v3.26.1
REVENUE RECOGNITION AND RELATED ALLOWANCES (Tables)
 3 Months Ended
Mar. 31, 2026
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)20262025
Rare Disease and Brands
Cortrophin Gel$75,119 $52,850 
ILUVIEN and YUTIQ (1)
19,255 16,109 
Rare Disease total net revenues$94,374 $68,959 
Brands12,328 25,123 
Brand royalties and other revenues 21,540 — 
Rare Disease and Brands total net revenues$128,242 $94,082 
Generics and Other
Generic pharmaceutical products$105,402 $98,678 
Other generic revenues 3,818 4,362 
Generics and Other total net revenues109,220 103,040 
Total net revenues$237,462 $197,122 
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(1)There were no sales of YUTIQ in Q1 2026 as the Company transitioned promotional efforts in the U.S. from YUTIQ to ILUVIEN, which has a combined label of DME and NIU-PS during the second quarter of 2025.
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, 2026 and 2025, respectively:
Accruals for Chargebacks, Returns, and Other Allowances
(in thousands)ChargebacksAccrued Government
Rebates		Returned Goods ReserveAdministrative
Fees and Other
Rebates		Prompt
Payment
Discounts
Balance at December 31, 2024$105,630 $18,714 $39,274 $19,588 $6,258 
Accruals161,858 13,449 9,907 20,567 8,305 
Credits/Payments(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 
Balance at December 31, 2025$143,452 $43,154 $49,504 $28,913 $8,633 
Accruals179,004 15,964 10,037 21,243 8,946 
Credits/Payments (219,548)(20,701)(16,489)(23,623)(10,331)
Balance at March 31, 2026 (1)$102,908 $38,417 $43,052 $26,533 $7,248 
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(1)Accounts receivable, net in the unaudited condensed consolidated balance sheets at March 31, 2026 includes $102.9 million of Chargebacks, $18.8 million of Administrative Fees and Other Rebates and $7.2 million of Prompt Payment Discounts. Administrative Fees and Other Rebates of $7.7 million is included in accrued expenses and other in the unaudited condensed consolidated balance sheets.
Schedule of customer concentration
The four customers that accounted for 10% or more of net revenues during the three months ended March 31, 2026 and the four customers that accounted for 10% or more of net revenues during the three months ended March 31, 2025 each represent the total percentage of net revenues as follows:
Three Months Ended March 31,
20262025
Customer 117 %25 %
Customer 210 %11 %
Customer 316 %12 %
Customer 418 %16 %