Quarterly report [Sections 13 or 15(d)]

Revenues

v3.26.1
Revenues
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Revenues disaggregated by category were as follows (in thousands):
Three Months Ended March 31,
2026 2025
Product sales:
Gross product sales $ 75,388  $ 60,192 
Discounts and allowances (20,465) (16,642)
Total product sales, net 54,923  43,550 
Contract revenues from collaborations:
Milestone revenue —  3,000 
Delivery of drug supplies, royalties and others 3,895  6,783 
Total contract revenues from collaborations 3,895  9,783 
Total revenues $ 58,818  $ 53,333 
Revenue from product sales relates to sales of our commercial products to customers. For additional information regarding revenue from collaborations, see “Note 4 – Sponsored Research and License Agreements.”
Net product sales represent gross product sales less chargebacks, discounts and fees, government and other rebates, and returns. Of the total discounts and allowances from gross product sales presented in the table above for the three months ended March 31, 2026 and 2025, $18.9 million and $16.1 million, respectively, were accounted for as additions to revenue reserves and refund liability, and $1.5 million and $0.5 million, respectively, were accounted for as reductions to accounts receivable (prompt pay discount) and prepaid and other current assets (for certain prepaid fees) in the condensed balance sheet.
The following tables summarize activity in chargebacks, discounts and fees, government and other rebates, and returns included in revenue reserves and refund liabilities for each of the periods presented (in thousands):
Chargebacks,
Discounts and
Fees		 Government
and Other
Rebates		 Returns Total
Balance as of January 1, 2026 $ 12,519  $ 10,389  $ 4,808  $ 27,716 
Provision related to current period sales 14,379  4,766  550  19,695 
Adjustment related to prior period sales (363) (381) —  (744)
Credit or payments made during the period (14,459) (3,848) (280) (18,587)
Balance as of March 31, 2026 $ 12,076  $ 10,926  $ 5,078  $ 28,080 
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 12,811  3,654  398  16,863 
Adjustment related to prior period sales —  (148) (560) (708)
Credit or payments made during the period (12,928) (1,669) (63) (14,660)
Balance as of March 31, 2025 $ 13,257  $ 10,180  $ 4,498  $ 27,935 
Adjustment related to prior period sales reflect 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 the percentages of revenues from each of our customers who individually accounted for 10% or more of the total net product sales and revenues from collaborations:
Three Months Ended March 31,
2026 2025
McKesson Corporation 48 % 42 %
Cencora, Inc. 23 % 20 %
Optime Care, Inc. — 11%
Cardinal Health, Inc. 12 % *
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*Denotes less than 10%