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v3.23.1

Revenues (Tables) | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | Revenues consisted of the following (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |  |  |
Product revenues: |  |  |  |  |  |  |  |  |
Gross product revenues | $ | 521,322 |  |  | $ | 448,237 |  |  |  |  |  |  |
Discounts and allowances | (157,922) |  |  | (137,939) |  |  |  |  |  |  |
Net product revenues | 363,400 |  |  | 310,298 |  |  |  |  |  |  |
Collaboration revenues: |  |  |  |  |  |  |  |  |
License revenues | 38,292 |  |  | 32,067 |  |  |  |  |  |  |
Collaboration services revenues | 7,096 |  |  | 13,615 |  |  |  |  |  |  |
Total collaboration revenues | 45,388 |  |  | 45,682 |  |  |  |  |  |  |
Total revenues | $ | 408,788 |  |  | $ | 355,980 |  |  |  |  |  |  |
Net product revenues by product were as follows (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |  |  |
CABOMETYX | $ | 361,773 |  |  | $ | 302,812 |  |  |  |  |  |  |
COMETRIQ | 1,627 |  |  | 7,486 |  |  |  |  |  |  |
Net product revenues | $ | 363,400 |  |  | $ | 310,298 |  |  |  |  |  |  |
Schedule of Concentration Risks | The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |  |  |
Affiliates of McKesson Corporation | 17 | % |  | 19 | % |  |  |  |  |  |
Affiliates of CVS Health Corporation | 17 | % |  | 17 | % |  |  |  |  |  |
Affiliates of AmerisourceBergen Corporation | 17 | % |  | 17 | % |  |  |  |  |  |
Accredo Health, Incorporated | 12 | % |  | 9 | % |  |  |  |  |  |
Affiliates of Optum Specialty Pharmacy | 10 | % |  | 10 | % |  |  |  |  |  |
Ipsen Pharma SAS | 8 | % |  | 10 | % |  |  |  |  |  |
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:
| March 31, 2023 |  | December 31, 2022 |  |  |  |
Affiliates of McKesson Corporation | 24 | % |  | 22 | % |  |  |  |
Affiliates of AmerisourceBergen Corporation | 19 | % |  | 18 | % |  |  |  |
Ipsen Pharma SAS | 18 | % |  | 20 | % |  |  |  |
Affiliates of CVS Health Corporation | 13 | % |  | 18 | % |  |  |  |
Cardinal Health, Inc. | 9 | % |  | 11 | % |  |  |  |
Schedule of Revenues Disaggregated by Geographic Region | Revenues by geographic region were as follows (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |  |  |
U.S. | $ | 367,441 |  |  | $ | 314,065 |  |  |  |  |  |  |
Europe | 33,534 |  |  | 34,527 |  |  |  |  |  |  |
Japan | 7,813 |  |  | 7,388 |  |  |  |  |  |  |
Total revenues | $ | 408,788 |  |  | $ | 355,980 |  |  |  |  |  |  |
Schedule of Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances | The activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows (in thousands):
| Chargebacks, Discounts for Prompt Payment and Other |  | Other Customer Credits/Fees and Co-pay Assistance |  | Rebates |  |  |  | Total
Balance at December 31, 2022 | $ | 26,881 |  |  | $ | 14,924 |  |  | $ | 35,426 |  |  |  |  | $ | 77,231 |
Provision related to sales made in: |  |  |  |  |  |  |  |  |
Current period | 94,959 |  |  | 14,913 |  |  | 49,113 |  |  |  |  | 158,985 |
Prior periods | 141 |  |  | (1,117) |  |  | (87) |  |  |  |  | (1,063) |
Payments and customer credits issued | (100,831) |  |  | (13,637) |  |  | (33,130) |  |  |  |  | (147,598) |
Balance at March 31, 2023 | $ | 21,150 |  |  | $ | 15,083 |  |  | $ | 51,322 |  |  |  |  | $ | 87,555 |
Schedule of Other Assets and Other Liabilities | Contract assets and liabilities were as follows (in thousands):
| March 31, 2023 |  | December 31, 2022
Contract assets (1) | $ | 1,387 |  |  | $ | 1,659 |
Contract liabilities: |  |  |
Current portion (2) | $ | 7,064 |  |  | $ | 7,488 |
Long-term portion (3) | 6,299 |  |  | 6,582 |
Total contract liabilities | $ | 13,363 |  |  | $ | 14,070 |
____________________ (1) Presented in other long-term assets in the accompanying Condensed Consolidated Balance Sheets. (2) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets. (3) Presented in the long-term portion of deferred revenues in the accompanying Condensed Consolidated Balance Sheets.

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