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v3.25.1

Revenues (Tables) | 3 Months Ended
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Apr. 04, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | Revenues consisted of the following (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Product revenues: |  |  |  |  |  |  |  |
Gross product revenues |  | $ | 721,711 |  |  | $ | 563,785 |  |  |  |  |
Discounts and allowances |  | (208,428) |  |  | (185,262) |  |  |  |  |
Net product revenues |  | 513,283 |  |  | 378,523 |  |  |  |  |
Collaboration revenues: |  |  |  |  |  |  |  |
License revenues |  | 42,480 |  |  | 44,676 |  |  |  |  |
Collaboration services revenues |  | (316) |  |  | 2,027 |  |  |  |  |
Collaboration revenues |  | 42,164 |  |  | 46,703 |  |  |  |  |
Total revenues |  | $ | 555,447 |  |  | $ | 425,226 |  |  |  |  |
Net product revenues by product were as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
CABOMETYX | $ | 510,872 |  |  | $ | 376,417 |  |  |  |  |
COMETRIQ | 2,411 |  |  | 2,106 |  |  |  |  |
Net product revenues | $ | 513,283 |  |  | $ | 378,523 |  |  |  |  |
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,
|  | 2025 |  | 2024
Affiliates of Cencora, Inc. |  | 23 | % |  | 19 | %
Affiliates of McKesson Corporation |  | 18 | % |  | 18 | %
Affiliates of CVS Health Corporation |  | 14 | % |  | 17 | %
Accredo Health, Incorporated |  | 12 | % |  | 12 | %
Affiliates of Optum Specialty Pharmacy |  | 10 | % |  | 10 | %
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:
|  | March 31, 2025 |  | December 31, 2024 |  |  |  |
Affiliates of Cencora, Inc. |  | 26 | % |  | 17 | % |  |  |  |
Affiliates of McKesson Corporation |  | 24 | % |  | 23 | % |  |  |  |
Ipsen Pharma SAS |  | 16 | % |  | 18 | % |  |  |  |
Cardinal Health, Inc. |  | 12 | % |  | 10 | % |  |  |  |
Affiliates of CVS Health Corporation |  | 10 | % |  | 20 | % |  |  |  |
Schedule of Revenues Disaggregated by Geographic Region | Total revenues by geographic region were as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
U.S. |  | $ | 517,184 |  |  | $ | 381,937 |  |  |  |  |
Europe |  | 32,706 |  |  | 35,703 |  |  |  |  |
Japan |  | 5,557 |  |  | 7,586 |  |  |  |  |
Total revenues |  | $ | 555,447 |  |  | $ | 425,226 |  |  |  |  |
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, 2024 | $ | 25,267 |  |  | $ | 24,945 |  |  | $ | 37,431 |  |  | $ | 87,643 |
Provision related to sales made in: |  |  |  |  |  |  |
Current period | 146,344 |  |  | 19,508 |  |  | 51,313 |  |  | 217,165 |
Prior periods | (4,271) |  |  | (2,139) |  |  | (2,327) |  |  | (8,737) |
Payments and customer credits issued | (135,019) |  |  | (23,177) |  |  | (47,714) |  |  | (205,910) |
Balance at March 31, 2025 | $ | 32,321 |  |  | $ | 19,137 |  |  | $ | 38,703 |  |  | $ | 90,161 |
Schedule of Other Assets and Other Liabilities | Contract assets and liabilities were as follows (in thousands):
| March 31, 2025 |  | December 31, 2024
Contract assets(1) | $ | 326 |  |  | $ | 369 |
Contract liabilities: |  |  |
Current portion(2) | $ | 2,874 |  |  | $ | 2,739 |
Non-current portion(3) | 3,086 |  |  | 3,392 |
Total contract liabilities | $ | 5,960 |  |  | $ | 6,131 |
____________________ (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 non-current liabilities in the accompanying Condensed Consolidated Balance Sheets.

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