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) | | 2024 | | 2023 | | 2024 | | 2023 | Rare Disease | | | | | | | | | Sales of Cortrophin Gel | | $ | 52,555 | | | $ | 29,734 | | | $ | 138,685 | | | $ | 70,368 | | Sales of ILUVIEN and YUTIQ | | 3,871 | | | — | | | 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 services | | 13,683 | | | 31,502 | | | 58,842 | | | 87,171 | | Total sales of generic and established brand pharmaceutical products, royalties, and other pharmaceuticals services | | 91,906 | | | 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) | | 2024 | | 2023 | | 2024 | | 2023 | 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 | |
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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) | Chargebacks | | Government Rebates | | Returns | | Administrative Fees and Other Rebates | | Prompt Payment Discounts | Balance at December 31, 2022 | $ | 148,562 | | | $ | 10,872 | | | $ | 33,399 | | | $ | 9,442 | | | $ | 6,488 | | Accruals/Adjustments | 437,671 | | | 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 acquisition | 95 | | | — | | | 3,095 | | | 671 | | | — | | Accruals/Adjustments | 403,201 | | | 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.
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