| REVENUES |
Revenues disaggregated by category were as follows (in thousands):
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|
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|
|
|
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|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Product sales: |
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|
|
|
|
|
|
|
|
|
|
Gross product sales |
|
$ |
85,624 |
|
$ |
56,322 |
|
$ |
225,508 |
|
$ |
143,728 |
Discounts and allowances |
|
|
(21,557) |
|
|
(17,395) |
|
|
(58,943) |
|
|
(45,348) |
Total product sales, net |
|
|
64,067 |
|
|
38,927 |
|
|
166,565 |
|
|
98,380 |
Revenues from collaborations: |
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|
|
|
|
|
|
|
|
|
|
Release of cost share liability |
|
|
— |
|
|
— |
|
|
39,981 |
|
|
— |
License revenue |
|
|
— |
|
|
10,000 |
|
|
— |
|
|
10,000 |
Milestone revenue |
|
|
— |
|
|
— |
|
|
3,000 |
|
|
— |
Delivery of drug supplies, royalty and others |
|
|
5,395 |
|
|
6,380 |
|
|
14,934 |
|
|
13,302 |
Total revenues from collaborations |
|
|
5,395 |
|
|
16,380 |
|
|
57,915 |
|
|
23,302 |
Total revenues |
|
$ |
69,462 |
|
$ |
55,307 |
|
$ |
224,480 |
|
$ |
121,682 |
Revenue from product sales is related to sales of our commercial products to our customers. For detailed discussions of our revenues from collaborations, see “Note 4 – Sponsored Research and License Agreements.”
Our net product sales include gross product sales, net of chargebacks, discounts and fees, government and other rebates and returns. Of the total discounts and allowances from gross product sales for the nine months ended September 30, 2025 and 2024, $53.6 million and $44.6 million, respectively, was accounted for as additions to revenue reserves and refund liability, and $5.3 million and $0.7 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 condensed balance sheet.
The following tables summarize the activities in chargebacks, discounts and fees, government and other rebates and returns that were accounted for within revenue reserves and refund liability, for each of the periods presented (in thousands):
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|
|
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Chargebacks, |
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Government |
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|
|
|
|
Discounts and |
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and Other |
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|
|
|
|
|
Fees |
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Rebates |
|
Returns |
|
Total |
Balance as of 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 as of September 30, 2025 |
|
$ |
12,793 |
|
$ |
12,367 |
|
$ |
4,860 |
|
$ |
30,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chargebacks, |
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Government |
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|
|
|
|
|
|
|
Discounts and |
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and Other |
|
|
|
|
|
|
|
|
Fees |
|
Rebates |
|
Returns |
|
Total |
Balance as of January 1, 2024 |
|
$ |
8,236 |
|
$ |
3,517 |
|
$ |
3,931 |
|
$ |
15,684 |
Provision related to current period sales |
|
|
34,565 |
|
|
9,167 |
|
|
884 |
|
|
44,616 |
Credit or payments made during the period |
|
|
(31,363) |
|
|
(6,441) |
|
|
(304) |
|
|
(38,108) |
Balance as of September 30, 2024 |
|
$ |
11,438 |
|
$ |
6,243 |
|
$ |
4,511 |
|
$ |
22,192 |
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:
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|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
McKesson Corporation |
|
|
48% |
|
|
43% |
|
|
39% |
|
|
44% |
Cencora, Inc. |
|
|
23% |
|
|
19% |
|
|
17% |
|
|
20% |
Optime Care, Inc. |
|
|
11% |
|
|
* |
|
|
* |
|
|
* |
Cardinal Health, Inc. |
|
|
10% |
|
|
* |
|
|
* |
|
|
15% |
Lilly |
|
|
— |
|
|
— |
|
|
18% |
|
|
— |
Kissei |
|
|
* |
|
|
23% |
|
|
* |
|
|
14% |
*Denotes less than 10%
|