Revenue from Contracts with Customers (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Schedule of Provisions for Sales and Allowances |
A rollforward of the Company’s provisions for sales discounts and allowances is as follows:
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March 31, 2026 |
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(In thousands) |
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Contractual Adjustments(2) |
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Discounts(3) |
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Product Returns |
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Other |
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Total |
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Beginning balance — December 31, 2025 |
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$ |
211,440 |
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$ |
41,327 |
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$ |
55,455 |
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$ |
7,813 |
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$ |
316,035 |
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Avadel beginning balance as of February 12, 2026 (1) |
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1,475 |
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2,642 |
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|
724 |
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24,180 |
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29,021 |
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Current provisions relating to sales in current year |
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146,144 |
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111,269 |
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6,518 |
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39,093 |
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303,024 |
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Adjustments relating to prior years |
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(8,772 |
) |
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(5,347 |
) |
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(674 |
) |
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286 |
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(14,507 |
) |
Payments relating to sales in current year |
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(11,666 |
) |
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(100,040 |
) |
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— |
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(27,272 |
) |
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(138,978 |
) |
Payments relating to sales in prior years |
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(124,102 |
) |
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(14,947 |
) |
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(3,197 |
) |
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(12,743 |
) |
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(154,989 |
) |
Ending balance — March 31, 2026 |
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$ |
214,519 |
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$ |
34,904 |
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$ |
58,826 |
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$ |
31,357 |
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$ |
339,606 |
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(1)Amounts consist of beginning balance as of the Closing Date. (2)“Contractual Adjustments” include “Medicaid Rebates” and “Medicare Part D” accruals. (3)“Discounts” include “Chargebacks” and “Product Discounts.”
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| Schedule of Revenue Related Reserves Included in Consolidated Balance Sheets |
Total revenue-related reserves as of March 31, 2026 and December 31, 2025 included in the accompanying consolidated balance sheets are summarized as follows:
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March 31, |
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December 31, |
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(In thousands) |
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2026 |
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2025 |
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Reduction of accounts receivable |
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$ |
16,249 |
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$ |
21,049 |
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Components of accrued sales discounts, allowances and reserves |
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272,843 |
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247,126 |
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Components of other long-term liabilities |
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50,514 |
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47,860 |
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Total revenue-related reserves |
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$ |
339,606 |
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$ |
316,035 |
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| Product sales, net |
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| Schedule of Disaggregation of Revenues |
During the three months ended March 31, 2026 and 2025, the Company recorded product sales, net, as follows:
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Three Months Ended March 31, |
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(In thousands) |
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2026 |
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2025 |
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VIVITROL |
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$ |
112,434 |
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$ |
100,996 |
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ARISTADA and ARISTADA INITIO |
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93,824 |
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73,475 |
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LYBALVI |
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92,364 |
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70,022 |
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LUMRYZ |
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39,492 |
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— |
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Total product sales, net |
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$ |
338,114 |
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$ |
244,493 |
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| Manufacturing and royalty revenues |
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| Schedule of Disaggregation of Revenues |
During the three months ended March 31, 2026 and 2025, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:
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Three Months Ended March 31, 2026 |
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(In thousands) |
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Manufacturing
Revenue |
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Royalty
Revenue |
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Total |
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Long-acting INVEGA products(1) |
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$ |
— |
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$ |
17,995 |
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$ |
17,995 |
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VUMERITY |
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— |
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27,349 |
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27,349 |
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Other |
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4,068 |
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5,385 |
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9,453 |
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$ |
4,068 |
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$ |
50,729 |
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$ |
54,797 |
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Three Months Ended March 31, 2025 |
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(In thousands) |
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Manufacturing
Revenue |
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Royalty
Revenue |
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Total |
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Long-acting INVEGA products(1) |
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$ |
— |
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$ |
17,745 |
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$ |
17,745 |
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VUMERITY |
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5,975 |
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21,858 |
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27,833 |
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Other |
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11,352 |
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5,087 |
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16,439 |
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$ |
17,327 |
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$ |
44,690 |
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$ |
62,017 |
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(1)“long-acting INVEGA products”: INVEGA SUSTENNA/XEPLION (paliperidone palmitate), INVEGA TRINZA/TREVICTA (paliperidone palmitate) and INVEGA HAFYERA/BYANNLI (paliperidone palmitate). The Company’s royalty on net sales of INVEGA SUSTENNA in the U.S. expired in August 2024.
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