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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Note 17. Segment Information We operate in one operating segment, and therefore one reportable segment, focused on the global discovery, development and commercialization of proprietary therapeutics. We manage business activities on a consolidated basis through the development and commercialization of oncology and dermatology products, which are sold to U.S. and international customers. Our determination that we operate as a single operating segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. Our chief operating decision maker is the Chief Executive Officer. The accounting policies for our single operating segment are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2024. Our single operating segment generates revenues from the development and commercialization of oncology and dermatology pharmaceutical products, which are developed by our research and development department, as well as from product royalties, milestone and contract revenues from the out-licensing of our intellectual property to third parties. For our segment, the chief operating decision maker uses net income or loss, that also is reported on the condensed consolidated statements of operations as consolidated net income, to allocate resources (including employees, property, and financial resources), predominantly during the annual budget and forecasting process. The chief operating decision maker also uses consolidated net income or loss, along with non-financial inputs and qualitative information, to evaluate our performance, establish compensation, monitor budget versus actual results, and decide the level of investment in our various operating activities and other capital allocation activities. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. Net income for our segment was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Product revenues, net | $ | 1,059,414 |  |  | $ | 906,566 |  |  | $ | 1,981,688 |  |  | $ | 1,636,489 |
Product royalty revenues | 151,115 |  |  | 137,193 |  |  | 281,739 |  |  | 263,159 |
Milestone and contract revenues | 5,000 |  |  | — |  |  | 5,000 |  |  | 25,000 |
Total revenues | 1,215,529 |  |  | 1,043,759 |  |  | 2,268,427 |  |  | 1,924,648 |
Costs, expenses and other: |  |  |  |  |  |  |
Cost of product revenues (including definite-lived intangible amortization) | 78,766 |  |  | 76,634 |  |  | 151,954 |  |  | 137,590 |
Contract dispute settlement | (242,251) |  |  | — |  |  | (242,251) |  |  | — |
Research and development - internal 1 | 236,686 |  |  | 234,635 |  |  | 465,031 |  |  | 456,731 |
Research and development - external 2 | 245,681 |  |  | 223,944 |  |  | 439,115 |  |  | 430,108 |
Other research and development 3 | 12,550 |  |  | 679,801 |  |  | 28,050 |  |  | 680,801 |
Sales and marketing | 256,311 |  |  | 229,202 |  |  | 513,963 |  |  | 446,015 |
General and administrative | 74,711 |  |  | 76,780 |  |  | 142,750 |  |  | 160,223 |
Loss on change in fair value of acquisition-related contingent consideration | 22,761 |  |  | 893 |  |  | 34,333 |  |  | 437 |
(Profit) and loss sharing under collaboration agreements | — |  |  | — |  |  | — |  |  | (1,025) |
Other segment items 4 | 125,315 |  |  | (33,529) |  |  | 172,280 |  |  | (111,179) |
Net income (loss) | $ | 404,999 |  |  | $ | (444,601) |  |  | $ | 563,202 |  |  | $ | (275,053) |
1.Research and development - internal is comprised of internally generated costs such as salaries, travel, regulatory costs, lab costs, contracting, etc. 2.Research and development - external is comprised of specific program spend with external vendors (i.e. contract manufacturing organization, contract research organization and lab vendors for clinical, technical operations and toxicology services). 3.Other research and development is comprised of all other costs including certain one-time costs resulting from the acquisition of IPR&D assets and one-time development milestone expenses. 4.Other segment items is comprised of interest income, interest expense, realized and unrealized (gain) loss on equity investments, other, net, and provision for income taxes. Total Revenues by Geographic Location Total revenues by geographic region consisted of the following (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 1,132,353 |  |  | $ | 989,029 |  |  | $ | 2,113,910 |  |  | $ | 1,817,193 |
Europe | 78,826 |  |  | 53,586 |  |  | 147,438 |  |  | 105,117 |
Other countries | 4,350 |  |  | 1,144 |  |  | 7,079 |  |  | 2,338 |
Total revenues | $ | 1,215,529 |  |  | $ | 1,043,759 |  |  | $ | 2,268,427 |  |  | $ | 1,924,648 |
Property and Equipment, Net by Geographic Location Property and equipment, net by geographic location was as follows (in thousands):
| June 30, 2025 |  | December 31, 2024
United States | $ | 474,384 |  |  | $ | 474,095 |
Switzerland | 310,206 |  |  | 277,623 |
Other countries | 13,953 |  |  | 11,693 |
Total property and equipment, net | $ | 798,543 |  |  | $ | 763,411 |

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- Definition The entire disclosure for reporting segments including data and tables. 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