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Revenues (Tables) | 6 Months Ended
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Jun. 28, 2024
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,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Product revenues: |  |  |  |  |  |  |  |  |
Gross product revenues | $ | 604,291 |  |  | $ | 563,173 |  |  | $ | 1,168,076 |  |  | $ | 1,084,495 |  |  |
Discounts and allowances | (166,710) |  |  | (153,527) |  |  | (351,972) |  |  | (311,449) |  |  |
Net product revenues | 437,581 |  |  | 409,646 |  |  | 816,104 |  |  | 773,046 |  |  |
Collaboration revenues: |  |  |  |  |  |  |  |  |
License revenues | 194,986 |  |  | 52,747 |  |  | 239,662 |  |  | 91,039 |  |  |
Collaboration services revenues | 4,611 |  |  | 7,455 |  |  | 6,638 |  |  | 14,551 |  |  |
Total collaboration revenues | 199,597 |  |  | 60,202 |  |  | 246,300 |  |  | 105,590 |  |  |
Total revenues | $ | 637,178 |  |  | $ | 469,848 |  |  | $ | 1,062,404 |  |  | $ | 878,636 |  |  |
Net product revenues by product were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
CABOMETYX | $ | 433,341 |  |  | $ | 403,292 |  |  | $ | 809,758 |  |  | $ | 765,065 |
COMETRIQ | 4,240 |  |  | 6,354 |  |  | 6,346 |  |  | 7,981 |
Net product revenues | $ | 437,581 |  |  | $ | 409,646 |  |  | $ | 816,104 |  |  | $ | 773,046 |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Ipsen Pharma SAS | 30 | % |  | 8 | % |  | 21 | % |  | 8 | %
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation) | 14 | % |  | 16 | % |  | 16 | % |  | 16 | %
Affiliates of McKesson Corporation | 14 | % |  | 16 | % |  | 15 | % |  | 16 | %
Affiliates of CVS Health Corporation | 13 | % |  | 17 | % |  | 15 | % |  | 17 | %
Accredo Health, Incorporated | 9 | % |  | 12 | % |  | 10 | % |  | 12 | %
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:
| June 30, 2024 |  | December 31, 2023 |  |  |  |
Ipsen Pharma SAS | 50 | % |  | 19 | % |  |  |  |
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation) | 14 | % |  | 17 | % |  |  |  |
Affiliates of McKesson Corporation | 13 | % |  | 21 | % |  |  |  |
Affiliates of CVS Health Corporation | 9 | % |  | 20 | % |  |  |  |
Cardinal Health, Inc. | 7 | % |  | 11 | % |  |  |  |
Schedule of Revenues Disaggregated by Geographic Region | Total revenues by geographic region were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
U.S. | $ | 440,476 |  |  | $ | 416,043 |  |  | $ | 822,413 |  |  | $ | 783,484 |
Europe | 190,559 |  |  | 36,731 |  |  | 226,262 |  |  | 70,265 |
Japan | 6,143 |  |  | 17,074 |  |  | 13,729 |  |  | 24,887 |
Total revenues | $ | 637,178 |  |  | $ | 469,848 |  |  | $ | 1,062,404 |  |  | $ | 878,636 |
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, 2023 | $ | 25,221 |  |  | $ | 19,721 |  |  | $ | 39,898 |  |  |  |  | $ | 84,840 |
Provision related to sales made in: |  |  |  |  |  |  |  |  |
Current period | 228,217 |  |  | 31,790 |  |  | 95,257 |  |  |  |  | 355,264 |
Prior periods | (1,088) |  |  | (2,043) |  |  | (161) |  |  |  |  | (3,292) |
Payments and customer credits issued | (219,316) |  |  | (30,374) |  |  | (95,620) |  |  |  |  | (345,310) |
Balance at June 30, 2024 | $ | 33,034 |  |  | $ | 19,094 |  |  | $ | 39,374 |  |  |  |  | $ | 91,502 |
Schedule of Other Assets and Other Liabilities | Contract assets and liabilities were as follows (in thousands):
| June 30, 2024 |  | December 31, 2023
Contract assets (1) | $ | 1,469 |  |  | $ | 1,321 |
Contract liabilities: |  |  |
Current portion (2) | $ | 3,443 |  |  | $ | 5,406 |
Long-term portion (3) | 4,420 |  |  | 5,524 |
Total contract liabilities | $ | 7,863 |  |  | $ | 10,930 |
____________________ (1) Presented in right-of-use assets and other non-current 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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