Revenue Components

6 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Revenues:
Product revenue, net:
ORGOVYX	$	43,319	$	18,663	$	79,353	$	29,142
MYFEMBREE	6,403		629		10,402		1,704
Richter product supply and royalties	225		1,771		1,543		1,771
Total product revenue, net	49,947		21,063		91,298		32,617
Pfizer collaboration revenue:
Amortization of upfront payment	20,974		20,974		41,948		41,948
Amortization of regulatory milestones	33,603		4,198		37,770		12,733
Total Pfizer collaboration revenue	54,577		25,172		79,718		54,681
Accord license revenue	—		—		50,000		—
Richter license and milestone revenue	300		31,667		300		31,667
Total revenues	$	104,824	$	77,902	$	221,316	$	118,965

Product Revenue, net

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

For the six months ended September 30, 2022, product revenue, net also includes revenues related to product supply to Richter of $1.1 million, and for the three and six months ended September 30, 2022 product revenue, net also includes royalties on net sales of RYEQO in Richter’s Territory of $0.2 million and $0.4 million, respectively. There was no revenue related to product supply to Richter for the three months ended September 30, 2022. For the three and six months ended September 30, 2021, product revenue, net also includes revenues related to product supply to Richter of $1.7 million, as well as royalties on net sales of RYEQO in Richter’s Territory of less than $0.1 million.

The activities and ending balances for each significant category of discounts and allowances (which constitutes variable consideration) for the six months ended September 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	54,248		14,169		1,838		2,627		72,882
Adjustments related to prior year sales	1,050		(741)		—		—		309
Credits and payments made during the current year	(39,056)		(12,273)		(5)		(2,481)		(53,815)
Balance as of September 30, 2022	$	29,976	$	3,783	$	4,861	$	632	$	39,252

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


	September 30, 2022		March 31, 2022
Reduction of accounts receivable, net	$	632	$	486
Component of accrued expenses and other current liabilities	38,620		19,390
Total revenue-related reserves	$	39,252	$	19,876

Pfizer Collaboration Revenue

Pfizer collaboration revenue for the three and six months ended September 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 $100.0 million regulatory milestone payment the Company received 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. Pfizer collaboration revenue for the three and six months ended September 30, 2022 also includes the partial recognition of the $100.0 million regulatory milestone payment the Company received from Pfizer that was triggered upon the FDA approval of MYFEMBREE for the management of moderate to severe pain associated with endometriosis on August 5, 2022. See Note 8(A) for additional information regarding the Pfizer Collaboration and License Agreement.

Accord License Revenue

Accord license revenue for the six months ended September 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 September 30, 2022, or for the three and six months ended September 30, 2021. See Note 8(C) for additional information regarding the Accord License Agreement.

Richter License and Milestone Revenue

Richter license and milestone revenue for the three and six months ended September 30, 2021 consists of the recognition of a $15.0 million regulatory milestone payment that was triggered upon the EC approval of RYEQO for the treatment of moderate to severe symptoms of uterine fibroids in adult women of reproductive age and $16.7 million of previously deferred revenue that was recognized upon the completion of the Company’s delivery of the remaining substantive relugolix combination tablet data packages to Richter. Richter license and milestone revenue for the three and six months ended September 30, 2022 consists of a $0.3 million regulatory milestone payment that was triggered upon the approval of RYEQO for the uterine fibroids indication in Australia. See Note 8(B) for additional information regarding the Richter Development and Commercialization Agreement.