Revenue Recognition and Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021, respectively:

(In millions)	Three Months Ended March 31, 2022
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	1,298.7	$	569.7	$	249.0	$	436.7	$	2,554.1
Complex Gx and Biosimilars	364.1		—		10.3		16.4		390.8
Generics	813.3		3.4		164.5		252.1		1,233.3
Total	$	2,476.1	$	573.1	$	423.8	$	705.2	$	4,178.2

(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

The following table presents net sales on a consolidated basis for select key products for the three months ended March 31, 2022 and 2021:

	Three months ended March 31,
(In millions)	2022		2021
Select Key Global Products
Lipitor ®	$	440.1	$	464.6
Norvasc ®	207.8		227.7
Lyrica ®	171.7		187.8
Viagra ®	129.8		139.6
EpiPen® Auto-Injectors	88.8		103.7
Celebrex ®	85.2		89.0
Effexor ®	77.5		76.6
Creon ®	74.7		69.9
Zoloft ®	73.1		76.6
Xalabrands	53.0		57.9
Select Key Segment Products
Dymista ®	$	44.0	$	40.3
Yupelri ®	43.7		36.9
Amitiza ®	41.8		45.9
Xanax ®	40.0		45.1

____________

(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 launches.

(c)Amounts for the three months ended March 31, 2022 include the unfavorable impact of foreign currency translations compared to the prior year period.

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, 2022 and 2021, respectively:

	Three Months Ended
	March 31,
(In millions)	2022		2021
Gross sales	$	7,198.3	$	7,567.0
Gross to net adjustments:
Chargebacks	(1,584.2)		(1,318.0)
Rebates, promotional programs and other sales allowances	(1,205.9)		(1,568.5)
Returns	(82.6)		(113.0)
Governmental rebate programs	(147.4)		(167.4)
Total gross to net adjustments	$	(3,020.1)	$	(3,166.9)
Net sales	$	4,178.2	$	4,400.1

Schedule of Accounts Receivable, Net

Such allowances were comprised of the following at March 31, 2022 and December 31, 2021, respectively:

(In millions)	March 31, 2022		December 31, 2021
Accounts receivable, net	$	1,707.1	$	1,688.6
Other current liabilities	1,095.8		1,362.1
Total	$	2,802.9	$	3,050.7

Accounts receivable, net was comprised of the following at March 31, 2022 and December 31, 2021, respectively:

(In millions)	March 31, 2022		December 31, 2021
Trade receivables, net	$	3,556.9	$	3,774.4
Other receivables	537.0		492.0
Accounts receivable, net	$	4,093.9	$	4,266.4