v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s product portfolio includes Jornay PM, Azstarys, Belbuca, Xtampza ER, Nucynta IR and Nucynta ER, Nucynta IR AG and Nucynta ER AG, and Symproic. The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The CODM is the Chief Executive Officer. As the internal reporting is based on the consolidated results, the Company has identified one operating and reportable segment and the measure of segment profit or loss is consolidated net income (loss). The CODM uses net income (loss) to assess actual results and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.
The financial information regularly provided to the CODM includes consolidated cost of sales information and segment expense categories at a more disaggregated level than the consolidated statement of operations. The significant segment expenses for functional areas exclude stock-based compensation and certain other segment expenses, and are reported for the following functional areas: corporate, medical, technical operations, and commercial. The corporate functional area includes operating expenses related to finance, legal, business development, and other administrative activities, excluding
stock-based compensation and other segment expenses (“Corporate Expenses”). The medical functional area includes operating expenses related to medical affairs, regulatory, pharmacovigilance and other medical-related activities, excluding stock-based compensation and other segment expenses (“Medical Expenses”). The technical operations functional area includes non-inventoriable operating expenses related to supply chain, product quality, information technology and other technical activities, excluding stock-based compensation and other segment expenses (“Technical Operations Expenses”). The commercial function includes operating expenses related to sales, marketing, market access, and other commercial activities, excluding stock-based compensation and other segment expenses (“Commercial Expenses”). Stock compensation is a significant segment expense and other segment expenses are included in Other segment items or separately stated in the table below.
The table below provides information about the Company’s segment, including segment expenses, and a reconciliation to net income (loss):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Product revenues, net$199,878 $188,000 $393,398 $365,757 
Cost of product revenues (excluding intangible asset amortization)26,633 24,143 47,434 49,103 
Intangible asset amortization62,953 55,473 118,426 110,946 
Commercial expenses46,403 44,115 93,760 84,908 
Corporate expenses12,163 9,801 26,703 23,090 
Medical expenses7,899 7,832 15,047 15,865 
Technical operations expenses165 136 415 234 
Stock-based compensation expense14,484 10,818 25,364 22,342 
Other segment items(1)
25,480 577 31,655 2,477 
Interest expense19,519 20,463 35,381 41,253 
Interest income(2,289)(2,383)(5,995)(4,608)
Provision for income taxes1,519 5,042 5,763 5,747 
Net (loss) income$(15,051)$11,983 $(555)$14,400 
(1) – Other segment items are primarily acquisition-related expenses, expenses related to the transition of certain of the Company’s executives, and fair value remeasurement of contingent consideration.
Depreciation expense was $1,812 and $1,135 in the three months ended June 30, 2026, and 2025, respectively. Intangible asset amortization expense was $62,953 and $55,473 in the three months ended June 30, 2026 and 2025, respectively. Depreciation expense was $2,275 and $2,226 in the six months ended June 30, 2026, and 2025, respectively. Intangible asset amortization expense was $118,426 and $110,946 in the six months ended June 30, 2026 and 2025, respectively.