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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 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 expenses, 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 quarters ended June 30, 2026 and 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 June 30, 2026, this reporting segment was comprised of over 135 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 June 30, 2026
(in thousands)Generics and OtherRare Disease and BrandsCorporate and UnallocatedTotal
Net Revenues$100,656$165,388$— $266,044 
Cost of sales (excluding depreciation and amortization)51,398 48,760 — 100,158 
Research and Development expense11,186 3,561 — 14,747 
Selling, general, and administrative expense1,578 60,719 29,364 91,661 
Depreciation and amortization— — 19,640 19,640 
Contingent consideration fair value adjustment— — (622)(622)
Operating Income (Loss) $36,494 $52,348 $(48,382)$40,460 
Unrealized gain on investment in equity securities$— $— $741 $741 
Interest expense, net— — (3,636)(3,636)
Other expense, net— — (468)(468)
Income (Loss) Before Income Tax Expense$36,494 $52,348 $(51,745)$37,097 

Three Months Ended June 30, 2025
(in thousands)Generics and OtherRare Disease and BrandsCorporate and UnallocatedTotal
Net Revenues$94,213$117,158$— $211,371 
Cost of sales (excluding depreciation and amortization)43,231 31,384 — 74,615 
Research and Development expense11,414 5,121 — 16,535 
Selling, general, and administrative expense1,389 51,191 29,191 81,771 
Depreciation and amortization— — 23,281 23,281 
Contingent consideration fair value adjustment— — 1,277 1,277 
Operating (Loss) Income$38,179$29,462$(53,749)$13,892
Unrealized gain on investment in equity securities$— $— $332 $332 
Interest expense, net— — (5,438)(5,438)
Other income, net— — 1,739 1,739 
Income (Loss) Before Income Tax Expense$38,179$29,462$(57,116)$10,525