Definition of Sales. “Sales” of a Licensed Product in a particular period shall mean:
Definition of Sales. “Sales” of a Licensed Product shall mean, for any period, the amounts stated in Licensee’s and its Affiliates’ and Sublicensees’ “Sales” lines of their respective externally published audited (in the case of Licensee) financial statements with respect to such Licensed Product for such period, which amount reflects the gross invoice price such Licensed Product sold or otherwise disposed of (other than for use as clinical supplies or free samples) by Licensee, its Affiliates and Sublicensees reduced by gross-to-net deductions (to the extent applied consistently by Licensee, its Affiliates and Sublicensees with respect to sales of their respective other products) if not previously deducted from the amount invoiced, taken in accordance with the then currently used IFRS. By way of example, the gross-to-net deductions taken in accordance with IFRS as of the Effective Date are the following:
Definition of Sales. Consolidated net revenues “Sales” is equal to:
i. Plus: Gross turnover
ii. Minus: Intermediary Fees and Commissions,
iii. Plus: Financial income related to Insurance Working Capital (“FI”), “Gross Turnover”; shall be made up of brokerage income and related income derived from the insurance activity (fees notably). The above definition will include the remuneration of consulting services performed by the Group (notably Sageris and GS SA FUSAC department).
Definition of Sales. “Sales” of a Licensed Product means, in a given period, the amounts stated in the “Sales” line (or its equivalent, regardless of description) of Genentech’s (or a Sublicensees’) (externally published, if applicable) audited financial statements with respect to such Licensed Product for such period (or, if audited financial statements are not prepared for such period, the corresponding amount as reasonably determined for unaudited financial statements for such period, which amounts, and associated royalties and reports, shall be reconciled with an audited financial statement at such time as an audited financial statement for a period covering such period is prepared). This amount reflects the gross invoice price at which such Licensed Product was sold or otherwise disposed of (other than for use as clinical supplies or free samples) by Genentech and Sublicensees to Third Parties (other than Affiliates and Sublicensees) in such period, reduced by gross-to-net deductions, if not previously deducted from such invoiced amount. For the avoidance of doubt, in the event that a reserve amount, accrual or other amount is deducted in determining Sales for a given period and then subsequently adjusted in a later period in a manner that would have increased Sales if the adjustment had been made in the applicable period, incremental royalties on the resulting increase will be due when such adjustment is made.
