Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Our disaggregated revenues were as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Royalties	$	307,699	$	205,639	$	548,380	$	373,831

Product sales, net
Proprietary product sales	55,428		46,452		97,301		82,793
Bulk rHuPH20 sales	59,618		23,271		133,115		50,296
Device partnered product sales	14,580		11,787		29,634		26,462
Total product sales, net	129,626		81,510		260,050		159,551

Revenues under collaborative agreements
Upfront license and target nomination fees	35,500		—		35,500		220
Event-based development and regulatory milestones and other fees	5,706		24,500		5,706		24,500
Sales-based milestones	—		10,000		—		25,000
Device licensing and development revenue	2,468		4,070		8,071		7,478
Total revenues under collaborative agreements	43,674		38,570		49,277		57,198

Total revenues	$	480,999	$	325,719	$	857,707	$	590,580

Schedule of Accounts Receivable, Other Contract Assets and Contract Liabilities

Accounts receivable, net, other contract assets and deferred revenues (contract liabilities) from contracts with customers, including partners, consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accounts receivable, net	$	453,327	$	426,273
Other contract assets	2,500		15,000
Deferred revenues	31,669		35,482