Amphastar Pharmaceuticals (AMPH) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36509
Entity Registrant Name	Amphastar Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0702205
Entity Address, Address Line One	11570 6th Street
Entity Address, City or Town	Rancho Cucamonga
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91730
City Area Code	909
Local Phone Number	980-9484
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	AMPH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,675,822
Entity Central Index Key	0001297184
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 189,619	$ 144,296
Restricted cash	235	235
Short-term investments	28,156	112,510
Restricted short-term investments	2,200	2,200
Accounts receivable, net	131,412	114,943
Inventories	122,411	105,833
Income tax refunds and deposits	667	526
Prepaid expenses and other assets	7,945	9,057
Total current assets	482,645	489,600
Property, plant, and equipment, net	287,999	282,746
Finance lease right-of-use assets	469	564
Operating lease right-of-use assets	32,104	32,333
Investment in unconsolidated affiliate		527
Goodwill and intangible assets, net	600,849	613,295
Long-term investments	9,944	14,685
Other assets	24,260	25,910
Deferred tax assets	53,252	53,252
Total assets	1,491,522	1,512,912
Current liabilities:
Accounts payable and accrued liabilities	131,212	93,366
Accrued payments for BAQSIMI		126,090
Income taxes payable	1,514	1,609
Current portion of long-term debt	249	436
Current portion of operating lease liabilities	3,996	3,906
Total current liabilities	136,971	225,407
Long-term reserve for income tax liabilities	6,066	6,066
Long-term debt, net of current portion and unamortized debt issuance costs	586,853	589,579
Long-term operating lease liabilities, net of current portion	29,483	29,721
Other long-term liabilities	18,803	22,718
Total liabilities	778,176	873,491
Stockholders' equity:
Preferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding
Common stock: par value $0.0001; 300,000,000 shares authorized; 60,482,455 and 48,962,414 shares issued and outstanding, respectively, as of June 30, 2024 and 59,390,194 and 48,068,881 shares issued and outstanding, respectively, as of December 31, 2023	6	6
Additional paid-in capital	487,571	486,056
Retained earnings	490,394	409,268
Accumulated other comprehensive loss	(8,826)	(8,478)
Treasury stock	(255,799)	(247,431)
Total equity	713,346	639,421
Total liabilities and stockholders' equity	$ 1,491,522	$ 1,512,912

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock; shares authorized	300,000,000	300,000,000
Common stock; shares issued	60,482,455	59,390,194
Common stock; shares outstanding	48,962,414	48,068,881

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Revenues:
Total net revenues	$ 182,394	$ 145,712	$ 354,230	$ 285,734
Cost of revenues	87,228	72,974	168,964	139,156
Gross profit	95,166	72,738	185,266	146,578
Operating expenses:
Selling, distribution, and marketing	9,012	6,718	18,383	13,827
General and administrative	13,285	12,281	28,961	25,764
Research and development	17,652	16,843	34,695	36,658
Total operating expenses	39,949	35,842	82,039	76,249
Income from operations	55,217	36,896	103,227	70,329
Non-operating income (expenses):
Interest income	3,337	1,030	5,893	1,954
Interest expense	(8,609)	(3,602)	(17,220)	(4,000)
Other income (expenses), net	298	(1,516)	6,219	(1,906)
Total non-operating income (expenses), net	(4,974)	(4,088)	(5,108)	(3,952)
Income before income taxes	50,243	32,808	98,119	66,377
Income tax provision	12,294	6,383	16,420	13,135
Income before equity in losses of unconsolidated affiliate	37,949	26,425	81,699	53,242
Equity in losses of unconsolidated affiliates		(301)	(573)	(1,086)
Net income attributable to Amphastar Pharmaceuticals, Inc.			81,126	52,156
Net income attributable to Amphastar Pharmaceuticals, Inc.	$ 37,949	$ 26,124	$ 81,126	$ 52,156
Net income per share
Basic (in Dollars per share)	$ 0.77	$ 0.54	$ 1.67	$ 1.08
Diluted (in Dollars per share)	$ 0.73	$ 0.49	$ 1.54	$ 0.99
Weighted-average shares used to compute net income per shares
Basic (in Shares)	48,907	48,404	48,560	48,202
Diluted (in Shares)	52,046	53,102	52,530	52,536
Product revenues, net
Net Revenues:
Total net revenues	$ 179,388	$ 145,712	$ 337,017	$ 285,734
Other revenues
Net Revenues:
Total net revenues	$ 3,006		$ 17,213

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 37,949	$ 26,124	$ 81,126	$ 52,156
Other comprehensive income (loss), net of income taxes
Foreign currency translation adjustment	(57)	(56)	(348)	300
Total other comprehensive income (loss)	(57)	(56)	(348)	300
Total comprehensive income	$ 37,892	$ 26,068	$ 80,778	$ 52,456

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2022	$ 6	$ 455,077	$ 271,723	$ (8,624)	$ (189,524)
Balance at Dec. 31, 2022						$ 528,658
Balance at Dec. 31, 2022	58,110,231				(9,998,162)
Changes in Stockholders' Equity
Net income			26,032			26,032
Other comprehensive income (loss)				356		356
Purchase of treasury stock					$ (8,015)	(8,015)
Purchase of treasury stock (in Shares)					(263,131)
Issuance of common stock in connection with the Company's equity plans		(4,565)				(4,565)
Issuance of common stock in connection with the Company's equity plans (in Shares)	330,300
Share-based compensation expense		6,111				6,111
Balance at Mar. 31, 2023	$ 6	456,623	297,755	(8,268)	$ (197,539)
Balance at Mar. 31, 2023						548,577
Balance at Mar. 31, 2023	58,440,531				(10,261,293)
Balance at Dec. 31, 2022	$ 6	455,077	271,723	(8,624)	$ (189,524)
Balance at Dec. 31, 2022						528,658
Balance at Dec. 31, 2022	58,110,231				(9,998,162)
Changes in Stockholders' Equity
Net income						52,156
Other comprehensive income (loss)						300
Balance at Jun. 30, 2023	$ 6	471,110	323,880	(8,324)	$ (197,437)
Balance at Jun. 30, 2023						589,235
Balance at Jun. 30, 2023	59,068,477				(10,249,671)
Balance at Mar. 31, 2023	$ 6	456,623	297,755	(8,268)	$ (197,539)
Balance at Mar. 31, 2023						548,577
Balance at Mar. 31, 2023	58,440,531				(10,261,293)
Changes in Stockholders' Equity
Net income			26,124			26,124
Other comprehensive income (loss)				(56)		(56)
Purchase of treasury stock					$ (129)	(129)
Purchase of treasury stock (in Shares)					(3,585)
Issuance of treasury stock in connection with the Company's equity plans		(231)			$ 231
Issuance of treasury stock in connection with the Company's equity plans (in Shares)					15,207
Issuance of common stock in connection with the Company's equity plans		9,853				9,853
Issuance of common stock in connection with the Company's equity plans (in Shares)	627,946
Share-based compensation expense		4,865				4,865
Balance at Jun. 30, 2023	$ 6	471,110	323,880	(8,324)	$ (197,437)
Balance at Jun. 30, 2023						589,235
Balance at Jun. 30, 2023	59,068,477				(10,249,671)
Balance at Dec. 31, 2023	$ 6	486,056	409,268	(8,478)	$ (247,431)
Balance at Dec. 31, 2023						$ 639,421
Balance at Dec. 31, 2023	59,390,194				(11,321,313)	48,068,881
Changes in Stockholders' Equity
Net income			43,177			$ 43,177
Other comprehensive income (loss)				(291)		(291)
Issuance of treasury stock in connection with the Company's equity plans		(33)			$ 33
Issuance of treasury stock in connection with the Company's equity plans (in Shares)					2,197
Issuance of common stock in connection with the Company's equity plans		(17,311)				(17,311)
Issuance of common stock in connection with the Company's equity plans (in Shares)	770,265
Share-based compensation expense		7,360				7,360
Balance at Mar. 31, 2024	$ 6	476,072	452,445	(8,769)	$ (247,398)
Balance at Mar. 31, 2024						672,356
Balance at Mar. 31, 2024	60,160,459				(11,319,116)
Balance at Dec. 31, 2023	$ 6	486,056	409,268	(8,478)	$ (247,431)
Balance at Dec. 31, 2023						$ 639,421
Balance at Dec. 31, 2023	59,390,194				(11,321,313)	48,068,881
Changes in Stockholders' Equity
Net income						$ 81,126
Other comprehensive income (loss)						(348)
Balance at Jun. 30, 2024	$ 6	487,571	490,394	(8,826)	$ (255,799)
Balance at Jun. 30, 2024						$ 713,346
Balance at Jun. 30, 2024	60,482,455				(11,520,041)	48,962,414
Balance at Mar. 31, 2024	$ 6	476,072	452,445	(8,769)	$ (247,398)
Balance at Mar. 31, 2024						$ 672,356
Balance at Mar. 31, 2024	60,160,459				(11,319,116)
Changes in Stockholders' Equity
Net income			37,949			37,949
Other comprehensive income (loss)				(57)		(57)
Purchase of treasury stock					$ (8,498)	(8,498)
Purchase of treasury stock (in Shares)					(207,288)
Issuance of treasury stock in connection with the Company's equity plans		(97)			$ 97
Issuance of treasury stock in connection with the Company's equity plans (in Shares)					6,363
Issuance of common stock in connection with the Company's equity plans		5,816				5,816
Issuance of common stock in connection with the Company's equity plans (in Shares)	321,996
Share-based compensation expense		5,780				5,780
Balance at Jun. 30, 2024	$ 6	$ 487,571	$ 490,394	$ (8,826)	$ (255,799)
Balance at Jun. 30, 2024						$ 713,346
Balance at Jun. 30, 2024	60,482,455				(11,520,041)	48,962,414

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities:
Net income	$ 81,126	$ 52,156
Reconciliation to net cash provided by operating activities:
Loss (gain) on disposal of assets	108	7
Impairment of long-lived assets		2,700
Gain on interest rate swaps and foreign currency transactions, net	(4,589)	2,434
Depreciation of property, plant, and equipment	13,771	12,121
Amortization of product rights, trademarks, and patents	12,360	471
Operating lease right-of-use asset amortization	1,977	1,825
Amortization of discounts, premium, and debt issuance costs	4,564	3,249
Equity in losses of unconsolidated affiliate	573	1,086
Share-based compensation	13,140	10,976
Changes in operating assets and liabilities:
Accounts receivable, net	(16,522)	(10,533)
Inventories	(17,020)	(767)
Prepaid expenses and other assets	241	740
Income tax refunds, deposits, and payable, net	(234)	11,967
Operating lease liabilities	(1,898)	(1,750)
Accounts payable and accrued liabilities	36,803	8,623
Net cash provided by operating activities	124,400	95,305
Cash Flows From Investing Activities:
BAQSIMI acquisition	(129,000)	(500,829)
Purchases and construction of property, plant, and equipment	(14,837)	(18,531)
Purchase of investments	(22,507)	(19,774)
Maturity of investments	113,274	25,151
Deposits and other assets	1,596	932
Net cash provided by (used in) investing activities	(54,666)	(514,915)
Cash Flows From Financing Activities:
Proceeds from equity plans, net of withholding tax payments		5,288
Proceeds from equity plans, net of withholding tax payments	(11,496)
Purchase of treasury stock	(8,498)	(8,143)
Debt issuance costs	(251)	(14,150)
Proceeds from borrowing under lines of credit	4,057
Proceeds from issuance of long-term debt		500,000
Principal payments on long-term debt	(8,107)	(68,432)
Net cash used in financing activities	(24,295)	414,563
Effect of exchange rate changes on cash	(116)	(6)
Net increase in cash, cash equivalents, and restricted cash	45,323	(5,053)
Cash, cash equivalents, and restricted cash at beginning of period	144,531	156,333
Cash, cash equivalents, and restricted cash at end of period	189,854	151,280
Noncash Investing and Financing Activities:
Deferred payment for BAQSIMI acquisition		127,276
Capital expenditures included in accounts payable	6,730	3,681
Operating lease right-of-use assets in exchange for operating lease liabilities	1,748	2,598
Supplemental Disclosures of Cash Flow Information:
Interest paid, net of capitalized interest	13,860	2,772
Income taxes paid	$ 16,932	$ 1,322

