XML 40 R12.htm IDEA: XBRL DOCUMENT v3.25.4
Revenue Recognition
 12 Months Ended
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”.