v3.26.1
REVENUE RECOGNITION AND RELATED ALLOWANCES (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
Products and Services (in thousands)2026202520262025
Rare Disease and Brands
Cortrophin Gel$117,126 $81,647 $192,245 $134,497 
ILUVIEN and YUTIQ (1)
18,718 22,316 37,973 38,425 
Rare Disease total net revenues$135,844 $103,963 $230,218 $172,922 
Brands11,813 13,195 24,141 38,318 
Brand royalties and other revenues 17,731 — 39,271 $— 
Rare Disease and Brands total net revenues$165,388 $117,158 $293,630 $211,240 
Generics and Other
Generic pharmaceutical products$99,051 $90,297 $204,453 $188,975 
Other generic revenues 1,605 3,916 5,423 8,278 
Generics and Other total net revenues100,656 94,213 209,876 197,253 
Total net revenues$266,044 $211,371 $503,506 $408,493 
____________________________________________
(1)There were no sales of YUTIQ during the quarters ended March 31, 2026 and June 30, 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 as of 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 six months ended June 30, 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 
Accruals330,581 32,910 22,737 40,730 17,134 
Credits/Payments(337,311)(18,758)(13,328)(38,902)(17,090)
Balance at June 30, 2025$98,900 $32,866 $48,683 $21,416 $6,302 
Balance at December 31, 2025$143,452 $43,154 $49,504 $28,913 $8,633 
Accruals360,498 37,148 18,892 46,410 18,760 
Credits/Payments (409,412)(38,910)(24,383)(46,770)(20,224)
Balance at June 30, 2026 (1)$94,538 $41,392 $44,013 $28,553 $7,169 
_____________________________________________
(1)Accounts receivable, net in the unaudited condensed consolidated balance sheet at June 30, 2026 includes $94.5 million of Chargebacks, $19.0 million of Administrative Fees and Other Rebates and $7.2 million of Prompt Payment Discounts. Accrued expenses and other in the unaudited condensed consolidated balance sheet at June 30, 2026 includes $9.5 million of Administrative Fees and Other Rebates.
Schedule of customer concentration
The three customers that accounted for 10% or more of net revenues during the three and six months ended June 30, 2026 and the three and four customers, respectively, that accounted for 10% or more of net revenues during the three and six months ended June 30, 2025 each represent the total percentage of net revenues as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Customer 114 %18 %15 %21 %
Customer 29 %9 %9 %10 %
Customer 312 %11 %14 %12 %
Customer 424 %20 %21 %18 %