Revenue Recognition and Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the Company’s net sales by product category for each of our reportable segments for the three months ended March 31, 2021 and 2020, respectively:

(In millions)	Three Months Ended March 31, 2021
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	1,403.7	$	590.9	$	284.0	$	446.0	$	2,724.6
Complex Gx and Biosimilars	312.0		—		8.9		8.0		328.9
Generics	855.9		1.0		189.0		300.7		1,346.6
Total	$	2,571.6	$	591.9	$	481.9	$	754.7	$	4,400.1

(In millions)	Three Months Ended March 31, 2020
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	891.5	$	14.7	$	90.6	$	64.7	$	1,061.5
Complex Gx and Biosimilars	241.6		0.1		8.4		3.2		253.3
Generics	853.3		0.3		144.2		275.6		1,273.4
Total	$	1,986.4	$	15.1	$	243.2	$	343.5	$	2,588.2

The following table presents net sales on a consolidated basis for select key products for the three months ended March 31, 2021:

(In millions)	Total
Select Key Global Products
Lipitor ®	$	464.6
Norvasc ®	227.7
Lyrica ®	187.8
Viagra ®	139.6
EpiPen® Auto-Injectors	103.7
Celebrex ®	89.0
Effexor ®	76.6
Zoloft ®	76.6
Creon ®	69.9
Xalabrands	57.9
Select Key Segment Products
Amitiza ®	$	45.9
Xanax ®	45.1
Dymista ®	40.3
Yupelri ®	36.9

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(a)The Company does not disclose net sales for any products considered competitively sensitive.

(b)Products disclosed may change in future periods, including as a result of seasonality, competition or new product introductions.

Variable Consideration and Accounts Receivable

The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three months ended March 31, 2021 and 2020, respectively:

	Three Months Ended
	March 31,
(In millions)	2021		2020
Gross sales	$	7,567.0	$	4,424.0
Gross to net adjustments:
Chargebacks	(1,318.0)		(854.4)
Rebates, promotional programs and other sales allowances	(1,568.5)		(845.6)
Returns	(113.0)		(59.0)
Governmental rebate programs	(167.4)		(76.8)
Total gross to net adjustments	$	(3,166.9)	$	(1,835.8)
Net sales	$	4,400.1	$	2,588.2

Schedule of Accounts Receivable, Net

Such allowances were comprised of the following at March 31, 2021 and December 31, 2020, respectively:

(In millions)	March 31, 2021		December 31, 2020
Accounts receivable, net	$	1,706.5	$	1,802.9
Other current liabilities	1,196.6		1,211.8
Total	$	2,903.1	$	3,014.7

Accounts receivable, net was comprised of the following at March 31, 2021 and December 31, 2020, respectively:

(In millions)	March 31, 2021		December 31, 2020
Trade receivables, net	$	3,889.6	$	3,891.3
Other receivables	639.4		952.5
Accounts receivable, net	$	4,529.0	$	4,843.8