General

General	6 Months Ended
	Jun. 30, 2024
General
General	Note 1. General ​ Amphastar Pharmaceuticals, Inc., a Delaware corporation (together with its subsidiaries, hereinafter referred to as the “Company”) is a bio-pharmaceutical company that focuses primarily on developing, manufacturing, marketing, and selling technically challenging generic and proprietary injectable, inhalation, and intranasal products, including products with high technical barriers to market entry. Additionally, the Company sells insulin active pharmaceutical ingredient, or API, products. Most of the Company’s products are used in hospital or urgent care clinical settings and are primarily contracted and distributed through group purchasing organizations and drug wholesalers. The Company’s insulin API products are sold to other pharmaceutical companies for use in their own products and are being used by the Company in the development of injectable finished pharmaceutical products. The Company’s inhalation product, Primatene MIST ® ​ The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023 and the notes thereto as filed with the Securities and Exchange Commission, or SEC, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted from the accompanying condensed consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from the audited financial statements. The accompanying interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the Company’s consolidated financial position, results of operations, comprehensive income, stockholders’ equity, and cash flows for the periods presented. Unless otherwise noted, all such adjustments are of a normal, recurring nature. The Company’s results of operations, comprehensive income and cash flows for the interim periods are not necessarily indicative of the results of operations and cash flows that it may achieve in future periods.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies ​ Basis of Presentation ​ The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and are prepared in accordance with GAAP. All intercompany activity has been eliminated in the preparation of the condensed consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary to present fairly the consolidated financial position, results of operations, and cash flows of the Company. ​ The Company’s subsidiaries include: (1) International Medication Systems, Limited, or IMS, (2) Armstrong Pharmaceuticals, Inc., or Armstrong, (3) Amphastar Nanjing Pharmaceuticals Inc., or ANP, (4) Amphastar France Pharmaceuticals, S.A.S., or AFP, (5) Amphastar UK Ltd., or AUK, (6) International Medication Systems (UK) Limited, or IMS UK, and (7) Amphastar Medication Co., LLC, or Amphastar Medication. ​ Investment in Unconsolidated Affiliate ​ The Company applies the equity method of accounting for investments when it has significant influence, but not controlling interest in the investee. The Company’s proportionate share of the earnings or losses resulting from these investments is reported as “Equity in losses of unconsolidated affiliate” in the accompanying condensed consolidated statements of operations. Investments accounted for using the equity method may be reported on a lag of up to three months if financial statements of the investee are not available in sufficient time for the investor to apply the equity method as of the current reporting date. ​ The carrying value of equity method investments is reported as “Investment in unconsolidated affiliate” in the accompanying condensed consolidated balance sheets. The Company’s equity method investments are reported at cost and adjusted each period for the Company’s share of the investee’s earnings or losses and dividends paid, if any. ​ Use of Estimates ​ The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The principal accounting estimates include: fair value of acquired assets, determination of allowances for credit losses, fair value of financial instruments, allowance for discounts, provision for chargebacks and rebates, provision for product returns, adjustment of inventory to its net realizable value, impairment of investments, long-lived and intangible assets and goodwill, accrual for workers’ compensation liabilities, litigation reserves, stock price volatility for share-based compensation expense, valuation allowances for deferred tax assets, and liabilities for uncertain income tax positions. ​ Foreign Currency ​ The functional currency of the Company, its domestic subsidiaries, its Chinese subsidiary ANP, and its U.K. subsidiary, AUK, is the U.S. Dollar, or USD. ANP maintains its books of record in Chinese yuan. These books are remeasured into the functional currency of USD using the current or historical exchange rates. The resulting currency remeasurement adjustments and other transactional foreign currency exchange gains and losses are reflected in the Company’s condensed consolidated statements of operations. ​ The Company’s French subsidiary, AFP, maintains its book of record in euros. AUK’s subsidiary, IMS UK, maintains its book of record in British pounds. These local currencies have been determined to be the subsidiaries’ respective functional currencies. Activities in the statements of operations are translated to USD using average exchange rates during the period. Assets and liabilities are translated at the rate of exchange prevailing on the balance sheet date. Equity is translated at the prevailing rate of exchange at the date of the equity transactions. Translation adjustments are reflected in stockholders’ equity and are included as a component of other comprehensive income (loss). The unrealized gains or losses of intercompany foreign currency transactions that are of a long-term investment nature are reported in other accumulated comprehensive income (loss). ​ The unrealized gains and losses of intercompany foreign currency transactions that are of a long-term investment nature were a $0.3 million loss and a $1.0 million loss for the three and six months ended June 30, 2024, respectively. For the three and six months ended June 30, 2023, the unrealized gains and losses of intercompany foreign currency transactions that are of a long-term investment nature were a $0.1 million loss and a $0.5 million gain, respectively. ​ Comprehensive Income ​ The Company’s comprehensive income includes its foreign currency translation gains and losses as well as its share of other comprehensive income from its equity method investments. ​ Acquisition s ​ The Company evaluates acquisitions and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen is not met, further determination is required as to whether or not the Company has acquired inputs and substantive processes that have the ability to create outputs, which would meet the definition of a business. Acquisitions meeting the definition of business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. In a business combination, any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. ​ For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis, with the exception of non-qualifying assets. Goodwill is not recognized in an asset acquisition. When a transaction accounted for as an asset acquisition includes an in-process research and development, or IPR&D, asset, the IPR&D asset is only capitalized if it has an alternative future use other than in a particular research and development project. Asset acquisitions may include contingent consideration arrangements that encompass obligations to make future payments to sellers contingent upon the achievement of future financial targets. Contingent consideration, including assumed contingent considerations, is not recognized until all contingencies are resolved and the consideration is paid or becomes payable (unless contingent considerations meets the definition of a derivative, in which case the amount becomes part of the basis in the asset acquired), at which point the consideration is allocated to the assets acquired based on their relative fair values at the acquisition date, with the exception of non-qualifying assets. ​ Judgments are used in determining estimates of useful lives of long-lived assets. Useful life estimates are based on, among other factors, estimates of expected future net cash flows, the assessment of each asset’s life cycle, and the impact of competitive trends on each asset’s life cycle and other factors. These judgments can materially impact the estimates used to allocate purchase consideration to assets acquired and liabilities assumed, and the resulting timing and amounts charged to or recognized in current and future operating results. For these and other reasons, actual results may vary significantly from estimated results. ​ Advertising Expense ​ Advertising expenses, primarily associated with Primatene MIST ® ​ Financial Instruments ​ The Company’s accompanying condensed consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses, short-term borrowings, and long-term obligations. The Company considers the carrying amounts of current assets and liabilities on the condensed consolidated balance sheets to approximate the fair value of these financial instruments due to the short maturity of these items. The carrying value of the Company’s long-term obligations, with the exception of the convertible debt (See Note 14) approximates their fair value, as the stated borrowing rates are comparable to rates currently offered to the Company for instruments with similar maturities. Investments and short-term investments are recorded at fair value based on quoted prices from recognized security exchanges and other methods (See Note 9). The Company at times enters into interest rate swap contracts to manage its exposure to interest rate changes and its overall cost of long-term debt. The Company’s interest rate swap contracts exchange the variable interest rates for fixed interest rates. Cash and Cash Equivalents ​ Cash and cash equivalents consist of cash, money market accounts, certificates of deposit and highly liquid investments with original maturities of three months or less. ​ Investments ​ Investments as of June 30, 2024 and December 31, 2023 consisted of certificates of deposit and investment grade corporate, agency and municipal bonds with original maturity dates between three and fifteen months. ​ Restricted Cash ​ Restricted cash is collateral required for the Company to guarantee certain vendor payments in France. As of June 30, 2024 and December 31, 2023, the restricted cash balance was $0.2 million. ​ Restricted Short-Term Investments ​ Restricted short-term investments consist of certificates of deposit that are collateral for standby letters of credit to qualify for workers’ compensation self-insurance. The certificates of deposit have original maturities greater than three months, but less than one year. As of June 30, 2024 and December 31, 2023, the balance of restricted short-term investments was $2.2 million. ​ Deferred Income Taxes ​ The Company utilizes the liability method of accounting for income taxes, under which deferred taxes are determined based on the temporary differences between the financial statements and the tax basis of assets and liabilities using enacted tax rates. A valuation allowance is recorded when it is more likely than not that the deferred tax assets will not be realized. ​ Debt Issuance Costs ​ Debt issuance costs related to non-revolving debt are recognized as a reduction to the related debt balance in the accompanying condensed consolidated balance sheets and amortized to interest expense over the contractual term of the related debt using the effective interest method. Debt issuance costs associated with revolving debt are capitalized within other long-term assets on the condensed consolidated balance sheets and are amortized to interest expense over the term of the related revolving debt. ​ Convertible Debt ​ The Company accounts for its convertible debt instruments as a single unit of accounting, a liability, because the Company concluded that the conversion features do not require bifurcation as a derivative under Accounting Standards Codification, or ASC, 815-15, Derivatives and Hedging ​ In accordance with Accounting Standards Update, or ASU, 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity feature is not bifurcated from the host instrument. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20, “Debt with Conversion and Other Options” ​ Litigation, Commitments and Contingencies ​ Litigation, commitments and contingencies are accrued when management, after considering the facts and circumstances of each matter as then known to management, has determined it is probable a liability will be found to have been incurred and the amount of the loss can be reasonably estimated. When only a range of amounts is reasonably estimable and no amount within the range is more likely than another, the low end of the range is recorded. Legal fees are expensed as incurred. Due to the inherent uncertainties surrounding gain contingencies, the Company generally does not recognize potential gains until they are realized. ​ Recent Accounting Pronouncements ​ In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ​ In December 2023, the FASB issued Accounting Standard Update 2023-09, Income taxes (Topic 740): Improvements to Income Tax Disclosures

BAQSIMI Acquisition

BAQSIMI Acquisition	6 Months Ended
	Jun. 30, 2024
BAQSIMI Acquisition
BAQSIMI Acquisition	Note 3. BAQSIMI ® Asset Acquisition ​ On June 30, 2023, the Company completed its acquisition of BAQSIMI ® ® ​ The Company accounted for the BAQSIMI ® Business Combination ® ® ® ​ ​ The total purchase price was allocated to the acquired assets based on their relative fair values, as follows: ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ (in thousands) Property, plant, and equipment $ 34,426 BAQSIMI ® ​ 591,338 Deferred tax assets ​ ​ 2,341 Total assets acquired ​ $ 628,105 ​ The Company amortizes the acquired intangible asset on a straight line basis over its estimated useful life of 24 years (See Note 10 for additional information). A portion of the consideration for the asset acquisition was a deferred cash payment. The fair value of the deferred cash payment was accreted to its full $129.0 million amount over a one-year period from the date of acquisition through interest expense. During the three and six months ended June 30, 2024, $1.8 million and $3.6 million of interest expense was recognized related to accretion of the deferred cash payments, respectively. The Company made the $129.0 million deferred cash payment in June 2024. ​ The Company may also be required to pay additional contingent consideration of up to an aggregate of $575.0 million in cash as part of the BAQSIMI ® ​ Manufacturing Services Agreement ​ In connection with the Closing, the Company entered into a Manufacturing Services Agreement, or the MSA, with Lilly, pursuant to which Lilly has agreed, for a period of time not to exceed 18 months , to provide certain manufacturing, packaging, labeling and supply services for BAQSIMI ® directly or through third-party contractors to the Company in connection with its operation of the development, manufacture, and commercialization of BAQSIMI ® . Upon termination of the MSA, the Company will be obligated to purchase all API, components, and finished goods on hand at prices agreed upon in the MSA. ​ Transition Services Agreement ​ In connection with the Closing, the Company entered into a Transition Services Agreement, or the TSA, with Lilly pursuant to which Lilly has agreed, for a period of time not to exceed 18 months , to provide certain services to the Company to support the transition of BAQSIMI ® operations to the Company, including with respect to the conduct of certain clinical, regulatory, medical affairs, and commercial sales channel activities. ​ During the first quarter of 2024, the Company assumed distribution responsibilities, from Lilly, to its customers in the United States, and certain countries in Europe. As a result, the Company has recorded the sales and related cost of BAQSIMI ® ®

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
Revenue Recognition
Revenue Recognition	Note 4. Revenue Recognition ​ Product revenues, net ​ In accordance with ASC 606 Revenue from Contracts with Customers ​ Generally, revenue is recognized at the time of product delivery to the Company’s customers. In some cases, revenue is recognized at the time of shipment when stipulated by the terms of the sale agreements. ​ The consideration to which the Company expects to be entitled includes a stated list price, less various forms of variable consideration including provision for chargebacks and rebates, accrual for product returns, prompt pay discounts, distributor fees, patient co-pay assistance, and other related deductions. These deductions to product sales are referred to as gross-to-net deductions and are estimated and recorded in the period in which the related product sales occur. Payment terms offered to customers generally range from 30 to 75 days ; however, payment terms differ by jurisdiction, by customer and, in some instances, by type of product. Revenues from product sales, net of gross-to-net deductions, are recorded only to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring when the uncertainty associated with gross-to-net deductions is subsequently resolved. Taxes assessed by governmental authorities and collected from customers are excluded from product sales. If the Company expects, at contract inception, that the period between the transfer of control and corresponding payment from the customer will be one year or less, the amount of consideration is not adjusted for the effects of a financing component. Shipping and handling activities are considered to be fulfillment activities rather than a separate performance obligation and are recorded within selling, distribution and marketing expenses in the accompanying condensed consolidated statements of operations. ​ Provision for Chargebacks and Rebates ​ The provision for chargebacks and rebates is a significant estimate used in the recognition of revenue. Wholesaler chargebacks relate to sales terms under which the Company agrees to reimburse wholesalers for differences between the gross sales prices at which the Company sells its products to wholesalers and the actual prices of such products that wholesalers resell under the Company’s various contractual arrangements with third parties such as hospitals and group purchasing organizations in the United States. Rebates include primarily amounts paid to retailers, payers, and providers in the United States, including those paid to state Medicaid programs, and are based on contractual arrangements or statutory requirements. The Company estimates chargebacks and rebates using the expected value method at the time of sale to wholesalers based on wholesaler inventory stocking levels, historical chargeback and rebate rates, and current contract pricing. ​ The provision for chargebacks and rebates is reflected as a component of product revenues, net. The following table is an analysis of the chargeback and rebate provision: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Beginning balance $ 27,920 $ 26,606 Provision for chargebacks and rebates ​ 137,928 ​ 143,792 Credits and payments issued to third parties ​ (113,795) ​ (141,584) Ending balance ​ $ 52,053 ​ $ 28,814 ​ Changes in the chargeback provision from period to period are primarily dependent on the Company’s sales to its wholesalers, the level of inventory held by wholesalers, and the wholesalers’ customer mix. Changes in the rebate provision from period to period are primarily dependent on retailers’ and other indirect customers’ purchases. The approach that the Company uses to estimate chargebacks and rebates has been consistently applied for all periods presented. Variations in estimates have been historically small. The Company continually monitors the provision for chargebacks and rebates and makes adjustments when it believes that the actual chargebacks and rebates may differ from the estimates. The settlement of chargebacks and rebates generally occurs within 20 days to 60 days after the sale to wholesalers. Accounts receivable and/or accounts payable and accrued liabilities are reduced and/or increased by the chargebacks and rebate amounts depending on whether the Company has the right to offset with the customer. ​ The provision for chargebacks and rebates is included in the following balance sheet accounts: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 ​ 2023 ​ (in thousands) Reduction to accounts receivable, net $ 22,150 $ 21,861 Accounts payable and accrued liabilities 29,903 ​ 6,059 Total $ 52,053 ​ $ 27,920 ​ Accrual for Product Returns: ​ Prompt Pay Discounts: ​ Distributor Fees: ​ Patient Co-Pay Assistance: ​ Revenues derived from contract manufacturing services are recognized when third-party products are shipped to customers. The Company’s accounting policy is to review each agreement involving contract development and manufacturing services to determine if there are multiple revenue-generating activities that constitute more than one unit of accounting. Revenues are recognized for each unit of accounting based on revenue recognition criteria relevant to that unit. ​ Service revenues derived from research and development contracts are recognized over time based on progress toward satisfaction of the performance obligation. For each performance obligation satisfied over time, the Company assesses the proper method to be used for revenue recognition, either an input method to measure progress toward the satisfaction of services or an output method of determining the progress of completion of performance obligation. For the three and six months ended June 30, 2024, revenues from research and development services were $1.5 million and $1.9 million, respectively. For the three and six months ended June 30, 2023, revenues from research and development services were $1.2 million and $1.3 million, respectively. ​ ​ Other revenues ​ Revenues related to sales of BAQSIMI ® ®

Net Income per Share

Net Income per Share	6 Months Ended
	Jun. 30, 2024
Net Income per Share
Net Income per Share	Note 5. Net Income per Share ​ Basic net income per share is calculated based upon the weighted-average number of shares outstanding during the period. Diluted net income per share gives effect to all potentially dilutive shares outstanding during the period, such as stock options, non-vested restricted stock units and shares issuable under the Company’s Employee Stock Purchase Plan, or ESPP, and potential shares of common stock issuable upon conversion of Convertible Notes of the Company, due March 2029, or the 2029 Convertible Notes. ​ For the three and six months ended June 30, 2024, options to purchase 687,217 and 577,948 shares of stock, respectively, with a weighted-average exercise price of $46.25 and $46.68 per share, respectively, were excluded in the computation of diluted net income per share because their effect would be anti-dilutive. The 2029 Convertible Notes had no impact on the computation of diluted net income per share as the average stock price during the period was less than the conversion price. ​ For the three and six months ended June 30, 2023, options to purchase 45,464 shares of stock, with a weighted-average exercise price of $46.01 per share, were excluded from the computation of diluted net income per share because their effect would be anti-dilutive. ​ The following table provides the calculation of basic and diluted net income per share for each of the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ (in thousands, except per share data) ​ Basic and dilutive numerator: ​ ​ ​ ​ Net income ​ $ 37,949 ​ $ 26,124 ​ $ 81,126 ​ $ 52,156 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding — basic ​ 48,907 ​ ​ 48,404 ​ ​ 48,560 ​ ​ 48,202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from equity awards ​ 3,139 ​ ​ 4,698 ​ ​ 3,970 ​ ​ 4,334 ​ Weighted-average shares outstanding — diluted ​ 52,046 ​ 53,102 ​ 52,530 ​ 52,536 ​ Net income per share — basic ​ $ 0.77 ​ $ 0.54 ​ $ 1.67 ​ $ 1.08 ​ Net income per share — diluted ​ $ 0.73 ​ $ 0.49 ​ $ 1.54 ​ $ 0.99 ​ ​

