Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.24.1.u1
REVENUES
 3 Months Ended
Mar. 31, 2024
REVENUES  
REVENUES

3.

Revenues

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

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Three Months Ended March 31, 

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​

2024

    

2023

Product sales:

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​

​

​

​

​

Gross product sales

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$

38,426

​

$

33,198

Discounts and allowances

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​

(12,423)

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​

(9,453)

Total product sales, net

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​

26,003

​

​

23,745

Revenues from collaborations:

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​

​

​

​

​

Delivery of drug supplies, royalty and others

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​

3,531

​

​

2,325

Total revenues from collaborations

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​

3,531

​

​

2,325

Total revenues

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$

29,534

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$

26,070

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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 collaborations, see “Note 4 – Sponsored Research, License Agreements and Government Contracts.”

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 three months ended March 31, 2024 and 2023, $12.3 million and $9.2 million, respectively, was accounted for as additions to revenue reserves and refund liability, and $0.1 million and $0.3 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

​

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, 2024

    

$

8,236

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$

3,517

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$

3,931

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$

15,684

Provision related to current period sales

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​

9,763

​

​

2,280

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​

224

​

​

12,267

Credit or payments made during the period

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​

(10,255)

​

​

(1,609)

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​

(42)

​

​

(11,906)

Balance as of March 31, 2024

 

$

7,744

​

$

4,188

​

$

4,113

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$

16,045

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

Chargebacks,

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Government

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​

​

​

​

​

​

​

Discounts and

​

and Other

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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, 2023

    

$

6,213

​

$

2,636

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$

3,296

​

$

12,145

Provision related to current period sales

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​

7,231

​

​

1,795

​

​

197

​

​

9,223

Credit or payments made during the period

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​

(5,777)

​

​

(1,422)

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​

(81)

​

​

(7,280)

Balance as of March 31, 2023

 

$

7,667

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$

3,009

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$

3,412

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$

14,088

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 March 31, 

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2024

    

2023

McKesson Specialty Care Distribution Corporation

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42%

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​

45%

Cardinal Healthcare

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​

23%

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​

24%

Cencora Inc. (formerly ASD Healthcare)

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​

23%

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​

22%

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