XML 39 R29.htm IDEA: XBRL DOCUMENT v3.23.3
Revenue Recognition and Accounts Receivable (Tables)
 9 Months Ended
Sep. 30, 2023
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 and nine months ended September 30, 2023 and 2022, respectively:
(In millions)Three Months Ended September 30, 2023
Product CategoryDeveloped MarketsGreater ChinaJANZEmerging MarketsTotal
Brands$1,391.3 $546.5 $185.7 $409.6 $2,533.1 
Complex Gx166.1 — 8.0 0.3 174.4 
Generics851.1 1.9 140.8 232.6 1,226.4 
Total$2,408.5 $548.4 $334.5 $642.5 $3,933.9 

(In millions)Nine Months Ended September 30, 2023
Product CategoryDeveloped MarketsGreater ChinaJANZEmerging MarketsTotal
Brands$3,923.5 $1,639.4 $583.4 $1,251.8 $7,398.1 
Complex Gx428.7 — 20.6 0.4 449.7 
Generics2,580.5 5.7 448.2 680.3 3,714.7 
Total$6,932.7 $1,645.1 $1,052.2 $1,932.5 $11,562.5 
(In millions)Three Months Ended September 30, 2022
Product CategoryDeveloped MarketsGreater ChinaJANZEmerging MarketsTotal
Brands$1,327.7 $571.9 $211.6 $429.1 $2,540.3 
Complex Gx and Biosimilars295.0 0.2 10.9 14.1 320.2 
Generics808.8 1.9 160.5 235.7 1,206.9 
Total$2,431.5 $574.0 $383.0 $678.9 $4,067.4 

(In millions)Nine Months Ended September 30, 2022
Product CategoryDeveloped MarketsGreater ChinaJANZEmerging MarketsTotal
Brands$3,931.8 $1,687.9 $703.7 $1,254.1 $7,577.5 
Complex Gx and Biosimilars986.1 0.5 33.3 45.9 1,065.8 
Generics2,468.8 7.0 496.9 735.0 3,707.7 
Total$7,386.7 $1,695.4 $1,233.9 $2,035.0 $12,351.0 
____________
(a)Amounts for the three and nine months ended September 30, 2023 include the impact of foreign currency translations compared to the prior year period.
(b)Amounts for the three and nine months ended September 30, 2022 include $181.0 million and $507.5 million, respectively, related to the biosimilars business which was subsequently contributed to Biocon Biologics in November 2022. The Company has not recognized the results of the biosimilars business in its consolidated financial statements subsequent to November 29, 2022.

The following table presents net sales on a consolidated basis for select key products for the three and nine months ended September 30, 2023 and 2022:
Three months ended September 30,Nine months ended September 30,
(In millions)2023202220232022
Select Key Global Products
Lipitor ®
$381.6 $420.4 $1,179.5 $1,266.1 
Norvasc ®175.5 189.3 560.6 600.1 
Lyrica ®141.7 156.5 423.1 483.9 
EpiPen® Auto-Injectors131.9 114.4 355.2 309.7 
Viagra ®110.5 117.0 336.5 361.9 
Celebrex ®
84.7 82.2 255.5 253.4 
Creon ®77.5 76.4 224.3 226.5 
Effexor ®
65.5 64.2 194.9 215.4 
Zoloft ®
62.7 53.1 173.7 188.7 
Xalabrands47.9 51.0 145.0 146.7 
Select Key Segment Products
Influvac ®$137.2 $159.3 $137.5 $178.3 
Yupelri ®58.3 53.4 160.3 146.1 
Dymista ®44.1 38.6 155.0 138.0 
Amitiza ®37.7 39.4 115.8 125.3 
Xanax ®28.2 38.3 119.7 115.5 
____________
(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 and nine months ended September 30, 2023 include the impact of foreign currency translations compared to the prior year period.
(d)Refer to intellectual property matters included in Note 18 Litigation for additional information regarding Yupelri® and Amitiza®.
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 and nine months ended September 30, 2023 and 2022, respectively:
Three Months EndedNine Months Ended
September 30,September 30,
(In millions)2023202220232022
Gross sales$6,497.2 $6,862.9 $19,289.2 $21,069.9 
Gross to net adjustments:
Chargebacks(1,348.3)(1,553.1)(4,073.2)(4,731.5)
Rebates, promotional programs and other sales allowances(952.7)(1,021.8)(2,905.9)(3,303.0)
Returns(55.7)(73.4)(174.4)(238.7)
Governmental rebate programs(206.6)(147.2)(573.2)(445.7)
Total gross to net adjustments$(2,563.3)$(2,795.5)$(7,726.7)$(8,718.9)
Net sales$3,933.9 $4,067.4 $11,562.5 $12,351.0 
____________
Schedule of Accounts Receivable, Net Such allowances were comprised of the following at September 30, 2023 and December 31, 2022, respectively:
(In millions)September 30,
2023		December 31,
2022
Accounts receivable, net$1,594.5 $1,798.7 
Other current liabilities921.2 888.8 
Total$2,515.7 $2,687.5 
Accounts receivable, net was comprised of the following at September 30, 2023 and December 31, 2022, respectively:
(In millions)September 30,
2023		December 31,
2022
Trade receivables, net$3,231.0 $3,243.8 
Other receivables507.5 570.7 
Accounts receivable, net$3,738.5 $3,814.5