XML 41 R29.htm IDEA: XBRL DOCUMENT v3.24.3
REVENUE RECOGNITION AND RELATED ALLOWANCES (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of revenue and revenue recognized
All revenue recognized in the accompanying unaudited interim condensed consolidated statements of operations is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue:
Three Months Ended September 30,Nine Months Ended September 30,
Products and Services (in thousands)2024202320242023
Rare Disease
Sales of Cortrophin Gel$52,555 $29,734 $138,685 $70,368 
Sales of ILUVIEN and YUTIQ3,871 — 3,871 — 
Total sales of rare disease pharmaceutical products$56,426 $29,734 $142,556 $70,368 
Generics, Established Brands, and Other
Sales of generic pharmaceutical products$78,223 $70,593 $222,404 $197,623 
Sales of established brand pharmaceutical products, royalties, and other pharmaceutical services13,683 31,502 58,842 87,171 
Total sales of generic and established brand pharmaceutical products, royalties, and other pharmaceuticals services91,906 102,095 281,246 284,794 
Total net revenues$148,332 $131,829 $423,802 $355,162 
Three Months Ended September 30,Nine Months Ended September 30,
Timing of Revenue Recognition (in thousands)2024202320242023
Performance obligations transferred at a point in time$148,332 $131,829 $423,802 $354,787 
Performance obligations transferred over time— — — 375 
Total$148,332 $131,829 $423,802 $355,162 
Schedule of accruals and allowances
The following table summarizes activity in the condensed consolidated balance sheets for accruals and allowances for the nine months ended September 30, 2024 and 2023, respectively:
Accruals for Chargebacks, Returns, and Other Allowances
(in thousands)ChargebacksGovernment
Rebates		ReturnsAdministrative
Fees and Other
Rebates		Prompt
Payment
Discounts
Balance at December 31, 2022$148,562 $10,872 $33,399 $9,442 $6,488 
Accruals/Adjustments437,671 16,998 13,048 40,815 17,024 
Credits Taken Against Reserve(501,841)(16,947)(15,009)(39,316)(18,366)
Balance at September 30, 2023 (1)$84,392 $10,923 $31,438 $10,941 $5,146 
Balance at December 31, 2023$84,208 $12,168 $29,678 $11,412 $4,865 
Impact of Alimera acquisition95 — 3,095 671 — 
Accruals/Adjustments403,201 19,757 28,737 44,622 17,159 
Credits Taken Against Reserve(410,508)(21,232)(24,442)(43,486)(17,218)
Balance at September 30, 2024 (1)$76,996 $10,693 $37,068 $13,219 $4,806 
______________________________________________
(1)Chargebacks and Prompt Payment Discounts are included as an offset to accounts receivable in the unaudited interim condensed consolidated balance sheets. Administrative Fees and Other Rebates are included as an offset to accounts receivable or as accrued expenses and other in the unaudited interim condensed consolidated balance sheets. Returns are included in returned goods reserve in the unaudited interim condensed consolidated balance sheets. Government Rebates are included in accrued government rebates in the unaudited interim condensed consolidated balance sheets.
Schedule of customer concentration
The four customers represent the total percentage of net revenues as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Customer 120 %35 %26 %33 %
Customer 210 %12 %12 %13 %
Customer 314 %12 %12 %13 %
Customer 417 %13 %15 %10 %