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting
Segment Reporting	Note 6. Segment Reporting ​ The Company’s business is the development, manufacture, and marketing of pharmaceutical products. The Company has identified two reporting segments that each report to the Chief Operating Decision Maker, or CODM, as defined in ASC 280, Segment Reporting ​ ● Finished pharmaceutical products ● APIs ​ The finished pharmaceutical products segment manufactures, markets and distributes BAQSIMI ® ® ​ Other revenues includes the portion of BAQSIMI ® Selected financial information by reporting segment is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ (in thousands) ​ Net revenues: ​ ​ ​ ​ Finished pharmaceutical products ​ $ 178,859 ​ $ 142,866 ​ $ 349,003 ​ $ 278,876 ​ API ​ 3,535 ​ ​ 2,846 ​ ​ 5,227 ​ ​ 6,858 ​ Total net revenues ​ 182,394 ​ 145,712 ​ 354,230 ​ 285,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finished pharmaceutical products ​ 100,636 ​ 77,067 ​ 196,778 ​ 153,243 ​ API ​ (5,470) ​ ​ (4,329) ​ ​ (11,512) ​ ​ (6,665) ​ Total gross profit ​ 95,166 ​ 72,738 ​ 185,266 ​ 146,578 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses ​ 39,949 ​ 35,842 ​ 82,039 ​ 76,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from operations ​ 55,217 ​ 36,896 ​ 103,227 ​ 70,329 ​ Non-operating (expenses) income ​ (4,974) ​ (4,088) ​ (5,108) ​ (3,952) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes ​ $ 50,243 ​ $ 32,808 ​ $ 98,119 ​ $ 66,377 ​ ​ The Company manages its business segments to the gross profit level and manages its operating and other costs on a company-wide basis. The Company does not identify total assets by segment for internal purposes, as the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets. ​ ​ The amount of net revenues in the finished pharmaceutical product segment is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ (in thousands) ​ Finished pharmaceutical products segment net revenues: ​ ​ ​ ​ ​ ​ Glucagon ​ $ 27,373 ​ $ 27,276 ​ $ 55,908 ​ $ 52,972 ​ Epinephrine ​ ​ 27,941 ​ ​ 16,714 ​ ​ 54,051 ​ ​ 36,805 ​ Primatene MIST ® ​ ​ 22,856 ​ ​ 16,520 ​ ​ 47,022 ​ ​ 40,003 ​ BAQSIMI ® ​ ​ 30,854 ​ ​ — ​ ​ 44,697 ​ ​ — ​ Lidocaine ​ ​ 12,800 ​ ​ 14,006 ​ ​ 25,573 ​ ​ 27,652 ​ Phytonadione ​ ​ 10,304 ​ ​ 17,855 ​ ​ 20,277 ​ ​ 25,568 ​ Enoxaparin ​ 5,273 ​ 7,872 ​ 12,369 ​ ​ 17,739 ​ Naloxone ​ ​ 3,800 ​ ​ 5,102 ​ ​ 8,087 ​ ​ 10,059 ​ Other finished pharmaceutical products ​ 34,652 ​ 37,521 ​ 63,806 ​ 68,078 ​ Total finished pharmaceutical products net revenues ​ ​ 175,853 ​ ​ 142,866 ​ ​ 331,790 ​ ​ 278,876 ​ BAQSIMI ® ​ ​ 3,006 ​ ​ — ​ ​ 17,213 ​ ​ — ​ Total finished pharmaceutical products segment net revenues ​ $ 178,859 ​ $ 142,866 ​ $ 349,003 ​ $ 278,876 ​ ​ The amount of depreciation and amortization expense included in cost of revenues by reporting segment is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ (in thousands) ​ Depreciation and amortization expense ​ ​ ​ ​ Finished pharmaceutical products ​ $ 8,673 ​ $ 2,081 ​ $ 17,331 ​ $ 4,527 ​ API ​ 1,003 ​ 982 ​ 2,007 ​ ​ 1,935 ​ Total depreciation and amortization expense ​ $ 9,676 ​ $ 3,063 ​ $ 19,338 ​ $ 6,462 ​ ​ Net revenues and carrying values of long-lived assets by geographic regions, based on where the Company conducts its operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Revenues ​ Long-Lived Assets ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ June 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ (in thousands) United States (1) $ 176,420 $ 143,895 $ 346,077 $ 281,853 $ 755,615 $ 765,102 China ​ 1,564 ​ ​ 1,182 ​ ​ 1,967 ​ ​ 1,309 ​ 95,847 ​ 91,913 France ​ 4,410 ​ ​ 635 ​ ​ 6,186 ​ ​ 2,572 ​ 35,809 ​ 37,647 Total ​ $ 182,394 ​ $ 145,712 ​ $ 354,230 ​ $ 285,734 ​ $ 887,271 ​ $ 894,662 (1) ®

Customer and Supplier Concentra

Customer and Supplier Concentration	6 Months Ended
	Jun. 30, 2024
Customer and Supplier Concentration
Customer and Supplier Concentration	Note 7. Customer and Supplier Concentration ​ Customer Concentrations ​ Three large wholesale drug distributors, Cencora Inc., formally AmerisourceBergen, or Cencora, Cardinal Health, Inc., or Cardinal, and McKesson Corporation, or McKesson, are all distributors of the Company’s products, as well as suppliers of a broad range of health care products. Lilly currently manufactures and sells BAQSIMI ® ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of Total Accounts ​ % of Net ​ ​ Receivable ​ Revenues ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ December 31, ​ June 30, ​ June 30, ​ ​ 2024 2023 2024 2023 2024 2023 McKesson 30 % 26 % 26 % 31 % 24 % 27 % Cencora 23 % 16 % 20 % 21 % 20 % 22 % Cardinal Health 18 % 13 % 20 % 17 % 19 % 16 % Lilly ​ 2 % 20 % 2 % — ​ 5 % — ​ ​ Supplier Concentrations ​ The Company depends on suppliers for raw materials, APIs, and other components that are subject to stringent FDA requirements. Some of these materials may only be available from one or a limited number of sources. Establishing additional or replacement suppliers for these materials may take a substantial period of time, as suppliers must be approved by the FDA. Furthermore, a significant portion of raw materials may only be available from foreign sources. If the Company is unable to secure, on a timely basis, sufficient quantities of the materials it depends on to manufacture and market its products, it could have a materially adverse effect on the Company’s business, financial condition, and results of operations.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Measurements
Fair Value Measurements	Note 8. Fair Value Measurements ​ GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability at the measurement date (an exit price). These standards also establish a hierarchy that prioritizes observable and unobservable inputs used in measuring fair value of an asset or liability, as described below: ​ ● Level 1 – Inputs to measure fair value are based on quoted prices (unadjusted) in active markets on identical assets or liabilities; ​ ● Level 2 – Inputs to measure fair value are based on the following: (a) quoted prices in active markets on similar assets or liabilities, (b) quoted prices for identical or similar instruments in inactive markets, or (c) observable (other than quoted prices) or collaborated observable market data used in a pricing model from which the fair value is derived; and ​ ● Level 3 – Inputs to measure fair value are unobservable and the assets or liabilities have little, if any, market activity; these inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities based on best information available in the circumstances. ​ As of June 30, 2024 and December 31, 2023, cash equivalents include money market accounts and corporate and municipal bonds with original maturities of less than three months. Investments consist of certificates of deposit as well as investment-grade corporate, agency and municipal bonds with original maturity dates between three and fifteen months. The certificates of deposit are carried at amortized cost in the Company’s condensed consolidated balance sheets, which approximates their fair value determined based on Level 2 inputs. The corporate, agency and municipal bonds are classified as held-to-maturity and are carried at amortized cost net of allowance for credit losses. ​ The fair values of the Company’s financial assets and liabilities measured on a recurring basis as of June 30, 2024 and December 31, 2023, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in thousands) Cash equivalents ​ $ 165,589 ​ $ 165,589 ​ $ — ​ $ — ​ Restricted cash ​ ​ 235 ​ ​ 235 ​ ​ — ​ ​ — ​ Short-term investments ​ ​ 6,171 ​ ​ — ​ ​ 6,171 ​ ​ — ​ Restricted short-term investments ​ 2,200 ​ — ​ 2,200 ​ — ​ Interest rate swaps related to variable rate loans ​ ​ 590 ​ ​ — ​ ​ 590 ​ ​ — ​ Total assets and liabilities measured at fair value as of June 30, 2024 ​ $ 174,785 ​ $ 165,824 ​ $ 8,961 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in thousands) Cash equivalents ​ $ 116,441 ​ $ 116,441 ​ $ — ​ $ — Restricted cash ​ ​ 235 ​ ​ 235 ​ ​ — ​ ​ — Short-term investments ​ ​ 37,142 ​ ​ — ​ ​ 37,142 ​ ​ — Restricted short-term investments ​ 2,200 ​ — ​ 2,200 ​ — Interest rate swaps related to variable rate loans ​ ​ (5,243) ​ ​ — ​ ​ (5,243) ​ ​ — Total assets and liabilities measured at fair value as of December 31, 2023 ​ $ 150,775 ​ $ 116,676 ​ $ 34,099 ​ $ — ​ The Company does not hold any Level 3 instruments that are measured at fair value on a recurring basis. ​ Nonfinancial assets and liabilities are not measured at fair value on a recurring basis but are subject to fair value adjustments in certain circumstances. These items primarily include investments in unconsolidated affiliates, long-lived assets, goodwill, and intangible assets for which the fair value is determined as part of an impairment test. As of June 30, 2024, and December 31, 2023, there were no significant adjustments to fair value for nonfinancial assets or liabilities. ​ The Company’s deferred compensation plan assets are valued using the cash surrender value of the life insurance policies and are not included in the table above. ​

Investments

Investments	6 Months Ended
	Jun. 30, 2024
Investments
Investments	Note 9. Investments ​ The following is a summary of the Company’s investments that are classified as held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (in thousands) Corporate and agency bonds (due within 1 year) ​ $ 21,877 ​ $ — ​ $ (63) ​ $ 21,814 Corporate and agency bonds (due within 1 to 3 years) ​ ​ 9,824 ​ ​ — ​ ​ (53) ​ ​ 9,771 Total investments as of June 30, 2024 ​ $ 31,701 ​ $ — ​ $ (116) ​ $ 31,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and agency bonds (due within 1 year) ​ $ 73,815 ​ $ 7 ​ $ (21) ​ $ 73,801 Corporate and agency bonds (due within 1 to 3 years) ​ ​ 14,621 ​ ​ 56 ​ ​ (1) ​ ​ 14,676 Municipal bonds (due within 1 year) ​ ​ 1,081 ​ ​ 1 ​ ​ — ​ ​ 1,082 Total investments as of December 31, 2023 ​ $ 89,517 ​ $ 64 ​ $ (22) ​ $ 89,559 ​ At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, identifying neither a significant deterioration since purchase nor any other factors that would indicate a material credit loss. ​ The Company measures expected credit losses on held-to-maturity investments on a collective basis. All the Company’s held-to-maturity investments were considered to be one pool. The estimate for credit losses considers historical loss information that is adjusted for current conditions and reasonable and supportable forecasts. Expected credit losses on held-to-maturity investments were not material to the condensed consolidated financial statements. ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 10. Goodwill and Intangible Assets ​ The table below shows the weighted-average life, original cost, accumulated amortization, and net book value by major intangible asset classification: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Life (Years) Original Cost Amortization Net Book Value ​ ​ (in thousands) Definite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BAQSIMI ® (1) ​ 24 ​ $ 591,338 ​ $ 24,639 ​ $ 566,699 ​ Patents 15 ​ 193 ​ ​ 89 ​ 104 ​ Land-use rights 39 ​ 2,540 ​ ​ 848 ​ 1,692 ​ Subtotal 24 ​ 594,071 ​ 25,576 ​ 568,495 ​ Indefinite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademark * ​ 29,225 ​ — ​ 29,225 ​ Goodwill - Finished pharmaceutical products * ​ 3,129 ​ — ​ 3,129 ​ Subtotal * ​ 32,354 ​ — ​ 32,354 ​ As of June 30, 2024 * ​ $ 626,425 ​ $ 25,576 ​ $ 600,849 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Life (Years) Original Cost Amortization Net Book Value ​ ​ (in thousands) Definite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BAQSIMI ® (1) ​ 24 ​ $ 591,338 ​ $ 12,319 ​ $ 579,019 ​ Patents 12 ​ 486 ​ ​ 376 ​ 110 ​ Land-use rights 39 ​ 2,540 ​ ​ 815 ​ 1,725 ​ Subtotal 24 ​ 594,364 ​ 13,510 ​ 580,854 ​ Indefinite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademark * ​ 29,225 ​ — ​ 29,225 ​ Goodwill - Finished pharmaceutical products * ​ 3,216 ​ — ​ 3,216 ​ Subtotal * ​ 32,441 ​ — ​ 32,441 ​ As of December 31, 2023 * ​ $ 626,805 ​ $ 13,510 ​ $ 613,295 ​ * (1) See Note 3. ​ Goodwill ​ The changes in the carrying amounts of goodwill are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Beginning balance $ 3,216 $ 3,126 ​ Currency translation ​ (87) ​ 90 ​ Ending balance ​ $ 3,129 ​ $ 3,216 ​ ​

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventories
Inventories	Note 11. Inventories ​ Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Raw materials and supplies $ 56,444 $ 50,082 ​ Work in process ​ 38,552 ​ 30,822 ​ Finished goods ​ 27,415 ​ 24,929 ​ Total inventories ​ $ 122,411 ​ $ 105,833 ​ ​ ​ ​ Charges of $3.5 million and $9.2 million were included in the cost of revenues in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2024, respectively, to adjust the Company’s inventory and related firm purchase commitments to its net realizable value. For the three and six months ended June 30, 2023, charges of $8.3 million and $10.2 million were included in the cost of revenues, respectively, to adjust the Company’s inventory and related firm purchase commitments to its net realizable value. ​ Losses on firm purchase commitments related to raw materials on order as of June 30, 2024 and December 31, 2023 were $3.2 million and $1.0 million, respectively, which are recorded in cost of revenues in the Company’s condensed consolidated statement of operations.

