REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION

3 Months Ended

Mar. 31, 2023

Concentration Risk And Geographic Information [Abstract]

REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION

The Company operates in one business segment, which primarily focuses on the development and commercialization of innovative therapies for people with serious and life-threatening rare diseases and medical conditions.

The following table disaggregates total Net Product Revenues by product.


	Three Months Ended March 31,
		2023		2022
Enzyme product revenues:
VIMIZIM		$	189,192	$	183,059
NAGLAZYME		123,021		128,031
PALYNZIQ		62,352		54,885
BRINEURA		39,144		36,173

ALDURAZYME		34,403		24,382
Total enzyme product revenues		448,112		426,530

VOXZOGO		87,836		19,658
KUVAN		50,478		59,337
Total net product revenues		586,426		505,525
Royalty and other revenues		9,989		13,834
Total revenues		$	596,415	$	519,359

The Company considers there to be revenue concentration risks for regions where Net Product Revenues exceed 10% of consolidated Net Product Revenues. The concentration of the Company’s Net Product Revenues within the regions below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective regions experience difficulties. The table below disaggregates total Net Product Revenues by geographic region, which is based on patient location for Company's commercial products sold directly by the Company, except for ALDURAZYME, which is marketed and sold exclusively by Sanofi worldwide.


	Three Months Ended March 31,
		2023		2022
United States		$	166,784	$	150,815
Europe		160,692		156,832
Middle East		91,642		65,607
Latin America		67,748		62,544
Rest of world		65,157		45,345
Total net product revenues marketed by the Company		$	552,023	$	481,143
ALDURAZYME net product revenues marketed by Sanofi		34,403		24,382
Total net product revenues		$	586,426	$	505,525

The following table illustrates the percentage of the Company’s total Net Product Revenues attributed to the Company’s largest customers for the periods presented.


	Three Months Ended March 31,
		2023		2022
Customer A		14	%	17	%
Customer B		10	%	11	%


Total		24	%	28	%

On a consolidated basis, two customers accounted for 17% and 11% of the Company’s March 31, 2023 accounts receivable balance, respectively, compared to December 31, 2022, when two customers accounted for 22% and 15% of the accounts receivable balance, respectively. As of March 31, 2023, and December 31, 2022, the accounts receivable balance for Sanofi included $68.7 million and $68.8 million, respectively, of unbilled accounts receivable, which becomes payable to the Company when the product is sold through by Sanofi. The Company does not require collateral from its customers, but does perform periodic credit evaluations of its customers’ financial condition and requires prepayments in certain circumstances.

The Company is mindful that conditions in the current macroeconomic environment, such as inflation, changes in interest and foreign currency exchange rates, banking crises, natural disasters, the continuing effects of the COVID-19 pandemic, and supply chain disruptions, could affect the Company’s ability to achieve its goals. In addition, the Company sells its products in countries that face economic volatility and weakness. Although the Company has historically collected receivables from customers in certain countries, sustained weakness or further deterioration of the local economies and currencies may cause customers in those countries to delay payment or be unable to pay for the Company’s products. The Company believes that the allowances for doubtful accounts related to these countries, if any, are adequate based on its analysis of the specific business circumstances and expectations of collection for each of the underlying accounts in these countries. The Company will continue to monitor these conditions and will attempt to adjust its business processes, as appropriate, to mitigate macroeconomic risks to its business.