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Revenue Recognition
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

(In thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Royalties
   - RELVAR/BREO

 

$

51,508

 

 

$

48,199

 

 

$

157,135

 

 

$

154,317

 

Royalties
   - ANORO

 

 

11,844

 

 

 

12,313

 

 

 

34,816

 

 

 

35,264

 

Total royalties

 

 

63,352

 

 

 

60,512

 

 

 

191,951

 

 

 

189,581

 

Less: amortization of capitalized fees paid

 

 

(3,456

)

 

 

(3,456

)

 

 

(10,368

)

 

 

(10,368

)

Total net royalty revenue

 

$

59,896

 

 

$

57,056

 

 

$

181,583

 

 

$

179,213

 

 

 

Net Product Sales

Total net product sales were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(In thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

GIAPREZA®

 

$

18,459

 

 

$

13,775

 

 

$

54,061

 

 

$

38,965

 

XACDURO®

 

 

23,813

 

 

 

9,783

 

 

 

42,327

 

 

 

14,362

 

XERAVA®

 

 

4,909

 

 

 

4,264

 

 

 

16,226

 

 

 

15,230

 

ZEVTERA®

 

 

113

 

 

 

—

 

 

 

452

 

 

 

—

 

    Total net product sales

 

$

47,294

 

 

$

27,822

 

 

$

113,066

 

 

$

68,557

 

 

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

•
approximately 63% and 37%, respectively, for the three months ended September 30, 2025, and 75% and 25%, respectively, for the nine months ended September 30, 2025.
•
approximately 71% and 29%, respectively, for the three months ended September 30, 2024, and 82% and 18%, respectively, for the nine months ended September 30, 2024.

License Revenue

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