Revenues (Tables)
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12 Months Ended |
Dec. 29, 2023 |
Revenue from Contract with Customer [Abstract] |
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Schedule of Disaggregation of Revenue |
Revenues consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | | | 2023 | | 2022 | | 2021 | Product revenues: | | | | | | | | | | Gross product revenues | | | | | $ | 2,272,533 | | | $ | 1,951,169 | | | $ | 1,452,913 | | Discounts and allowances | | | | | (643,654) | | | (549,926) | | | (375,657) | | Net product revenues | | | | | 1,628,879 | | | 1,401,243 | | | 1,077,256 | | Collaboration revenues: | | | | | | | | | | License revenues | | | | | 178,635 | | | 162,056 | | | 249,956 | | Collaboration services revenues | | | | | 22,694 | | | 47,763 | | | 107,758 | | | | | | | | | | | | Total collaboration revenues | | | | | 201,329 | | | 209,819 | | | 357,714 | | Total revenues | | | | | $ | 1,830,208 | | | $ | 1,611,062 | | | $ | 1,434,970 | |
Net product revenues by product were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | | | 2023 | | 2022 | | 2021 | CABOMETYX | | | | | $ | 1,614,942 | | | $ | 1,375,909 | | | $ | 1,054,050 | | COMETRIQ | | | | | 13,937 | | | 25,334 | | | 23,206 | | Net product revenues | | | | | $ | 1,628,879 | | | $ | 1,401,243 | | | $ | 1,077,256 | |
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Schedule of Concentration Risks |
The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | Affiliates of AmerisourceBergen Corporation | 17 | % | | 18 | % | | 14 | % | Affiliates of McKesson Corporation | 17 | % | | 17 | % | | 14 | % | Affiliates of CVS Health Corporation | 17 | % | | 17 | % | | 14 | % | Accredo Health, Incorporated | 12 | % | | 10 | % | | 9 | % | Affiliates of Optum Specialty Pharmacy | 10 | % | | 10 | % | | 8 | % | Ipsen Pharma SAS | 8 | % | | 10 | % | | 21 | % |
The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows: | | | | | | | | | | | | | | | December 31, | | | | 2023 | | 2022 | | | Affiliates of McKesson Corporation | 21 | % | | 22 | % | | | Affiliates of CVS Health Corporation | 20 | % | | 18 | % | | | Ipsen Pharma SAS | 19 | % | | 20 | % | | | Affiliates of AmerisourceBergen Corporation | 17 | % | | 18 | % | | | Cardinal Health, Inc. | 11 | % | | 11 | % | | | | | | | | | | | | | | |
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Schedule of Revenues Disaggregated by Geographic Region |
Total revenues by geographic region were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | | | 2023 | | 2022 | | 2021 | U.S. | | | | | $ | 1,645,749 | | | $ | 1,413,743 | | | $ | 1,089,396 | | Europe | | | | | 144,969 | | | 168,592 | | | 302,073 | | Japan | | | | | 39,490 | | | 28,727 | | | 43,501 | | Total revenues | | | | | $ | 1,830,208 | | | $ | 1,611,062 | | | $ | 1,434,970 | |
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Schedule of Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances |
The activities and ending reserve balances for each significant category of discounts and allowances (which constitute variable consideration) were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Chargebacks, Discounts for Prompt Payment and Other | | Other Customer Credits/Fees and Co-pay Assistance | | Rebates | | Total | Balance at December 31, 2021 | $ | 14,625 | | | $ | 8,875 | | | $ | 24,825 | | | $ | 48,325 | | Provision related to sales made in: | | | | | | | | Current period | 355,865 | | | 50,312 | | | 143,516 | | | 549,693 | | Prior periods | 611 | | | (169) | | | (209) | | | 233 | | Payments and customer credits issued | (344,220) | | | (44,094) | | | (132,706) | | | (521,020) | | Balance at December 31, 2022 | 26,881 | | | 14,924 | | | 35,426 | | | 77,231 | | Provision related to sales made in: | | | | | | | | Current period | 419,975 | | | 56,349 | | | 170,788 | | | 647,112 | | Prior periods | 295 | | | (1,222) | | | (2,531) | | | (3,458) | | Payments and customer credits issued | (421,930) | | | (50,330) | | | (163,785) | | | (636,045) | | Balance at December 31, 2023 | $ | 25,221 | | | $ | 19,721 | | | $ | 39,898 | | | $ | 84,840 | |
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Schedule of Other Assets and Other Liabilities |
Contract assets and liabilities were as follows (in thousands): | | | | | | | | | | | | | December 31, | | 2023 | | 2022 | Contract assets(1) | $ | 1,321 | | | $ | 1,659 | | | | | | Contract liabilities: | | | | Current portion(2) | $ | 5,406 | | | $ | 7,488 | | Long-term portion(3) | 5,524 | | | 6,582 | | Total contract liabilities | $ | 10,930 | | | $ | 14,070 | |
____________________ (1) Presented in other long-term assets in the accompanying Consolidated Balance Sheets. (2) Presented in other current liabilities in the accompanying Consolidated Balance Sheets. (3) Presented in other long-term liabilities in the accompanying Consolidated Balance Sheets.
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