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Revenue
 9 Months Ended
Sep. 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:

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​

​

​

​

​

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​

​

​

​

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Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

(in thousands)

    

2025

​

2024

​

2025

    

2024

LOQTORZI

​

$

11,169

​

$

5,832

​

$

28,476

​

$

11,609

Other revenue

​

 

402

​

 

220

​

 

948

​

 

7,047

Total net revenue

​

$

11,571

​

$

6,052

​

$

29,424

​

$

18,656

​

For continuing operations, gross product revenues by significant Customers as a percentage of total gross product revenues were as follows:

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​

​

​

​

​

​

​

​

​

​

​

​

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Three Months Ended

​

Nine Months Ended

 

​

​

September 30, 

​

September 30, 

​

​

​

2025

 

​

2024

​

​

2025

 

​

2024

 

McKesson Corporation

 

44

%

​

48

%

​

44

%

​

43

%

Cencora (previously known as AmeriSource-Bergen Corporation)

 

31

%

​

40

%

​

35

%

​

42

%

Cardinal Health, Inc.

 

23

%

​

12

%

​

19

%

​

14

%

​

Product Sales Discounts and Allowances

The total provision related to sales made in the prior years for the three months ended September 30, 2025 was $(8.7) million favorable and was substantially all reflected in net income from discontinued operations (see Note 6. Discontinued Operations). The total provision related to sales made in the prior years for the three months ended September 30, 2024, was $0.3 million unfavorable. 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”) for CIMERLI, the Company’s Transition Services Agreement (the “YUSIMRY TSA”) with Hong Kong King-Friend Industrial Company Ltd. (“HKF”) 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”) 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:

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​

​

​

​

​

Nine Months Ended September 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 year

​

​

194,158

​

​

45,607

​

​

31,837

​

​

271,602

Prior years - increase (decrease)

​

​

(3,439)

​

​

(8,908)

​

​

(1,530)

​

​

(13,877)

Payments and customer credits issued

​

 

(298,681)

​

​

(106,627)

​

​

(58,236)

​

​

(463,544)

Balances at September 30, 2025

​

$

2,816

​

$

53,810

​

$

13,200

​

$

69,826

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 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 year

​

 

727,028

​

​

150,820

​

​

117,299

​

​

995,147

Prior years - increase (decrease)

​

​

(969)

​

​

6,343

​

​

(1,010)

​

​

4,364

Payments and customer credits issued

​

 

(747,070)

​

 

(159,737)

​

 

(121,332)

​

 

(1,028,139)

Balances at September 30, 2024

​

$

52,942

​

$

118,563

​

$

44,752

​

$

216,257

​