Revenue Recognition

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
(In thousands)	2024			2023			2024			2023
Royalties    - RELVAR/BREO	$	53,980		$	54,454		$	106,118		$	105,337
Royalties    - ANORO	$	13,218			11,267		$	22,951			20,698
Total royalties		67,198			65,721			129,069			126,035
Less: amortization of capitalized fees paid		(3,456	)		(3,456	)		(6,912	)		(6,912	)
Total net royalty revenue	$	63,742		$	62,265		$	122,157		$	119,123

Net Product Sales

Our net product sales were $21.7 million, consisting of net sales of GIAPREZA®, XERAVA®, and XACDURO® for $13.1 million, $6.2 million and $2.4 million, respectively, for the three months ended June 30, 2024. Our net product sales were $40.7 million, consisting of net sales of GIAPREZA®, XERAVA®, and XACDURO® for $25.2 million, $10.9 million and $4.6 million, respectively, for the six months ended June 30, 2024. We derived approximately 87% and 89% of our net product sales from customers located in the U.S for the three and six months ended June 30, 2024, respectively.

Our net product sales were $15.7 million, consisting of net sales of GIAPREZA® and XERAVA® for $11.2 million and $4.5 million, respectively, for the three months ended June 30, 2023. Our net product sales were $27.2 million, consisting of net sales of GIAPREZA® and XERAVA® for $20.2 million and $7.0 million, respectively, for the six months ended June 30, 2023. We derived approximately 94% and 96% of our net product sales from customers located in the U.S for the three and six months ended June 30, 2023, respectively.

License Revenue

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