Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.1
Segment Information
3 Months Ended
Mar. 31, 2022
Segment Information  
Segment Information

14. Segment Information

The Company operates in two reportable segments, Dermatology Product Sales and Pharmaceutical and Biotechnology Product Development. The accounting policies of the Company are consistently applied to all segments. The following tables summarize, for the periods indicated, operating results from continued operations by reportable segment:

Pharmaceutical

    

and

($ in thousands)

Dermatology

Biotechnology

Products

Product

Three Months Ended March 31, 2022

    

Sales

    

Development

    

Consolidated

Net revenue

$

23,296

$

629

$

23,925

Cost of goods - product revenue

 

(8,203)

 

 

(8,203)

Research and development

 

(1,266)

 

(35,456)

 

(36,722)

Selling, general and administrative

(14,715)

(11,555)

(26,270)

Other expense

(386)

(1,822)

(2,208)

Income tax (expense) benefit1

 

(104)

 

104

 

Segment loss

$

(1,378)

(48,100)

$

(49,478)

Note 1:  Dermatology Product Sales segment reflects stand-alone income tax expense that has been eliminated in consolidation.

Pharmaceutical

and

Dermatology

Biotechnology

($ in thousands)

Products

Product

Three Months Ended March 31, 2021

    

Sales

    

Development

    

Consolidated

Net revenue

$

10,719

$

868

$

11,587

Cost of goods - product revenue

 

(3,908)

 

(3,908)

Research and development

 

 

(20,154)

(20,154)

Selling, general and administrative

 

(6,226)

 

(11,316)

(17,542)

Other expense

(221)

4,172

3,951

Segment income (loss)

$

364

$

(26,430)

$

(26,066)

The following tables summarize, for the periods indicated, total assets by reportable segment:

Pharmaceutical

    

and

($ in thousands)

Dermatology

Biotechnology

Products

Product

March 31, 2022

    

Sales

    

Development

    

Total Assets

Intangible assets, net

$

30,457

$

$

30,457

Tangible assets

90,444

287,029

377,473

Total segment assets

$

120,901

$

287,029

$

407,930

Pharmaceutical

    

and

($ in thousands)

Dermatology

Biotechnology

Products

Product

December 31, 2021

    

Sales

    

Development

    

Total Assets

Intangible assets, net

$

12,552

$

$

12,552

Tangible assets

84,732

299,219

383,951

Total segment assets

$

97,284

$

299,219

$

396,503