v3.26.1
Revenue recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue recognition Revenue recognition
The Company generates the majority of its revenues through product sales to customers. The Company also generates revenues through its Bioservices offerings and suite reservations for and to third parties and Contracts and grants revenue. The Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services by analyzing the following five steps: (1) identify the contract with (a) customer(s); (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation.
The Company's revenues disaggregated by major sources for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
USGNon-USG TotalUSGNon-USG Total
Commercial Product sales$1.0 $51.4 $52.4 $1.2 $66.3 $67.5 
MCM Product sales148.6 19.4 168.0 46.0 12.4 58.4 
All other revenues (1)
7.5 6.4 13.9 10.6 4.4 15.0 
Total revenues$157.1 $77.2 $234.3 $57.8 $83.1 $140.9 
(1) “All other revenues” includes Services and Contracts and grants revenue.
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
USGNon-USG TotalUSGNon-USG Total
Commercial Product sales$1.7 $93.6 $95.3 $1.3 $111.5 $112.8 
MCM Product sales212.3 57.5 269.8 112.6 102.4 215.0 
All other revenues (1)
13.9 11.4 25.3 22.7 12.6 35.3 
Total revenues$227.9 $162.5 $390.4 $136.6 $226.5 $363.1 
(1) “All other revenues” includes Services and Contracts and grants revenue.
Transaction price allocated to remaining performance obligations
As of June 30, 2026, the Company has future contract value on unsatisfied performance obligations of approximately $268.7 million associated with all arrangements entered into by the Company. The Company expects to recognize $247.7 million of unsatisfied performance obligations within the next 24 months. The amount and timing of revenue recognition for unsatisfied performance obligations can change. The future revenues associated with unsatisfied performance obligations exclude the value of unexercised option periods in the Company’s revenue arrangements. Often the timing of manufacturing activities changes based on customer needs and resource availability. Government funding appropriations can impact the timing of product deliveries. The success of the Company's development activities that receive development funding support from the USG under development contracts can also impact the timing of revenue recognition.
Contract assets
The Company considers accounts receivable and deferred costs associated with revenue generating contracts, which are not included in inventory or property, plant and equipment and that the Company does not currently have a contractual right to bill, to be contract assets. As of June 30, 2026 and December 31, 2025, the Company had $6.9 million and $6.4 million, respectively, of contract assets recorded within “Accounts receivable, net” on the Condensed Consolidated Balance Sheets.
Contract liabilities
When performance obligations are not transferred to a customer at the end of a reporting period, cash received associated with amounts allocated to those performance obligations is reflected as contract liabilities on the Condensed Consolidated Balance Sheets and is deferred until control of these performance obligations is transferred to the customer. The following table presents the roll forward of the contract liability balances:
Contract Liabilities
Balance at December 31, 2025$14.4 
Balance at June 30, 2026$20.9 
Revenue recognized in the period from amounts included in contract liability at the beginning of the period:$3.4 
As of June 30, 2026 and December 31, 2025, the current portion of contract liabilities was $15.0 million and $5.0 million, respectively, and was included in “Other current liabilities” on the Condensed Consolidated Balance Sheets.
Accounts receivable and allowance for expected credit losses
Accounts receivable, including contract assets within unbilled accounts receivable, consist of the following:
June 30, 2026December 31, 2025
Accounts receivable:
Billed$170.0 $66.8 
Unbilled21.2 18.2 
Allowance for expected credit losses(1.2)(0.8)
Accounts receivable, net$190.0 $84.2 
We maintain an allowance for expected credit losses, which represents the estimated aggregate amount of credit risk arising from the inability or unwillingness of specific customers to pay our fees or disputes that may affect our ability to fully collect our billed accounts receivable. We estimate the current-period provision for expected credit losses on a specific identification basis and we consider factors such as the age of the receivables balance, knowledge of the specific customers' circumstances and historical collection experience for similar customers. Accounts receivable, net of the allowance for expected credit losses, represents the amount we expect to collect. Our actual experience may vary from our estimates. At each reporting date, we adjust the allowance for expected credit losses to reflect our current estimate.