Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.22.2
REVENUES
6 Months Ended
Jun. 30, 2022
REVENUES  
REVENUES

3.

Revenues

Revenues disaggregated by category were as follows (in thousands):

Three Months Ended June 30, 

Six Months Ended June 30, 

2022

    

2021

2022

    

2021

Product sales:

Gross product sales

$

26,427

$

22,037

$

49,045

38,146

Discounts and allowances

(7,877)

(4,984)

(14,298)

(8,717)

Total product sales, net

18,550

17,053

34,747

29,429

Revenues from collaborations:

License revenues

2,337

3,305

2,545

67,923

Development milestones

5,000

5,000

Research and development services and others

3,932

408

4,262

1,432

Total revenues from collaborations

11,269

3,713

11,807

69,355

Government contract

5,500

8,500

Total revenues

$

29,819

$

26,266

$

46,554

$

107,284

Our net product sales include sales of TAVALISSE in the US, net of chargebacks, discounts and fees, government and other rebates and returns. The following tables summarize the activities in chargebacks, discounts and fees, government and other rebates and returns that were accounted for within other accrued liabilities, for each of the periods presented (in thousands):

Chargebacks,

Government

Discounts and

and Other

Fees

Rebates

Returns

Total

Balance as of January 1, 2022

    

$

3,404

$

2,494

$

2,017

$

7,915

Provision related to current period sales

9,680

2,711

613

13,004

Credit or payments made during the period

(7,748)

(2,901)

(39)

(10,688)

Balance as of June 30, 2022

 

$

5,336

$

2,304

$

2,591

$

10,231

Chargebacks,

Government

Discounts and

and Other

Fees

Rebates

Returns

Total

Balance as of January 1, 2021

    

$

2,461

 

$

2,115

$

1,489

$

6,065

Provision related to current period sales

4,589

2,710

483

7,782

Credit or payments made during the period

(4,800)

(2,433)

(293)

(7,526)

Balance as of June 30, 2021

 

$

2,250

$

2,392

$

1,679

$

6,321

Of the $14.3 million discounts and allowances from gross product sales for the six months ended June 30, 2022, $13.0 million was accounted for as additions to other accrued liabilities and $1.3 million 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 fess that were prepaid) in the condensed balance sheet.

Of the $8.7 million discounts and allowances from gross product sales for the six months ended June 30, 2021, $7.8 million was accounted for as additions to other accrued liabilities and $0.9 million 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 fess that were prepaid) in the condensed balance sheet.

For detailed discussions of our revenues from collaboration and government contract, see “Note 4 – Sponsored Research and License Agreements and Government Contract” below.

The following table summarizes the percentages of revenues from each of our customers who individually accounted for 10% or more (wherein * denotes less than 10%) of the total net product sales and revenues from collaborations:

Three Months Ended June 30, 

Six Months Ended June 30, 

2022

    

2021

2022

    

2021

McKesson Specialty Care Distribution Corporation

34%

33%

36%

13%

Kissei

25%

*

16%

*

Cardinal Healthcare

16%

13%

20%

*

ASD Healthcare and Oncology Supply

12%

36%

19%

13%

Lilly

*

16%

*

65%