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Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

3. Revenue Recognition

Net Revenue from Collaboration Arrangement

Net revenue recognized under our GSK Agreements was as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(In thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Royalties
   - RELVAR/BREO

 

$

48,199

 

 

$

45,585

 

 

$

154,317

 

 

$

150,922

 

Royalties
   - ANORO

 

 

12,313

 

 

 

11,429

 

 

 

35,264

 

 

 

32,127

 

Total royalties

 

 

60,512

 

 

 

57,014

 

 

 

189,581

 

 

 

183,049

 

Less: amortization of capitalized fees paid

 

 

(3,456

)

 

 

(3,456

)

 

 

(10,368

)

 

 

(10,368

)

Total net royalty revenue

 

$

57,056

 

 

$

53,558

 

 

$

179,213

 

 

$

172,681

 

 

Net Product Sales

Our net product sales were $27.8 million, consisting of net sales of GIAPREZA®, XERAVA®, and XACDURO® for $13.8 million, $4.2 million and $9.8 million, respectively, for the three months ended September 30, 2024. Our net product sales were $68.6 million, consisting of net sales of GIAPREZA®, XERAVA®, and XACDURO® for $39.0 million, $15.2 million and $14.4 million, respectively, for the nine months ended September 30, 2024. We derived approximately 71% and 82% of our net product sales from customers located in the U.S. for the three and nine months ended September 30, 2024, respectively.

Our net product sales were $13.7 million, consisting of net sales of GIAPREZA®, XERAVA®, and XACDURO® for $8.0 million, $5.1 million, and $0.6 million, respectively, for the three months ended September 30, 2023. Our net product sales were $40.9 million, consisting of net sales of GIAPREZA®, XERAVA®, and XACDURO® for $28.2 million, $12.1 million, and $0.6 million, respectively, for the nine months ended September 30, 2023. We derived over 86% and 93% of our net product sales from customers located in the U.S. for the three and nine months ended September 30, 2023, respectively.

License Revenue

 

Refer to the out-license agreements with Zai Lab and Everest in Note 4, “License and Collaboration Arrangements”.