v3.26.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The majority of the Company’s revenue is recognized from shipping products to customers. Revenue is recognized when the Company transfers control of its products to the customer, which typically occurs at a point-in-time, either upon shipment or delivery. Substantially all of the Company’s net revenues relate to products which are transferred to the customer at a point-in-time.
License Agreements
Refer to Note 4. Alliance and Collaboration in the Company’s 2025 Annual Report on Form 10-K for further information related to revenue recognition associated with license agreements.
Concentration of Revenue
The following table summarizes revenues from each of the Company’s customers that individually accounted for 10% or more of its total net revenue in any of the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Customer A25 %23 %24 %24 %
Customer B16 %14 %16 %15 %
Customer C21 %22 %21 %21 %
Customer D
7 %10 %8 %9 %
Disaggregated Revenue
Effective August 10, 2026, Kashiv’s results are included within the Company’s Affordable Medicines segment. The Company’s significant dosage forms within its Affordable Medicines segment, therapeutic classes within its Specialty segment, and sales channels within its AvKARE segment, each determined based on net revenue for the three and nine months ended September 30, 2026 and 2025, are presented below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Affordable Medicines
Oral solid$207,517 $180,460 $553,789 $537,675 
Transdermal68,066 47,599 209,067 131,372 
Auto-Injector65,163 78,940 169,289 193,694 
Injectable53,805 54,368 160,526 123,802 
Biosimilar77,710 17,009 129,139 70,797 
Oral liquid9,092 16,415 31,555 57,842 
Other dosage forms (1)
60,841 59,662 189,047 184,269 
Subtotal dosage forms542,194 454,453 1,442,412 1,299,451 
International4,915 6,288 17,847 9,423 
Total Affordable Medicines net revenue547,109 460,741 1,460,259 1,308,874 
Specialty
Central nervous system96,177 77,631 274,904 228,666 
Hormonal / allergy43,148 37,685 121,179 107,302 
Other therapeutic classes9,449 9,924 35,251 25,112 
Subtotal therapeutic classes148,774 125,240 431,334 361,080 
License agreement1,488 — 1,488 500 
Total Specialty net revenue150,262 125,240 432,822 361,580 
AvKARE
Distribution92,905 96,216 268,984 300,774 
Government label53,385 87,755 163,541 183,313 
Institutional10,012 5,853 31,943 26,994 
Other9,011 8,708 23,851 22,906 
Total AvKARE net revenue165,313 198,532 488,319 533,987 
Total net revenue$862,684 $784,513 $2,381,400 $2,204,441 
(1)Includes net revenue from sales of transmucosal, ophthalmic, topical, nasal and inhalation dosage forms.
A rollforward of the major categories of sales-related deductions for the nine months ended September 30, 2026 is as follows (in thousands):
Contract
Charge - Backs
and Sales
Volume
Allowances		Cash Discount
Allowances		Accrued
Returns
Allowance		Accrued
Medicaid and
Commercial
Rebates
Balance at December 31, 2025$801,186 $40,992 $179,471 $119,486 
Provision related to sales recorded in the period3,161,376 107,663 60,770 135,010 
Credits/payments issued during the period(3,427,057)(116,413)(48,728)(184,184)
Balance at September 30, 2026$535,505 $32,242 $191,513 $70,312