3. Revenues

As discussed in Note 2, ASC 606, Revenue from Contracts with Customers, was adopted for the fiscal year beginning on January 1, 2018. Per the new standard, revenue-generating contracts are assessed to identify distinct performance obligations, allocating transaction prices to those performance obligations, and criteria for satisfaction of a performance obligation. The new standard allows for recognition of revenue only when we have satisfied a performance obligation through transferring control of the promised good or service to a customer. The standard indicates that an entity must determine at contract inception whether it will transfer control of a promised good or service over time or satisfy the performance obligation at a point in time through analysis of the following criteria: (i) the entity has a present right to payment, (ii) the customer has legal title, (iii) the customer has physical possession, (iv) the customer has the significant risks and rewards of ownership and (v) the customer has accepted the asset. The new standard was applied to contracts for which performance had not been completed as of the date of adoption. For those contracts that were modified prior to the date of adoption, we reflected the aggregate effect of those modifications when determining the appropriate accounting under the new standard. The effect of applying this practical expedient did not result in material differences. Overall, the adoption of the new standard did not significantly alter our methodology for recognition of revenue.

The following table presents our disaggregated revenue for the periods presented (in thousands).


	Three Months Ended
	March 31,
	2019		2018
JAKAFI revenues, net	$	375,611	$	313,720
ICLUSIG revenues, net		20,638		20,785
Total product revenues, net		396,249		334,505
JAKAVI product royalty revenues		45,571		41,337
OLUMIANT product royalty revenues		16,037		6,379
Total product royalty revenues		61,608		47,716
Milestone and contract revenues		40,000		—
Other revenues		—		61
Total revenues	$	497,857	$	382,282

For further information on our revenue-generating contracts, refer to our license agreements footnote.