Property, Plant, and Equipment

Property, Plant, and Equipment	6 Months Ended
	Jun. 30, 2024
Property, Plant, and Equipment.
Property, Plant, and Equipment	Note 12. Property, Plant, and Equipment ​ Property, plant, and equipment consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Buildings $ 169,492 $ 168,771 ​ Leasehold improvements ​ 42,012 ​ 41,686 ​ Land ​ 7,452 ​ 7,484 ​ Machinery and equipment ​ 269,352 ​ 259,484 ​ Furniture, fixtures, and automobiles ​ 33,712 ​ 31,943 ​ Construction in progress ​ 24,161 ​ 18,676 ​ Total property, plant, and equipment ​ 546,181 ​ 528,044 ​ Less accumulated depreciation ​ (258,182) ​ (245,298) ​ Total property, plant, and equipment, net ​ $ 287,999 ​ $ 282,746 ​ ​

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Accounts Payable and Accrued Liabilities.
Accounts Payable and Accrued Liabilities	Note 13. Accounts Payable and Accrued Liabilities ​ Accounts payable and accrued liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 ​ 2023 ​ (in thousands) Accrued customer fees and rebates $ 44,924 ​ $ 16,702 Accrued payroll and related benefits ​ 26,470 ​ ​ 25,203 Accrued product returns, current portion ​ 14,030 ​ ​ 12,263 Accrued loss on firm purchase commitments ​ 3,207 ​ ​ 918 Other accrued liabilities ​ 10,806 ​ ​ 12,842 Total accrued liabilities 99,437 ​ 67,928 Accounts payable 31,775 ​ 25,438 Total accounts payable and accrued liabilities $ 131,212 ​ $ 93,366 ​

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt
Debt	Note 14. Debt ​ Debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Convertible Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2029 Convertible Notes ​ $ 345,000 ​ $ 345,000 ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wells Fargo Term Loan due June 2028 ​ ​ 250,000 ​ ​ 250,000 ​ ​ ​ ​ ​ ​ ​ Mortgage Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage payable with East West Bank paid off June 2024 ​ ​ — ​ ​ 8,016 ​ ​ ​ ​ ​ ​ ​ Other Loans and Payment Obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ French government loans due December 2026 ​ ​ 158 ​ ​ 158 ​ ​ ​ ​ ​ ​ ​ Line of Credit Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit facility with China Merchant Bank due October 2026 ​ ​ — ​ ​ — Wells Fargo Revolving line of credit facility due June 2028 ​ ​ — ​ ​ — Line of credit facility with ICBC Bank due November 2033 ​ ​ 4,057 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Equipment under Finance Leases ​ 526 ​ 616 Total debt ​ 599,741 ​ 603,790 Less current portion of long-term debt ​ 249 ​ 436 Less: Loan issuance costs ​ ​ 12,639 ​ ​ 13,775 Long-term debt, net of current portion and unamortized debt issuance costs ​ $ 586,853 ​ $ 589,579 ​ Credit Agreement ​ 2029 Convertible Notes ​ In September 2023, the Company issued the 2029 Convertible Notes, in the aggregate principal amount of $345.0 million in a private offering pursuant to Section 4(a)(2) and Rule 144A under the Securities Act of 1933, as amended. The Company used portions of the net proceeds from the 2029 Convertible Notes to (i) repay approximately $200.0 million of the Company’s borrowings under the Wells Fargo Term Loan and (ii) repurchase $50.0 million of the Company’s common stock. ​ In connection with the issuance of the 2029 Convertible Notes, the Company incurred approximately $10.8 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees. Unamortized debt issuance costs related to the 2029 Convertible Notes were $9.3 million as of June 30, 2024. The fair value of the 2029 Convertible Notes was approximately $332.5 million as of June 30, 2024 based on level 2 inputs. ​ The 2029 Convertible Notes are general senior, unsecured obligations and bear an interest rate of 2.0% per year. The 2029 Convertible Notes were issued pursuant to an indenture, dated September 15, 2023, or the Indenture, between the Company and U.S. Bank Trust Company, National Association, as trustee. ​ The 2029 Convertible Notes will rank senior in right of payment to all of the Company’s indebtedness that is expressly subordinated in right of payment to the 2029 Convertible Notes; equal in right of payment to all of the Company’s unsecured indebtedness that is not so subordinated; effectively junior to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness, including any amount outstanding under the Company’s credit facilities; and structurally junior to all indebtedness and other liabilities of the Company’s current or future subsidiaries, including trade payables. ​ Interest is payable semi-annually in arrears on March 15 and September 15 of each year. The 2029 Convertible Notes may bear additional interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under the Indenture or if the 2029 Convertible Notes are not freely tradeable as required by the Indenture. ​ The 2029 Convertible Notes will mature on March 15, 2029, unless earlier converted, repurchased or redeemed. ​ Conversions of the 2029 Convertible Notes will be settled in cash up to the aggregate principal amount of the 2029 Convertible Notes to be converted, and cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, with respect to the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount. ​ Holders may convert their 2029 Convertible Notes at their option prior to the close of business on the business day immediately preceding December 15, 2028, in multiples of $1,000 principal amount, only under the following circumstances; (i) during any calendar quarter commencing after the calendar quarter ending on December 31, 2023 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the 2029 Convertible Notes on each applicable trading day, (ii) during the five business day period after any five consecutive trading day period in which the trading price, as defined in the Indenture, per $1,000 principal amount of the 2029 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day, (iii) if the Company calls the 2029 Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, and (iv) upon the occurrence of specified corporate events defined in the Indenture. On or after December 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2029 Convertible Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. ​ The Company may redeem the 2029 Convertible Notes, at its option, in whole or in part (subject to certain limitations), on or after September 20, 2026 and prior to the 41 st ​ The initial conversion rate is 15.8821 shares of the Company’s common stock per $1,000 principal amount of the 2029 Convertible Notes, which represents an initial conversion price of approximately $62.96 per share of common stock. The initial conversion price of $62.96 represents a premium of approximately 35.0% over the last reported sale price of the Company’s common stock on Nasdaq Global Select Market on September 12, 2023. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the Indenture. ​ If a fundamental change, as defined in the Indenture, occurs at any time prior to the maturity date, then, subject to certain conditions, holders of the 2029 Convertible Notes may require the Company to repurchase for cash all or any portion of their 2029 Convertible Notes at a repurchase price equal to 100% of the principal amount of the 2029 Convertible Notes to be repurchased, plus any accrued and unpaid interest. In addition, following certain specified corporate events or if the Company issues a notice of redemption, the Company will, under certain circumstances, increase the conversion rate for holders who convert their 2029 Convertible Notes in connection with such corporate event or during a redemption period. ​ Syndicated Line of Credit Facility with ICBC Bank – Due November 2033 ​ In January 2024, the Company entered into a credit agreement with Industrial and Commercial Bank of China Limited, or ICBC Bank, acting as a lender and as agent for other lenders. The credit agreement allows the Company to borrow up to $40.0 million secured by equipment and buildings at ANP. The interest rate and other terms will be determined at the time of the borrowing, depending on the type of loan requested. The credit agreement expires in November 2033. ​ In the first half of 2024, the Company borrowed approximately $4.1 million under the credit agreement. The loan bears interest at the prime rate as published by The People’s Bank of China minus 0.2%. Interest payments are due quarterly and repayment of the principal amount is biannual and begins in May 2026. As of June 30, 2024, the Company had $4.1 million outstanding under this loan. ​ Interest Rate Swap Contract ​ As of June 30, 2024, the fair value of the loans listed above approximated their carrying amount based on Level 2 inputs. For the Wells Fargo Term Loan, the Company has entered into a fixed interest rate swap contract to exchange the variable interest rates for fixed interest rates. The interest rate swap contract is recorded at fair value in the other assets line in the condensed consolidated balance sheets. Changes in the fair values of interest rate swaps were $0.6 million gain and $5.8 million gain for the three and six months ended June 30, 2024, respectively. Changes in the fair values of interest rate swaps were $1.2 million loss and $2.2 million loss for the three and six months ended June 30, 2023, respectively. ​ Covenants ​ At June 30, 2024 and December 31, 2023, the Company was in compliance with all of its debt covenants.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Taxes
Income Taxes	Note 15. Income Taxes ​ The following table sets forth the Company’s income tax provision for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2024 2023 2024 2023 ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before taxes ​ $ 50,243 ​ $ 32,808 ​ $ 98,119 ​ $ 66,377 ​ Income tax provision ​ ​ 12,294 ​ 6,383 ​ ​ 16,420 ​ 13,135 ​ Income before equity in losses of unconsolidated affiliate ​ $ 37,949 ​ $ 26,425 ​ $ 81,699 ​ $ 53,242 ​ Income tax provision as a percentage of income before income taxes ​ ​ 24.5 % 19.5 % ​ 16.7 % 19.8 % ​ Valuation Allowance ​ In assessing the need for a valuation allowance, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will be realized. Ultimately, realization depends on the existence of future taxable income. Management considers sources of taxable income such as income in prior carryback periods, future reversal of existing deferred taxable temporary differences, tax-planning strategies, and projected future taxable income. ​ The Company continues to record a full valuation allowance on the net deferred income tax assets of its France subsidiary, AFP, and its U.K. subsidiaries, AUK and IMS UK. The Company will continue to do so until the subsidiaries generate sufficient taxable income to realize their respective deferred income tax assets. ​ The Company records a valuation allowance on net deferred income tax assets in states where it files separately and will continue to do so until sufficient taxable income is generated to realize these state deferred income tax assets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity
Stockholders' Equity	Note 16. Stockholders' Equity ​ Share Buyback Program ​ Pursuant to the Company’s existing share buyback program, the Company purchased 207,288 shares of its common stock, during the three and six months ended June 30, 2024, for total consideration of $8.5 million. The Company purchased 3,585 and 266,716 shares of its common stock during the three and six months ended June 30, 2023, for total consideration of $0.1 million and $8.1 million, respectively. ​ In June 2024, the Company’s Board of Directors authorized a $50.0 million increase to the Company’s share buyback program, which is expected to continue for an indefinite period of time. Since the inception of the program, the Company’s Board of Directors have authorized a total of $335.0 million in the share buyback program. The primary goal of the program is to offset dilution created by the Company’s equity compensation programs. ​ Purchases are made through open market and private block transactions pursuant to Rule 10b5-1 plans, privately negotiated transactions or other means as determined by the Company’s management and in accordance with the requirements of the SEC and applicable laws. The timing and actual number of treasury share purchases will depend on a variety of factors including price, corporate and regulatory requirements, and other conditions. These treasury share purchases are accounted for under the cost method and are included as a component of treasury stock in the Company’s condensed consolidated balance sheets. ​ Amended and Restated 2015 Equity Incentive Plan ​ In February 2024, the Board of Directors approved the Company’s amended and restated 2015 Equity Incentive Plan, or the Amended 2015 Plan, which was subsequently approved by the Company’s stockholders, and accordingly, adopted by the Company in June 2024. The Amended 2015 Plan extends the terms of the 2015 Equity Incentive Plan, or the Original 2015 Plan, and makes certain other changes. The term of the Amended 2015 Plan will be extended indefinitely, however, the Company’s ability to grant incentive stock options thereunder will continue through February 2034. ​ As of June 30, 2024, the Company reserved an aggregate of 7,801,931 shares of common stock for future issuance under the Amended 2015 Plan. ​ 2014 Employee Stock Purchase Plan ​ As of June 30, 2024, the Company has issued 1,246,323 shares of common stock under the ESPP and 753,677 shares of its common stock remain available for issuance under the ESPP. ​ In May 2024, the Company issued 54,189 shares at a purchase price of $35.98 per share under the ESPP. For the three and six months ended June 30, 2024, the Company recorded ESPP expense of $0.4 million and $0.7 million, respectively. For the three and six months ended June 30, 2023, the Company recorded ESPP expense of $0.3 million and $0.6 million, respectively. ​ Share-Based Award Activity and Balances ​ The Company accounts for share-based compensation payments in accordance with ASC 718, which requires measurement and recognition of compensation expense at fair value for all share-based payment awards made to employees and directors. Under these standards, the fair value of option awards and the option components of the ESPP awards are estimated at the grant date using the Black-Scholes option-pricing model. The fair value of RSUs is estimated at the grant date using the Company’s common share price. Compensation cost for all share-based payments granted with service-based graded vesting schedules is recognized using the straight-line method over the requisite service period. ​ The weighted-averages for key assumptions used in determining the fair value of options granted are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 2023 2024 2023 ​ Average volatility 41.1 % 40.2 % 41.3 % 41.4 % ​ Average risk-free interest rate 4.5 % 3.8 % 4.2 % 4.1 % ​ Weighted-average expected life in years 5.7 ​ 4.9 ​ 6.2 ​ 6.2 ​ ​ Dividend yield rate — % — % — % — % ​ ​ A summary of option activity under all plans for the six months ended June 30, 2024, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ ​ Options ​ Price ​ Term (Years) ​ Value (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Outstanding as of December 31, 2023 ​ 7,762,298 ​ $ 19.70 ​ ​ Options granted 642,985 ​ ​ 46.27 ​ ​ ​ ​ ​ ​ Options exercised (1,407,539) ​ ​ 13.27 ​ ​ ​ ​ ​ ​ Options forfeited (11,638) ​ ​ 33.45 ​ ​ ​ ​ ​ ​ Options expired — ​ ​ — ​ ​ ​ ​ ​ ​ Outstanding as of June 30, 2024 6,986,106 ​ $ 23.42 ​ 5.30 ​ $ 120,120 ​ Exercisable as of June 30, 2024 5,158,550 ​ ​ 18.92 ​ 4.16 ​ $ 109,036 ​ Vested and expected to vest as of June 30, 2024 ​ 6,801,230 ​ ​ 23.00 ​ 5.21 ​ $ 119,370 ​ (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair value of the Company’s stock for those awards that have an exercise price below the estimated fair value at June 30, 2024. ​ For the three and six months ended June 30, 2024, the Company recorded expense of $2.6 million and $6.3 million, respectively, related to stock options granted under all plans. For the three and six months ended June 30, 2023, the Company recorded expense of $2.3 million and $5.3 million, respectively, related to stock options granted under all plans. ​ Information relating to option grants and exercises is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 2024 2023 ​ ​ (in thousands, except per share data) Weighted-average grant date fair value per share ​ $ 19.40 ​ $ 17.77 ​ $ 21.89 ​ $ 16.76 ​ Intrinsic value of options exercised ​ 6,340 ​ 16,575 ​ 42,163 ​ 18,916 ​ Cash received from options exercised ​ 4,001 ​ 8,350 ​ 5,822 ​ 9,738 ​ Total fair value of the options vested during the period ​ 1,041 ​ 1,136 ​ 9,704 ​ 8,720 ​ ​ A summary of the status of the Company’s non-vested options as of June 30, 2024, and changes during the six months ended June 30, 2024, are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant Date ​ ​ Options ​ Fair Value Non-vested as of December 31, 2023 ​ 2,076,355 ​ $ 12.68 ​ Options granted 642,985 ​ ​ 21.89 ​ Options vested (880,146) ​ ​ 11.02 ​ Options forfeited (11,638) ​ ​ 15.33 ​ Non-vested as of June 30, 2024 1,827,556 ​ 16.70 ​ ​ As of June 30 2024, there was $23.6 million of total unrecognized compensation cost, net of forfeitures, related to non-vested stock option based compensation arrangements granted under all plans. The cost is expected to be recognized over a weighted-average period of 2.8 years and will be adjusted for future changes in estimated forfeitures. ​ Restricted Stock Units ​ The Company grants restricted stock units, or RSUs, to certain employees and members of the Board of Directors with a vesting period of up to four years. The grantee receives one share of common stock at a specified future date for each RSU awarded. The RSUs may not be sold or otherwise transferred until vested. The RSUs do not have any voting or dividend rights prior to the issuance of the underlying common stock. The share-based expense associated with these grants was based on the Company’s common stock fair value at the time of grant and is amortized over the requisite service period, which generally is the vesting period using the straight-line method. For the three and six months ended June 30, 2024, the Company recorded total expenses of $2.7 million and $6.1 million, respectively, related to RSU awards granted under all plans. For the three and six months ended June 30, 2023, the Company recorded expenses of $2.2 million and $5.1 million, respectively, related to RSU awards granted under all plans. ​ As of June 30, 2024, there was $24.9 million of total unrecognized compensation cost, net of forfeitures, related to non-vested RSU-based compensation arrangements granted under all plans. The cost is expected to be recognized over a weighted-average period of 2.8 years and will be adjusted for future changes in estimated forfeitures. ​ Information relating to RSU grants and deliveries is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fair Market ​ ​ Total RSUs ​ Value of RSUs ​ Issued Issued (1) ​ ​ ​ ​ (in thousands) RSUs outstanding at December 31, 2023 920,376 ​ ​ ​ ​ RSUs granted 303,788 ​ $ 14,060 ​ RSUs forfeited (5,270) ​ ​ ​ ​ RSUs vested (2) (383,087) ​ ​ ​ ​ RSUs outstanding at June 30, 2024 835,807 ​ ​ ​ ​ (1) The total fair market value is derived from the number of RSUs granted times the current stock price on the date of grant. (2) Of the vested RSUs, 146,421 shares of common stock were surrendered to fulfil tax withholding obligations. ​ Share-based Compensation Expense ​ The Company recorded share-based compensation expense, which is included in the Company’s condensed consolidated statement of operations as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 2023 ​ ​ (in thousands) Cost of revenues $ 1,325 $ 1,158 $ 3,450 $ 2,864 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, distribution, and marketing ​ 268 ​ 227 ​ 528 ​ 436 ​ General and administrative ​ 3,653 ​ 2,991 ​ 7,529 ​ 6,348 ​ Research and development ​ 534 ​ 489 ​ 1,633 ​ 1,328 ​ Total share-based compensation ​ $ 5,780 ​ $ 4,865 ​ $ 13,140 ​ $ 10,976 ​ ​

