XML 25 R11.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Revenue | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Our disaggregated revenues were as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Royalties |  | $ | 124,918 |  |  | $ | 111,740 |  |  | $ | 245,511 |  |  | $ | 211,380 |
Product sales, net |  |  |  |  |  |  |  |
Proprietary product sales |  | 44,139 |  |  | 32,293 |  |  | 79,394 |  |  | 60,254 |
Bulk rHuPH20 sales |  | 24,634 |  |  | 27,133 |  |  | 35,144 |  |  | 49,202 |
Device partnered product sales |  | 10,113 |  |  | 14,463 |  |  | 22,931 |  |  | 25,227 |
Total product sales, net |  | 78,886 |  |  | 73,889 |  |  | 137,469 |  |  | 134,683 |
Revenues under collaborative agreements |  |  |  |  |  |  |  |
Event-based development and regulatory milestones and other fees |  | 25,500 |  |  | 33,000 |  |  | 39,500 |  |  | 33,000 |
Device licensing and development revenue |  | 2,049 |  |  | 2,409 |  |  | 4,752 |  |  | 4,118 |
Total revenues under collaborative agreements |  | 27,549 |  |  | 35,409 |  |  | 44,252 |  |  | 37,118 |
Total revenues |  | $ | 231,353 |  |  | $ | 221,038 |  |  | $ | 427,232 |  |  | $ | 383,181 |
During the three months ended June 30, 2024, we recognized revenue related to licenses granted to partners in prior periods in the amount of $150.4 million. This amount represents royalties earned in the current period in addition to $25.5 million of variable consideration in the contracts where uncertainties were resolved and the development milestones are expected to be achieved or were achieved. We also recognized revenue of $0.5 million during the three months ended June 30, 2024 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2023. During the six months ended June 30, 2024, we recognized revenue related to licenses granted to partners in prior periods in the amount of $285.0 million. This amount represents royalties earned in the current period in addition to $39.5 million of variable consideration in the contracts where uncertainties were resolved and the development milestones are expected to be achieved or were achieved. We also recognized revenue of $0.6 million during the six months ended June 30, 2024 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2023. Accounts receivable, other contract assets and deferred revenues (contract liabilities) from contracts with customers, including partners, consisted of the following (in thousands):
|  | June 30, 2024 |  | December 31, 2023
Accounts receivable, net |  | $ | 210,416 |  |  | $ | 233,254 |
Other contract assets |  | 4,108 |  |  | 956 |
Deferred revenues |  | 4,856 |  |  | 4,048 |
As of June 30, 2024, the amounts included in the transaction price of our contracts with customers, including collaboration partners, and allocated to goods and services not yet provided were $89.2 million, of which $84.3 million relates to unfulfilled product purchase orders and $4.9 million has been collected and is reported as accrued expense and other long-term liabilities in our condensed consolidated balance sheets. The unfulfilled product purchase orders are estimated to be delivered by the end of 2025. Of the total deferred revenues of $4.9 million, $1.3 million is expected to be used by our customers within the next 12 months. We recognized contract assets of $4.1 million as of June 30, 2024, which related to development milestones deemed probable of receipt for intellectual property licenses granted to partners in prior periods and for goods or services when control has transferred to the customer, and corresponding revenue is recognized on an over time basis but is not yet billable to the customer in accordance with the terms of the contract.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration