Annual report [Section 13 and 15(d), not S-K Item 405]

REVENUES

v3.25.4
REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenues disaggregated by category were as follows (in thousands):
Year Ended December 31,
2025 2024 2023
Product sales:
Gross product sales $ 309,961  $ 209,924  $ 147,058 
Discounts and allowances (77,978) (65,022) (42,764)
Total product sales, net 231,983  144,902  104,294 
Revenues from collaborations:
Release of cost share liability 39,981  —  — 
License revenue —  14,000  — 
Milestone revenue 3,000  —  75 
Delivery of drug supplies, royalty and others 19,053  20,376  11,413 
Total revenues from collaborations 62,034  34,376  11,488 
Government contracts 265  —  1,100 
Total revenues $ 294,282  $ 179,278  $ 116,882 
Revenue from product sales is related to sales of our commercial products to our customers. For detailed discussions of our revenues from collaboration and government contracts, see “Note 4 – Sponsored Research and License Agreements and Government Contracts.”
Our product sales revenue is net of chargebacks, discounts and fees, government and other rebates and returns. Of the total discounts and allowances from gross product sales for the years ended December 31, 2025, 2024 and 2023, $71.0 million, $64.0 million and $41.5 million, respectively, was accounted for as additions to revenue reserves and refund liability, and $7.0 million, $1.0 million and $1.3 million, respectively, as reductions in accounts receivable (as it relates to allowance for prompt pay discount) and prepaid and other current assets (as it relates to certain chargebacks and other fees that were prepaid) in the balance sheet. The following tables summarize the activities in chargebacks, discounts and fees, government and other rebates and returns that were accounted for revenue reserves and refund liability, for each of the periods presented (in thousands):
Chargebacks,
Discounts and
Fees		 Government
and Other
Rebates		 Returns Total
Balance as of January 1, 2025 $ 13,374  $ 8,343  $ 4,723  $ 26,440 
Provision related to current period sales 55,327  19,032  2,530  76,889 
Adjustment related to prior period sales (758) (3,084) (1,696) (5,538)
Credit or payments made during the period (55,424) (13,902) (749) (70,075)
Balance as of December 31, 2025 $ 12,519  $ 10,389  $ 4,808  $ 27,716 
Chargebacks,
Discounts and
Fees		 Government
and Other
Rebates		 Returns Total
Balance as of January 1, 2024 $ 8,236  $ 3,517  $ 3,931  $ 15,684 
Provision related to current period sales 49,071  13,586  1,315  63,972 
Credit or payments made during the period (43,933) (8,760) (523) (53,216)
Balance as of December 31, 2024 $ 13,374  $ 8,343  $ 4,723  $ 26,440 
Adjustment related to prior period sales reflects updates to estimates of variable consideration, including chargebacks, rebates, and returns, resulting from actual claims and other information obtained in the current reporting period.
The following table summarizes revenues from each of our customers who individually accounted for 10% or more of the total net product sales and revenues from collaborations:
Year Ended December 31,
2025 2024 2023
McKesson Corporation 42 % 45 % 43 %
Cencora Inc. 19 % 20 % 21 %
Cardinal Health, Inc. * 13 % 25 %
Lilly 14 % — % — %
Kissei * 11 % *
______________________________
*Denotes less than 10%