Employee Benefits

Employee Benefits	6 Months Ended
	Jun. 30, 2024
Employee Benefits
Employee Benefits	Note 17. Employee Benefits ​ 401(k) Plan ​ The Company has a defined contribution 401(k) plan, or the Plan, whereby eligible employees voluntarily contribute up to a defined percentage of their annual compensation. The Company matches contributions at a rate of 50% on the first 6% of employee contributions, and pays the administrative costs of the Plan. Total employer contributions for the three and six months ended June 30, 2024 were approximately $0.6 million and $1.4 million, respectively, compared to the prior year expense of $0.6 million and $1.2 million for the three and six months ended June 30, 2023, respectively. ​ Defined Benefit Pension Plan ​ The Company’s subsidiary, AFP, has an obligation associated with a defined-benefit plan for its eligible employees. This plan provides benefits to the employees from the date of retirement and is based on the employee’s length of time employed by the Company. The calculation is based on a statistical calculation combining a number of factors that include the employee’s age, length of service, and AFP employee turnover rate. ​ The liability under the plan is based on a discount rate of 3.25% as of June 30, 2024 and December 31, 2023. The liability is included in other long-term liabilities in the accompanying condensed consolidated balance sheets. The plan is currently unfunded, and the benefit obligation under the plan was $2.7 million and $2.6 million at June 30, 2024 and December 31, 2023, respectively. The Company recorded an immaterial amount of expense under the plan for each of the three and six months ended June 30, 2024 and 2023. ​ Non-qualified Deferred Compensation Plan ​ In December 2019, the Company established a non-qualified deferred compensation plan. The plan allows certain eligible participants to defer a portion of their cash compensation and provides a matching contribution at the discretion of the Company. The plan obligations are payable upon retirement, termination of employment and/or certain other times in a lump-sum distribution or in installments, as elected by the participant in accordance with the plan. Participants can allocate their deferred compensation amongst various investment options with earnings accruing to the participant. The Company has established a Rabbi Trust to fund the plan obligations and to hold the plan assets. Eligible participants began contributing to the plan in January 2020. The plan assets were valued at approximately $8.4 million and $6.8 million as of June 30, 2024 and December 31, 2023, respectively. The plan liabilities were valued at approximately $8.8 million and $7.1 million as of June 30, 2024, and December 31, 2023, respectively. The plan assets and liabilities are included in other long-term assets and other long-term liabilities, respectively, on the Company’s condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	Note 18. Commitments and Contingencies ​ Purchase Commitments ​ As of June 30, 2024, the Company has entered into commitments to purchase equipment and raw materials for an aggregate amount of approximately $91.0 million.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2024
Related-Party Transactions
Related-Party Transactions	Note 19. Related Party Transactions ​ Investment in Hanxin ​ The Company has an 11.5% ownership in Hanxin that is accounted for as an equity method investment. The Company maintains a seat on Hanxin’s board of directors, and Henry Zhang, the son of Dr. Jack Zhang is an equity holder, the general manager, and the chairman of the board of directors of Hanxin. Additionally, Dr. Mary Luo and Dr. Jack Zhang, have an ownership interest in Hanxin through an affiliated entity. As a result, Hanxin is a related party. ​ Contract manufacturing agreement with Hanxin ​ In April 2022, ANP, entered into a contract manufacturing agreement with Hanxin, whereby Hanxin will develop several active pharmaceutical ingredients and finished products for the Chinese market and will engage ANP to manufacture the products on a cost-plus basis. Hanxin will commit to purchase certain quantities from ANP subject to the terms and conditions set forth in the agreement, including Hanxin filing for and obtaining any required marketing authorizations. ​ During the three and six months ended June 30, 2024, the Company recognized $0.1 million and $0.4 million, respectively, of revenue from manufacturing services provided to Hanxin. During the three and six months ended June 30, 2023, the Company recognized an immaterial amount of revenue from manufacturing services provided to Hanxin. As of June 30, 2024, the Company had $0.3 million of receivables from Hanxin. ​ Contract Research Agreement with Hanxin ​ In July 2022, the Company entered into a three-year contract research agreement with Hanxin, a related party, whereby Hanxin will develop Recombinant Human Insulin Research Cell Banks, or RCBs, for the Company and license the RCBs to the Company subject to a fully paid, exclusive, perpetual, transferable, sub-licensable worldwide license. The RCBs will be used by the Company to make Master Cell Banks for one of its product candidates. Per the terms of the agreement with Hanxin, all title to the RCBs developed, prepared and produced by Hanxin in conducting research and development will belong to the Company. The Company will also own any confidential and proprietary information, technology regarding development and manufacturing of the RCBs. This will include engineering, scientific and practical information and formula, research data, design, and procedures and others to develop and manufacture the RCBs, in use or developed by Hanxin. The total cost of the agreement to the Company shall not exceed approximately $2.2 million, with payments adjusted based on the then current exchange rates. Any additional work or changes to the scope of work requested by the Company will be charged by Hanxin to the Company on a cost plus basis, plus any applicable taxes. ​ In March 2023, the Company amended the agreement with Hanxin, whereby Hanxin will perform scale-up manufacturing process development using the RCBs for the Company. Per the terms of the amended agreement the Company will own any confidential and proprietary information and technology produced during the scale-up manufacturing. This will include engineering, scientific and practical information and formula, research data design and procedures and others to develop and manufacture the RCBs. The amendment agreement will remain in full force and effect until July 5, 2025. The total cost of the amended agreement to the Company shall not exceed approximately $0.5 million in additional payments beyond the $2.2 million in payments under the contract research agreement, with payments adjusted based on actual currency exchange rates. Any additional work or changes to the scope of work requested by the Company will be charged by Hanxin to the Company on a cost-plus basis, plus any applicable taxes. ​ During the three months ended June 30, 2024, the Company paid an immaterial not ​ Supply Agreement with Letop ​ In November 2022, ANP, entered into a supply agreement with Nanjing Letop Biotechnology Co., Ltd., or Letop, which is considered a related-party due to an ownership stake of Henry Zhang. Under the terms of the supply agreement Letop will manufacture and deliver chemical intermediates to ANP on a cost-plus basis. The agreement is effective for three years and the total cost of the agreement shall not exceed approximately $1.5 million, with payments adjusted based on the then current exchange rates. ​ During the three and six months ended June 30, 2024, ANP did not immaterial not

Litigation

Litigation	6 Months Ended
	Jun. 30, 2024
Litigation
Litigation	Note 20. Litigation ​ Employment Litigation ​ On June 20, 2024, a former employee (“Plaintiff”) initiated an employment litigation against Amphastar and IMS by filing a complaint having individual and class action claims for alleged violations of the California Labor Code pertaining to wage and hour, and other state laws. This Complaint was filed in the Superior Court of California for the County of Los Angeles. An initial Status Conference is set for October 18, 2024. In the complaint, the Plaintiff is seeking damages and related remedies under California Law, as well as various penalty payments under the California Labor Code. The Company intends to vigorously defend itself against the class action complaint. ​ Albuterol sulfate Inhalation Aerosol Patent Litigation ​ On July 25, 2024, Teva Branded Pharmaceutical Products R&D, Inc. (“Teva Branded”), Norton (Waterford) Ltd. (“Norton”), and Teva Pharmaceuticals USA, Inc. (“Teva USA”), collectively referred to as (“Plaintiff”) filed a Complaint in the United States District Court for the District of Delaware against the Company for infringement of U.S. Patent No. 9,463,289 with regard to Amphastar’s ANDA No. 212447 for approval to manufacture and sell generic version of ProAir ® ​ Other litigation ​ The Company is subject to various claims, arbitrations, investigations, and lawsuits from time to time arising in the ordinary course of business. In addition, third parties may, from time to time, assert claims against the Company in the forms of letters and other communications. ​ The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the opinion of management, the ultimate resolution of any such matters is not expected to have a material adverse effect on its financial position, results of operations, or cash flows; however, the results of litigation and claims are inherently unpredictable and the Company’s view of these matters may change in the future. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 37,949	$ 43,177	$ 26,124	$ 26,032	$ 81,126	$ 52,156

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and are prepared in accordance with GAAP. All intercompany activity has been eliminated in the preparation of the condensed consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary to present fairly the consolidated financial position, results of operations, and cash flows of the Company. ​ The Company’s subsidiaries include: (1) International Medication Systems, Limited, or IMS, (2) Armstrong Pharmaceuticals, Inc., or Armstrong, (3) Amphastar Nanjing Pharmaceuticals Inc., or ANP, (4) Amphastar France Pharmaceuticals, S.A.S., or AFP, (5) Amphastar UK Ltd., or AUK, (6) International Medication Systems (UK) Limited, or IMS UK, and (7) Amphastar Medication Co., LLC, or Amphastar Medication. ​
Investment in Unconsolidated Affiliates	Investment in Unconsolidated Affiliate ​ The Company applies the equity method of accounting for investments when it has significant influence, but not controlling interest in the investee. The Company’s proportionate share of the earnings or losses resulting from these investments is reported as “Equity in losses of unconsolidated affiliate” in the accompanying condensed consolidated statements of operations. Investments accounted for using the equity method may be reported on a lag of up to three months if financial statements of the investee are not available in sufficient time for the investor to apply the equity method as of the current reporting date. ​ The carrying value of equity method investments is reported as “Investment in unconsolidated affiliate” in the accompanying condensed consolidated balance sheets. The Company’s equity method investments are reported at cost and adjusted each period for the Company’s share of the investee’s earnings or losses and dividends paid, if any.
Use of Estimates	Use of Estimates ​ The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The principal accounting estimates include: fair value of acquired assets, determination of allowances for credit losses, fair value of financial instruments, allowance for discounts, provision for chargebacks and rebates, provision for product returns, adjustment of inventory to its net realizable value, impairment of investments, long-lived and intangible assets and goodwill, accrual for workers’ compensation liabilities, litigation reserves, stock price volatility for share-based compensation expense, valuation allowances for deferred tax assets, and liabilities for uncertain income tax positions.
Foreign Currency	Foreign Currency ​ The functional currency of the Company, its domestic subsidiaries, its Chinese subsidiary ANP, and its U.K. subsidiary, AUK, is the U.S. Dollar, or USD. ANP maintains its books of record in Chinese yuan. These books are remeasured into the functional currency of USD using the current or historical exchange rates. The resulting currency remeasurement adjustments and other transactional foreign currency exchange gains and losses are reflected in the Company’s condensed consolidated statements of operations. ​ The Company’s French subsidiary, AFP, maintains its book of record in euros. AUK’s subsidiary, IMS UK, maintains its book of record in British pounds. These local currencies have been determined to be the subsidiaries’ respective functional currencies. Activities in the statements of operations are translated to USD using average exchange rates during the period. Assets and liabilities are translated at the rate of exchange prevailing on the balance sheet date. Equity is translated at the prevailing rate of exchange at the date of the equity transactions. Translation adjustments are reflected in stockholders’ equity and are included as a component of other comprehensive income (loss). The unrealized gains or losses of intercompany foreign currency transactions that are of a long-term investment nature are reported in other accumulated comprehensive income (loss). ​ The unrealized gains and losses of intercompany foreign currency transactions that are of a long-term investment nature were a $0.3 million loss and a $1.0 million loss for the three and six months ended June 30, 2024, respectively. For the three and six months ended June 30, 2023, the unrealized gains and losses of intercompany foreign currency transactions that are of a long-term investment nature were a $0.1 million loss and a $0.5 million gain, respectively. ​
Comprehensive Income (loss)	Comprehensive Income ​ The Company’s comprehensive income includes its foreign currency translation gains and losses as well as its share of other comprehensive income from its equity method investments.
Acquisitions	Acquisition s ​ The Company evaluates acquisitions and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen is not met, further determination is required as to whether or not the Company has acquired inputs and substantive processes that have the ability to create outputs, which would meet the definition of a business. Acquisitions meeting the definition of business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. In a business combination, any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. ​ For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis, with the exception of non-qualifying assets. Goodwill is not recognized in an asset acquisition. When a transaction accounted for as an asset acquisition includes an in-process research and development, or IPR&D, asset, the IPR&D asset is only capitalized if it has an alternative future use other than in a particular research and development project. Asset acquisitions may include contingent consideration arrangements that encompass obligations to make future payments to sellers contingent upon the achievement of future financial targets. Contingent consideration, including assumed contingent considerations, is not recognized until all contingencies are resolved and the consideration is paid or becomes payable (unless contingent considerations meets the definition of a derivative, in which case the amount becomes part of the basis in the asset acquired), at which point the consideration is allocated to the assets acquired based on their relative fair values at the acquisition date, with the exception of non-qualifying assets. ​ Judgments are used in determining estimates of useful lives of long-lived assets. Useful life estimates are based on, among other factors, estimates of expected future net cash flows, the assessment of each asset’s life cycle, and the impact of competitive trends on each asset’s life cycle and other factors. These judgments can materially impact the estimates used to allocate purchase consideration to assets acquired and liabilities assumed, and the resulting timing and amounts charged to or recognized in current and future operating results. For these and other reasons, actual results may vary significantly from estimated results.
Advertising Expense	Advertising Expense ​ Advertising expenses, primarily associated with Primatene MIST ®
Financial Instruments	Financial Instruments ​ The Company’s accompanying condensed consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses, short-term borrowings, and long-term obligations. The Company considers the carrying amounts of current assets and liabilities on the condensed consolidated balance sheets to approximate the fair value of these financial instruments due to the short maturity of these items. The carrying value of the Company’s long-term obligations, with the exception of the convertible debt (See Note 14) approximates their fair value, as the stated borrowing rates are comparable to rates currently offered to the Company for instruments with similar maturities. Investments and short-term investments are recorded at fair value based on quoted prices from recognized security exchanges and other methods (See Note 9). The Company at times enters into interest rate swap contracts to manage its exposure to interest rate changes and its overall cost of long-term debt. The Company’s interest rate swap contracts exchange the variable interest rates for fixed interest rates.
Cash and Cash Equivalents	Cash and Cash Equivalents ​ Cash and cash equivalents consist of cash, money market accounts, certificates of deposit and highly liquid investments with original maturities of three months or less.
Investments	Investments ​ Investments as of June 30, 2024 and December 31, 2023 consisted of certificates of deposit and investment grade corporate, agency and municipal bonds with original maturity dates between three and fifteen months.
Restricted Cash	Restricted Cash ​ Restricted cash is collateral required for the Company to guarantee certain vendor payments in France. As of June 30, 2024 and December 31, 2023, the restricted cash balance was $0.2 million.
Restricted Short-Term Investments	Restricted Short-Term Investments ​ Restricted short-term investments consist of certificates of deposit that are collateral for standby letters of credit to qualify for workers’ compensation self-insurance. The certificates of deposit have original maturities greater than three months, but less than one year. As of June 30, 2024 and December 31, 2023, the balance of restricted short-term investments was $2.2 million.
Deferred Income Taxes	Deferred Income Taxes ​ The Company utilizes the liability method of accounting for income taxes, under which deferred taxes are determined based on the temporary differences between the financial statements and the tax basis of assets and liabilities using enacted tax rates. A valuation allowance is recorded when it is more likely than not that the deferred tax assets will not be realized.
Debt Issuance Costs	Debt Issuance Costs ​ Debt issuance costs related to non-revolving debt are recognized as a reduction to the related debt balance in the accompanying condensed consolidated balance sheets and amortized to interest expense over the contractual term of the related debt using the effective interest method. Debt issuance costs associated with revolving debt are capitalized within other long-term assets on the condensed consolidated balance sheets and are amortized to interest expense over the term of the related revolving debt.
Convertible Debt	Convertible Debt ​ The Company accounts for its convertible debt instruments as a single unit of accounting, a liability, because the Company concluded that the conversion features do not require bifurcation as a derivative under Accounting Standards Codification, or ASC, 815-15, Derivatives and Hedging ​ In accordance with Accounting Standards Update, or ASU, 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity feature is not bifurcated from the host instrument. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20, “Debt with Conversion and Other Options”
Litigation, Commitments and Contingencies	Litigation, Commitments and Contingencies ​ Litigation, commitments and contingencies are accrued when management, after considering the facts and circumstances of each matter as then known to management, has determined it is probable a liability will be found to have been incurred and the amount of the loss can be reasonably estimated. When only a range of amounts is reasonably estimable and no amount within the range is more likely than another, the low end of the range is recorded. Legal fees are expensed as incurred. Due to the inherent uncertainties surrounding gain contingencies, the Company generally does not recognize potential gains until they are realized.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ​ In December 2023, the FASB issued Accounting Standard Update 2023-09, Income taxes (Topic 740): Improvements to Income Tax Disclosures

