PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE,NET AND RESERVES FOR PRODUCT REVENUES

12 Months Ended

Dec. 31, 2024

Receivables, Net, Current [Abstract]

PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE AND RESERVES FOR PRODUCT REVENUES

7. PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE, NET AND RESERVES FOR PRODUCT REVENUES

Net product revenues, which includes revenues associated with the PMO Products and ELEVIDYS, consisted of the following:

	For the Year Ended December 31,
	2024		2023		2022
	(in thousands)
PMO Products
United States	$	816,920	$	797,944	$	747,101
Rest of World		150,249		146,576		96,668
Total PMO product revenues, net	$	967,169	$	944,520	$	843,769
ELEVIDYS
United States		820,791		200,356		—
Total ELEVIDYS product revenues, net	$	820,791	$	200,356	$	—
Total product revenues, net	$	1,787,960	$	1,144,876	$	843,769

No individual country outside the U.S. exceeded 10% of total net product revenues for any of the years ended December 31, 2024, 2023 and 2022.

The following table summarizes the Company's net product revenues, by customer, for those customers that exceeded 10% for the periods indicated:

	For the Year Ended December 31,
	2024			2023			2022
Product revenues, net
Customer 1		31	%		41	%		48	%
Customer 2		17	%		26	%		33	%

As of December 31, 2024 and 2023, the Company's accounts receivable, net were $602.0 million and $400.3 million, respectively, which related to product sales, net of discounts and allowances. Please refer to Note 2, Summary of Significant Accounting Policies and Recent Accounting Pronouncements for discussion of the credit risk associated with accounts receivable, net.

The following table summarizes an analysis of the change in reserves for discounts and allowances for the periods indicated:

	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2022	$	417		$	67,493		$	3,343		$	23,445		$	94,698
Provision		44,191			129,724			15,067			69,664			258,646
Adjustments relating to prior year		536			(5,103	)		—			—			(4,567	)
Payments/credits		(17,658	)		(93,920	)		(14,579	)		(57,848	)		(184,005	)
Balance, as of December 31, 2023	$	27,486		$	98,194		$	3,831		$	35,261		$	164,772
Provision		130,180			169,244			19,574			80,398			399,396
Adjustments relating to prior year		783			(19,732	)		—			(88	)		(19,037	)
Payments/credits		(112,545	)		(139,863	)		(17,464	)		(80,960	)		(350,832	)
Balance, as of December 31, 2024	$	45,904		$	107,843		$	5,941		$	34,611		$	194,299

The following table summarizes the total reserves above included in the Company’s consolidated balance sheets for the periods indicated:

	As of December 31,
	2024		2023
	(in thousands)
Reduction to accounts receivable, net	$	85,142	$	64,697
Component of accrued expenses		109,157		100,075
Total reserves	$	194,299	$	164,772