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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company operates and is managed as one business segment which derives revenue from activities related to the development and commercialization of innovative therapies for people with serious and life-threatening rare diseases and medical conditions.
The Company’s commercial organization is responsible for marketing its approved products worldwide. The Company’s research and development (R&D) organization is responsible for research and discovery of new product candidates and supporting the development and registration efforts for potential new products. The Company’s technical operations group is responsible for the development of manufacturing processes, supplying clinical drug product, and the manufacturing and distribution of the Company’s commercial products. The Company is also supported by corporate staff functions.
The Company’s Chief Executive Officer, as the Chief Operating Decision Maker (CODM), manages and allocates resources to the operations of the total company by assessing the overall level of resources available and how to best allocate them to support the Company’s long-term company-wide strategic goals. In making this decision, the CODM uses consolidated
financial information for the purposes of evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods.
The key measure of segment profit or loss used by the CODM to allocate resources and assess the Company's performance is its Consolidated Net Income, as reported on the Condensed Consolidated Statements of Comprehensive Income. The CODM's analysis includes a comparison to budgeted results. Segment assets provided to the CODM are consistent with those reported on the Condensed Consolidated Balance Sheets with particular emphasis on the Company's available liquidity including cash, cash equivalents, investments, accounts receivable and inventory.
The following table includes information about segment revenue, significant segment expenses, and segment measure of profitability:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Total revenues$989,708 $825,410 $1,755,916 $1,570,555 
Less:
Cost of sales202,795 150,090 397,794 301,648 
R&D expenses
Research and early pipeline85,069 95,968 172,360 186,438 
Later-stage clinical programs50,295 13,133 86,472 27,424 
Marketed products71,588 52,207 126,916 106,177 
SG&A expenses
S&M expenses142,186 122,100 267,113 224,631 
G&A expenses253,363 110,179 386,726 213,764 
Other segment expense, net (1)
139,650 41,201 168,246 84,255 
Net income$44,762 $240,532 $150,289 $426,218 
(1)Other segment expense, net during the three and six months ended June 30, 2026 and 2025 include intangible asset amortization, interest income and expense, other income, net and income tax expense.    
The following table presents Total Revenues and disaggregates Net Product Revenues by product.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
VOXZOGO$252,528 $221,391 $472,408 $435,145 
Metabolic Conditions (formerly Enzyme Therapies):
VIMIZIM194,371 215,424 404,575 403,770 
NAGLAZYME135,255 128,867 265,329 243,157 
PALYNZIQ135,167 105,938 224,725 199,207 
GALAFOLD(1)
105,748 — 105,748 — 
BRINEURA51,370 48,692 98,474 89,054 
ALDURAZYME43,539 56,437 80,281 105,414 
POMBILITI + OPFOLDA(1)
30,258 — 30,258 — 
KUVAN24,444 27,034 48,324 52,170 
ROCTAVIAN11,713 9,199 14,349 19,709 
Total net product revenues984,393 812,982 1,744,471 1,547,626 
Royalty and other revenues5,315 12,428 11,445 22,929 
Total revenues$989,708 $825,410 $1,755,916 $1,570,555 
(1)     The Company commenced recognizing revenue related to GALAFOLD and POMBILITI + OPFOLDA on April 27, 2026 following its acquisition of Amicus. Refer to Note 2 - Acquisitions for additional information.
The Company considers there to be revenue concentration risks for regions where Net Product Revenues exceed 10% of consolidated Net Product Revenues. The concentration of the Company’s Net Product Revenues within the regions below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective regions experience difficulties. The table below disaggregates total Net Product Revenues by geographic region, which is based on patient location for the Company's commercial products sold directly by the Company, except for ALDURAZYME, which is distributed, marketed and sold exclusively by Sanofi worldwide.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
United States$371,074 $272,554 $614,018 $514,248 
Europe297,498 243,138 516,334 472,716 
Latin America103,917 98,118 212,081 186,400 
Rest of world168,365 142,735 321,757 268,848 
Total net product revenues marketed by the Company940,854 756,545 1,664,190 1,442,212 
ALDURAZYME net product revenues marketed by Sanofi43,539 56,437 80,281 105,414 
Total net product revenues$984,393 $812,982 $1,744,471 $1,547,626 
The following table illustrates the percentage of the Company’s total Net Product Revenues attributed to the Company’s largest customers for the periods presented.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Customer A13 %15 %14 %15 %
Customer B11 12 11 12 
Customer C11 11 10 11 
Total35 %38 %35 %38 %
Concentration Information
On a consolidated basis, one customer accounted for 18% of the Company’s June 30, 2026 accounts receivable balance compared to two customers who accounted for 20% and 10%, respectively, of the accounts receivable balance as of December 31, 2025. As of June 30, 2026, and December 31, 2025, the accounts receivable balance for Sanofi included $157.6 million and $148.0 million, respectively, of unbilled accounts receivable, which becomes payable to the Company when the product is sold through by Sanofi. The Company does not require collateral from its customers, but does perform periodic credit evaluations of its customers’ financial condition and requires prepayments in certain circumstances.
The Company is mindful that conditions in the current macroeconomic environment, such as inflation, changes in interest and foreign currency exchange rates, natural disasters, geopolitical instability, wars and military conflicts, impact of new or increased tariffs and escalating trade tensions, regulatory uncertainty, and supply chain disruptions, could affect the Company’s ability to achieve its goals. In addition, the Company sells its products in countries that face economic volatility and weakness. Although the Company has historically collected receivables from customers in such countries, sustained weakness or further deterioration of the local economies and currencies may cause customers in those countries to delay payment or be unable to pay for the Company’s products. The Company believes that the allowances for doubtful accounts related to these countries, if any, are adequate as of June 30, 2026 based on its analysis of the specific business circumstances and expectations of collection for each of the underlying accounts in these countries. The Company will continue to monitor these conditions and will attempt to adjust its business processes, as appropriate, to mitigate macroeconomic risks to its business.