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Revenue
 3 Months Ended
Mar. 31, 2024
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 in October 2022. Net revenue for sales of CIMERLI effectively ceased to be recognized in the Company’s statements of operations on March 1, 2024. All net product revenue was generated in the United States, and the Company’s net revenue was as follows:

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​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

March 31, 

(in thousands)

    

2024

​

2023

Products

​

​

​

​

​

​

UDENYCA

​

$

42,667

​

$

26,179

CIMERLI

​

​

28,194

​

​

6,174

YUSIMRY

​

​

3,894

​

​

—

LOQTORZI

​

​

1,988

​

​

—

Total net product revenue

​

​

76,743

​

​

32,353

Other

​

 

320

​

 

83

Total net revenue

​

$

77,063

​

$

32,436

​

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

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​

​

​

​

​

Three Months Ended

 

​

March 31, 

​

​

2024

 

​

2023

 

McKesson Corporation

42

%

​

35

%

Cencora (previously known as AmeriSource-Bergen Corporation)

42

%

​

43

%

Cardinal Health, Inc.

14

%

​

21

%

​

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 unaudited condensed consolidated balance sheets. In connection with the Sale Transaction, the Company retained and will continue to be responsible for sales discounts and allowance liabilities incurred prior to March 1, 2024. Sales discounts and allowances incurred on behalf of the TSA in March 2024 are reflected within TSA receivables, net and TSA payables and other accrued liabilities in the unaudited condensed consolidated balance sheets and are excluded from the below table (see Note 6. Acquisition and Disposition). The

activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows:

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​

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Three Months Ended March 31, 2024

​

    

Chargebacks

    

​

​

    

Other Fees,

    

​

​

​

​

and Discounts

​

​

​

​

Co-pay

​

​

​

​

​

for Prompt

​

​

​

​

Assistance

​

​

​

(in thousands)

​

Payment

​

Rebates

​

and Returns

​

Total

Balances at December 31, 2023

​

$

73,953

​

$

121,137

​

$

49,795

​

$

244,885

Provision related to sales made in:

​

​

​

​

​

​

​

​

​

​

​

​

Current period

​

​

223,619

​

​

56,432

​

​

42,359

​

​

322,410

Prior period - increase (decrease)

​

​

(504)

​

​

1,399

​

​

410

​

​

1,305

Payments and customer credits issued

​

 

(228,278)

​

​

(74,958)

​

​

(40,799)

​

​

(344,035)

Balances at March 31, 2024

​

$

68,790

​

$

104,010

​

$

51,765

​

$

224,565

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2023

​

    

Chargebacks

    

​

​

    

Other Fees,

    

​

​

​

​

and Discounts

​

​

​

​

Co-pay

​

​

​

​

​

for Prompt

​

​

​

​

Assistance

​

​

​

(in thousands)

​

Payment

​

Rebates

​

and Returns

​

Total

Balances at December 31, 2022

​

$

42,677

​

$

38,713

​

$

19,113

​

$

100,503

Provision related to sales made in:

​

​

​

​

​

​

​

​

​

​

​

​

Current period

​

 

93,906

​

​

13,000

​

​

14,603

​

​

121,509

Prior period - increase (decrease)

​

​

(738)

​

​

(701)

​

​

1,829

​

​

390

Payments and customer credits issued

​

 

(101,108)

​

 

(14,243)

​

 

(16,617)

​

 

(131,968)

Balances at March 31, 2023

​

$

34,737

​

$

36,769

​

$

18,928

​

$

90,434

​

​