PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE, NET, AND RESERVES FOR PRODUCT REVENUES (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Receivables, Net, Current [Abstract] |
|
| Summary of Product Revenues |
Net product revenues, which includes revenues associated with the PMO Products and ELEVIDYS, consisted of the following:
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|
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|
|
|
|
|
|
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For the Three Months Ended
June 30, |
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|
For the Six Months Ended
June 30, |
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|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
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|
|
(in thousands) |
|
PMO Products |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
198,605 |
|
|
$ |
202,922 |
|
|
$ |
387,394 |
|
|
$ |
388,750 |
|
Rest of World |
|
|
31,959 |
|
|
|
28,350 |
|
|
|
71,720 |
|
|
|
79,060 |
|
Total PMO product revenues, net |
|
$ |
230,564 |
|
|
$ |
231,272 |
|
|
$ |
459,114 |
|
|
$ |
467,810 |
|
ELEVIDYS |
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|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
98,125 |
|
|
$ |
281,851 |
|
|
$ |
200,090 |
|
|
$ |
656,836 |
|
Total ELEVIDYS product revenues, net |
|
$ |
98,125 |
|
|
$ |
281,851 |
|
|
$ |
200,090 |
|
|
$ |
656,836 |
|
Total product revenues, net |
|
$ |
328,689 |
|
|
$ |
513,123 |
|
|
$ |
659,204 |
|
|
$ |
1,124,646 |
|
|
| Schedule of Product revenue Concentration risks |
The following table summarizes the Company's net product revenues, by customer, for those customers that exceeded 10% for the periods indicated:
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|
|
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|
|
|
|
|
|
|
|
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For the Three Months Ended
June 30, |
|
|
For the Six Months Ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Product revenues, net |
|
|
|
|
|
|
|
|
|
|
|
|
Customer 1 |
|
|
35 |
% |
|
|
25 |
% |
|
|
37 |
% |
|
|
22 |
% |
Customer 2 |
|
|
22 |
% |
|
|
15 |
% |
|
|
21 |
% |
|
|
13 |
% |
|
| Summary of Change in Reserves for Discounts and Allowances |
The following tables summarize an analysis of the change in reserves for discounts and allowances for each of the periods indicated:
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|
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|
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Chargebacks |
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Rebates |
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|
Prompt Pay |
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|
Other Accruals |
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Total |
|
|
|
(in thousands) |
|
Balance, as of December 31, 2025 |
|
$ |
25,563 |
|
|
$ |
116,585 |
|
|
$ |
3,831 |
|
|
$ |
54,057 |
|
|
$ |
200,036 |
|
Provision |
|
|
48,056 |
|
|
|
78,427 |
|
|
|
7,598 |
|
|
|
42,201 |
|
|
|
176,282 |
|
Adjustments relating to prior periods |
|
|
— |
|
|
|
(4,486 |
) |
|
|
(1,429 |
) |
|
|
(21 |
) |
|
|
(5,936 |
) |
Payments/credits |
|
|
(52,925 |
) |
|
|
(72,801 |
) |
|
|
(5,994 |
) |
|
|
(53,066 |
) |
|
|
(184,786 |
) |
Balance, as of June 30, 2026 |
|
$ |
20,694 |
|
|
$ |
117,725 |
|
|
$ |
4,006 |
|
|
$ |
43,171 |
|
|
$ |
185,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chargebacks |
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|
Rebates |
|
|
Prompt Pay |
|
|
Other Accruals |
|
|
Total |
|
|
|
(in thousands) |
|
Balance, as of December 31, 2024 |
|
$ |
45,904 |
|
|
$ |
107,843 |
|
|
$ |
5,941 |
|
|
$ |
34,611 |
|
|
$ |
194,299 |
|
Provision |
|
|
131,842 |
|
|
|
109,973 |
|
|
|
10,965 |
|
|
|
45,012 |
|
|
|
297,792 |
|
Adjustments relating to prior periods |
|
|
— |
|
|
|
(9,497 |
) |
|
|
— |
|
|
|
(625 |
) |
|
|
(10,122 |
) |
Payments/credits |
|
|
(130,222 |
) |
|
|
(64,359 |
) |
|
|
(11,251 |
) |
|
|
(43,412 |
) |
|
|
(249,244 |
) |
Balance, as of June 30, 2025 |
|
$ |
47,524 |
|
|
$ |
143,960 |
|
|
$ |
5,655 |
|
|
$ |
35,586 |
|
|
$ |
232,725 |
|
|
| Summary of Total Reserves Included in Consolidated Balance Sheets |
The following table summarizes the total reserves above included in the Company’s unaudited condensed consolidated balance sheets for each of the periods indicated:
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As of
June 30, 2026 |
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|
As of
December 31, 2025 |
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|
|
(in thousands) |
|
Reduction to accounts receivable, net |
|
$ |
66,957 |
|
|
$ |
82,518 |
|
Component of accrued expenses |
|
|
118,639 |
|
|
|
117,518 |
|
Total reserves |
|
$ |
185,596 |
|
|
$ |
200,036 |
|
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