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v3.25.2

Revenue | 6 Months Ended
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Jun. 30, 2025
Revenue |
Revenue | 2. Revenue The Company launched LOQTORZI in December 2023. Net revenue for sales of UDENYCA, YUSIMRY and CIMERLI are classified within discontinued operations (refer to Note 6. Discontinued Operations). All LOQTORZI 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) |  | 2025 | ​ | 2024 | ​ | 2025 |  | 2024
LOQTORZI | ​ | $ | 9,959 | ​ | $ | 3,789 | ​ | ​ | 17,307 | ​ | ​ | 5,777
Other revenue | ​ |  | 295 | ​ |  | 6,507 | ​ |  | 546 | ​ |  | 6,827
Total net revenue | ​ | $ | 10,254 | ​ | $ | 10,296 | ​ | $ | 17,853 | ​ | $ | 12,604
​ For continuing operations, gross product revenues by significant Customers as a percentage of total gross product revenues were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended |
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2025 |  | ​ | 2024 | ​ | ​ | 2025 |  | ​ | 2024 |
McKesson Corporation |  | 44 | % | ​ | 44 | % | ​ | 45 | % | ​ | 39 | %
Cencora (previously known as AmeriSource-Bergen Corporation) |  | 39 | % | ​ | 45 | % | ​ | 37 | % | ​ | 44 | %
Cardinal Health, Inc. |  | 15 | % | ​ | 11 | % | ​ | 17 | % | ​ | 15 | %
​ Product Sales Discounts and Allowances The total provision related to sales made in the prior period was $(8.7) million and $2.8 million for the three months ended June 30, 2025 and 2024, 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 on the condensed consolidated balance sheets. In connection with the sale of the CIMERLI ophthalmology franchise, the YUSIMRY franchise and the UDENYCA franchise, the Company retained and will continue to be responsible for sales discounts and allowance liabilities incurred prior to March 1, 2024 for CIMERLI, June 26, 2024 for YUSIMRY and April 11, 2025 for UDENYCA. 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 (the “CIMERLI TSA”) with Sandoz Inc. (“Sandoz”) in March 2024 for CIMERLI, the Company’s Transition Services Agreement (the “YUSIMRY TSA”) with Hong Kong King-Friend Industrial Company Ltd. (“HKF”) in June 2024 for YUSIMRY and the Company’s Transition Services Agreement with Intas (the “UDENYCA TSA” and, together with the CIMERLI TSA and the YUSIMRY TSA, collectively the “TSA” or the “TSAs”) in April 2025 for UDENYCA are reflected within TSA receivables, net and TSA payables and accrued liabilities in the condensed consolidated balance sheets and are excluded from the below table (see Note 6. Discontinued Operations). 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, 2025
​ |  | Chargebacks |  | ​ | ​ |  | Other Fees, |  | ​ | ​
​ | ​ | and Discounts | ​ | ​ | ​ | ​ | Co-pay | ​ | ​ | ​
​ | ​ | for Prompt | ​ | ​ | ​ | ​ | Assistance | ​ | ​ | ​
(in thousands) | ​ | Payment | ​ | Rebates | ​ | and Returns | ​ | Total
Balances at December 31, 2024 | ​ | $ | 110,778 | ​ | $ | 123,738 | ​ | $ | 41,129 | ​ | $ | 275,645
Provision related to sales made in: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current period | ​ | ​ | 193,653 | ​ | ​ | 45,168 | ​ | ​ | 31,051 | ​ | ​ | 269,872
Prior period - increase (decrease) | ​ | ​ | (3,439) | ​ | ​ | (474) | ​ | ​ | (1,239) | ​ | ​ | (5,152)
Payments and customer credits issued | ​ |  | (295,912) | ​ | ​ | (91,372) | ​ | ​ | (51,187) | ​ | ​ | (438,471)
Balances at June 30, 2025 | ​ | $ | 5,080 | ​ | $ | 77,060 | ​ | $ | 19,754 | ​ | $ | 101,894
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​

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