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v3.23.3

Revenues (Tables) | 9 Months Ended
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Sep. 29, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | Revenues consisted of the following (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Product revenues: |  |  |  |  |  |  |  |  |
Gross product revenues | $ | 590,442 |  |  | $ | 496,141 |  |  | $ | 1,674,937 |  |  | $ | 1,427,451 |  |  |
Discounts and allowances | (163,945) |  |  | (129,659) |  |  | (475,394) |  |  | (403,627) |  |  |
Net product revenues | 426,497 |  |  | 366,482 |  |  | 1,199,543 |  |  | 1,023,824 |  |  |
Collaboration revenues: |  |  |  |  |  |  |  |  |
License revenues | 42,367 |  |  | 34,384 |  |  | 133,406 |  |  | 123,977 |  |  |
Collaboration services revenues | 3,056 |  |  | 10,872 |  |  | 17,607 |  |  | 39,344 |  |  |
Total collaboration revenues | 45,423 |  |  | 45,256 |  |  | 151,013 |  |  | 163,321 |  |  |
Total revenues | $ | 471,920 |  |  | $ | 411,738 |  |  | $ | 1,350,556 |  |  | $ | 1,187,145 |  |  |
Net product revenues by product were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
CABOMETYX | $ | 422,155 |  |  | $ | 361,385 |  |  | $ | 1,187,220 |  |  | $ | 1,003,356 |  |  |
COMETRIQ | 4,342 |  |  | 5,097 |  |  | 12,323 |  |  | 20,468 |  |  |
Net product revenues | $ | 426,497 |  |  | $ | 366,482 |  |  | $ | 1,199,543 |  |  | $ | 1,023,824 |  |  |
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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Affiliates of McKesson Corporation | 18 | % |  | 18 | % |  | 17 | % |  | 18 | % |  |
Affiliates of AmerisourceBergen Corporation | 18 | % |  | 18 | % |  | 17 | % |  | 16 | % |  |
Affiliates of CVS Health Corporation | 17 | % |  | 19 | % |  | 17 | % |  | 17 | % |  |
Accredo Health, Incorporated | 12 | % |  | 11 | % |  | 12 | % |  | 10 | % |  |
Affiliates of Optum Specialty Pharmacy | 10 | % |  | 9 | % |  | 10 | % |  | 9 | % |  |
Ipsen Pharma SAS | 8 | % |  | 8 | % |  | 8 | % |  | 11 | % |  |
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:
| September 30, 2023 |  | December 31, 2022 |  |  |  |
Affiliates of McKesson Corporation | 22 | % |  | 22 | % |  |  |  |
Affiliates of AmerisourceBergen Corporation | 19 | % |  | 18 | % |  |  |  |
Ipsen Pharma SAS | 18 | % |  | 20 | % |  |  |  |
Affiliates of CVS Health Corporation | 14 | % |  | 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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
U.S. | $ | 429,605 |  |  | $ | 369,480 |  |  | $ | 1,213,089 |  |  | $ | 1,033,160 |  |  |
Europe | 36,021 |  |  | 34,818 |  |  | 106,286 |  |  | 131,585 |  |  |
Japan | 6,294 |  |  | 7,440 |  |  | 31,181 |  |  | 22,400 |  |  |
Total revenues | $ | 471,920 |  |  | $ | 411,738 |  |  | $ | 1,350,556 |  |  | $ | 1,187,145 |  |  |
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 | 308,103 |  |  | 40,923 |  |  | 129,922 |  |  |  |  | 478,948 |
Prior periods | 293 |  |  | (1,168) |  |  | (2,679) |  |  |  |  | (3,554) |
Payments and customer credits issued | (313,660) |  |  | (38,497) |  |  | (124,477) |  |  |  |  | (476,634) |
Balance at September 30, 2023 | $ | 21,617 |  |  | $ | 16,182 |  |  | $ | 38,192 |  |  |  |  | $ | 75,991 |
Schedule of Other Assets and Other Liabilities | Contract assets and liabilities were as follows (in thousands):
| September 30, 2023 |  | December 31, 2022
Contract assets (1) | $ | 635 |  |  | $ | 1,659 |
Contract liabilities: |  |  |
Current portion (2) | $ | 6,974 |  |  | $ | 7,488 |
Long-term portion (3) | 6,371 |  |  | 6,582 |
Total contract liabilities | $ | 13,345 |  |  | $ | 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 other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets.

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