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Revenue | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue |
Revenue | 2. Revenue The Company launched LOQTORZI in December 2023, YUSIMRY in July 2023 and CIMERLI in October 2022. Net revenue for sales of YUSIMRY and CIMERLI effectively ceased to be recognized in the Company’s condensed consolidated statements of operations on June 26, 2024 and March 1, 2024, respectively (see Note 6. Acquisition and Dispositions). All net product revenue was generated in the United States, and the Company’s net revenue was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(in thousands) |  | 2024 | ​ | 2023 | ​ | 2024 |  | 2023
Products | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
UDENYCA | ​ | $ | 50,917 | ​ | $ | 31,729 | ​ | $ | 93,584 | ​ | $ | 57,908
CIMERLI | ​ | ​ | — | ​ | ​ | 26,728 | ​ | ​ | 28,194 | ​ | ​ | 32,902
YUSIMRY | ​ | ​ | 3,766 | ​ | ​ | — | ​ | ​ | 7,660 | ​ | ​ | —
LOQTORZI | ​ | ​ | 3,789 | ​ | ​ | — | ​ | ​ | 5,777 | ​ | ​ | —
Total net product revenue | ​ | ​ | 58,472 | ​ | ​ | 58,457 | ​ | ​ | 135,215 | ​ | ​ | 90,810
Other revenue | ​ |  | 6,507 | ​ |  | 259 | ​ |  | 6,827 | ​ |  | 342
Total net revenue | ​ | $ | 64,979 | ​ | $ | 58,716 | ​ | $ | 142,042 | ​ | $ | 91,152
​ Gross product revenues by significant customer as a percentage of total gross product revenues were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended |
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2024 |  | ​ | 2023 | ​ | ​ | 2024 |  | ​ | 2023 |
McKesson Corporation |  | 38 | % | ​ | 34 | % | ​ | 40 | % | ​ | 34 | %
Cencora (previously known as AmeriSource-Bergen Corporation) |  | 41 | % | ​ | 50 | % | ​ | 41 | % | ​ | 47 | %
Cardinal Health, Inc. |  | 19 | % | ​ | 14 | % | ​ | 17 | % | ​ | 17 | %
​ Product Sales Discounts and Allowances The total provision related to sales made in the prior period was $2.8 million and $3.1 million for the three months ended June 30, 2024 and 2023, respectively. Chargebacks and discounts for prompt payment are recorded as a reduction in trade receivables, and the remaining reserve balances are classified as current liabilities and other liabilities, non-current on the accompanying unaudited condensed consolidated balance sheets. In connection with the Sale Transactions, the Company retained and will continue to be responsible for sales discounts and allowance liabilities incurred prior to March 1, 2024 for CIMERLI and June 26, 2024 for YUSIMRY. Sales discounts and allowances incurred on behalf of the respective counterparties following the close of the Sale Transactions in accordance with the Company’s Transition Services Agreement with Sandoz (the “CIMERLI TSA”) in March 2024 for CIMERLI and the Company’s Transition Services Agreement with HKF (the “YUSIMRY TSA” and, together with the CIMERLI TSA, collectively the “TSA”) in June 2024 for YUSIMRY 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 Dispositions). The activities and ending reserve balances for each significant category of discounts and allowances that constitute variable consideration were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, 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 | ​ | ​ | 486,139 | ​ | ​ | 109,615 | ​ | ​ | 80,252 | ​ | ​ | 676,006
Prior period - increase (decrease) | ​ | ​ | (816) | ​ | ​ | 6,145 | ​ | ​ | (1,263) | ​ | ​ | 4,066
Payments and customer credits issued | ​ |  | (485,633) | ​ | ​ | (105,986) | ​ | ​ | (82,240) | ​ | ​ | (673,859)
Balances at June 30, 2024 | ​ | $ | 73,643 | ​ | $ | 130,911 | ​ | $ | 46,544 | ​ | $ | 251,098
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, 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 | ​ |  | 226,074 | ​ | ​ | 45,009 | ​ | ​ | 37,936 | ​ | ​ | 309,019
Prior period - increase (decrease) | ​ | ​ | (1,380) | ​ | ​ | 1,059 | ​ | ​ | 3,830 | ​ | ​ | 3,509
Payments and customer credits issued | ​ |  | (217,014) | ​ |  | (27,332) | ​ |  | (34,118) | ​ |  | (278,464)
Balances at June 30, 2023 | ​ | $ | 50,357 | ​ | $ | 57,449 | ​ | $ | 26,761 | ​ | $ | 134,567
​

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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