Quarterly report [Sections 13 or 15(d)]

Revenues

v3.26.3
Revenues
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Revenues disaggregated by category were as follows (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Product sales:
Gross product sales $ 93,603  $ 85,624  $ 257,455  $ 225,508 
Discounts and allowances (21,314) (21,557) (63,228) (58,943)
Total product sales, net 72,289  64,067  194,227  166,565 
Contract revenues from collaborations and other:
Release of cost share liability —  —  —  39,981 
Milestone revenue —  —  4,000  3,000 
Delivery of drug supplies, royalties and others 8,601  5,395  20,184  14,934 
Total contract revenues from collaborations and other 8,601  5,395  24,184  57,915 
Total revenues $ 80,890  $ 69,462  $ 218,411  $ 224,480 
Revenue from product sales relates to sales of our commercial products to customers. For additional information regarding contract revenues from collaborations and other, 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 nine months ended September 30, 2026 and 2025, $62.4 million and $53.6 million, respectively, were accounted for as additions to revenue reserves and refund liability, and $0.8 million and $5.3 million, respectively, were accounted for as reductions to accounts receivable (prompt pay discount and specialty pharmacy fees) 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 at January 1, 2026 $ 12,519  $ 10,389  $ 4,808  $ 27,716 
Provision related to current period sales 50,502  15,683  1,885  68,070 
Adjustment related to prior period sales (3,260) (2,362) —  (5,622)
Credit or payments made during the period (49,672) (12,356) (1,327) (63,355)
Balance at September 30, 2026 $ 10,089  $ 11,354  $ 5,366  $ 26,809 
Chargebacks,
Discounts and
Fees		 Government
and Other
Rebates		 Returns Total
Balance at January 1, 2025 $ 13,374  $ 8,343  $ 4,723  $ 26,440 
Provision related to current period sales 40,399  14,261  1,921  56,581 
Adjustment related to prior period sales (307) (1,287) (1,357) (2,951)
Credit or payments made during the period (40,673) (8,950) (427) (50,050)
Balance at September 30, 2025 $ 12,793  $ 12,367  $ 4,860  $ 30,020 
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 and other:
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
McKesson Corporation 44 % 48 % 46 % 39 %
Cencora, Inc. 22 % 23 % 22 % 17 %
Cardinal Health, Inc. 10 % 10 % 10 % *
OncoMed Specialty, LLC 12 % —  11 % — 
Optime Care, Inc. —  11  % —  *
Lilly —  — —  18 %
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*Denotes less than 10%