| REVENUE An analysis of revenue is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | | | | | License and other revenue | | | | | | | | | License revenue - Novartis | $ | 5.3 | | | $ | 15.4 | | | $ | 10.4 | | | $ | 24.7 | | | License revenue - Janssen | 56.0 | | | — | | | 56.0 | | | — | | | License revenue - Related party sublicense | — | | | 20.0 | | | 1.6 | | | 20.0 | | | Other revenue | 0.1 | | | — | | | 0.1 | | | 0.1 | | | License and other revenue - total | 61.4 | | | 35.4 | | | 68.1 | | | 44.8 | | | Collaboration revenue | 326.1 | | | 219.7 | | | 624.5 | | | 405.3 | | | Total revenue | $ | 387.5 | | | $ | 255.1 | | | $ | 692.6 | | | $ | 450.1 | |
An analysis of revenue by geographic area is as follows. The revenue information is based on the locations of the customers. | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | License and other revenue | | | | | | | | | United States of America | $ | 5.3 | | | $ | 15.4 | | | $ | 10.4 | | | $ | 24.7 | | | Outside the United States of America | 56.1 | | | 20.0 | | | 57.7 | | | 20.1 | | | Total license and other revenue | $ | 61.4 | | | $ | 35.4 | | | $ | 68.1 | | | $ | 44.8 | | | | | | | | | | | Collaboration revenue | | | | | | | | | United States of America | $ | 236.0 | | | $ | 179.2 | | | $ | 452.4 | | | $ | 338.2 | | | Outside the United States of America | 90.1 | | | 40.5 | | | 172.1 | | | 67.1 | | | Total collaboration revenue | $ | 326.1 | | | $ | 219.7 | | | $ | 624.5 | | | $ | 405.3 | | | | | | | | | | | Total revenue | $ | 387.5 | | | $ | 255.1 | | | $ | 692.6 | | | $ | 450.1 | |
An analysis of the timing of transfer of goods or services is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | (Dollars in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | Revenue at a point in time | $ | 382.2 | | | $ | 239.7 | | | $ | 682.2 | | | $ | 425.4 | | | Revenue over time* | 5.3 | | | 15.4 | | | 10.4 | | | 24.7 | | | Total revenue | $ | 387.5 | | | $ | 255.1 | | | $ | 692.6 | | | $ | 450.1 | |
*All revenue streams are recognized at a point in time except for License Revenue for Novartis which is recognized over time.
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