| REVENUES |
3. REVENUES
Revenues disaggregated by category were as follows (in thousands):
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Year Ended December 31, |
|
|
2021 |
|
2020 |
|
2019 |
Product sales: |
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|
|
|
|
|
|
|
|
Gross product sales |
|
$ |
81,186 |
|
$ |
76,470 |
|
$ |
53,082 |
Discounts and allowances |
|
|
(18,176) |
|
|
(14,774) |
|
|
(9,310) |
Total product sales, net |
|
|
63,010 |
|
|
61,696 |
|
|
43,772 |
Revenues from collaborations: |
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|
|
|
|
|
|
|
|
License revenues |
|
|
70,553 |
|
|
40,358 |
|
|
8,696 |
Development milestones |
|
|
1,875 |
|
|
2,100 |
|
|
5,500 |
Research and development services and others |
|
|
3,298 |
|
|
4,467 |
|
|
1,320 |
Total revenues from collaborations |
|
|
75,726 |
|
|
46,925 |
|
|
15,516 |
Government contract |
|
|
10,500 |
|
|
— |
|
|
— |
Total revenues |
|
$ |
149,236 |
|
$ |
108,621 |
|
$ |
59,288 |
Our net product sales include sale 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):
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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 |
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Returns |
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Total |
Balance as of January 1, 2021 |
|
$ |
2,461 |
|
$ |
2,115 |
|
$ |
1,489 |
|
$ |
6,065 |
Provision related to current period sales |
|
|
10,731 |
|
|
5,036 |
|
|
1,021 |
|
|
16,788 |
Credit or payments made during the period |
|
|
(9,788) |
|
|
(4,657) |
|
|
(493) |
|
|
(14,938) |
Balance as of December 31, 2021 |
|
$ |
3,404 |
|
$ |
2,494 |
|
$ |
2,017 |
|
$ |
7,915 |
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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 |
|
Rebates |
|
Returns |
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Total |
Balance as of January 1, 2020 |
|
$ |
1,293 |
|
$ |
1,801 |
|
$ |
238 |
|
$ |
3,332 |
Provision related to current period sales |
|
|
8,149 |
|
|
4,231 |
|
|
950 |
|
|
13,330 |
Adjustment related to prior period sales |
|
|
(75) |
|
|
(490) |
|
|
565 |
|
|
— |
Credit or payments made during the period |
|
|
(6,906) |
|
|
(3,427) |
|
|
(264) |
|
|
(10,597) |
Balance as of December 31, 2020 |
|
$ |
2,461 |
|
$ |
2,115 |
|
$ |
1,489 |
|
$ |
6,065 |
Of the $18.2 million discounts and allowances from gross product sales for the year ended December 31, 2021, $16.8 million was accounted for as additions to other accrued liabilities and $1.4 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 fees that were prepaid) in the balance sheet.
Of the $14.8 million discounts and allowances from gross product sales for the year ended December 31, 2020, $13.3 million was accounted for as additions to other accrued liabilities and $1.5 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 fees that were prepaid) in the 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 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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Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
Lilly |
|
48% |
|
|
— |
|
|
— |
McKesson Specialty Care Distribution Corporation |
|
20% |
|
|
23% |
|
|
30% |
ASD Healthcare and Oncology Supply |
|
17% |
|
|
30% |
|
|
37% |
Grifols |
|
* |
|
|
41% |
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|
* |
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