v3.26.1
Segment information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment information Segment information
The Company manages its business with a focus on two reportable segments; the Commercial Products segment, which includes Naloxone products and the MCM Products segment, which includes Anthrax - MCM products, Smallpox - MCM products and Other Products. The Company’s Services operating segment does not meet the quantitative threshold for determining reportable segments and is included within “All other revenues” along with the Company’s Contracts and grants business.
The Company's Chief Operating Decision Maker (“CODM”) is its President and Chief Executive Officer. The CODM evaluates the performance of the Company's reportable segments based on segment adjusted gross margin. The Company defines segment adjusted gross margin as revenues less cost of sales excluding the portion of stock-based compensation expense recorded as cost of sales, severance and restructuring costs (benefit), and inventory step-up provision for each reportable segment. The Company does not allocate amortization of intangible assets, research and development expenses, selling, general and administrative expenses, interest and other income (expense) or taxes to each reportable segment in the operating results that are regularly reviewed by the CODM. The CODM uses these reported measures to assess segment performance, allocate resources and monitor budget and guidance versus actual results. These metrics are used by the CODM to make key operating decisions, such as decisions about allocating capital and other resources to each segment. The accounting policies for segment reporting are the same as those described in Note 2, “Summary of significant accounting policies” in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Intersegment revenue, cost of sales, and profit are eliminated in the segment measures regularly reviewed by the CODM as these activities are eliminated in consolidation and thus are not included in management’s evaluation of performance for each segment.
The Company manages its assets on a total company basis, not by segment, as the Company's operating assets are shared or commingled. Therefore, the Company’s CODM does not regularly review any asset information by segment and, accordingly, the Company does not report asset information by segment. The measure of segment assets is reported on the Condensed Consolidated Balance Sheet as “Total assets”.
The following table presents segment information provided to the CODM, along with a reconciliation of segment adjusted gross margin to income before income taxes as reported in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues reportable segments:
Commercial Products
$52.4 $67.5 $95.3 $112.8 
MCM Products168.0 58.4 269.8 215.0 
Reconciliation of revenue:220.4 125.9 365.1 327.8 
All other revenues (1)
13.9 15.0 25.3 35.3 
Total revenues$234.3 $140.9 $390.4 $363.1 
Cost of sales reportable segments:
Commercial Products (2)
$36.2 $36.2 $63.0 $60.7 
MCM Products (3)
51.9 25.9 88.1 74.8 
Total of reportable segments$88.1 $62.1 $151.1 $135.5 
Segment adjusted gross margin reportable segments:
Commercial Products (2)
$16.2 $31.3 $32.3 $52.1 
MCM Products (3)
116.1 32.5 181.7 140.2 
Total of reportable segments$132.3 $63.8 $214.0 $192.3 
Reconciliation to income before income taxes:
All other revenues less other costs of revenue (1)
$5.9 $10.3 $8.9 $16.8 
Amortization of intangible assets(17.2)(16.2)(33.7)(32.5)
Severance and restructuring benefit— 0.2 — 1.0 
Inventory step-up provision(0.2)— (0.3)(1.8)
Stock-based compensation expense(0.8)(0.3)(1.3)(0.6)
Impairment of long-lived assets(191.3)— (191.3)— 
Research and development(9.2)(12.5)(19.7)(27.6)
Selling, general and administrative(44.6)(43.7)(91.2)(96.1)
Interest expense(10.0)(14.7)(21.0)(29.4)
Loss on assets held-for-sale(10.7)— (10.7)(12.2)
Loss on debt extinguishment(20.5)— (20.5)— 
Other, net— (3.7)13.9 66.0 
Income (loss) before income taxes$(166.3)$(16.8)$(152.9)$75.9 
(1) “All other revenues” and “All other revenues less other costs of revenue” include Services and Contracts and grants revenue, and Services and Contracts and grants revenue less Cost of services, respectively.
(2) For 2026, excludes $0.1 million of the portion of stock-based compensation expense recorded as cost of sales for both the three and six months ended June 30, 2026. For 2025, excludes $0.2 million of restructuring costs for both the three and six months ended June 30, 2025.
(3) For 2026, excludes $0.7 million and $1.2 million of the portion of stock-based compensation expense recorded as cost of sales, and $0.2 million and $0.3 million of inventory step-up provision for the three and six months ended June 30, 2026, respectively. For 2025, excludes $1.8 million of inventory step-up provision for the six months ended June 30, 2025, $0.4 million and $1.2 million of severance and restructuring benefit for the three and six months ended June 30, 2025, respectively, and $0.3 million and $0.6 million of the portion of stock-based compensation expense recorded as cost of sales for the three and six months ended June 30, 2025, respectively.
The following table includes depreciation expense for each reportable segment:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Depreciation from reportable segments:
MCM Products$4.3 $4.9 $8.8 $9.1 
Items not included in depreciation from reportable segments:
All other segment
0.6 0.4 1.1 2.6
Other1.9 2.0 3.9 4.7
Total depreciation
$6.8 $7.3 $13.8 $16.4