PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE,NET AND RESERVES FOR PRODUCT REVENUES

12 Months Ended

Dec. 31, 2023

Receivables, Net, Current [Abstract]

PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE AND RESERVES FOR PRODUCT REVENUES

7. PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE, NET AND RESERVES FOR PRODUCT REVENUES

Net product revenues, which includes revenues associated with EXONDYS 51, AMONDYS 45 and VYONDYS 53 (collectively, the “PMO Products”) and ELEVIDYS consisted of the following:

	For the Year Ended December 31,
	2023		2022
	(in thousands)
PMO Products
United States	$	797,944	$	747,101
Rest of World		146,576		96,668
Total PMO product revenues, net	$	944,520	$	843,769
ELEVIDYS
United States		200,356		—
Total ELEVIDYS product revenues, net	$	200,356	$	—
Total product revenues, net	$	1,144,876	$	843,769

Net product revenues within the U.S. exceeded 90% of total net product revenues for the year ended December 31, 2021. No individual country outside the U.S. exceeded 10% of total net product revenues for any of the years ended December 31, 2023, 2022 and 2021.

The following table summarizes the Company's net product revenues, by customer, for those customers that exceeded 10% for the periods indicated:

	For the Year Ended December 31,
	2023			2022			2021
Product revenues, net
Customer 1		41	%		48	%		48	%
Customer 2		26	%		33	%		39	%
Customer 3	*			*				10	%

* Customer did not exceed 10% of the Company's net product revenues within the applicable year.

As of December 31, 2023 and December 31, 2022, the Company's accounts receivable, net were $400.3 million and $214.6 million, respectively, which related to product sales receivable, net of discounts and allowances. As of December 31, 2023, the Company believes its largest customers are of high credit quality and has not experienced any material credit losses related to such customers. Please refer to Note 2, Summary of Significant Accounting Policies and Recent Accounting Pronouncements for discussion of the credit risk associated with accounts receivable, net.

The following table summarizes an analysis of the change in reserves for discounts and allowances for the periods indicated:

	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2021	$	799		$	60,506		$	2,798		$	6,363		$	70,466
Provision		12,446			108,514			12,904			47,654			181,518
Adjustments relating to prior year		—			(5,679	)		—			30			(5,649	)
Payments/credits		(12,828	)		(95,848	)		(12,359	)		(30,602	)		(151,637	)
Balance, as of December 31, 2022	$	417		$	67,493		$	3,343		$	23,445		$	94,698
Provision		44,191			129,724			15,067			69,664			258,646
Adjustments relating to prior year		536			(5,103	)		—			—			(4,567	)
Payments/credits		(17,658	)		(93,920	)		(14,579	)		(57,848	)		(184,005	)
Balance, as of December 31, 2023	$	27,486		$	98,194		$	3,831		$	35,261		$	164,772

The following table summarizes the total reserves above included in the Company’s consolidated balance sheets for the periods indicated:

	As of December 31,
	2023		2022
	(in thousands)
Reduction to accounts receivable, net	$	64,697	$	25,914
Component of accrued expenses		100,075		68,784
Total reserves	$	164,772	$	94,698