Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2.2
Segment Information
9 Months Ended
Sep. 30, 2022
Segment Information  
Segment Information

15. 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 September 30, 2022

    

Sales1

    

Development

    

Consolidated

Net revenue

$

16,116

$

412

$

16,528

Cost of goods - product revenue

 

(7,221)

 

 

(7,221)

Research and development

 

(2,812)

 

(27,090)

 

(29,902)

Selling, general and administrative

(15,574)

(14,565)

(30,139)

Other expense

(577)

 

(1,749)

(2,326)

Segment loss

$

(10,068)

(42,992)

$

(53,060)

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 September 30, 2021

    

Sales

    

Development

    

Consolidated

Net revenue

$

19,610

$

1,475

$

21,085

Cost of goods - product revenue

 

(11,167)

 

 

(11,167)

Research and development

 

(794)

 

(27,286)

(28,080)

Selling, general and administrative

 

(10,755)

 

(11,466)

(22,221)

Wire transfer fraud loss

(9,540)

(9,540)

Other expense

(1,375)

 

5,437

4,062

Segment income (loss)

$

(14,021)

$

(31,840)

$

(45,861)

Pharmaceutical

    

and

Dermatology

Biotechnology

Products

Product

Nine Months Ended September 30, 2022

    

Sales

    

Development

    

Consolidated

Net revenue

$

57,703

$

1,636

$

59,339

Cost of goods - product revenue

 

(23,057)

 

 

(23,057)

Research and development

 

(6,687)

 

(93,068)

 

(99,755)

Selling, general and administrative

(45,517)

(39,940)

(85,457)

Other income

 

(1,413)

 

(6,125)

 

(7,538)

Segment loss

$

(18,971)

$

(137,497)

$

(156,468)

Pharmaceutical

and

Dermatology

Biotechnology

Products

Product

Nine Months Ended September 30, 2021

    

Sales

    

Development

    

Consolidated

Net revenue

$

45,617

$

4,898

$

50,515

Cost of goods - product revenue

 

(22,559)

 

(22,559)

Research and development

 

(14,566)

 

(71,245)

(85,811)

Selling, general and administrative

 

(24,776)

(34,369)

(59,145)

Wire transfer fraud loss

(9,540)

(9,540)

Other expense

(3,120)

 

33,342

30,222

Segment income (loss)

$

(28,944)

$

(67,374)

$

(96,318)

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

Pharmaceutical

    

and

($ in thousands)

Dermatology

Biotechnology

Products

Product

September 30, 2022

    

Sales

    

Development

    

Total Assets

Intangible assets, net

$

28,424

$

$

28,424

Tangible assets

79,721

215,416

295,137

Total segment assets

$

108,145

$

215,416

$

323,561

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