BAQSIMI Acquisition (Tables)

BAQSIMI Acquisition (Tables)	6 Months Ended
	Jun. 30, 2024
BAQSIMI Acquisition
Schedule of purchase price allocated to acquired assets	​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ (in thousands) Property, plant, and equipment $ 34,426 BAQSIMI ® ​ 591,338 Deferred tax assets ​ ​ 2,341 Total assets acquired ​ $ 628,105

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue Recognition
Schedule of chargeback and rebates provision analysis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Beginning balance $ 27,920 $ 26,606 Provision for chargebacks and rebates ​ 137,928 ​ 143,792 Credits and payments issued to third parties ​ (113,795) ​ (141,584) Ending balance ​ $ 52,053 ​ $ 28,814
Schedule of provision of chargebacks and rebates as reflected in the balance sheets	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 ​ 2023 ​ (in thousands) Reduction to accounts receivable, net $ 22,150 $ 21,861 Accounts payable and accrued liabilities 29,903 ​ 6,059 Total $ 52,053 ​ $ 27,920

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Net Income per Share
Schedule of basic and diluted net income (loss) per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ (in thousands, except per share data) ​ Basic and dilutive numerator: ​ ​ ​ ​ Net income ​ $ 37,949 ​ $ 26,124 ​ $ 81,126 ​ $ 52,156 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding — basic ​ 48,907 ​ ​ 48,404 ​ ​ 48,560 ​ ​ 48,202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from equity awards ​ 3,139 ​ ​ 4,698 ​ ​ 3,970 ​ ​ 4,334 ​ Weighted-average shares outstanding — diluted ​ 52,046 ​ 53,102 ​ 52,530 ​ 52,536 ​ Net income per share — basic ​ $ 0.77 ​ $ 0.54 ​ $ 1.67 ​ $ 1.08 ​ Net income per share — diluted ​ $ 0.73 ​ $ 0.49 ​ $ 1.54 ​ $ 0.99 ​ ​

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting
Schedule of financial information by reporting segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ (in thousands) ​ Net revenues: ​ ​ ​ ​ Finished pharmaceutical products ​ $ 178,859 ​ $ 142,866 ​ $ 349,003 ​ $ 278,876 ​ API ​ 3,535 ​ ​ 2,846 ​ ​ 5,227 ​ ​ 6,858 ​ Total net revenues ​ 182,394 ​ 145,712 ​ 354,230 ​ 285,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finished pharmaceutical products ​ 100,636 ​ 77,067 ​ 196,778 ​ 153,243 ​ API ​ (5,470) ​ ​ (4,329) ​ ​ (11,512) ​ ​ (6,665) ​ Total gross profit ​ 95,166 ​ 72,738 ​ 185,266 ​ 146,578 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses ​ 39,949 ​ 35,842 ​ 82,039 ​ 76,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from operations ​ 55,217 ​ 36,896 ​ 103,227 ​ 70,329 ​ Non-operating (expenses) income ​ (4,974) ​ (4,088) ​ (5,108) ​ (3,952) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes ​ $ 50,243 ​ $ 32,808 ​ $ 98,119 ​ $ 66,377 ​
Schedule of net revenues in the finished pharmaceutical products segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ (in thousands) ​ Finished pharmaceutical products segment net revenues: ​ ​ ​ ​ ​ ​ Glucagon ​ $ 27,373 ​ $ 27,276 ​ $ 55,908 ​ $ 52,972 ​ Epinephrine ​ ​ 27,941 ​ ​ 16,714 ​ ​ 54,051 ​ ​ 36,805 ​ Primatene MIST ® ​ ​ 22,856 ​ ​ 16,520 ​ ​ 47,022 ​ ​ 40,003 ​ BAQSIMI ® ​ ​ 30,854 ​ ​ — ​ ​ 44,697 ​ ​ — ​ Lidocaine ​ ​ 12,800 ​ ​ 14,006 ​ ​ 25,573 ​ ​ 27,652 ​ Phytonadione ​ ​ 10,304 ​ ​ 17,855 ​ ​ 20,277 ​ ​ 25,568 ​ Enoxaparin ​ 5,273 ​ 7,872 ​ 12,369 ​ ​ 17,739 ​ Naloxone ​ ​ 3,800 ​ ​ 5,102 ​ ​ 8,087 ​ ​ 10,059 ​ Other finished pharmaceutical products ​ 34,652 ​ 37,521 ​ 63,806 ​ 68,078 ​ Total finished pharmaceutical products net revenues ​ ​ 175,853 ​ ​ 142,866 ​ ​ 331,790 ​ ​ 278,876 ​ BAQSIMI ® ​ ​ 3,006 ​ ​ — ​ ​ 17,213 ​ ​ — ​ Total finished pharmaceutical products segment net revenues ​ $ 178,859 ​ $ 142,866 ​ $ 349,003 ​ $ 278,876 ​
Schedule of depreciation and amortization expense by reporting segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ (in thousands) ​ Depreciation and amortization expense ​ ​ ​ ​ Finished pharmaceutical products ​ $ 8,673 ​ $ 2,081 ​ $ 17,331 ​ $ 4,527 ​ API ​ 1,003 ​ 982 ​ 2,007 ​ ​ 1,935 ​ Total depreciation and amortization expense ​ $ 9,676 ​ $ 3,063 ​ $ 19,338 ​ $ 6,462 ​
Schedule of net revenues and carrying values of long-lived assets by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Revenues ​ Long-Lived Assets ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ June 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ (in thousands) United States (1) $ 176,420 $ 143,895 $ 346,077 $ 281,853 $ 755,615 $ 765,102 China ​ 1,564 ​ ​ 1,182 ​ ​ 1,967 ​ ​ 1,309 ​ 95,847 ​ 91,913 France ​ 4,410 ​ ​ 635 ​ ​ 6,186 ​ ​ 2,572 ​ 35,809 ​ 37,647 Total ​ $ 182,394 ​ $ 145,712 ​ $ 354,230 ​ $ 285,734 ​ $ 887,271 ​ $ 894,662

Customer and Supplier Concent_2

Customer and Supplier Concentration (Tables)	6 Months Ended
	Jun. 30, 2024
Customer and Supplier Concentration
Schedule of accounts receivable and net revenues by major customer	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of Total Accounts ​ % of Net ​ ​ Receivable ​ Revenues ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ December 31, ​ June 30, ​ June 30, ​ ​ 2024 2023 2024 2023 2024 2023 McKesson 30 % 26 % 26 % 31 % 24 % 27 % Cencora 23 % 16 % 20 % 21 % 20 % 22 % Cardinal Health 18 % 13 % 20 % 17 % 19 % 16 % Lilly ​ 2 % 20 % 2 % — ​ 5 % — ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Measurements
Schedule of financial assets and liabilities measured on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in thousands) Cash equivalents ​ $ 165,589 ​ $ 165,589 ​ $ — ​ $ — ​ Restricted cash ​ ​ 235 ​ ​ 235 ​ ​ — ​ ​ — ​ Short-term investments ​ ​ 6,171 ​ ​ — ​ ​ 6,171 ​ ​ — ​ Restricted short-term investments ​ 2,200 ​ — ​ 2,200 ​ — ​ Interest rate swaps related to variable rate loans ​ ​ 590 ​ ​ — ​ ​ 590 ​ ​ — ​ Total assets and liabilities measured at fair value as of June 30, 2024 ​ $ 174,785 ​ $ 165,824 ​ $ 8,961 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in thousands) Cash equivalents ​ $ 116,441 ​ $ 116,441 ​ $ — ​ $ — Restricted cash ​ ​ 235 ​ ​ 235 ​ ​ — ​ ​ — Short-term investments ​ ​ 37,142 ​ ​ — ​ ​ 37,142 ​ ​ — Restricted short-term investments ​ 2,200 ​ — ​ 2,200 ​ — Interest rate swaps related to variable rate loans ​ ​ (5,243) ​ ​ — ​ ​ (5,243) ​ ​ — Total assets and liabilities measured at fair value as of December 31, 2023 ​ $ 150,775 ​ $ 116,676 ​ $ 34,099 ​ $ —

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments
Schedule of securities classified as held-to-maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (in thousands) Corporate and agency bonds (due within 1 year) ​ $ 21,877 ​ $ — ​ $ (63) ​ $ 21,814 Corporate and agency bonds (due within 1 to 3 years) ​ ​ 9,824 ​ ​ — ​ ​ (53) ​ ​ 9,771 Total investments as of June 30, 2024 ​ $ 31,701 ​ $ — ​ $ (116) ​ $ 31,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and agency bonds (due within 1 year) ​ $ 73,815 ​ $ 7 ​ $ (21) ​ $ 73,801 Corporate and agency bonds (due within 1 to 3 years) ​ ​ 14,621 ​ ​ 56 ​ ​ (1) ​ ​ 14,676 Municipal bonds (due within 1 year) ​ ​ 1,081 ​ ​ 1 ​ ​ — ​ ​ 1,082 Total investments as of December 31, 2023 ​ $ 89,517 ​ $ 64 ​ $ (22) ​ $ 89,559

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets
Schedule of weighted-average life, original cost, accumulated amortization and net book value by major class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Life (Years) Original Cost Amortization Net Book Value ​ ​ (in thousands) Definite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BAQSIMI ® (1) ​ 24 ​ $ 591,338 ​ $ 24,639 ​ $ 566,699 ​ Patents 15 ​ 193 ​ ​ 89 ​ 104 ​ Land-use rights 39 ​ 2,540 ​ ​ 848 ​ 1,692 ​ Subtotal 24 ​ 594,071 ​ 25,576 ​ 568,495 ​ Indefinite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademark * ​ 29,225 ​ — ​ 29,225 ​ Goodwill - Finished pharmaceutical products * ​ 3,129 ​ — ​ 3,129 ​ Subtotal * ​ 32,354 ​ — ​ 32,354 ​ As of June 30, 2024 * ​ $ 626,425 ​ $ 25,576 ​ $ 600,849 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Life (Years) Original Cost Amortization Net Book Value ​ ​ (in thousands) Definite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BAQSIMI ® (1) ​ 24 ​ $ 591,338 ​ $ 12,319 ​ $ 579,019 ​ Patents 12 ​ 486 ​ ​ 376 ​ 110 ​ Land-use rights 39 ​ 2,540 ​ ​ 815 ​ 1,725 ​ Subtotal 24 ​ 594,364 ​ 13,510 ​ 580,854 ​ Indefinite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademark * ​ 29,225 ​ — ​ 29,225 ​ Goodwill - Finished pharmaceutical products * ​ 3,216 ​ — ​ 3,216 ​ Subtotal * ​ 32,441 ​ — ​ 32,441 ​ As of December 31, 2023 * ​ $ 626,805 ​ $ 13,510 ​ $ 613,295 ​ * (1) See Note 3.
Schedule of changes in carrying amounts of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Beginning balance $ 3,216 $ 3,126 ​ Currency translation ​ (87) ​ 90 ​ Ending balance ​ $ 3,129 ​ $ 3,216 ​ ​

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Raw materials and supplies $ 56,444 $ 50,082 ​ Work in process ​ 38,552 ​ 30,822 ​ Finished goods ​ 27,415 ​ 24,929 ​ Total inventories ​ $ 122,411 ​ $ 105,833 ​

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant, and Equipment.
Schedule of property, plant, and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Buildings $ 169,492 $ 168,771 ​ Leasehold improvements ​ 42,012 ​ 41,686 ​ Land ​ 7,452 ​ 7,484 ​ Machinery and equipment ​ 269,352 ​ 259,484 ​ Furniture, fixtures, and automobiles ​ 33,712 ​ 31,943 ​ Construction in progress ​ 24,161 ​ 18,676 ​ Total property, plant, and equipment ​ 546,181 ​ 528,044 ​ Less accumulated depreciation ​ (258,182) ​ (245,298) ​ Total property, plant, and equipment, net ​ $ 287,999 ​ $ 282,746 ​ ​

