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Revenues (Tables) | 9 Months Ended
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Oct. 03, 2025
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Product revenues: |  |  |  |  |  |  |
Gross product revenues | $ | 780,272 |  |  | $ | 646,419 |  |  | $ | 2,247,263 |  |  | $ | 1,814,495 |
Discounts and allowances | (237,342) |  |  | (168,360) |  |  | (671,036) |  |  | (520,332) |
Net product revenues | 542,930 |  |  | 478,059 |  |  | 1,576,227 |  |  | 1,294,163 |
Collaboration revenues: |  |  |  |  |  |  |
License revenues | 56,236 |  |  | 60,239 |  |  | 148,017 |  |  | 299,901 |
Collaboration services revenues | (1,411) |  |  | 1,244 |  |  | (2,781) |  |  | 7,882 |
Collaboration revenues | 54,825 |  |  | 61,483 |  |  | 145,236 |  |  | 307,783 |
Total revenues | $ | 597,755 |  |  | $ | 539,542 |  |  | $ | 1,721,463 |  |  | $ | 1,601,946 |
Net product revenues by product were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
CABOMETYX | $ | 539,878 |  |  | $ | 475,665 |  |  | $ | 1,568,640 |  |  | $ | 1,285,423 |
COMETRIQ | 3,052 |  |  | 2,394 |  |  | 7,587 |  |  | 8,740 |
Net product revenues | $ | 542,930 |  |  | $ | 478,059 |  |  | $ | 1,576,227 |  |  | $ | 1,294,163 |
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Affiliates of Cencora, Inc. | 20 | % |  | 20 | % |  | 22 | % |  | 17 | %
Affiliates of McKesson Corporation | 20 | % |  | 18 | % |  | 19 | % |  | 16 | %
Affiliates of CVS Health Corporation | 15 | % |  | 17 | % |  | 15 | % |  | 16 | %
Accredo Health, Incorporated | 11 | % |  | 11 | % |  | 12 | % |  | 10 | %
Affiliates of Optum Specialty Pharmacy | 9 | % |  | 10 | % |  | 9 | % |  | 9 | %
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:
| September 30, 2025 |  | December 31, 2024 |  |  |  |
Affiliates of McKesson Corporation | 26 | % |  | 23 | % |  |  |  |
Affiliates of Cencora, Inc. | 24 | % |  | 17 | % |  |  |  |
Ipsen Pharma SAS | 15 | % |  | 18 | % |  |  |  |
Affiliates of CVS Health Corporation | 13 | % |  | 20 | % |  |  |  |
Cardinal Health, Inc. | 13 | % |  | 10 | % |  |  |  |
Schedule of Revenues Disaggregated by Geographic Region | Total revenues by geographic region were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
U.S. | $ | 546,461 |  |  | $ | 481,461 |  |  | $ | 1,588,413 |  |  | $ | 1,303,874 |
Europe | 44,966 |  |  | 51,081 |  |  | 114,705 |  |  | 277,343 |
Japan | 6,328 |  |  | 7,000 |  |  | 18,345 |  |  | 20,729 |
Total revenues | $ | 597,755 |  |  | $ | 539,542 |  |  | $ | 1,721,463 |  |  | $ | 1,601,946 |
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 | 471,760 |  |  | 50,778 |  |  | 158,607 |  |  | 681,145 |
Prior periods | (4,363) |  |  | (2,120) |  |  | (3,626) |  |  | (10,109) |
Payments and customer credits issued | (450,532) |  |  | (54,009) |  |  | (153,772) |  |  | (658,313) |
Balance at September 30, 2025 | $ | 42,132 |  |  | $ | 19,594 |  |  | $ | 38,640 |  |  | $ | 100,366 |
Schedule of Other Assets and Other Liabilities | Contract assets and liabilities were as follows (in thousands):
| September 30, 2025 |  | December 31, 2024
Contract assets(1) | $ | 1,572 |  |  | $ | 369 |
Contract liabilities: |  |  |
Current portion(2) | $ | 1,562 |  |  | $ | 2,739 |
Non-current portion(3) | 2,270 |  |  | 3,392 |
Total contract liabilities | $ | 3,832 |  |  | $ | 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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