v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Our disaggregated revenues were as follows (in thousands):
Three Months Ended
March 31,
20262025
Royalties$240,681 $168,192 
Product sales, net
Proprietary product sales
41,873 36,341 
Bulk rHuPH20 sales
73,497 27,025 
Device partnered product sales
15,054 14,675 
Total product sales, net130,424 78,041 
Revenues under collaborative agreements
Upfront license and target nomination fees
— 220 
Sales-based milestones
— 15,000 
Device licensing and development revenue
5,603 3,408 
Total revenues under collaborative agreements5,603 18,628 
Total revenues$376,708 $264,861 
During the three months ended March 31, 2026, we recognized revenue related to licenses granted to partners in prior periods in the amount of $240.7 million. This amount represents royalties earned in the current period. We recognized $2.4 million revenue during the three months ended March 31, 2026 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2025.
Accounts receivable, net, other contract assets and deferred revenues (contract liabilities) from contracts with customers, including partners, consisted of the following (in thousands):
March 31, 2026December 31, 2025
Accounts receivable, net$457,989 $426,273 
Other contract assets— 15,000 
Deferred revenues32,945 35,482 
As of March 31, 2026, the amounts included in the transaction price of our contracts with customers, including collaboration partners, and allocated to goods and services not yet provided were $298.7 million, of which $265.8 million relates to unfulfilled product purchase orders and $32.9 million has been collected and is reported as other long-term liabilities in our condensed consolidated balance sheets. The unfulfilled product purchase orders are estimated to be delivered by the first quarter of 2028. Of the total deferred revenues of $32.9 million, $5.7 million is expected to be used by our customers within the next 12 months.
There were no contract assets related to collaboration agreements as of March 31, 2026. While we may become entitled to receive additional event-based development and regulatory milestones and other fees under our collaborative agreements, which relate to development milestones deemed probable of receipt for intellectual property licenses granted to collaboration partners in prior periods, no amounts were deemed probable.