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Revenue Recognition and Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022, respectively:

(In millions)			Three Months Ended June 30, 2023
Product Category			Developed Markets						Greater China						JANZ						Emerging Markets						Total
Brands			$	1,300.2					$	530.5					$	207.4					$	406.6					$	2,444.7
Complex Gx			132.7						—						6.5						—						139.2
Generics			920.9						1.6						161.6						241.5						1,325.6
Total			$	2,353.8					$	532.1					$	375.5					$	648.1					$	3,909.5

(In millions)			Six Months Ended June 30, 2023
Product Category			Developed Markets						Greater China						JANZ						Emerging Markets						Total
Brands			$	2,532.2					$	1,092.9					$	397.7					$	842.2					$	4,865.0
Complex Gx			262.6						—						12.6						0.1						275.3
Generics			1,729.4						3.8						307.4						447.7						2,488.3
Total			$	4,524.2					$	1,096.7					$	717.7					$	1,290.0					$	7,628.6

(In millions)			Three Months Ended June 30, 2022
Product Category			Developed Markets						Greater China						JANZ						Emerging Markets						Total
Brands			$	1,305.4					$	546.3					$	243.1					$	388.3					$	2,483.1
Complex Gx and Biosimilars			327.0						0.3						12.1						15.4						354.8
Generics			846.7						1.7						171.9						247.2						1,267.5
Total			$	2,479.1					$	548.3					$	427.1					$	650.9					$	4,105.4

(In millions)			Six Months Ended June 30, 2022
Product Category			Developed Markets						Greater China						JANZ						Emerging Markets						Total
Brands			$	2,604.1					$	1,116.0					$	492.1					$	825.0					$	5,037.2
Complex Gx and Biosimilars			691.1						0.3						22.4						31.8						745.6
Generics			1,660.0						5.1						336.4						499.3						2,500.8
Total			$	4,955.2					$	1,121.4					$	850.9					$	1,356.1					$	8,283.6

____________

(a)Amounts for the three and six months ended June 30, 2023 include the unfavorable impact of foreign currency translations compared to the prior year period.

(b)Amounts for the three and six months ended June 30, 2022 include $161.8 million and $326.6 million, respectively, 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 and six months ended June 30, 2023 and 2022:

						Three months ended June 30,												Six months ended June 30,
(In millions)						2023						2022						2023						2022
Select Key Global Products
Lipitor ®						$	380.0					$	405.6					$	797.9					$	845.7
Norvasc ®						182.4						203.0						385.1						410.8
Lyrica ®						137.1						155.8						281.4						327.4
EpiPen® Auto-Injectors						127.5						106.5						223.3						195.3
Viagra ®						111.0						115.1						226.0						244.9
Celebrex ®						82.0						85.9						170.8						171.2
Creon ®						74.1						75.4						146.8						150.1
Effexor ®						64.8						73.7						129.4						151.2
Zoloft ®						54.5						62.5						111.0						135.6
Xalabrands						50.4						42.7						97.1						95.7
Select Key Segment Products
Dymista ®						$	57.7					$	55.5					$	110.9					$	99.4
Yupelri ®						55.0						49.1						102.0						92.7
Xanax ®						51.8						37.2						91.5						77.2
Amitiza ®						41.5						44.1						78.1						85.9

____________

(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 and six months ended June 30, 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 and six months ended June 30, 2023 and 2022, respectively:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(In millions)			2023						2022						2023						2022
Gross sales			$	6,519.0					$	7,008.7					$	12,792.0					$	14,207.0
Gross to net adjustments:
Chargebacks			(1,374.2)						(1,594.2)						(2,724.9)						(3,178.4)
Rebates, promotional programs and other sales allowances			(961.0)						(1,075.3)						(1,953.2)						(2,281.2)
Returns			(68.3)						(82.7)						(118.7)						(165.3)
Governmental rebate programs			(206.0)						(151.1)						(366.6)						(298.5)
Total gross to net adjustments			$	(2,609.5)					$	(2,903.3)					$	(5,163.4)					$	(5,923.4)
Net sales			$	3,909.5					$	4,105.4					$	7,628.6					$	8,283.6

____________

Schedule of Accounts Receivable, Net

Such allowances were comprised of the following at June 30, 2023 and December 31, 2022, respectively:

(In millions)			June 30, 2023						December 31, 2022
Accounts receivable, net			$	1,575.5					$	1,798.7
Other current liabilities			880.2						888.8
Total			$	2,455.7					$	2,687.5

Accounts receivable, net was comprised of the following at June 30, 2023 and December 31, 2022, respectively:

(In millions)			June 30, 2023						December 31, 2022
Trade receivables, net			$	3,123.7					$	3,243.8
Other receivables			483.6						570.7
Accounts receivable, net			$	3,607.3					$	3,814.5

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

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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

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