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Revenue Recognition | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE RECOGNITION | 3. REVENUE RECOGNITION Net Revenue from Collaboration Arrangement We are entitled to receive royalties from GSK with respect to RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®. Net revenue recognized under our GSK Agreements was as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Royalties – RELVAR/BREO |  | $ | 204,021 |  |  | $ | 207,925 |  |  | $ | 208,042 |
Royalties – ANORO |  |  | 46,281 |  |  |  | 47,631 |  |  |  | 44,627 |
Total royalties |  |  | 250,302 |  |  |  | 255,556 |  |  |  | 252,669 |
Less: amortization of capitalized fees paid |  |  | (13,823 | ) |  |  | (13,823 | ) |  |  | (13,823 | )
Total royalty revenue |  | $ | 236,479 |  |  | $ | 241,733 |  |  | $ | 238,846 |
LABA Collaboration As a result of the launch and approval of RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA® in the U.S., Japan and Europe, we paid milestone fees to GSK totaling $220.0 million during the year ended December 31, 2014. The milestone fees paid to GSK were recognized as capitalized fees paid, which are being amortized over their estimated useful lives commencing upon the commercial launch of the product. The amortization is recorded as a reduction to the royalties from GSK. We are entitled to receive annual royalties from GSK on sales of RELVAR®/BREO® ELLIPTA® as follows: 15% on the first $3.0 billion of annual global net sales and 5% for all annual global net sales above $3.0 billion. Sales of single‑agent LABA medicines and combination medicines would be combined for the purposes of this royalty calculation. For other products combined with a LABA from the LABA Collaboration, such as ANORO® ELLIPTA®, royalties are upward tiering and range from 6.5% to 10%. Net Product Sales Total net product sales were as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
GIAPREZA® |  | $ | 73,611 |  |  | $ | 55,037 |  |  | $ | 41,294 |
XACDURO® |  |  | 74,393 |  |  |  | 21,070 |  |  |  | 2,003 |
XERAVA® |  |  | 23,516 |  |  |  | 21,385 |  |  |  | 17,320 |
ZEVTERA® |  |  | 610 |  |  |  | — |  |  |  | — |
Total net product sales |  | $ | 172,130 |  |  | $ | 97,492 |  |  | $ | 60,617 |
We derived our net product sales: • approximately 69% from customers located in the U.S. and 31% from the rest of the world for the year ended December 31, 2025; • approximately 83% from customers located in the U.S. and 17% from the rest of the world for the year ended December 31, 2024; and, • approximately 91% from customers located in the U.S. and 9% from the rest of the world for the year ended December 31, 2023. License and Other Revenue Refer to the out-license agreement with Zai Lab and Everest and the Grant Agreement with Gates Foundation in Note 4, “License, Collaboration and Other Arrangements”.

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- 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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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