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New words:
abandoned, absent, attention, attractive, Code, complex, consummate, consummated, consummation, deferral, Department, description, diagnose, Direct, disallowed, dispense, dispensed, disputed, disrupt, diversion, enabling, extension, Finally, fixed, grow, impose, inability, inception, independently, involve, lender, longer, merge, modification, negotiation, notably, notifying, online, Orphan, ownership, partly, pending, practitioner, prescribe, protocol, recommence, relinquish, rent, response, resubmitted, scope, sentence, shareholder, ship, shortly, SPA, statistical, Step, study, taxable, technology, timeline, unanticipated, unexpected, utilize, valuable, variable, Virtual
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expend, licensed, realize
Financial report summary
?Competition
Adamas PharmaceuticalsManagement Discussion
- Net product sales, relating entirely to sales of Upneeq, decreased by $0.1 million to $8.3 million in the three months ended June 30, 2023, as compared to $8.4 million in the three months ended June 30, 2022. The year over year decrease in net product sales was primarily attributable to a decrease in sales volume partially offset by nominally higher pricing partly attributable to a price increase implemented during April 2022. For the three months ended June 30, 2023, one customer accounted for 12% of our net product sales.
- Total cost of goods sold, which relate exclusively to net product sales, decreased by $0.3 million to $1.9 million in the three months ended June 30, 2023, as compared to $2.2 million in the three months ended June 30, 2022. The year over year decrease in total cost of goods sold was primarily driven by lower sales volumes and royalty expense, inclusive of contingent earn out obligations particular to the 2022 period.
- Gross profit percentage from net product sales was 76% and 74% in the 2023 and 2022 periods, respectively, primarily reflecting lower royalty expense, inclusive of contingent earn out obligations.