Revenue from Product Sales
|6 Months Ended|
Jun. 30, 2018
|Revenue from Product Sales|
|Revenue from Product Sales||
7.Revenue from Product Sales
Our first FDA approved product, TAVALISSE™ (fostamatinib disodium hexahydrate), an oral spleen tyrosine kinase (SYK) inhibitor, for the treatment of adult patients with chronic ITP who have had an insufficient response to a previous treatment, was approved by the U.S. FDA in April 2018. We commenced commercial sale of TAVALISSE in the U.S. in May 2018. We recorded net product sales of $1.8 million during the three and six months ended June 30, 2018 related to the sale of TAVALISSE.
In addition to the distribution agreements with our customers, the SDs, we also enter into arrangements with specialty pharmacy providers, in-office dispensing providers, group purchasing organizations, and government entities that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of our products which reduced our gross product sales. Also refer to Revenue Recognition policy discussion in Note 3. The following table summarizes the provisions related to our current product sales for the six-month ended June 30, 2018 (in thousands). There were no credits or payments made during the six months ended June 30, 2018 related to these revenue reserves.
The above provisions, which represent our contract liability as of June 30, 2018, are included as part of Other Accrued Liabilities in the balance sheet.
The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
Reference 1: http://www.xbrl.org/2003/role/presentationRef