v3.25.2
Revenues (Tables)
 6 Months Ended
Jul. 04, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenues consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Product revenues:
Gross product revenues$745,280 $604,291 $1,466,991 $1,168,076 
Discounts and allowances(225,266)(166,710)(433,694)(351,972)
Net product revenues520,014 437,581 1,033,297 816,104 
Collaboration revenues:
License revenues49,301 194,986 91,781 239,662 
Collaboration services revenues(1,054)4,611 (1,370)6,638 
Collaboration revenues
48,247 199,597 90,411 246,300 
Total revenues$568,261 $637,178 $1,123,708 $1,062,404 
Net product revenues by product were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
CABOMETYX$517,890 $433,341 $1,028,762 $809,758 
COMETRIQ 2,124 4,240 4,535 6,346 
Net product revenues$520,014 $437,581 $1,033,297 $816,104 
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 June 30,Six Months Ended June 30,
2025202420252024
Affiliates of Cencora, Inc.
22 %14 %22 %16 %
Affiliates of McKesson Corporation18 %14 %18 %15 %
Affiliates of CVS Health Corporation16 %13 %15 %15 %
Accredo Health, Incorporated12 %9 %12 %10 %
Affiliates of Optum Specialty Pharmacy9 %8 %10 %9 %
Ipsen Pharma SAS7 %30 %6 %21 %
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows:
June 30, 2025December 31, 2024
Affiliates of McKesson Corporation25 %23 %
Affiliates of Cencora, Inc.
25 %17 %
Affiliates of CVS Health Corporation15 %20 %
Ipsen Pharma SAS15 %18 %
Cardinal Health, Inc.11 %10 %
Schedule of Revenues Disaggregated by Geographic Region
Total revenues by geographic region were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
U.S.$524,768 $440,476 $1,041,952 $822,413 
Europe37,033 190,559 69,739 226,262 
Japan6,460 6,143 12,017 13,729 
Total revenues$568,261 $637,178 $1,123,708 $1,062,404 
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, 2024
$25,267 $24,945 $37,431 $87,643 
Provision related to sales made in:
Current period302,952 35,189 105,323 443,464 
Prior periods(4,349)(2,099)(3,322)(9,770)
Payments and customer credits issued(284,424)(41,634)(98,557)(424,615)
Balance at June 30, 2025
$39,446 $16,401 $40,875 $96,722 
Schedule of Other Assets and Other Liabilities
Contract assets and liabilities were as follows (in thousands):
June 30, 2025December 31, 2024
Contract assets(1)
$1,528 $369 
Contract liabilities:
Current portion(2)
$2,164 $2,739 
Non-current portion(3)
2,621 3,392 
Total contract liabilities$4,785 $6,131 
____________________
(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.