XML 43 R13.htm IDEA: XBRL DOCUMENT v3.24.0.1
Revenues
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
We operate in one business segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. The majority of ROW revenues relates to products sold in Europe.
Revenues were as follows (in millions):
Year ended December 31, 2023Year ended December 31, 2022Year ended December 31, 2021
U.S.ROWTotalU.S.ROWTotalU.S.ROWTotal
Prolia$2,733 $1,315 $4,048 $2,465 $1,163 $3,628 $2,150 $1,098 $3,248 
ENBREL3,650 47 3,697 4,044 73 4,117 4,352 113 4,465 
Otezla1,777 411 2,188 1,886 402 2,288 1,804 445 2,249 
XGEVA1,527 585 2,112 1,480 534 2,014 1,434 584 2,018 
Repatha
793 842 1,635 608 688 1,296 557 560 1,117 
Nplate996 481 1,477 848 459 1,307 566 461 1,027 
KYPROLIS921 482 1,403 850 397 1,247 736 372 1,108 
Aranesp452 910 1,362 521 900 1,421 537 943 1,480 
EVENITY809 351 1,160 533 254 787 331 199 530 
Vectibix461 523 984 396 497 893 347 526 873 
BLINCYTO566 295 861 336 247 583 278 194 472 
TEPEZZA(1)
441 7 448 — — — — — — 
KRYSTEXXA(1)
272 — 272 — — — — — — 
Other products(2)
3,874 1,389 5,263 3,776 1,444 5,220 4,194 1,516 5,710 
Total product sales(3)
19,272 7,638 26,910 17,743 7,058 24,801 17,286 7,011 24,297 
Other revenues534 746 1,280 852 670 1,522 908 774 1,682 
Total revenues$19,806 $8,384 $28,190 $18,595 $7,728 $26,323 $18,194 $7,785 $25,979 
____________
(1)    TEPEZZA and KRYSTEXXA were acquired from the acquisition of Horizon on October 6, 2023, and includes product sales from the acquisition date through December 31, 2023.
(2)    Consists of product sales of our non-principal products, as well as sales prior to the divestiture of our Bergamo and Gensenta subsidiaries in the second quarter of 2023 and fourth quarter of 2022, respectively.
(3)    Hedging gains and losses, which are included in product sales, were not material for the years ended December 31, 2023, 2022 and 2021.
In the United States, we sell primarily to pharmaceutical wholesale distributors that we use as the principal means of distributing our products to healthcare providers. Outside the United States, we sell principally to healthcare providers and/or pharmaceutical wholesale distributors depending on the distribution practice in each country. We monitor the financial condition of our larger customers and limit our credit exposure by setting credit limits and, in certain circumstances, by requiring letters of credit or obtaining credit insurance.
We had product sales to three customers that individually accounted for more than 10% of total revenues for each of the years ended December 31, 2023, 2022 and 2021. For the year ended December 31, 2023, on a combined basis, these customers accounted for 79% of total gross revenues as shown in the following table. Certain information with respect to these customers was as follows (dollar amounts in millions):
Years ended December 31,
202320222021
McKesson Corporation:
Gross product sales$19,035 $17,305 $15,187 
% of total gross revenues33 %35 %33 %
Cencora, Inc. (formerly AmerisourceBergen Corporation):
Gross product sales$16,625 $15,443 $14,783 
% of total gross revenues29 %31 %32 %
Cardinal Health, Inc.:
Gross product sales$9,775 $8,319 $7,681 
% of total gross revenues17 %16 %17 %
As of both December 31, 2023 and 2022, amounts due from these three customers each exceeded 10% of gross trade receivables and accounted for 75% of net trade receivables on a combined basis. As of December 31, 2023 and 2022, 22% and 26%, respectively, of net trade receivables were due from customers located outside the United States, the majority of which were from Europe. Our total allowance for doubtful accounts as of December 31, 2023 and 2022, was not material.