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

6 Months Ended

Jun. 30, 2021

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

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

The following table summarizes the Company’s product revenues, net by product for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
EXONDYS 51	$	112,461	$	104,347	$	219,646	$	202,530
VYONDYS 53		22,442		6,997		39,990		9,262
AMONDYS 45		6,936		—		7,129		—
Product revenues, net	$	141,839	$	111,344	$	266,765	$	211,792

The following table summarizes the components of the Company’s accounts receivable for the periods indicated:

	As of June 30, 2021		As of December 31, 2020
	(in thousands)
Product sales receivable, net of discounts and allowances	$	127,050	$	100,870
Government contract receivables		470		470
Total accounts receivable, net	$	127,520	$	101,340

The balance for government contract receivables for both periods presented is subject to government audit and will not be collected until the completion of the audit.

The following tables summarize an analysis of the change in reserves for discounts and allowances for each of the periods indicated:

	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2020	$	2,281		$	41,771		$	1,949		$	4,969		$	50,970
Provision		5,665			33,221			4,005			6,848			49,739
Payments/credits		(6,887	)		(26,992	)		(3,533	)		(7,236	)		(44,648	)
Balance, as of June 30, 2021	$	1,059		$	48,000		$	2,421		$	4,581		$	56,061

	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2019	$	588		$	44,738		$	1,506		$	4,671		$	51,503
Provision		4,480			25,664			2,952			4,349			37,445
Payments/credits		(4,427	)		(27,617	)		(2,796	)		(5,719	)		(40,559	)
Balance, as of June 30, 2020	$	641		$	42,785		$	1,662		$	3,301		$	48,389

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

	As of June 30, 2021		As of December 31, 2020
	(in thousands)
Reduction to accounts receivable	$	6,908	$	8,352
Component of accrued expenses		49,153		42,618
Total reserves	$	56,061	$	50,970