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v3.23.1

Revenue Recognition and Accounts Receivable (Tables) | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following table presents the Company’s net sales by product category for each of our reportable segments for the three months ended March 31, 2023 and 2022, respectively:
(In millions) | Three Months Ended March 31, 2023
Product Category | Developed Markets |  | Greater China |  | JANZ |  | Emerging Markets |  | Total
Brands | $ | 1,232.0 |  |  | $ | 562.4 |  |  | $ | 190.3 |  |  | $ | 435.6 |  |  | $ | 2,420.3 |
Complex Gx | 129.9 |  |  | — |  |  | 6.1 |  |  | 0.1 |  |  | 136.1 |
Generics | 808.5 |  |  | 2.2 |  |  | 145.8 |  |  | 206.2 |  |  | 1,162.7 |
Total | $ | 2,170.4 |  |  | $ | 564.6 |  |  | $ | 342.2 |  |  | $ | 641.9 |  |  | $ | 3,719.1 |
(In millions) | Three Months Ended March 31, 2022
Product Category | Developed Markets |  | Greater China |  | JANZ |  | Emerging Markets |  | Total
Brands | $ | 1,298.7 |  |  | $ | 569.7 |  |  | $ | 249.0 |  |  | $ | 436.7 |  |  | $ | 2,554.1 |
Complex Gx and Biosimilars | 364.1 |  |  | — |  |  | 10.3 |  |  | 16.4 |  |  | 390.8 |
Generics | 813.3 |  |  | 3.4 |  |  | 164.5 |  |  | 252.1 |  |  | 1,233.3 |
Total | $ | 2,476.1 |  |  | $ | 573.1 |  |  | $ | 423.8 |  |  | $ | 705.2 |  |  | $ | 4,178.2 |
____________ (a)Amounts for the three months ended March 31, 2023 include the unfavorable impact of foreign currency translations compared to the prior year period. (b)Amounts for the three months ended March 31, 2022 include $164.8 million related to the biosimilars business which was subsequently contributed to Biocon Biologics in November 2022. The Company has not recognized the results of the biosimilars business in its consolidated financial statements subsequent to November 29, 2022. The following table presents net sales on a consolidated basis for select key products for the three months ended March 31, 2023 and 2022:
|  | Three months ended March 31,
(In millions) |  | 2023 |  | 2022
Select Key Global Products |  |  |  |
Lipitor ® |  | $ | 417.9 |  |  | $ | 440.1 |
Norvasc ® |  | 202.7 |  |  | 207.8 |
Lyrica ® |  | 144.3 |  |  | 171.7 |
Viagra ® |  | 115.0 |  |  | 129.8 |
EpiPen® Auto-Injectors |  | 95.8 |  |  | 88.8 |
Celebrex ® |  | 88.8 |  |  | 85.2 |
Creon ® |  | 72.7 |  |  | 74.7 |
Effexor ® |  | 64.6 |  |  | 77.5 |
Zoloft ® |  | 56.5 |  |  | 73.1 |
Xalabrands |  | 46.7 |  |  | 53.0 |
Select Key Segment Products |  |  |  |
Dymista ® |  | $ | 53.2 |  |  | $ | 44.0 |
Yupelri ® |  | 47.0 |  |  | 43.7 |
Xanax ® |  | 39.7 |  |  | 40.0 |
Amitiza ® |  | 36.6 |  |  | 41.8 |
____________ (a)The Company does not disclose net sales for any products considered competitively sensitive. (b)Products disclosed may change in future periods, including as a result of seasonality, competition or new product launches. (c)Amounts for the three months ended March 31, 2023 include the unfavorable impact of foreign currency translations compared to the prior year period. Variable Consideration and Accounts Receivable The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three months ended March 31, 2023 and 2022, respectively:
|  |  | Three Months Ended
|  |  | March 31,
(In millions) |  |  |  |  | 2023 |  | 2022
Gross sales |  |  |  |  | $ | 6,273.0 |  |  | $ | 7,198.3 |
Gross to net adjustments: |  |  |  |  |  |  |
Chargebacks |  |  |  |  | (1,350.7) |  |  | (1,584.2) |
Rebates, promotional programs and other sales allowances |  |  |  |  | (992.2) |  |  | (1,205.9) |
Returns |  |  |  |  | (50.4) |  |  | (82.6) |
Governmental rebate programs |  |  |  |  | (160.6) |  |  | (147.4) |
Total gross to net adjustments |  |  |  |  | $ | (2,553.9) |  |  | $ | (3,020.1) |
Net sales |  |  |  |  | $ | 3,719.1 |  |  | $ | 4,178.2 |
Schedule of Accounts Receivable, Net | Such allowances were comprised of the following at March 31, 2023 and December 31, 2022, respectively:
(In millions) | March 31, 2023 |  | December 31, 2022
Accounts receivable, net | $ | 1,739.9 |  |  | $ | 1,798.7 |
Other current liabilities | 851.5 |  |  | 888.8 |
Total | $ | 2,591.4 |  |  | $ | 2,687.5 |
Accounts receivable, net was comprised of the following at March 31, 2023 and December 31, 2022, respectively:
(In millions) | March 31, 2023 |  | December 31, 2022
Trade receivables, net | $ | 3,021.9 |  |  | $ | 3,243.8 |
Other receivables | 475.6 |  |  | 570.7 |
Accounts receivable, net | $ | 3,497.5 |  |  | $ | 3,814.5 |

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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