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Accounts Payable and Accrued Liabilities.
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 ​ 2023 ​ (in thousands) Accrued customer fees and rebates $ 44,924 ​ $ 16,702 Accrued payroll and related benefits ​ 26,470 ​ ​ 25,203 Accrued product returns, current portion ​ 14,030 ​ ​ 12,263 Accrued loss on firm purchase commitments ​ 3,207 ​ ​ 918 Other accrued liabilities ​ 10,806 ​ ​ 12,842 Total accrued liabilities 99,437 ​ 67,928 Accounts payable 31,775 ​ 25,438 Total accounts payable and accrued liabilities $ 131,212 ​ $ 93,366 ​

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Convertible Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2029 Convertible Notes ​ $ 345,000 ​ $ 345,000 ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wells Fargo Term Loan due June 2028 ​ ​ 250,000 ​ ​ 250,000 ​ ​ ​ ​ ​ ​ ​ Mortgage Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage payable with East West Bank paid off June 2024 ​ ​ — ​ ​ 8,016 ​ ​ ​ ​ ​ ​ ​ Other Loans and Payment Obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ French government loans due December 2026 ​ ​ 158 ​ ​ 158 ​ ​ ​ ​ ​ ​ ​ Line of Credit Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit facility with China Merchant Bank due October 2026 ​ ​ — ​ ​ — Wells Fargo Revolving line of credit facility due June 2028 ​ ​ — ​ ​ — Line of credit facility with ICBC Bank due November 2033 ​ ​ 4,057 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Equipment under Finance Leases ​ 526 ​ 616 Total debt ​ 599,741 ​ 603,790 Less current portion of long-term debt ​ 249 ​ 436 Less: Loan issuance costs ​ ​ 12,639 ​ ​ 13,775 Long-term debt, net of current portion and unamortized debt issuance costs ​ $ 586,853 ​ $ 589,579

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Taxes
Summary of provision (benefit) for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2024 2023 2024 2023 ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before taxes ​ $ 50,243 ​ $ 32,808 ​ $ 98,119 ​ $ 66,377 ​ Income tax provision ​ ​ 12,294 ​ 6,383 ​ ​ 16,420 ​ 13,135 ​ Income before equity in losses of unconsolidated affiliate ​ $ 37,949 ​ $ 26,425 ​ $ 81,699 ​ $ 53,242 ​ Income tax provision as a percentage of income before income taxes ​ ​ 24.5 % 19.5 % ​ 16.7 % 19.8 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity
Schedule of key assumptions to determine fair value of options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 2023 2024 2023 ​ Average volatility 41.1 % 40.2 % 41.3 % 41.4 % ​ Average risk-free interest rate 4.5 % 3.8 % 4.2 % 4.1 % ​ Weighted-average expected life in years 5.7 ​ 4.9 ​ 6.2 ​ 6.2 ​ ​ Dividend yield rate — % — % — % — % ​
Schedule of the summary of option activity under all plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ ​ Options ​ Price ​ Term (Years) ​ Value (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Outstanding as of December 31, 2023 ​ 7,762,298 ​ $ 19.70 ​ ​ Options granted 642,985 ​ ​ 46.27 ​ ​ ​ ​ ​ ​ Options exercised (1,407,539) ​ ​ 13.27 ​ ​ ​ ​ ​ ​ Options forfeited (11,638) ​ ​ 33.45 ​ ​ ​ ​ ​ ​ Options expired — ​ ​ — ​ ​ ​ ​ ​ ​ Outstanding as of June 30, 2024 6,986,106 ​ $ 23.42 ​ 5.30 ​ $ 120,120 ​ Exercisable as of June 30, 2024 5,158,550 ​ ​ 18.92 ​ 4.16 ​ $ 109,036 ​ Vested and expected to vest as of June 30, 2024 ​ 6,801,230 ​ ​ 23.00 ​ 5.21 ​ $ 119,370 ​ (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair value of the Company’s stock for those awards that have an exercise price below the estimated fair value at June 30, 2024.
Schedule of information relating to options grants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 2024 2023 ​ ​ (in thousands, except per share data) Weighted-average grant date fair value per share ​ $ 19.40 ​ $ 17.77 ​ $ 21.89 ​ $ 16.76 ​ Intrinsic value of options exercised ​ 6,340 ​ 16,575 ​ 42,163 ​ 18,916 ​ Cash received from options exercised ​ 4,001 ​ 8,350 ​ 5,822 ​ 9,738 ​ Total fair value of the options vested during the period ​ 1,041 ​ 1,136 ​ 9,704 ​ 8,720 ​
Schedule of the summary of nonvested options status	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant Date ​ ​ Options ​ Fair Value Non-vested as of December 31, 2023 ​ 2,076,355 ​ $ 12.68 ​ Options granted 642,985 ​ ​ 21.89 ​ Options vested (880,146) ​ ​ 11.02 ​ Options forfeited (11,638) ​ ​ 15.33 ​ Non-vested as of June 30, 2024 1,827,556 ​ 16.70 ​
Schedule of information relating to RSU grants and deliveries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fair Market ​ ​ Total RSUs ​ Value of RSUs ​ Issued Issued (1) ​ ​ ​ ​ (in thousands) RSUs outstanding at December 31, 2023 920,376 ​ ​ ​ ​ RSUs granted 303,788 ​ $ 14,060 ​ RSUs forfeited (5,270) ​ ​ ​ ​ RSUs vested (2) (383,087) ​ ​ ​ ​ RSUs outstanding at June 30, 2024 835,807 ​ ​ ​ ​ (1) The total fair market value is derived from the number of RSUs granted times the current stock price on the date of grant. (2) Of the vested RSUs, 146,421 shares of common stock were surrendered to fulfil tax withholding obligations.
Schedule of recorded share-based compensation expense under all plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 2023 ​ ​ (in thousands) Cost of revenues $ 1,325 $ 1,158 $ 3,450 $ 2,864 ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, distribution, and marketing ​ 268 ​ 227 ​ 528 ​ 436 ​ General and administrative ​ 3,653 ​ 2,991 ​ 7,529 ​ 6,348 ​ Research and development ​ 534 ​ 489 ​ 1,633 ​ 1,328 ​ Total share-based compensation ​ $ 5,780 ​ $ 4,865 ​ $ 13,140 ​ $ 10,976 ​ ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Gains and (losses) of intercompany foreign currency transactions	$ (300)	$ (100)	$ (1,000)	$ 500
Selling, distribution, and marketing	9,012	6,718	18,383	13,827
Restricted cash	235		235		$ 235
Certificates of deposit	2,200		2,200
Equity in losses of unconsolidated affiliate		301	573	1,086
Finished Pharmaceutical Products Segment | Primatene MIST
Advertising expense	$ 2,600	$ 2,900	$ 5,300	$ 6,200

BAQSIMI Acquisition (Narrative)

BAQSIMI Acquisition (Narrative) (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Apr. 21, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2024
Asset Acquisition [Line Items]
Proceeds from borrowing under lines of credit					$ 4,057
BAQSIMI product rights
Asset Acquisition [Line Items]
Cash payment			$ 129,000
Contingent consideration		$ 575,000
Deferred payment including accrued interest	$ 129,000
Interest expense accretion period	1 year
Interest expense recognized related to accretion of deferred payment				$ 1,800	$ 3,600
BAQSIMI product rights | Maximum | Manufacturing Services Agreement
Asset Acquisition [Line Items]
Agreement term	18 months
BAQSIMI product rights | Maximum | Transition Services Agreement
Asset Acquisition [Line Items]
Agreement term	18 months

BAQSIMI Acquisition (Purchase P

BAQSIMI Acquisition (Purchase Price Allocated to Acquired Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Apr. 21, 2023
Asset Acquisition [Line Items]
Property, plant, and equipment	$ 287,999	$ 282,746
BAQSIMI product rights
Asset Acquisition [Line Items]
Property, plant, and equipment			$ 34,426
BAQSIMI product rights			591,338
Deferred tax assets			2,341
Total assets acquired			$ 628,105

Revenue Recognition (Analysis o

Revenue Recognition (Analysis of the Chargeback Provision) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue	$ 182,394	$ 145,712	$ 354,230	$ 285,734
Beginning balance			27,920	26,606
Provision for chargebacks and rebates			137,928	143,792
Credits and payments issued to third parties			(113,795)	(141,584)
Ending balance	52,053	28,814	52,053	28,814
Research and development services | ANP
Revenue	$ 1,500	$ 1,200	$ 1,900	$ 1,300
Minimum
Payment terms			30 days
Settlement of chargebacks and rebates terms			20 days
Maximum
Payment terms			75 days
Settlement of chargebacks and rebates terms			60 days

Revenue Recognition (Chargeback

Revenue Recognition (Chargebacks and Rebates Balance Sheet Accounts) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Total	$ 52,053	$ 27,920	$ 28,814	$ 26,606
Accounts receivable, net
Total	22,150	21,861
Accounts payable and accrued liabilities
Total	$ 29,903	$ 6,059

Net Income per Share (Narrative

Net Income per Share (Narrative) (Details) - Employee and non-employee stock options - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Shares	687,217	45,464	577,948	45,464
Antidilutive Securities Excluded from Computation of Earnings Per Share, Exercise Price of Excluded Securities	$ 46.25	$ 46.01	$ 46.68	$ 46.01

Net Income per Share (Calculati

Net Income per Share (Calculation of Basic and Diluted Net Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic and dilutive numerator:
Net Income (Loss)	$ 37,949	$ 43,177	$ 26,124	$ 26,032	$ 81,126	$ 52,156
Denominator:
Weighted-average shares outstanding-basic	48,907		48,404		48,560	48,202
Net effect of dilutive securities:
Incremental shares from equity awards	3,139		4,698		3,970	4,334
Weighted-average shares outstanding - diluted	52,046		53,102		52,530	52,536
Net income (loss) per share - basic	$ 0.77		$ 0.54		$ 1.67	$ 1.08
Net income (loss) per share - diluted	$ 0.73		$ 0.49		$ 1.54	$ 0.99

Segment Reporting (Selected Fin

Segment Reporting (Selected Financial Information by Reporting Segment) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments			2
Net revenues:
Total net revenues	$ 182,394,000	$ 145,712,000	$ 354,230,000	$ 285,734,000
Gross profit (loss):
Gross Profit	95,166,000	72,738,000	185,266,000	146,578,000
Operating expenses	39,949,000	35,842,000	82,039,000	76,249,000
Income from operations	55,217,000	36,896,000	103,227,000	70,329,000
Non-operating income (expenses)	(4,974,000)	(4,088,000)	(5,108,000)	(3,952,000)
Income (loss) before income taxes	50,243,000	32,808,000	98,119,000	66,377,000
Finished Pharmaceutical Products Segment
Net revenues:
Total net revenues	178,859,000	142,866,000	349,003,000	278,876,000
Gross profit (loss):
Gross Profit	100,636,000	77,067,000	196,778,000	153,243,000
Active Pharmaceutical Ingredient Segment
Net revenues:
Total net revenues	3,535,000	2,846,000	5,227,000	6,858,000
Gross profit (loss):
Gross Profit	$ (5,470,000)	$ (4,329,000)	$ (11,512,000)	$ (6,665,000)

Segment Reporting (Summary of N

Segment Reporting (Summary of Net Revenues by Product Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	$ 182,394	$ 145,712	$ 354,230	$ 285,734
Finished Pharmaceutical Products Segment
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	178,859	142,866	349,003	278,876
Finished Pharmaceutical Products Segment | Glucagon
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	27,373	27,276	55,908	52,972
Finished Pharmaceutical Products Segment | Primatene MIST
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	22,856	16,520	47,022	40,003
Finished Pharmaceutical Products Segment | BAQSIMI
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	30,854		44,697
Finished Pharmaceutical Products Segment | Epinephrine
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	27,941	16,714	54,051	36,805
Finished Pharmaceutical Products Segment | Lidocaine
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	12,800	14,006	25,573	27,652
Finished Pharmaceutical Products Segment | Phytonadione
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	10,304	17,855	20,277	25,568
Finished Pharmaceutical Products Segment | Enoxaparin
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	5,273	7,872	12,369	17,739
Finished Pharmaceutical Products Segment | Naloxone
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	3,800	5,102	8,087	10,059
Finished Pharmaceutical Products Segment | Other Finished Pharmaceutical Products
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	34,652	37,521	63,806	68,078
Finished Pharmaceutical Products Segment | Total finished pharmaceutical products net revenues
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	175,853	$ 142,866	331,790	$ 278,876
Finished Pharmaceutical Products Segment | BAQSIMI NEB
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Total net revenues	$ 3,006		$ 17,213

Segment Reporting (Depreciation

Segment Reporting (Depreciation and Amortization Expense by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 9,676	$ 3,063	$ 19,338	$ 6,462
Finished Pharmaceutical Products Segment
Segment Reporting Information [Line Items]
Depreciation and amortization expense	8,673	2,081	17,331	4,527
Active Pharmaceutical Ingredient Segment
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 1,003	$ 982	$ 2,007	$ 1,935

Segment Reporting (Summary of R

Segment Reporting (Summary of Revenues and Long-Lived Assets by Geographic Region) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	$ 182,394	$ 145,712	$ 354,230	$ 285,734
Long-Lived Assets	887,271		887,271		$ 894,662
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	176,420	143,895	346,077	281,853
Long-Lived Assets	755,615		755,615		765,102
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	1,564	1,182	1,967	1,309
Long-Lived Assets	95,847		95,847		91,913
FRANCE
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	4,410	$ 635	6,186	$ 2,572
Long-Lived Assets	$ 35,809		$ 35,809		$ 37,647

Customer and Supplier Concent_3

Customer and Supplier Concentration (Details) - Customer Concentration Risk [Member] - item	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Number of major customers that are wholesale distributors			3
Accounts receivable, net
Revenue, Major Customer [Line Items]
Number of major customers			3		3
Net Revenue
Revenue, Major Customer [Line Items]
Number of major customers	4	4	4	4
McKesson [Member] | Accounts receivable, net
Revenue, Major Customer [Line Items]
Major Customers			30%		26%
McKesson [Member] | Net Revenue
Revenue, Major Customer [Line Items]
Major Customers	26%	31%	24%	27%
Cencora [Member] | Accounts receivable, net
Revenue, Major Customer [Line Items]
Major Customers			23%		16%
Cencora [Member] | Net Revenue
Revenue, Major Customer [Line Items]
Major Customers	20%	21%	20%	22%
Cardinal Health [Member] | Accounts receivable, net
Revenue, Major Customer [Line Items]
Major Customers			18%		13%
Cardinal Health [Member] | Net Revenue
Revenue, Major Customer [Line Items]
Major Customers	20%	17%	19%	16%
Lilly [Member] | Accounts receivable, net
Revenue, Major Customer [Line Items]
Major Customers			2%		20%
Lilly [Member] | Net Revenue
Revenue, Major Customer [Line Items]
Major Customers	2%		5%

