Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.3
Segment Information
9 Months Ended
Sep. 30, 2023
Segment Information  
Segment Information

16. 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, 2023

    

Sales1

    

Development

    

Consolidated

Net revenue

$

34,539

$

213

$

34,752

Cost of goods - product revenue

 

(6,429)

 

 

(6,429)

Research and development

 

(2,229)

 

(18,119)

 

(20,348)

Selling, general and administrative

(8,636)

(13,097)

(21,733)

Other expense

(361)

 

3,536

3,175

Income tax expense

 

(95)

(46)

 

(141)

Segment income (loss)

$

16,789

(27,513)

$

(10,724)

Pharmaceutical

    

and

Dermatology

Biotechnology

Products

Product

Nine Months Ended September 30, 2023

    

Sales

    

Development

    

Consolidated

Net revenue

$

63,924

$

643

$

64,567

Cost of goods - product revenue

 

(20,645)

 

 

(20,645)

Research and development

 

(6,036)

 

(85,959)

 

(91,995)

Selling, general and administrative

(34,069)

(37,443)

(71,512)

Asset impairment

(3,143)

(3,143)

Other income

 

(1,646)

 

(654)

 

(2,300)

Income tax expense

(95)

(47)

(142)

Segment loss

$

(1,710)

$

(123,460)

$

(125,170)

Pharmaceutical

and

Dermatology

Biotechnology

($ in thousands)

Products

Product

Three Months Ended September 30, 2022

    

Sales

    

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)

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 expense

(1,413)

 

(6,125)

(7,538)

Segment loss

$

(18,971)

$

(137,497)

$

(156,468)

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

Pharmaceutical

    

and

($ in thousands)

Dermatology

Biotechnology

Products

Product

September 30, 2023

    

Sales

    

Development

    

Total Assets

Intangible assets, net

$

21,102

$

$

21,102

Tangible assets

44,816

84,631

129,447

Total segment assets

$

65,918

$

84,631

$

150,549

Pharmaceutical

    

and

($ in thousands)

Dermatology

Biotechnology

Products

Product

December 31, 2022

    

Sales

    

Development

    

Total Assets

Intangible assets, net

$

27,197

$

$

27,197

Tangible assets

77,963

189,141

267,104

Total segment assets

$

105,160

$

189,141

$

294,301