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PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE, NET, AND RESERVES FOR PRODUCT REVENUES (Tables) | 6 Months Ended
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Jun. 30, 2024
Receivables, Net, Current [Abstract] |
Summary of Product Revenues | Net product revenues, which includes revenues associated with the PMO Products and ELEVIDYS, consisted of the following:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
PMO Products |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 204,248 |  |  | $ | 203,895 |  |  | $ | 393,915 |  |  | $ | 404,346 |
Rest of World |  |  | 34,579 |  |  |  | 35,093 |  |  |  | 70,460 |  |  |  | 66,137 |
Total PMO product revenues, net |  | $ | 238,827 |  |  | $ | 238,988 |  |  | $ | 464,375 |  |  | $ | 470,483 |
ELEVIDYS |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 121,721 |  |  |  | — |  |  |  | 255,657 |  |  |  | — |
Total ELEVIDYS product revenue, net |  | $ | 121,721 |  |  | $ | — |  |  | $ | 255,657 |  |  | $ | — |
Total product revenues, net |  | $ | 360,548 |  |  | $ | 238,988 |  |  | $ | 720,032 |  |  | $ | 470,483 |
Schedule of Product revenue Concentration risks | The following table summarizes the Company's net product revenues, by customer, for those customers that exceeded 10% for the periods indicated:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Product revenues, net |  |  |  |  |  |  |  |  |  |  |  |
Customer 1 |  |  | 35 | % |  |  | 47 | % |  |  | 35 | % |  |  | 48 | %
Customer 2 |  |  | 21 | % |  |  | 33 | % |  |  | 20 | % |  |  | 32 | %
Summary of Change in Reserves for Discounts and Allowances | 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, 2023 |  | $ | 27,486 |  |  | $ | 98,194 |  |  | $ | 3,831 |  |  | $ | 35,261 |  |  | $ | 164,772 |
Provision |  |  | 41,935 |  |  |  | 72,684 |  |  |  | 8,585 |  |  |  | 35,527 |  |  |  | 158,731 |
Adjustments relating to prior periods |  |  | 783 |  |  |  | (5,171 | ) |  |  | — |  |  |  | (88 | ) |  |  | (4,476 | )
Payments/credits |  |  | (54,393 | ) |  |  | (62,647 | ) |  |  | (8,462 | ) |  |  | (33,210 | ) |  |  | (158,712 | )
Balance, as of June 30, 2024 |  | $ | 15,811 |  |  | $ | 103,060 |  |  | $ | 3,954 |  |  | $ | 37,490 |  |  | $ | 160,315 |
|  | Chargebacks |  |  | Rebates |  |  | Prompt Pay |  |  | Other Accruals |  |  | Total |
|  | (in thousands) |
Balance, as of December 31, 2022 |  | $ | 417 |  |  | $ | 67,493 |  |  | $ | 3,343 |  |  | $ | 23,445 |  |  | $ | 94,698 |
Provision |  |  | 6,287 |  |  |  | 60,824 |  |  |  | 7,228 |  |  |  | 32,220 |  |  |  | 106,559 |
Adjustments relating to prior periods |  |  | — |  |  |  | (3,437 | ) |  |  | — |  |  |  | — |  |  |  | (3,437 | )
Payments/credits |  |  | (6,434 | ) |  |  | (45,592 | ) |  |  | (6,976 | ) |  |  | (24,820 | ) |  |  | (83,822 | )
Balance, as of June 30, 2023 |  | $ | 270 |  |  | $ | 79,288 |  |  | $ | 3,595 |  |  | $ | 30,845 |  |  | $ | 113,998 |
Summary of Total Reserves Included in Consolidated Balance Sheets | The following table summarizes the total reserves above included in the Company’s unaudited condensed consolidated balance sheets for each of the periods indicated:
|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
|  | (in thousands) |
Reduction to accounts receivable |  | $ | 55,663 |  |  | $ | 64,697 |
Component of accrued expenses |  |  | 104,652 |  |  |  | 100,075 |
Total reserves |  | $ | 160,315 |  |  | $ | 164,772 |

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