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REVENUE | 3 Months Ended
--- | ---
Mar. 31, 2025
Disclosure of disaggregation of revenue from contracts with customers [abstract] |
REVENUE | REVENUE An analysis of revenue is as follows:
| Three months ended March 31,
| 2025 |  | 2024
| US$’000 |  | US$’000
Revenue: |  |  |
License revenue |  |  |
License revenue - Novartis | 9,348 |  |  | 12,181 |
License revenue - total | 9,348 |  |  | 12,181 |
Collaboration revenue | 185,615 |  |  | 78,481 |
Other revenue | 90 |  |  | 3,329 |
Total Revenue | 195,053 |  |  | 93,991 |
An analysis of revenue by geographic area is as follows. The revenue information is based on the locations of the customers.
| Three months ended March 31,
| 2025 |  | 2024
| US$’000 |  | US$’000
License and other revenue |  |  |
United States of America | 9,348 |  |  | 15,369 |
China | 90 |  |  | 141 |
Total revenue and other revenue | 9,438 |  |  | 15,510 |
Collaboration Revenue |  |  |
United States of America | 158,942 |  |  | 70,109 |
Europe | 26,673 |  |  | 8,372 |
Total collaboration revenue | 185,615 |  |  | 78,481 |
Total Revenue | 195,053 |  |  | 93,991 |
An analysis of the timing of transfer of goods or services is as follows:
| Three months ended March 31,
| 2025 |  | 2024
| US$’000 |  | US$’000
Revenue at a point in time | 185,705 |  |  | 81,810 |
Revenue over time* | 9,348 |  |  | 12,181 |
Total Revenue | 195,053 |  |  | 93,991 |
*All revenue streams are recognized at a point in time except for License Revenue for Novartis which is recognized over time. The following table shows the deferred revenue which is included in contract liabilities for the periods presented:
| March 31 |  | December 31
| 2025 |  | 2024
| US$’000 |  | US$’000
Contract liabilities (Current) | 39,535 |  |  | 46,874 |
Total | 39,535 |  |  | 46,874 |

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- Definition The entire disclosure for revenue. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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