities	$	—	$	—	$	1,355	$	1,355
Interest expense, net	—		—		(2,331)		(2,331)
Other expense, net	—		—		(2,535)		(2,535)
Loss on extinguishment of debt	—		—		(7,468)		(7,468)
Income (Loss) Before Income Tax Benefit	$	32,619	$	5,421	$	(69,538)	$	(31,498)

	Nine Months Ended September 30, 2025
	Generics and Other		Rare Disease and Brands		Corporate and Unallocated		Total
Net Revenues	$	295,941	$	340,365	$	—	$	636,306
Less:
Cost of sales (excluding depreciation and amortization)	143,468		97,573		—		241,041
Research and development	26,474		12,929		—		39,403
Selling, general, and administrative	4,202		137,610		93,143		234,955
Depreciation and amortization	—		—		68,804		68,804
Contingent consideration fair value adjustment	—		—		(25,285)		(25,285)
Loss on disposal of assets	—		—		295		295
Intangible asset impairment charge	—		—		767		767
Operating Income (Loss)	$	121,797	$	92,253	$	(137,724)	$	76,326
Unrealized gain on investment in equity securities	$	—	$	—	$	2,551	$	2,551
Interest expense, net	—		—		(15,649)		(15,649)
Other income, net	—		—		1,084		1,084
Income (Loss) Before Income Tax Expense	$	121,797	$	92,253	$	(149,738)	$	64,312

	Nine Months Ended September 30, 2024
	Generics and Other		Rare Disease and Brands		Corporate and Unallocated		Total
Net Revenues	$	236,346	$	187,456	$	—	$	423,802
Less:
Cost of sales (excluding depreciation and amortization)	121,399		48,531		—		169,930
Research and development	19,569		8,366		—		27,935
Selling, general, and administrative	3,737		86,720		89,460		179,917
Depreciation and amortization	—		—		45,131		45,131
Contingent consideration fair value adjustment	—		—		1,274		1,274
Gain on sale of building	—		—		(5,347)		(5,347)
Operating Income (Loss)	$	91,641	$	43,839	$	(130,518)	$	4,962
Unrealized gain on investment in equity securities	$	—	$	—	$	8,298	$	8,298
Interest expense, net	—		—		(11,587)		(11,587)
Other expense, net	—		—		(2,655)		(2,655)
Loss on extinguishment of debt	—		—		(7,468)		(7,468)
Income (Loss) Before Income Tax Benefit	$	91,641	$	43,839	$	(143,930)	$	(8,450)