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Revenue Recognition
 6 Months Ended
Jun. 30, 2025
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 June 30,

 

 

Six Months Ended June 30,

 

(In thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Royalties
   - RELVAR/BREO

 

$

54,737

 

 

$

53,980

 

 

$

105,627

 

 

$

106,118

 

Royalties
   - ANORO

 

 

12,599

 

 

 

13,218

 

 

 

22,972

 

 

 

22,951

 

Total royalties

 

 

67,336

 

 

 

67,198

 

 

 

128,599

 

 

 

129,069

 

Less: amortization of capitalized fees paid

 

 

(3,456

)

 

 

(3,456

)

 

 

(6,912

)

 

 

(6,912

)

Total net royalty revenue

 

$

63,880

 

 

$

63,742

 

 

$

121,687

 

 

$

122,157

 

 

Net Product Sales

Total net product sales were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(In thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

GIAPREZA®

 

$

17,329

 

 

$

13,109

 

 

$

35,602

 

 

$

25,190

 

XACDURO®

 

 

10,731

 

 

 

2,344

 

 

 

18,514

 

 

 

4,579

 

XERAVA®

 

 

7,094

 

 

 

6,198

 

 

 

11,317

 

 

 

10,966

 

ZEVTERA®

 

 

339

 

 

 

—

 

 

 

339

 

 

 

—

 

    Total net product sales

 

$

35,493

 

 

$

21,651

 

 

$

65,772

 

 

$

40,735

 

 

We derived our net product sales from customers located in the U.S. and the rest of world as follows:

•
approximately 82% and 18%, respectively, for the three months ended June 30, 2025, and 84% and 16%, respectively, for the six months ended June 30, 2025.
•
approximately 87% and 13%, respectively, for the three months ended June 30, 2024, and 89% and 11%, respectively, for the six months ended June 30, 2024.

 

License Revenue

 

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