v3.25.2
Segment, Geographic and Other Revenue Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment, Geographic and Other Revenue Information
2. Segment, Geographic and Other Revenue Information
The Company operates in a single operating and reportable segment for all periods presented and the CEO has been identified as the chief operating decision maker (“CODM”). The CODM uses income from operations to measure the profitability of the segment. These amounts are reported on the Condensed Consolidated Statements of Operations. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total consolidated assets.
The financial data provided to the CODM is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
US:
SUBLOCADE*$195 $179 $359 $346 
Sublingual & other5263107126
PERSERIS1
8131223
Total U.S.
256255478496
Rest of World
46449087
Net revenue302 299 568 583 
Cost of sales52 79 96 117 
Gross profit250 220 472 466 
Operating expenses:
Selling and marketing8066147132
General and administrative7886142163
Total selling, general and administrative158 152 290 295 
Research and development21 26 43 54 
Litigation settlement— 160 1 160 
Total operating expenses
178 338 334 509 
Operating income (loss)
72 (118)138 (43)
Other (income) and expenses:
Interest (income)(6)(6)(10)(13)
Interest expense15 9 27 18 
Income (loss) before income taxes
62 (121)121 (48)
Income tax expense (benefit)
44 (23)56 (12)
Net income (loss)
$18 $(97)$65 $(36)
*Total SUBLOCADE net revenue
$209 $192 $385 $371 
Depreciation and amortization$3 $4 $5 $7 
Share-based compensation expense$8 $6 $14 $12 
1Marketing and promotion activities for PERSERIS were discontinued in July 2024.
Significant segment expenses within net income (loss) include cost of sales, selling and marketing, general and administrative, research and development, and litigation settlement at the consolidated level. Other segment items within net income (loss) include interest (income), interest expense, and income tax expense (benefit). Our CODM is also regularly provided depreciation and amortization and share-based compensation expense, both of which are presented above and are recorded within cost of sales and selling, general and administrative expenses.
Revenue recognized from performance obligations satisfied in previous periods was $26 million and $45 million in the three and six months ended June 30, 2025 and $16 million and $23 million during the three and six months ended June 30, 2024, respectively.