v3.25.1
REVENUE RECOGNITION AND RELATED ALLOWANCES (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of revenue and revenue recognized
All revenue recognized in the accompanying unaudited condensed consolidated statements of operations is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue:
Three Months Ended March 31,
Products and Services (in thousands)20252024
Rare Disease and Brands
Cortrophin Gel$52,850 $36,937 
ILUVIEN and YUTIQ16,109 — 
Rare Disease total net revenues$68,959 $36,937 
Brands25,123 25,679 
Rare Disease and Brands total net revenues$94,082 $62,616 
Generics and Other
Generic pharmaceutical products$98,678 $70,217 
Royalties and other pharmaceutical services4,362 4,597 
Generics and Other total net revenues103,040 74,814 
Total net revenues$197,122 $137,430 
Three Months Ended March 31,
Timing of Revenue Recognition (in thousands)20252024
Performance obligations transferred at a point in time$197,122 $137,430 
Performance obligations transferred over time— — 
Total$197,122 $137,430 
Schedule of accruals and allowances
The following table summarizes activity in the unaudited condensed consolidated balance sheets for accruals and allowances for the three months ended March 31, 2025 and 2024, respectively:
Accruals for Chargebacks, Returns, and Other Allowances
(in thousands)ChargebacksGovernment
Rebates		ReturnsAdministrative
Fees and Other
Rebates		Prompt
Payment
Discounts
Balance at December 31, 2023$84,208 $12,168 $29,678 $11,412 $4,865 
Accruals/Adjustments131,097 5,952 12,521 14,811 5,635 
Credits Taken Against Reserve(137,779)(8,611)(9,346)(13,085)(5,641)
Balance at March 31, 2024 (1)$77,526 $9,509 $32,853 $13,138 $4,859 
Balance at December 31, 2024$105,630 $18,714 $39,274 $19,588 $6,258 
Accruals/Adjustments161,858 13,449 9,907 20,567 8,305 
Credits Taken Against Reserve(151,817)(9,519)(6,717)(18,368)(7,829)
Balance at March 31, 2025 (1)$115,671 $22,644 $42,464 $21,787 $6,734 
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(1)Chargebacks are included as an offset to accounts receivable, net of chargebacks and other allowances in the unaudited condensed consolidated balance sheets. Administrative Fees and Other Rebates and Prompt Payment Discounts are included as a reduction to accounts receivable, net of chargebacks and other allowances or accrued expenses and other in the unaudited condensed consolidated balance sheets. Returns are included in returned goods reserve in the unaudited condensed consolidated balance sheets. Government Rebates are included in accrued government rebates in the unaudited condensed consolidated balance sheets.
Schedule of customer concentration
The four customers represent the total percentage of net revenues as follows:
Three Months Ended March 31,
20252024
Customer 125 %34 %
Customer 211 %13 %
Customer 312 %10 %
Customer 416 %13 %