XML 22 R9.htm IDEA: XBRL DOCUMENT v3.25.1
Revenue
 12 Months Ended
Dec. 31, 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 following the disposition of these two product lines 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:

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

(in thousands)

    

2024

​

2023

​

2022

Products

​

​

​

​

​

​

​

​

​

UDENYCA

​

$

205,951

​

$

127,064

​

$

203,814

CIMERLI

​

​

27,079

​

​

125,388

​

​

6,946

YUSIMRY

​

​

7,541

​

​

3,574

​

​

—

LOQTORZI

​

​

19,131

​

​

554

​

​

—

Total net product revenue

​

​

259,702

​

​

256,580

​

​

210,760

Other revenue

​

 

7,258

​

 

664

​

 

282

Total net revenue

​

$

266,960

​

$

257,244

​

$

211,042

​

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

​

​

​

​

​

​

​

​

​

​

​

​

    

Year Ended December 31,

 

​

​

2024

​

​

2023

 

​

2022

 

McKesson Corporation

 

42

%

​

40

%

​

38

%

Cencora (previously known as AmeriSource-Bergen Corporation)

 

38

%

​

43

%

​

44

%

Cardinal Health, Inc.

 

18

%

​

15

%

​

17

%

​

Product Sales Discounts and Allowances

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 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 related to shipments 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 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 sales discounts and allowances, which constitute variable consideration, are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Chargebacks

    

​

​

    

Other Fees,

    

​

​

​

​

and Discounts

​

​

​

​

Co-pay

​

​

​

​

​

for Prompt

​

​

​

​

Assistance

​

​

​

(in thousands)

​

Payment

​

Rebates

​

and Returns

​

Total

Balances at December 31, 2021

​

$

29,665

​

$

54,004

​

$

26,054

​

$

109,723

Provision related to sales made in:

​

​

​

​

​

​

​

​

​

​

​

​

Current period

​

 

436,865

​

​

68,399

​

​

73,435

​

​

578,699

Prior period - increase (decrease)

​

​

(2,090)

​

​

(1,050)

​

​

32

​

​

(3,108)

Payments and customer credits issued

​

 

(421,763)

​

​

(82,640)

​

​

(80,408)

​

 

(584,811)

Balances at December 31, 2022

​

​

42,677

​

​

38,713

​

​

19,113

​

​

100,503

Provision related to sales made in:

​

​

​

​

​

​

​

​

​

​

​

​

Current period

​

​

590,772

​

​

143,370

​

​

110,183

​

​

844,325

Prior period - increase (decrease)

​

​

(1,361)

​

​

1,424

​

​

3,744

​

​

3,807

Payments and customer credits issued

​

​

(558,135)

​

​

(62,370)

​

​

(83,245)

​

​

(703,750)

Balances at December 31, 2023

​

​

73,953

​

​

121,137

​

​

49,795

​

​

244,885

Provision related to sales made in:

​

​

​

​

​

​

​

​

​

​

​

​

Current period

​

​

912,079

​

​

189,309

​

​

145,533

​

​

1,246,921

Prior period - increase (decrease)

​

​

(990)

​

​

7,391

​

​

(2,571)

​

​

3,830

Payments and customer credits issued

​

 

(874,264)

​

​

(194,099)

​

​

(151,628)

​

​

(1,219,991)

Balances at December 31, 2024

​

$

110,778

​

$

123,738

​

$

41,129

​

$

275,645

​