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Revenue
 12 Months Ended
Dec. 31, 2023
Revenue  
Revenue

2.Revenue

The Company launched LOQTORZI and YUSIMRY in the United States in December and July 2023, respectively, and initiated sales of CIMERLI on October 3, 2022. All net product revenue was generated in the United States, and the Company’s net revenue was as follows:

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Year Ended December 31, 

(in thousands)

    

2023

​

2022

​

2021

Products

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​

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​

​

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​

UDENYCA

​

$

127,064

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$

203,814

​

$

326,509

CIMERLI

​

​

125,388

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​

6,946

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​

—

YUSIMRY

​

​

3,574

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​

—

​

​

—

LOQTORZI

​

​

554

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​

—

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​

—

Total net product revenue

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​

256,580

​

​

210,760

​

​

326,509

Other

​

 

664

​

 

282

​

 

42

Total net revenue

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$

257,244

​

$

211,042

​

$

326,551

​

Gross product revenues by significant customer as a percentage of total gross product revenues were as follows:

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Year Ended December 31,

 

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2023

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​

2022

 

​

2021

 

McKesson Corporation

40

%

​

38

%

​

39

%

Cencora (previously known as AmeriSource-Bergen Corporation)

43

%

​

44

%

​

39

%

Cardinal Health, Inc.

15

%

​

17

%

​

20

%

​

Product Sales Discounts and Allowances

Provisions that reduce net revenue include chargebacks and discounts for prompt payment, which are recorded as a reduction in trade receivables, and rebates, other fees, co-pay assistance and returns, which are recorded as current liabilities and other liabilities, non-current in the accompanying consolidated balance sheets. The activities and ending reserve balances for each significant category of sales discounts and allowances, which constitute variable consideration, are as follows:

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Chargebacks

    

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Other Fees,

    

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and Discounts

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Co-pay

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for Prompt

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Assistance

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(in thousands)

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Payment

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Rebates

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and Returns

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Total

Balances at December 31, 2020

​

$

40,580

​

$

54,058

​

$

28,760

​

$

123,398

Provision related to sales made in:

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​

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​

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Current period

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470,791

​

​

113,705

​

​

94,703

​

​

679,199

Prior period - increase (decrease)

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​

(2,876)

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​

(4,976)

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​

(3,555)

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​

(11,407)

Payments and customer credits issued

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(478,830)

​

 

(108,783)

​

 

(93,854)

​

 

(681,467)

Balances at December 31, 2021

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​

29,665

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​

54,004

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​

26,054

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​

109,723

Provision related to sales made in:

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Current period

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​

436,865

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​

68,399

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​

73,435

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​

578,699

Prior period - increase (decrease)

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(2,090)

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​

(1,050)

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​

32

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​

(3,108)

Payments and customer credits issued

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​

(421,763)

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​

(82,640)

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​

(80,408)

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​

(584,811)

Balances at December 31, 2022

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​

42,677

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​

38,713

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​

19,113

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​

100,503

Provision related to sales made in:

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​

Current period

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​

590,772

​

​

143,370

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​

110,183

​

​

844,325

Prior period - increase (decrease)

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​

(1,361)

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​

1,424

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​

3,744

​

​

3,807

Payments and customer credits issued

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(558,135)

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​

(62,370)

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​

(83,245)

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​

(703,750)

Balances at December 31, 2023

​

$

73,953

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$

121,137

​

$

49,795

​

$

244,885

​