Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3. Revenue Recognition

Net Revenue from Collaboration Arrangement

Net revenue recognized under our GSK Agreements was as follows:

	Three Months Ended March 31,
(In thousands)	2024			2023
Royalties    - RELVAR/BREO	$	52,138		$	50,883
Royalties    - ANORO		9,733			9,431
Total royalties		61,871			60,314
Less: amortization of capitalized fees paid		(3,456	)		(3,456	)
Total net royalty revenue	$	58,415		$	56,858

Net Product Sales

Our net product sales were $19.1 million, consisting of net sales of GIAPREZA®, XERAVA®, and XACDURO® for $12.1 million, $4.8 million and $2.2 million, respectively, for the three months ended March 31, 2024. We derived over 91% of our net product sales from customers located in the U.S for the period.

Our net product sales were $11.5 million, consisting of net sales of GIAPREZA® and XERAVA® for $9.0 million and $2.5 million, respectively, for the three months ended March 31, 2023. We derived over 99% of our net product sales from customers located in the U.S for the period.

License Revenue

Refer to the out-license agreement with Everest in Note 4, “License and Collaboration Arrangements”.