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v3.25.2

Revenues (Tables) | 6 Months Ended
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Jul. 04, 2025
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Product revenues: |  |  |  |  |  |  |
Gross product revenues | $ | 745,280 |  |  | $ | 604,291 |  |  | $ | 1,466,991 |  |  | $ | 1,168,076 |
Discounts and allowances | (225,266) |  |  | (166,710) |  |  | (433,694) |  |  | (351,972) |
Net product revenues | 520,014 |  |  | 437,581 |  |  | 1,033,297 |  |  | 816,104 |
Collaboration revenues: |  |  |  |  |  |  |
License revenues | 49,301 |  |  | 194,986 |  |  | 91,781 |  |  | 239,662 |
Collaboration services revenues | (1,054) |  |  | 4,611 |  |  | (1,370) |  |  | 6,638 |
Collaboration revenues | 48,247 |  |  | 199,597 |  |  | 90,411 |  |  | 246,300 |
Total revenues | $ | 568,261 |  |  | $ | 637,178 |  |  | $ | 1,123,708 |  |  | $ | 1,062,404 |
Net product revenues by product were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
CABOMETYX | $ | 517,890 |  |  | $ | 433,341 |  |  | $ | 1,028,762 |  |  | $ | 809,758 |
COMETRIQ | 2,124 |  |  | 4,240 |  |  | 4,535 |  |  | 6,346 |
Net product revenues | $ | 520,014 |  |  | $ | 437,581 |  |  | $ | 1,033,297 |  |  | $ | 816,104 |
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Affiliates of Cencora, Inc. | 22 | % |  | 14 | % |  | 22 | % |  | 16 | %
Affiliates of McKesson Corporation | 18 | % |  | 14 | % |  | 18 | % |  | 15 | %
Affiliates of CVS Health Corporation | 16 | % |  | 13 | % |  | 15 | % |  | 15 | %
Accredo Health, Incorporated | 12 | % |  | 9 | % |  | 12 | % |  | 10 | %
Affiliates of Optum Specialty Pharmacy | 9 | % |  | 8 | % |  | 10 | % |  | 9 | %
Ipsen Pharma SAS | 7 | % |  | 30 | % |  | 6 | % |  | 21 | %
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:
| June 30, 2025 |  | December 31, 2024 |  |  |  |
Affiliates of McKesson Corporation | 25 | % |  | 23 | % |  |  |  |
Affiliates of Cencora, Inc. | 25 | % |  | 17 | % |  |  |  |
Affiliates of CVS Health Corporation | 15 | % |  | 20 | % |  |  |  |
Ipsen Pharma SAS | 15 | % |  | 18 | % |  |  |  |
Cardinal Health, Inc. | 11 | % |  | 10 | % |  |  |  |
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
U.S. | $ | 524,768 |  |  | $ | 440,476 |  |  | $ | 1,041,952 |  |  | $ | 822,413 |
Europe | 37,033 |  |  | 190,559 |  |  | 69,739 |  |  | 226,262 |
Japan | 6,460 |  |  | 6,143 |  |  | 12,017 |  |  | 13,729 |
Total revenues | $ | 568,261 |  |  | $ | 637,178 |  |  | $ | 1,123,708 |  |  | $ | 1,062,404 |
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 | 302,952 |  |  | 35,189 |  |  | 105,323 |  |  | 443,464 |
Prior periods | (4,349) |  |  | (2,099) |  |  | (3,322) |  |  | (9,770) |
Payments and customer credits issued | (284,424) |  |  | (41,634) |  |  | (98,557) |  |  | (424,615) |
Balance at June 30, 2025 | $ | 39,446 |  |  | $ | 16,401 |  |  | $ | 40,875 |  |  | $ | 96,722 |
Schedule of Other Assets and Other Liabilities | Contract assets and liabilities were as follows (in thousands):
| June 30, 2025 |  | December 31, 2024
Contract assets(1) | $ | 1,528 |  |  | $ | 369 |
Contract liabilities: |  |  |
Current portion(2) | $ | 2,164 |  |  | $ | 2,739 |
Non-current portion(3) | 2,621 |  |  | 3,392 |
Total contract liabilities | $ | 4,785 |  |  | $ | 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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