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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
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, the operating results of which 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 for which 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.
The Company is 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, manufacture 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 March 31, 2026), royalties, and other revenues. In addition, the Brands reporting unit includes a portfolio of approximately 20 branded products that are principally sold in highly genericized markets.
•Generics and Other – Consists of operations related to the development, manufacture, 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, and other pharmaceutical services. As of March 31, 2026, this reporting segment was comprised of over 130 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. Generally, these expenses include, but are not limited to, certain management, legal, accounting, human resources, insurance, and information technology expenses, as well as 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 March 31, 2026
(in thousands)Generics and OtherRare Disease and BrandsCorporate and UnallocatedTotal
Net Revenues$109,220$128,242$— $237,462 
Cost of sales (excluding depreciation and amortization)59,592 33,990 — 93,582 
Research and Development expense7,789 2,811 — 10,600 
Selling, general, and administrative expense1,522 55,188 16,945 73,655 
Depreciation and amortization— — 20,919 20,919 
Contingent consideration fair value adjustment— — (182)(182)
Operating Income (Loss) $40,317 $36,253 $(37,682)$38,888 
Unrealized gain on investment in equity securities$— $— $5,753 $5,753 
Interest expense, net— — (3,769)(3,769)
Other expense, net— — (651)(651)
Income (Loss) Before Income Tax Expense$40,317 $36,253 $(36,349)$40,221 

Three Months Ended March 31, 2025
(in thousands)Generics and OtherRare Disease and BrandsCorporate and UnallocatedTotal
Net Revenues$103,040$94,082$— $197,122 
Cost of sales (excluding depreciation and amortization)46,501 26,536 — 73,037 
Research and Development expense6,588 3,976 — 10,564 
Selling, general, and administrative expense1,408 42,436 32,684 76,528 
Depreciation and amortization— — 22,891 22,891 
Contingent consideration fair value adjustment— — (12,092)(12,092)
Operating (Loss) Income$48,543$21,134$(43,483)$26,194
Unrealized loss on investment in equity securities$— $— $(921)$(921)
Interest expense, net— — (5,484)(5,484)
Other income, net— — 198 198 
Income (Loss) Before Income Tax Expense$48,543$21,134$(49,690)$19,987