Revenue from Contracts with Customers (Tables)
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9 Months Ended |
Sep. 30, 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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Nine Months Ended September 30, 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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15,499 |
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724 |
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11,323 |
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29,021 |
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Current provisions relating to sales in current year |
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500,579 |
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425,495 |
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20,679 |
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108,445 |
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1,055,198 |
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Adjustments relating to prior years |
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(29,155 |
) |
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(4,559 |
) |
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(5,055 |
) |
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1,142 |
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(37,627 |
) |
Payments relating to sales in current year |
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(298,219 |
) |
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(404,110 |
) |
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(238 |
) |
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(95,327 |
) |
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(797,894 |
) |
Payments relating to sales in prior years |
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(128,047 |
) |
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(17,344 |
) |
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(8,323 |
) |
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(14,879 |
) |
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(168,593 |
) |
Ending balance — September 30, 2026 |
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$ |
258,073 |
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$ |
56,308 |
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$ |
63,242 |
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$ |
18,517 |
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$ |
396,140 |
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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 September 30, 2026 and December 31, 2025 included in the accompanying consolidated balance sheets are summarized as follows:
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September 30, |
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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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$ |
18,086 |
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$ |
21,049 |
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Components of accrued sales discounts, allowances and reserves |
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323,406 |
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247,126 |
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Components of other long-term liabilities |
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54,648 |
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47,860 |
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Total revenue-related reserves |
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$ |
396,140 |
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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 and nine months ended September 30, 2026 and 2025, the Company recorded product sales, net, as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(In thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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VIVITROL |
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$ |
127,560 |
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$ |
121,125 |
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$ |
364,448 |
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$ |
343,781 |
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ARISTADA and ARISTADA INITIO |
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103,899 |
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98,050 |
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294,442 |
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272,820 |
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LYBALVI |
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95,899 |
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98,248 |
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282,242 |
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252,550 |
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LUMRYZ |
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89,922 |
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— |
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225,986 |
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— |
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Total product sales, net |
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$ |
417,280 |
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$ |
317,423 |
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$ |
1,167,118 |
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$ |
869,151 |
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| Manufacturing and royalty revenues |
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| Schedule of Disaggregation of Revenues |
During the three and nine months ended September 30, 2026 and 2025, the Company recorded manufacturing and royalty revenues from its collaboration arrangements as follows:
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Three Months Ended September 30, 2026 |
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Nine Months Ended September 30, 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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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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$ |
26,428 |
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$ |
26,428 |
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$ |
— |
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$ |
71,874 |
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$ |
71,874 |
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VUMERITY |
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— |
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29,478 |
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29,478 |
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— |
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87,414 |
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87,414 |
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Other |
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(307 |
) |
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7,253 |
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6,946 |
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24,662 |
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17,984 |
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42,646 |
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$ |
(307 |
) |
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$ |
63,159 |
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$ |
62,852 |
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$ |
24,662 |
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$ |
177,272 |
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$ |
201,934 |
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Three Months Ended September 30, 2025 |
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Nine Months Ended September 30, 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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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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$ |
30,180 |
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$ |
30,180 |
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$ |
— |
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$ |
78,240 |
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$ |
78,240 |
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VUMERITY |
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3,494 |
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32,122 |
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35,616 |
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16,852 |
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85,996 |
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102,848 |
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Other |
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5,294 |
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5,672 |
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10,966 |
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25,830 |
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15,283 |
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41,113 |
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$ |
8,788 |
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$ |
67,974 |
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$ |
76,762 |
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$ |
42,682 |
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$ |
179,519 |
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$ |
222,201 |
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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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