Revenue Components

3 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

The following table provides information about the Company’s revenues (in thousands):


	Three Months Ended June 30,
	2022		2021
Revenues:
Product revenue, net:
ORGOVYX	$	36,034	$	10,479
MYFEMBREE	3,999		1,075
Richter product supply and royalties	1,318		—
Total product revenue, net	41,351		11,554
Pfizer collaboration revenue:
Amortization of upfront payment	20,974		20,974
Amortization of regulatory milestone	4,167		8,535
Total Pfizer collaboration revenue	25,141		29,509
Accord license revenue	50,000		—
Total revenues	$	116,492	$	41,063

Product Revenue, net

The Company began generating product revenue from sales of ORGOVYX and MYFEMBREE in the U.S. in January 2021 and June 2021, respectively. The Company records product revenue net of estimated discounts, chargebacks, rebates, product returns, and other gross-to-net revenue deductions.

For the three months ended June 30, 2022, product revenue, net also includes revenues related to product supply to Richter to support their European launches of RYEQO of $1.1 million, as well as royalties on net sales of RYEQO in Richter’s Territory of $0.2 million. There were no such revenues recorded in the three months ended June 30, 2021.

The activities and ending balances for each significant category of discounts and allowances (which constitutes variable consideration) for the three months ended June 30, 2022 were as follows (in thousands):


	Reserve -government and other incentives		Chargebacks and administrative fees		Returns		Sales Discounts		Total
Balance as of March 31, 2022	$	13,734	$	2,628	$	3,028	$	486	$	19,876
Provision related to sales in the current year	23,742		6,469		815		1,146		32,172
Adjustments related to prior year sales	1,785		(389)		—		—		1,396
Credits and payments made during the current year	(21,185)		(5,335)		(2)		(1,074)		(27,596)
Balance as of June 30, 2022	$	18,076	$	3,373	$	3,841	$	558	$	25,848

The total reserves described above are summarized as components of the Company’s unaudited condensed consolidated balance sheets as follows (in thousands):


	June 30, 2022		March 31, 2022
Reduction of accounts receivable, net	$	558	$	486
Component of accrued expenses and other current liabilities	25,290		19,390
Total revenue-related reserves	$	25,848	$	19,876

Pfizer Collaboration Revenue

Pfizer collaboration revenue for the three months ended June 30, 2022 and 2021 consists of the partial recognition of the upfront payment the Company received from Pfizer upon entering into the Pfizer Collaboration and License Agreement in December 2020 and of the regulatory milestone payment from Pfizer that was triggered upon the FDA approval of MYFEMBREE for the management of heavy menstrual bleeding associated with uterine fibroids on May 26, 2021. See Note 8 for additional information regarding the Pfizer Collaboration and License Agreement.

Accord License Revenue

Accord license revenue for the three months ended June 30, 2022 consists of the recognition of the upfront payment the Company received from Accord in May 2022 pursuant to the Accord License Agreement. There was no Accord license revenue for the three months ended June 30, 2021. See Note 8 for additional information regarding the Accord License Agreement.