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

9 Months Ended

Sep. 30, 2026

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 September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
	(in thousands)
PMO Products
United States	$	204,331	$	209,132	$	591,725	$	597,882
Rest of World		35,982		29,413		107,702		108,473
Total PMO product revenues, net	$	240,313	$	238,545	$	699,427	$	706,355
ELEVIDYS
United States	$	83,450	$	131,498	$	283,540	$	788,334
Total ELEVIDYS product revenues, net	$	83,450	$	131,498	$	283,540	$	788,334
Total product revenues, net	$	323,763	$	370,043	$	982,967	$	1,494,689

For the three and nine months ended September 30, 2026 and 2025, 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 September 30,						For the Nine Months Ended September 30,
	2026			2025			2026			2025
Product revenues, net
Customer 1		38	%		34	%		37	%		25	%
Customer 2		24	%		22	%		22	%		15	%

As of September 30, 2026 and December 31, 2025, the Company's accounts receivable, net were $369.2 million and $398.2 million, respectively, both of which were related to product sales, net of discounts and allowances. As of September 30, 2026, 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, 2025	$	25,563		$	116,585		$	3,831		$	54,057		$	200,036
Provision		66,296			115,320			11,900			64,511			258,027
Adjustments relating to prior periods		—			(10,274	)		(1,429	)		(21	)		(11,724	)
Payments/credits		(76,682	)		(113,427	)		(10,158	)		(76,403	)		(276,670	)
Balance, as of September 30, 2026	$	15,177		$	108,204		$	4,144		$	42,144		$	169,669

	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		159,510			148,822			15,702			65,864			389,898
Adjustments relating to prior periods		—			(10,327	)		—			(625	)		(10,952	)
Payments/credits		(185,724	)		(118,600	)		(17,498	)		(62,232	)		(384,054	)
Balance, as of September 30, 2025	$	19,690		$	127,738		$	4,145		$	37,618		$	189,191

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 September 30, 2026		As of December 31, 2025
	(in thousands)
Reduction to accounts receivable, net	$	60,571	$	82,518
Component of accrued expenses		109,098		117,518
Total reserves	$	169,669	$	200,036