| REVENUES |
Revenues disaggregated by category were as follows (in thousands):
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|
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
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|
2023 |
|
2022 |
|
2023 |
|
2022 |
Product sales: |
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|
|
|
|
|
|
|
|
|
|
Gross product sales |
|
$ |
38,585 |
|
$ |
26,977 |
|
$ |
105,239 |
|
|
76,022 |
Discounts and allowances |
|
|
(11,456) |
|
|
(7,789) |
|
|
(30,484) |
|
|
(22,087) |
Total product sales, net |
|
|
27,129 |
|
|
19,188 |
|
|
74,755 |
|
|
53,935 |
Revenues from collaborations: |
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|
|
License revenues |
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|
— |
|
|
— |
|
|
— |
|
|
2,545 |
Development milestones |
|
|
75 |
|
|
— |
|
|
75 |
|
|
5,000 |
Royalty, delivery of drug supplies and others |
|
|
930 |
|
|
722 |
|
|
5,260 |
|
|
4,984 |
Total revenues from collaborations |
|
|
1,005 |
|
|
722 |
|
|
5,335 |
|
|
12,529 |
Government contract |
|
|
— |
|
|
2,500 |
|
|
1,000 |
|
|
2,500 |
Total revenues |
|
$ |
28,134 |
|
$ |
22,410 |
|
$ |
81,090 |
|
$ |
68,964 |
Revenue from product sales are related to sales of our commercial products, TAVALISSE and REZLIDHIA, to our specialty distributors. For detailed discussions of our revenues from collaboration and government contract, see “Note 4 – Sponsored Research and License Agreements and Government Contract.”
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, 2023 and 2022, $29.7 million and $19.7 million, respectively, was accounted for as additions to revenue reserves and refund liability, and $0.8 million and $2.4 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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|
|
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Discounts and |
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and Other |
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|
|
|
|
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Fees |
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Rebates |
|
Returns |
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Total |
Balance as of January 1, 2023 |
|
$ |
6,213 |
|
$ |
2,636 |
|
$ |
3,296 |
|
$ |
12,145 |
Provision related to current period sales |
|
|
23,150 |
|
|
5,932 |
|
|
623 |
|
|
29,705 |
Credit or payments made during the period |
|
|
(21,504) |
|
|
(5,631) |
|
|
(172) |
|
|
(27,307) |
Balance as of September 30, 2023 |
|
$ |
7,859 |
|
$ |
2,937 |
|
$ |
3,747 |
|
$ |
14,543 |
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|
|
|
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|
|
|
|
|
|
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|
|
Chargebacks, |
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Government |
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|
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Discounts and |
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and Other |
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|
|
|
|
|
|
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Fees |
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Rebates |
|
Returns |
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Total |
Balance as of January 1, 2022 |
|
$ |
3,404 |
|
$ |
2,494 |
|
$ |
2,017 |
|
$ |
7,915 |
Provision related to current period sales |
|
|
14,475 |
|
|
4,130 |
|
|
1,045 |
|
|
19,650 |
Credit or payments made during the period |
|
|
(11,920) |
|
|
(4,257) |
|
|
(199) |
|
|
(16,376) |
Balance as of September 30, 2022 |
|
$ |
5,959 |
|
$ |
2,367 |
|
$ |
2,863 |
|
$ |
11,189 |
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:
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Three Months Ended September 30, |
|
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Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
McKesson Specialty Care Distribution Corporation |
|
|
49% |
|
|
44% |
|
|
|
46% |
|
|
38% |
Cardinal Healthcare |
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|
28% |
|
|
27% |
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|
|
27% |
|
|
22% |
ASD Healthcare and Oncology Supply |
|
|
18% |
|
|
25% |
|
|
|
20% |
|
|
21% |
Kissei |
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|
* |
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|
* |
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|
|
* |
|
|
11% |
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