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Revenue recognition
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue recognition Revenue recognition
The Company operates in three business segments (see Note 18, “Segment information”). The Company's revenues disaggregated by the major sources were as follows:
Year Ended December 31,
2024
2023
2022
USGNon-USGTotalUSGNon-USGTotalUSGNon-USGTotal
Commercial Product sales$0.8 $398.1 $398.9 $0.8 $496.5 $497.3 $0.8 $385.8 $386.6 
MCM Product sales381.3 128.5 509.8 373.5 73.7 447.2 444.6 135.0 579.6 
Bioservices:
Services (1)
— 103.5 103.5 — 72.8 72.8 — 105.0 105.0 
Leases— 1.4 1.4 — 5.7 5.7 — 4.9 4.9 
Total Bioservices$— $104.9 $104.9 $— $78.5 $78.5 $— $109.9 $109.9 
Contracts and grants28.4 1.6 30.0 20.4 5.9 26.3 37.2 4.2 41.4 
Total revenues$410.5 $633.1 $1,043.6 $394.7 $654.6 $1,049.3 $482.6 $634.9 $1,117.5 
(1) Bioservices Services revenues for the year ended December 31, 2024 include $50.0 million attributable to the Settlement Agreement with Janssen related to the 2022 termination of the Janssen Agreement. The revenue is related to raw materials purchased for the Janssen Agreement which Janssen had not reimbursed. See Note 19, “Litigation” for additional information related to the accounting treatment and settlement of the arbitration with Janssen.
For the years ended December 31, 2024, 2023 and 2022, the Company's product sales from NARCAN®, Other Commercial products, Anthrax MCM, Smallpox MCM and Other products as a percentage of total product sales were as follows:
Year Ended December 31,
202420232022
% of product sales:   
Commercial Products:
NARCAN®
44 %51 %39 %
Other Commercial products— %1 %1 %
MCM Products:
Anthrax MCM15 %20 %30 %
Smallpox MCM31 %18 %24 %
Other Products10 %10 %6 %
For the years ended December 31, 2024 and 2023, aside from sales to the USG, there were no sales to an individual customer in excess of 10% of total revenues. For the year ended December 31, 2022, there were two customers in excess of 10% of total revenues, USG for 43% and the second customer for 10% of total revenues, both primarily attributable to the MCM Products segment. For the years ended December 31, 2024, 2023, and 2022, the Company’s revenues from customers within the United States comprised 79%, 58% and 79%, respectively, of total revenues.
Bioservices operating leases
Certain multi-year Bioservices arrangements with non-USG customers include operating leases whereby the customer has the right to direct the use of and obtain substantially all of the economic benefits of specific manufacturing suites operated by the Company. The associated revenue is recognized on a straight-line basis over the term of the lease. The remaining term on the Company's operating lease components approximates 2.1 years. The Company utilizes a cost-plus model to determine the stand-alone selling price of the lease component to allocate contract consideration between the lease and non-lease components. During the year ended December 31, 2024, the Company's non-USG lease revenues were $1.4 million, which is included within Bioservices “Leases” on the Consolidated Statement of Operations. Excluding future amounts related to the Agreement as discussed above, the Company estimates future operating lease revenues to be $2.2 million in 2025, $2.3 million in 2026, $0.9 million in 2027, $0.9 million in 2028, no lease revenue in 2029 and no lease revenue in 2030 and beyond.
Transaction price allocated to remaining performance obligations
As of December 31, 2024, the Company has future contract value on unsatisfied performance obligations of approximately $393.2 million associated with all arrangements entered into by the Company. The Company expects to recognize $348.2 million of unsatisfied performance obligations within the next 24 months. The amount and timing of revenue recognition for unsatisfied performance obligations can change. The future revenues associated with unsatisfied performance obligations exclude the value of unexercised option periods in the Company’s revenue arrangements. Often the timing of manufacturing activities changes based on customer needs and resource availability. Government funding appropriations can impact the timing of product deliveries. The success of the Company's development activities that receive development funding support from the USG under development contracts can also impact the timing of revenue recognition.
Contract assets
The Company considers accounts receivable and deferred costs associated with revenue generating contracts, which are not included in inventory or property, plant and equipment and the Company does not currently have a contractual right to bill, to be contract assets. As of December 31, 2024 and December 31, 2023, the Company had $9.7 million and $21.9 million, respectively, of contract assets recorded within “Accounts receivable, net” on the Consolidated Balance Sheets.
Contract liabilities
When performance obligations are not transferred to a customer at the end of a reporting period, cash received associated with amounts allocated to those performance obligations is reflected as contract liabilities on the Consolidated Balance Sheets and is deferred until control of these performance obligations is transferred to the customer. The following table presents the roll forward of the contract liabilities:
 Contract Liabilities
Balance at December 31, 2023$29.9 
Balance at December 31, 2024$9.3 
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:$26.2 
As of December 31, 2024 and 2023, the current portion of contract liabilities was $4.8 million and $27.2 million, respectively, and was included in “Other current liabilities” on the Consolidated Balance Sheet.
Accounts receivable and allowance for expected credit losses
Accounts receivable, including unbilled accounts receivable contract assets, consist of the following:
 December 31,
20242023
Accounts receivable:
Billed$135.4 $141.8 
Unbilled19.6 51.4 
Allowance for expected credit losses(0.5)(2.2)
Accounts receivable, net$154.5 $191.0 
We maintain an allowance for expected credit losses, which represents the estimated aggregate amount of credit risk arising from the inability or unwillingness of specific customers to pay our fees or disputes that may affect our ability to fully collect our billed accounts receivable. We estimate the current-period provision for expected credit losses on a specific identification basis and we consider factors such as the age of the receivables balance, knowledge of the specific customers' circumstances and historical collection experience for similar customers. Accounts receivable, net of the allowance for expected credit losses, represents the amount we expect to collect. Our actual experience may vary from our estimates. At each reporting date, we adjust the allowance for expected credit losses to reflect our current estimate. The Company's provisions for expected credit losses for the years ended December 31, 2024, 2023 and 2022 were $5.3 million, $2.1 million and $0.3 million, respectively.