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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information
Note 18. 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
September 30,		Nine Months Ended
September 30,
2025202420252024
Product revenues, net$1,149,856 $962,992 $3,131,544 $2,599,481 
Product royalty revenues171,124 156,879 452,863 420,038 
Milestone and contract revenues45,000 18,000 50,000 43,000 
Total revenues1,365,980 1,137,871 3,634,407 3,062,519 
Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)99,001 85,993 250,955 223,583 
Contract dispute settlement— — (242,251)— 
Research and development - internal1
250,140 250,477 715,171 707,208 
Research and development - external2
256,344 222,697 695,459 652,805 
Other research and development3
100 100,000 28,150 780,801 
Sales and marketing272,302 241,880 786,265 687,896 
General and administrative56,779 67,329 199,529 227,551 
(Gain) loss on change in fair value of acquisition-related contingent consideration(12,204)23,410 22,129 23,847 
(Profit) and loss sharing under collaboration agreements— — — (1,025)
Other segment items4
19,349 39,629 191,629 (71,550)
Net income (loss)$424,169 $106,456 $987,371 $(168,597)
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 organizations, contract research organizations 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 September 30,Nine Months Ended September 30,
2025202420252024
United States$1,261,261 $1,070,040 $3,375,171 $2,887,233 
Europe100,306 66,464 247,744 171,581 
Other countries4,413 1,367 11,492 3,705 
Total revenues$1,365,980 $1,137,871 $3,634,407 $3,062,519 
Property and Equipment, Net by Geographic Location
Property and equipment, net by geographic location was as follows (in thousands):
September 30,
2025		December 31,
2024
United States$477,059 $474,095 
Switzerland308,107 277,623 
Other countries13,468 11,693 
Total property and equipment, net$798,634 $763,411