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

3 Months Ended

Mar. 31, 2025

Receivables, Net, Current [Abstract]

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

6. 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 Three Months Ended March 31,
	2025		2024
	(in thousands)
PMO Products
United States	$	185,828	$	189,667
Rest of World		50,710		35,881
Total PMO product revenues, net	$	236,538	$	225,548
ELEVIDYS
United States		374,985		133,936
Total ELEVIDYS product revenue, net	$	374,985	$	133,936
Total product revenues, net	$	611,523	$	359,484

For the three months ended March 31, 2025 and 2024, no individual country outside the U.S. exceeded 10% of total net product revenues.

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

	For the Three Months Ended March 31,
	2025			2024
Product revenues, net
Customer 1		19	%		36	%
Customer 2		12	%		20	%

As of March 31, 2025 and December 31, 2024, the Company's accounts receivable, net were $659.4 million and $602.0 million, respectively, both of which were related to product sales, net of discounts and allowances. As of March 31, 2025, the majority of the Company’s accounts receivable arose from product sales in the U.S. and all customers have standard payment terms that generally require payment within 65 to 90 days. Outside of the U.S., the majority of the Company’s customers have payment terms ranging between 90 and 150 days.

The following tables summarize an analysis of the change in reserves for discounts and allowances for each of the periods indicated:

	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2024	$	45,904		$	107,843		$	5,941		$	34,611		$	194,299
Provision		73,443			58,798			5,552			27,901			165,694
Adjustments relating to prior periods		—			(5,416	)		—			(625	)		(6,041	)
Payments/credits		(52,480	)		(44,155	)		(5,340	)		(16,401	)		(118,376	)
Balance, as of March 31, 2025	$	66,867		$	117,070		$	6,153		$	45,486		$	235,576

	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2023	$	27,486		$	98,194		$	3,831		$	35,261		$	164,772
Provision		20,466			35,951			4,381			18,965			79,763
Adjustments relating to prior periods		783			(2,532	)		—			—			(1,749	)
Payments/credits		(30,358	)		(36,623	)		(3,685	)		(16,220	)		(86,886	)
Balance, as of March 31, 2024	$	18,377		$	94,990		$	4,527		$	38,006		$	155,900

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

	As of March 31, 2025		As of December 31, 2024
	(in thousands)
Reduction to accounts receivable, net	$	117,224	$	85,142
Component of accrued expenses		118,352		109,157
Total reserves	$	235,576	$	194,299