Fortress Biotech, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Segment Information

Segment Information

12 Months Ended

Dec. 31, 2023

18. Segment Information

The Company operates in two reportable segments, Dermatology Product Sales and Pharmaceutical and Biotechnology Product Development. The accounting policies of the Company’s segments are the same as those described in Note 2. The following tables summarize, for the periods indicated, operating results from continued operations by reportable segment:


			Pharmaceutical
			and
	Dermatology		Biotechnology
	Products		Product
Year Ended December 31, 2023	Sales		Development		Consolidated
Net revenue	$	79,181	$	5,332	$	84,513
Cost of goods - product revenue		(26,660)		—		(26,660)
Research and development		(7,541)		(98,530)		(106,071)
Selling, general and administrative		(47,053)		(47,071)		(94,124)
Other expense		(1,559)		(9,732)		(11,291)
Income tax expense		(221)		(300)		(521)
Segment loss	$	(3,853)	$	(150,301)	$	(154,154)


			Pharmaceutical
			and
	Dermatology		Biotechnology
	Products		Product
Year Ended December 31, 2022	Sales		Development		Consolidated
Net revenue	$	73,669	$	2,074	$	75,743
Cost of goods - product revenue		(30,775)		—		(30,775)
Research and development		(10,943)		(123,933)		(134,876)
Selling, general and administrative		(59,503)		(54,153)		(113,656)
Other expense		(2,048)		(7,852)		(9,900)
Income tax (expense) benefit		—		(449)		(449)
Segment loss	$	(29,600)	$	(184,313)	$	(213,913)

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


			Pharmaceutical
			and
($ in thousands)	Dermatology		Biotechnology
	Products		Product
December 31, 2023	Sales		Development		Total Assets
Intangible assets, net	$	20,287	$	—	$	20,287
Tangible assets		56,561		90,678		147,239
Total segment assets	$	76,848	$	90,678	$	167,526


			Pharmaceutical
			and
($ in thousands)	Dermatology		Biotechnology
	Products		Product
December 31, 2022	Sales		Development		Total Assets
Intangible assets, net	$	27,197	$	—	$	27,197
Tangible assets		77,964		189,140		267,104
Total segment assets	$	105,161	$	189,140	$	294,301

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details