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Values of the Company's Financial Assets and Liabilities) (Details) - Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 6,171	$ 37,142
Total assets measured at fair value	174,785	150,775
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps related to variable rate loans	590
Interest rate swaps related to variable rate loans		(5,243)
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted short-term investments	2,200	2,200
Money market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	165,589	116,441
Restricted cash	235	235
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	165,824	116,676
Level 1 | Money market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	165,589	116,441
Restricted cash	235	235
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	6,171	37,142
Total assets measured at fair value	8,961	34,099
Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps related to variable rate loans	590
Interest rate swaps related to variable rate loans		(5,243)
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted short-term investments	$ 2,200	$ 2,200

Investments (Held-to-Maturity)

Investments (Held-to-Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 31,701	$ 89,517
Gross Unrealized Gains		64
Gross Unrealized Losses	(116)	(22)
Fair Value	31,585	89,559
Corporate and agency bonds (due within 1 year)
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	21,877	73,815
Gross Unrealized Gains		7
Gross Unrealized Losses	(63)	(21)
Fair Value	21,814	73,801
Corporate and agency bonds (due within 1 to 3 years)
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	9,824	14,621
Gross Unrealized Gains		56
Gross Unrealized Losses	(53)	(1)
Fair Value	$ 9,771	14,676
Municipal Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		1,081
Gross Unrealized Gains		1
Fair Value		$ 1,082

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Summary of Intangible Assets) (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Definite-lived intangible assets
Weighted-Average Life (Years)	24 years		24 years
Finite-Lived Intangible Assets, Gross	$ 594,071		$ 594,364
Accumulated Amortization	25,576		13,510
Finite-Lived Intangible Assets, Net	568,495		580,854
Indefinite-lived intangible assets
Goodwill recognized	3,129		3,216	$ 3,126
Subtotal, Original Cost	32,354		32,441
Subtotal, Net Book Value	32,354		32,441
Balance, Original Cost	626,425		626,805
Balance, Net Book Value	600,849		613,295
Impairment of Long-Lived Assets to be Disposed of		$ 2,700
Finished Pharmaceutical Products Segment
Indefinite-lived intangible assets
Goodwill recognized	3,129		3,216
Trademarks
Indefinite-lived intangible assets
Indefinite-lived intangible assets	$ 29,225		$ 29,225
BAQSIMI product rights
Definite-lived intangible assets
Weighted-Average Life (Years)	24 years		24 years
Finite-Lived Intangible Assets, Gross	$ 591,338		$ 591,338
Accumulated Amortization	24,639		12,319
Finite-Lived Intangible Assets, Net	$ 566,699		$ 579,019
Patents
Definite-lived intangible assets
Weighted-Average Life (Years)	15 years		12 years
Finite-Lived Intangible Assets, Gross	$ 193		$ 486
Accumulated Amortization	89		376
Finite-Lived Intangible Assets, Net	$ 104		$ 110
Land-Use Rights [Member]
Definite-lived intangible assets
Weighted-Average Life (Years)	39 years		39 years
Finite-Lived Intangible Assets, Gross	$ 2,540		$ 2,540
Accumulated Amortization	848		815
Finite-Lived Intangible Assets, Net	1,692		$ 1,725
BAQSIMI product rights
Indefinite-lived intangible assets
Payment to acquire assets	$ 129,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Summary of Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets
Beginning balance	$ 3,216	$ 3,126
Currency translation and other adjustments	(87)	90
Ending balance	$ 3,129	$ 3,216

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Summary of Expected Amortization Expense) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets
Finite-Lived Intangible Assets, Net	$ 568,495		$ 580,854
Balance, Net Book Value	600,849		$ 613,295
Amortization expense	$ 12,360	$ 471

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Raw materials and supplies	$ 56,444		$ 56,444		$ 50,082
Work in process	38,552		38,552		30,822
Finished goods	27,415		27,415		24,929
Total inventory, net	122,411		122,411		105,833
Inventory adjustment to reflect net realizable value	3,500	$ 8,300	$ 9,200	$ 10,200
Enoxaparin
Inventory, Firm Purchase Commitment, Loss	$ 3,200				$ 1,000

Property, Plant, and Equipmen_2

Property, Plant, and Equipment (Summary of Property, Plant, and Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 546,181	$ 528,044
Less accumulated depreciation and amortization	(258,182)	(245,298)
Total property, plant, and equipment, net	287,999	282,746
Buildings [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	169,492	168,771
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	42,012	41,686
Land
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	7,452	7,484
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	269,352	259,484
Furniture, fixtures, and automobiles
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	33,712	31,943
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 24,161	$ 18,676

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities.
Accrued customer fees and rebates	$ 44,924	$ 16,702
Accrued payroll and related benefits	26,470	25,203
Accrued product returns, current portion	14,030	12,263
Accrued loss on firm purchase commitments	3,207	918
Other accrued liabilities	10,806	12,842
Total accrued liabilities	99,437	67,928
Accounts payable	31,775	25,438
Total accounts payable and accrued liabilities	$ 131,212	$ 93,366

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument
Unamortized Debt Issuance Expense	$ 12,639	$ 13,775
Equipment under Finance Leases	$ 526	616
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, net of current portion and unamortized debt issuance costs
Total debt	$ 599,741	603,790
Less current portion of long-term debt and finance leases	249	436
Long-term debt, net of current portion and unamortized debt issuance costs	586,853	589,579
2029 Convertible Notes
Debt Instrument
Long Term Debt	345,000	345,000
Unamortized Debt Issuance Expense	9,300
Line of Credit - Due October 2026 | China Merchant Bank | Line of credit
Debt Instrument
Long Term Debt	0	0
Term Loan - Due June 2028 | Wells Fargo Bank
Debt Instrument
Long Term Debt	250,000	250,000
Mortgage Payable - Paid off June 2024 | East West Bank [Member]
Debt Instrument
Long Term Debt		8,016
French Government Loan 4 - Due December 2026 | Seine-Normandie Water Agency [Member]
Debt Instrument
Long Term Debt	158	158
Revolving line of credit - closed in June 2023 | Capital One, N.A. | Revolving Credit Facility
Debt Instrument
Long Term Debt	$ 0	$ 0

Debt (Narrative) (Details)

Debt (Narrative) (Details)		1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 12, 2023 $ / shares	Sep. 30, 2023 USD ($) D $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt
Payments for repurchase of common stock					$ 8,498,000	$ 8,143,000
Proceeds from borrowing under lines of credit					4,057,000
Unamortized debt issuance costs			$ 12,639,000		12,639,000			$ 13,775,000
Amortization of discounts, premium, and debt issuance costs					4,564,000	3,249,000
Interest rate swaps
Debt
Gains (losses) from changes in fair values of interest rate swaps			600,000	$ (1,200,000)	5,800,000	$ (2,200,000)
2029 Convertible Notes
Debt
Debt interest rate		2%
Principal amount		$ 345,000,000
Repayment of debt		200,000,000
Payments for repurchase of common stock		50,000,000
Debt issuance costs		$ 10,800,000
Debt conversion ratio		15.8821
Debt principle amount converted into common stock		$ 1,000
Debt conversion price per share | $ / shares	$ 62.96	$ 62.96
Convertible debt, percentage of premium over the last reported sale price	35%
Convertible debt threshold percentage		130%
Convertible debt, threshold trading days | D		20
Convertible debt, threshold consecutive trading days | D		30
Threshold business days after consecutive trading period | D		5
Threshold consecutive trading period | D		5
Percentage of principal amount redeemed		100%
Percentage of product sale price		98%
Debt Instrument, Fair Value Disclosure			332,500,000		332,500,000
Unamortized debt issuance costs			9,300,000		9,300,000
Line of credit | Line of Credit Due November 2033 | ICBC Bank
Debt
Proceeds from borrowing under lines of credit					$ 4,100,000
Prime rate discount percentage					0.20%
Maximum borrowing capacity							$ 40,000,000
Borrowings			$ 4,100,000		$ 4,100,000

Income Taxes (Summary of Income

Income Taxes (Summary of Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income (loss) before income taxes:
Income (loss) before income taxes	$ 50,243	$ 32,808	$ 98,119	$ 66,377
Income tax provision	12,294	6,383	16,420	13,135
Income before equity in losses of unconsolidated affiliate	$ 37,949	$ 26,425	$ 81,699	$ 53,242
Income tax provision as a percentage of income before income taxes	24.50%	19.50%	16.70%	19.80%

Stockholders' Equity (Share Buy

Stockholders' Equity (Share Buyback Program) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 03, 2024
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Value, Acquired, Cost Method	$ 8,498	$ 129	$ 8,015
November 2014 Share Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock buyback program, authorized amount	$ 335,000			$ 335,000
Increase authorized for share buyback program						$ 50,000
Treasury Stock, Shares, Acquired (in Shares)	207,288	3,585		207,288	266,716
Treasury Stock, Value, Acquired, Cost Method	$ 8,500	$ 100		$ 8,500	$ 8,100

Stockholders' Equity (The 2015

Stockholders' Equity (The 2015 Equity Incentive Plan) (Details)	Jun. 30, 2024 shares
The 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)	7,801,931

Stockholders' Equity (2014 Empl

Stockholders' Equity (2014 Employee Stock Purchase Plan) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation		$ 5,780	$ 4,865	$ 13,140	$ 10,976
2014 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares)	54,189			1,246,323
Weighted-Average Purchase Price (In Dollars per Share)	$ 35.98
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)		753,677		753,677
Allocated share based compensation		$ 400	$ 300	$ 700	$ 600

Stockholders' Equity (Key Assum

Stockholders' Equity (Key Assumptions Used in Determining Fair Value of Options Granted) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity
Average volatility	41.10%	40.20%	41.30%	41.40%
Average risk-free interest rate	4.50%	3.80%	4.20%	4.10%
Weighted-average expected life in years	5 years 8 months 12 days	4 years 10 months 24 days	6 years 2 months 12 days	6 years 2 months 12 days
Dividend yield rate	0%	0%	0%	0%

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Options
Outstanding Options, Beginning of period			7,762,298
Options granted			642,985
Options exercised			(1,407,539)
Options forfeited			(11,638)
Outstanding Options, End of period	6,986,106		6,986,106
Exercisable at the end of period	5,158,550		5,158,550
Vested and expected to vest, at the end of period	6,801,230		6,801,230
Weighted-Average Exercise Price
Outstanding Exercise Price (in dollars per share)			$ 19.70
Options granted (in dollars per share)			46.27
Options exercised (in dollars per share)			13.27
Options forfeited (in dollars per share)			33.45
Outstanding Exercise Price (in dollars per share)	$ 23.42		23.42
Exercisable at the end of period (in dollars per share)	18.92		18.92
Vested and expected to vest at end of period (in dollars per share)	$ 23		$ 23
Additional Disclosures
Contractual term			5 years 3 months 18 days
Outstanding Intrinsic Value	$ 120,120		$ 120,120
Exercisable remaining contractual term (in Years)			4 years 1 month 28 days
Exercisable aggregate intrinsic value	109,036		$ 109,036
Allocated share based compensation	5,780	$ 4,865	13,140	$ 10,976
Vested and expected to vest aggregate intrinsic value	119,370		$ 119,370
Vested and expected to vest weighted average remaining contractual term			5 years 2 months 15 days
Employee Stock Option
Additional Disclosures
Allocated share based compensation	$ 2,600	$ 2,300	$ 6,300	$ 5,300

Stockholders' Equity (Informati

Stockholders' Equity (Information Relating to Option Grants and Exercises) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity
Weighted-average grant date fair value (in Dollars per share)	$ 19.40	$ 17.77	$ 21.89	$ 16.76
Intrinsic value of options exercised	$ 6,340	$ 16,575	$ 42,163	$ 18,916
Cash received from options exercised	4,001	8,350	5,822	9,738
Total fair value of the options vested during the period	$ 1,041	$ 1,136	$ 9,704	$ 8,720

Stockholders' Equity (Summary_2

Stockholders' Equity (Summary of Nonvested Options) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Options
Nonvested at beginning of period			2,076,355
Options granted			642,985
Options vested			(880,146)
Options forfeited			(11,638)
Nonvested at end of period	1,827,556		1,827,556
Weighted-Average Grant Date Fair Value
Nonvested at beginning of period (in dollars per share)			$ 12.68
Options granted (in dollars per share)	$ 19.40	$ 17.77	21.89	$ 16.76
Options vested (in dollars per share)			11.02
Options forfeited (in dollars per share)			15.33
Nonvested at end of period (in dollars per share)	$ 16.70		$ 16.70
Employee Stock Options [Member]
Weighted-Average Grant Date Fair Value
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 23.6		$ 23.6
Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 9 months 18 days

Stockholders' Equity (Restricte

Stockholders' Equity (Restricted Stock Units) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation	$ 5,780	$ 4,865	$ 13,140	$ 10,976
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Allocated share based compensation	$ 2,700	$ 2,200	$ 6,100	$ 5,100
Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Number of Shares of Common Stock Per Award (in Shares)	1		1
Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 24,900		$ 24,900

Stockholders' Equity (Informa_2

Stockholders' Equity (Information Relating to RSU Grants and Deliveries) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Total RSUs outstanding at the beginning of the period	920,376
RSUs granted	303,788
RSUs forfeited	(5,270)
RSUs vested	(383,087)
Total RSUs outstanding at the end of the period	835,807
Stock surrendered to fulfill tax withholding obligations	146,421
Restricted Stock Units Issued as Compensation [Member]
Total Fair Market Value of RSUs Issued
RSUs granted (in Dollars) | $	$ 14,060

Stockholders' Equity (Share-Bas

Stockholders' Equity (Share-Based Compensation Expense Included in the Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation	$ 5,780	$ 4,865	$ 13,140	$ 10,976
Cost Of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation	1,325	1,158	3,450	2,864
Selling, Distribution And Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation	268	227	528	436
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation	3,653	2,991	7,529	6,348
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation	$ 534	$ 489	$ 1,633	$ 1,328

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Employee Benefits
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			50%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			6%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0.6	$ 0.6	$ 1.4	$ 1.2
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.25%		3.25%		3.25%
Defined Benefit Plan, Benefit Obligation	$ 2.7		$ 2.7		$ 2.6
Pension Cost	0	$ 0	0	$ 0
Deferred compensation plan assets	8.4		8.4		6.8
Deferred compensation plan liabilities	$ 8.8		$ 8.8		$ 7.1

Commitments and Contingencies (

Commitments and Contingencies (Purchase Commitments) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Commitments to Purchase Equipment and Raw Materials [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Long-term Purchase Commitment, Amount	$ 91

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Mar. 31, 2023	Nov. 30, 2022	Jul. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Total net revenues				$ 182,394	$ 145,712	$ 354,230	$ 285,734
Hanxin
Related Party Transaction [Line Items]
Payment to related party				0	400	200	1,000
Related Party Transaction, Due from (to) Related Party, Current				0		$ 0
Ownership after transaction						11.50%
Related Party Transaction, Amounts of Transaction	$ 500		$ 2,200
Letop
Related Party Transaction [Line Items]
Payment to related party					0	$ 0	700
Related Party Transaction, Due from (to) Related Party, Current				0		0
Related Party Transaction, Amounts of Transaction		$ 1,500
ANP | Hanxin
Related Party Transaction [Line Items]
Total net revenues				100	$ 0	400	$ 0
Receivables from Hanxin				$ 300		$ 300