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Revenue from Contracts with Customers | 6 Months Ended
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Jun. 30, 2021
Revenue From Contract With Customer [Abstract] |
Revenue from Contracts with Customers | 3. REVENUE FROM CONTRACTS WITH CUSTOMERS Under FASB Accounting Standards Codification 606, Revenue from Contracts with Customers (“Topic 606”), the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company recognizes revenues following the five-step model prescribed under Topic 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract(s); and (v) recognize revenues when (or as) the Company satisfies the performance obligation(s). Product Sales, Net The Company’s product sales, net consist of sales of VIVITROL and ARISTADA (together with ARISTADA INITIO) in the U.S., primarily to wholesalers, specialty distributors and specialty pharmacies. Product sales, net are recognized when the customer obtains control of the product, which is when the product has been received by the customer. During the three and six months ended June 30, 2021 and 2020, the Company recorded product sales, net, as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
VIVITROL |  | $ | 88,417 |  |  | $ | 71,646 |  |  | $ | 162,951 |  |  | $ | 150,415 |
ARISTADA and ARISTADA INITIO |  |  | 72,391 |  |  |  | 58,769 |  |  |  | 127,820 |  |  |  | 109,726 |
Total product sales, net |  | $ | 160,808 |  |  | $ | 130,415 |  |  | $ | 290,771 |  |  | $ | 260,141 |
Manufacturing and Royalty Revenues During the three and six months ended June 30, 2021 and 2020, the Company recorded manufacturing and royalty revenues as follows:
|  | Three Months Ended June 30, 2021 |  |  | Six Months Ended June 30, 2021 |
(In thousands) |  | Manufacturing Revenue |  |  | Royalty Revenue |  |  | Total |  |  | Manufacturing Revenue |  |  | Royalty Revenue |  |  | Total |
INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA |  | $ | — |  |  | $ | 81,072 |  |  | $ | 81,072 |  |  | $ | — |  |  | $ | 142,642 |  |  | $ | 142,642 |
VUMERITY |  |  | 6,724 |  |  |  | 13,624 |  |  |  | 20,348 |  |  |  | 9,172 |  |  |  | 24,616 |  |  |  | 33,788 |
RISPERDAL CONSTA |  |  | 12,003 |  |  |  | 2,448 |  |  |  | 14,451 |  |  |  | 22,686 |  |  |  | 5,927 |  |  |  | 28,613 |
AMPYRA/FAMPYRA |  |  | 7,549 |  |  |  | 5,767 |  |  |  | 13,316 |  |  |  | 15,627 |  |  |  | 12,361 |  |  |  | 27,988 |
Other |  |  | 3,017 |  |  |  | 10,090 |  |  |  | 13,107 |  |  |  | 6,893 |  |  |  | 22,217 |  |  |  | 29,110 |
|  | $ | 29,293 |  |  | $ | 113,001 |  |  | $ | 142,294 |  |  | $ | 54,378 |  |  | $ | 207,763 |  |  | $ | 262,141 |
|  | Three Months Ended June 30, 2020 |  |  | Six Months Ended June 30, 2020 |
(In thousands) |  | Manufacturing Revenue |  |  | Royalty Revenue |  |  | Total |  |  | Manufacturing Revenue |  |  | Royalty Revenue |  |  | Total |
INVEGA SUSTENNA/XEPLION & INVEGA TRINZA/TREVICTA |  | $ | — |  |  | $ | 69,385 |  |  | $ | 69,385 |  |  | $ | — |  |  | $ | 124,312 |  |  | $ | 124,312 |
VUMERITY |  |  | 1,305 |  |  |  | 1,289 |  |  |  | 2,594 |  |  |  | 2,632 |  |  |  | 1,654 |  |  |  | 4,286 |
RISPERDAL CONSTA |  |  | 10,193 |  |  |  | 3,536 |  |  |  | 13,729 |  |  |  | 33,776 |  |  |  | 7,269 |  |  |  | 41,045 |
AMPYRA/FAMPYRA |  |  | 7,154 |  |  |  | 5,354 |  |  |  | 12,508 |  |  |  | 14,976 |  |  |  | 12,501 |  |  |  | 27,477 |
Other |  |  | 6,689 |  |  |  | 11,600 |  |  |  | 18,289 |  |  |  | 14,168 |  |  |  | 21,468 |  |  |  | 35,636 |
|  | $ | 25,341 |  |  | $ | 91,164 |  |  | $ | 116,505 |  |  | $ | 65,552 |  |  | $ | 167,204 |  |  | $ | 232,756 |
Contract assets include unbilled amounts under certain of the Company’s contracts with customers where revenue is recognized over time. Total contract assets at June 30, 2021 included $8.8 million of assets that were classified as “Current assets” in the accompanying condensed consolidated balance sheets, as they related to manufacturing processes that are completed in ten days to eight weeks, and $5.0 million that was classified as “Other assets” in the accompanying condensed consolidated balance sheets, as it consisted of consideration from the Company’s collaboration with Biogen related to VUMERITY, which the Company expects to receive within the next two years. Total contract assets at June 30, 2021 were as follows:
(In thousands) |  | Contract Assets |
Contract assets at December 31, 2020 |  | $ | 19,401 |
Additions |  |  | 18,152 |
Transferred to receivables, net |  |  | (23,760 | )
Contract assets at June 30, 2021 |  | $ | 13,793 |
Contract Liabilities Contract liabilities consist of contractual obligations related to deferred revenue. Total contract liabilities at June 30, 2021 were as follows:
(In thousands) |  | Contract Liabilities |
Contract liabilities at December 31, 2020 |  | $ | 23,909 |
Additions |  |  | — |
Amounts recognized into revenue |  |  | (3,108 | )
Contract liabilities at June 30, 2021 |  | $ | 20,801 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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