| Segment Reporting |
Note 5. Segment Reporting The Company’s business is the development, manufacture, and marketing of pharmaceutical products (see Note 1). The Company’s Chief Executive Officer is the Chief Operating Decision Maker, or CODM. The CODM uses consolidated information to assess the Company’s performance. As a result, the Company has one reportable segment, pharmaceutical products. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. Selected segment financial information is presented below: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | Net revenues: | | $ | 183,903 | | $ | 174,414 | | $ | 355,074 | | $ | 344,942 | Less: | | | | | | | | | | | | | Payroll expense | | | 51,122 | | | 48,052 | | | 101,740 | | | 97,362 | Materials and supplies | | | 10,500 | | | 11,217 | | | 23,241 | | | 21,696 | Clinical trials expense | | | 3,524 | | | 189 | | | 5,076 | | | 1,137 | Depreciation and amortization expense | | | 14,311 | | | 14,616 | | | 28,659 | | | 28,225 | Stock-based compensation expense | | | 7,090 | | | 6,382 | | | 16,364 | | | 14,775 | Consulting and outside services expense | | | 11,033 | | | 8,265 | | | 21,395 | | | 17,850 | Advertising and promotional expense | | | 4,060 | | | 3,086 | | | 7,120 | | | 6,975 | Other segment items(1) | | | 39,347 | | | 38,912 | | | 94,358 | | | 78,168 | Interest income | | | (2,287) | | | (1,921) | | | (4,687) | | | (4,010) | Interest expense | | | 6,659 | | | 6,281 | | | 13,212 | | | 12,567 | Income tax provision | | | 8,196 | | | 8,305 | | | 11,828 | | | 13,882 | Net income | | $ | 30,348 | | $ | 31,030 | | $ | 36,768 | | $ | 56,315 |
| (1) | Other segment items primarily include maintenance and repairs expense, travel expense, professional services expense, legal expense, rent expense, product costs, certain overhead expenses, manufacturing cost absorption and variances, inventory provisions, miscellaneous expenses, and foreign currency exchange gains and losses. |
Net revenues by product are presented below: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | Net revenues: | | | | | | | | | | | | | BAQSIMI® | | $ | 45,503 | | $ | 46,687 | | $ | 77,937 | | $ | 85,042 | Primatene MIST® | | | 21,004 | | | 22,880 | | | 50,767 | | | 51,931 | Epinephrine | | | 15,854 | | | 16,180 | | | 35,067 | | | 34,767 | Lidocaine | | | 15,039 | | | 14,999 | | | 28,499 | | | 28,643 | Glucagon | | | 11,905 | | | 20,602 | | | 21,075 | | | 41,445 | Ipratropium bromide | | | 8,411 | | | — | | | 8,411 | | | — | Other products | | | 66,187 | | | 53,066 | | | 133,318 | | | 103,114 | Total net revenues | | $ | 183,903 | | $ | 174,414 | | $ | 355,074 | | $ | 344,942 |
Net revenues and carrying values of long-lived assets, which includes property, plant and equipment, as well as finance and operating lease right-of-use assets, by geographic region, based on where the Company conducts its operations, are as follows: | | | | | | | | | | | | | | | | | | | | | Net Revenues | | Long-Lived Assets | | | Three Months Ended | | Six Months Ended | | | | | | | | | June 30, | | June 30, | | June 30, | | December 31, | | | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | United States | | $ | 172,342 | | $ | 167,002 | | $ | 331,382 | | $ | 329,592 | | $ | 247,218 | | $ | 206,697 | China | | | 4,560 | | | 299 | | | 7,042 | | | 380 | | | 107,268 | | | 110,055 | France | | | 7,001 | | | 7,113 | | | 16,650 | | | 14,970 | | | 34,640 | | | 36,967 | Total | | $ | 183,903 | | $ | 174,414 | | $ | 355,074 | | $ | 344,942 | | $ | 389,126 | | $ | 353,719 |
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