v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION

16. SEGMENT INFORMATION

The measure of segment profit or loss that the CEO uses to allocate resources and assess performance as the chief operating decision-maker (“CODM”) is the Company’s consolidated net income (loss). The table below includes information about the Company’s segment, including significant segment expenses, and a reconciliation to net income (loss):

 

 

For the Three Months Ended
June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Total revenues

 

$

611,091

 

 

$

362,931

 

 

$

1,355,947

 

 

$

776,395

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses and other segment items

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (excluding amortization of in-licensed rights)

 

 

152,558

 

 

 

44,545

 

 

 

290,122

 

 

 

95,104

 

Compensation and other personnel expenses

 

 

89,839

 

 

 

77,535

 

 

 

182,923

 

 

 

161,122

 

Up-front and milestone expenses

 

 

—

 

 

 

—

 

 

 

583,787

 

 

 

—

 

Manufacturing expenses

 

 

80,685

 

 

 

50,659

 

 

 

148,150

 

 

 

120,359

 

Clinical trial expenses

 

 

33,511

 

 

 

39,861

 

 

 

66,658

 

 

 

84,008

 

Facility- and technology-related expenses (excluding depreciation and amortization)

 

 

28,580

 

 

 

26,651

 

 

 

56,237

 

 

 

51,629

 

Research and development- other (excluding non-cash items) (a)

 

 

31,843

 

 

 

27,646

 

 

 

60,314

 

 

 

56,494

 

Selling, general and administrative- other (excluding non-cash items) (b)

 

 

56,322

 

 

 

55,474

 

 

 

107,464

 

 

 

104,436

 

Roche collaboration reimbursement

 

 

(25,689

)

 

 

(17,940

)

 

 

(54,170

)

 

 

(39,598

)

Other segment items (c)

 

 

(1,314

)

 

 

(10,886

)

 

 

(3,223

)

 

 

(13,571

)

(Gain) loss on strategic investments

 

 

(36,721

)

 

 

(148

)

 

 

54,007

 

 

 

(1,079

)

Interest expense

 

 

5,228

 

 

 

4,832

 

 

 

9,731

 

 

 

8,998

 

Interest income

 

 

(5,254

)

 

 

(8,076

)

 

 

(15,444

)

 

 

(15,169

)

Income tax (benefit) expense

 

 

(43,254

)

 

 

7,117

 

 

 

20,736

 

 

 

12,446

 

Depreciation and amortization expense

 

 

10,840

 

 

 

8,719

 

 

 

20,818

 

 

 

17,463

 

Stock-based compensation expense

 

 

37,025

 

 

 

50,482

 

 

 

78,453

 

 

 

91,174

 

Segment net income (loss)

 

$

196,892

 

 

$

6,460

 

 

$

(250,616

)

 

$

42,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of profit or loss

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net income (loss)

 

$

196,892

 

 

$

6,460

 

 

$

(250,616

)

 

$

42,579

 

 

(a) Research and development-other includes professional services, pre-clinical expenses and research and other expenses.

(b) Selling, general and administrative-other includes professional services and other expenses.

(c) Other segment items included in segment net income (loss) include accretion of investment discount, net, change in fair value of derivatives and other, net, as well as the items separately presented and not defined as significant expenses below.

Significant expense categories that are regularly provided to the CODM include cost of sales (excluding amortization of in-licensed rights), compensation and other personnel expenses, up-front and milestone expenses, manufacturing expenses, clinical trial expenses, facility- and technology-related expenses, research and development- other and selling, general and administrative- other. The other expense or income information are other segment items and include separate presentation of (gain) loss on strategic investments, interest expense, interest income, income tax (benefit) expense, depreciation and amortization and stock-based compensation, which are included in the measure of segment net income (loss), but are not significant segment expenses.

Assets provided to the CODM for the single segment are consistent with those reported on the unaudited condensed consolidated balance sheets.