v3.24.3
Revenues (Tables)
 9 Months Ended
Sep. 27, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenues consisted of the following (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Product revenues:
Gross product revenues$646,419 $590,442 $1,814,495 $1,674,937 
Discounts and allowances(168,360)(163,945)(520,332)(475,394)
Net product revenues478,059 426,497 1,294,163 1,199,543 
Collaboration revenues:
License revenues60,239 42,367 299,901 133,406 
Collaboration services revenues1,244 3,056 7,882 17,607 
Total collaboration revenues61,483 45,423 307,783 151,013 
Total revenues$539,542 $471,920 $1,601,946 $1,350,556 
Net product revenues by product were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
CABOMETYX$475,665 $422,155 $1,285,423 $1,187,220 
COMETRIQ2,394 4,342 8,740 12,323 
Net product revenues$478,059 $426,497 $1,294,163 $1,199,543 
Schedule of Concentration Risks
The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation)
20 %18 %17 %17 %
Affiliates of McKesson Corporation18 %18 %16 %17 %
Affiliates of CVS Health Corporation17 %17 %16 %17 %
Accredo Health, Incorporated11 %12 %10 %12 %
Affiliates of Optum Specialty Pharmacy10 %10 %9 %10 %
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:
September 30, 2024December 31, 2023
Ipsen Pharma SAS23 %19 %
Affiliates of Cencora, Inc. (formerly AmerisourceBergen Corporation)22 %17 %
Affiliates of McKesson Corporation21 %21 %
Affiliates of CVS Health Corporation14 %20 %
Cardinal Health, Inc.9 %11 %
Schedule of Revenues Disaggregated by Geographic Region
Total revenues by geographic region were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
U.S.$481,461 $429,605 $1,303,874 $1,213,089 
Europe51,081 36,021 277,343 106,286 
Japan7,000 6,294 20,729 31,181 
Total revenues$539,542 $471,920 $1,601,946 $1,350,556 
Schedule of Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances
The activities and ending reserve balances for each significant category of discounts and allowances (which constitute variable consideration) were as follows (in thousands):
Chargebacks, Discounts for Prompt Payment and Other
Other Customer Credits/Fees and Co-pay Assistance
Rebates
Total
Balance at December 31, 2023
$25,221 $19,721 $39,898 $84,840 
Provision related to sales made in:
Current period343,999 45,277 134,806 524,082 
Prior periods(891)(2,043)(816)(3,750)
Payments and customer credits issued(338,676)(43,324)(131,024)(513,024)
Balance at September 30, 2024
$29,653 $19,631 $42,864 $92,148 
Schedule of Other Assets and Other Liabilities
Contract assets and liabilities were as follows (in thousands):
September 30, 2024December 31, 2023
Contract assets(1)
$275 $1,321 
Contract liabilities:
Current portion(2)
$3,251 $5,406 
Non-current portion(3)
3,951 5,524 
Total contract liabilities$7,202 $10,930 
____________________
(1) Presented in right-of-use assets and other non-current assets in the accompanying Condensed Consolidated Balance Sheets.
(2) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets.
(3) Presented in other non-current liabilities in the accompanying Condensed Consolidated Balance Sheets.