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v3.23.2

Revenues (Tables) | 6 Months Ended
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Jun. 30, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | Revenues consisted of the following (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Product revenues: |  |  |  |  |  |  |  |  |
Gross product revenues | $ | 563,173 |  |  | $ | 483,073 |  |  | $ | 1,084,495 |  |  | $ | 931,310 |  |  |
Discounts and allowances | (153,527) |  |  | (136,029) |  |  | (311,449) |  |  | (273,968) |  |  |
Net product revenues | 409,646 |  |  | 347,044 |  |  | 773,046 |  |  | 657,342 |  |  |
Collaboration revenues: |  |  |  |  |  |  |  |  |
License revenues | 52,747 |  |  | 57,526 |  |  | 91,039 |  |  | 89,593 |  |  |
Collaboration services revenues | 7,455 |  |  | 14,857 |  |  | 14,551 |  |  | 28,472 |  |  |
Total collaboration revenues | 60,202 |  |  | 72,383 |  |  | 105,590 |  |  | 118,065 |  |  |
Total revenues | $ | 469,848 |  |  | $ | 419,427 |  |  | $ | 878,636 |  |  | $ | 775,407 |  |  |
Net product revenues by product were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
CABOMETYX | $ | 403,292 |  |  | $ | 339,159 |  |  | $ | 765,065 |  |  | $ | 641,971 |  |  |
COMETRIQ | 6,354 |  |  | 7,885 |  |  | 7,981 |  |  | 15,371 |  |  |
Net product revenues | $ | 409,646 |  |  | $ | 347,044 |  |  | $ | 773,046 |  |  | $ | 657,342 |  |  |
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 June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Affiliates of CVS Health Corporation | 17 | % |  | 16 | % |  | 17 | % |  | 16 | % |  |
Affiliates of McKesson Corporation | 16 | % |  | 16 | % |  | 16 | % |  | 17 | % |  |
Affiliates of AmerisourceBergen Corporation | 16 | % |  | 15 | % |  | 16 | % |  | 16 | % |  |
Accredo Health, Incorporated | 12 | % |  | 10 | % |  | 12 | % |  | 9 | % |  |
Ipsen Pharma SAS | 8 | % |  | 15 | % |  | 8 | % |  | 12 | % |  |
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:
| June 30, 2023 |  | December 31, 2022 |  |  |  |
Ipsen Pharma SAS | 19 | % |  | 20 | % |  |  |  |
Affiliates of McKesson Corporation | 18 | % |  | 22 | % |  |  |  |
Affiliates of AmerisourceBergen Corporation | 17 | % |  | 18 | % |  |  |  |
Affiliates of CVS Health Corporation | 15 | % |  | 18 | % |  |  |  |
Cardinal Health, Inc. | 10 | % |  | 11 | % |  |  |  |
Schedule of Revenues Disaggregated by Geographic Region | Revenues by geographic region were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
U.S. | $ | 416,043 |  |  | $ | 349,615 |  |  | $ | 783,484 |  |  | $ | 663,680 |  |  |
Europe | 36,731 |  |  | 62,240 |  |  | 70,265 |  |  | 96,767 |  |  |
Japan | 17,074 |  |  | 7,572 |  |  | 24,887 |  |  | 14,960 |  |  |
Total revenues | $ | 469,848 |  |  | $ | 419,427 |  |  | $ | 878,636 |  |  | $ | 775,407 |  |  |
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 | 197,777 |  |  | 27,990 |  |  | 88,998 |  |  |  |  | 314,765 |
Prior periods | 311 |  |  | (1,113) |  |  | (2,514) |  |  |  |  | (3,316) |
Payments and customer credits issued | (204,736) |  |  | (27,119) |  |  | (84,106) |  |  |  |  | (315,961) |
Balance at June 30, 2023 | $ | 20,233 |  |  | $ | 14,682 |  |  | $ | 37,804 |  |  |  |  | $ | 72,719 |
Schedule of Other Assets and Other Liabilities | Contract assets and liabilities were as follows (in thousands):
| June 30, 2023 |  | December 31, 2022
Contract assets (1) | $ | 1,256 |  |  | $ | 1,659 |
Contract liabilities: |  |  |
Current portion (2) | $ | 6,801 |  |  | $ | 7,488 |
Long-term portion (3) | 6,724 |  |  | 6,582 |
Total contract liabilities | $ | 13,525 |  |  | $ | 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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