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| Sales | 17. Sales The Company's revenue is mainly generated from vaccine sales, and the revenues by market type are as follows:
Sales from Chinese Mainland Public Market and Chinese Mainland Private Market is mainly generated from Centers for Disease Control ("CDCs") vaccine procurement in China, while export market revenue is mainly generated from sales to the global vaccine alliance and national procurement agency. Net product sales are recognized net of provisions for sales returns. As of December 31, 2025, sales return accrued liabilities of the Company's vaccine products were $37,317 (2024 - $35,095). For the years ended December 31, 2025, 2024 and 2023, the Company recorded $31,575, $28,841 and $61,721 of provisions for sales returns as reductions to gross product sales related to variable consideration, respectively. During the years ended December 31, 2025 and 2024, changes in the Company's current deferred revenue were as follows:
During the year ended December 31, 2024, deduction from current deferred revenue resulted from the recognition of advances received from customers as revenue in the amount of $2,623, and from refunds of advances to customers due to sales return in the amount of $18,398. During the year ended December 31, 2025, deduction from current deferred revenue resulted from the recognition of advances received from customers as revenue in the amount of $3,910, and from refunds of advances to customers due to sales return in the amount of $2,306. During the year ended December 31, 2025 and 2024, additions are mainly due to new advances from Chinese Mainland Public Market and export markets. |
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