Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

The following table summarizes revenue by source as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Major Products /Service Lines
Product revenue, net(1)	$	374,547	$	392,756	$	741,465	$	762,069
License and royalty revenues		3,498		1,335		9,344		1,997
Total revenues	$	378,045	$	394,091	$	750,809	$	764,066

(1)The Company’s product revenue includes PYLARIFY and DEFINITY among other products. This category represents the delivery of physical goods. The Company applies the same revenue recognition policies and judgments for all its principal products.

The Company classifies its revenues into three product categories: Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue. Radiopharmaceutical Oncology consists of PYLARIFY and historically included AZEDRA. In the first quarter of 2024, the Company discontinued the production of AZEDRA. Precision Diagnostics includes DEFINITY, TechneLite and other diagnostic imaging products. Strategic Partnerships and Other Revenue primarily includes revenue derived from partnerships with pharmaceutical companies and academic institutions that use the Company’s investigational products, such as MK-6240 and NAV-4694, in clinical trials as research tools, royalties and other milestone payments received from the Company’s strategic partners that have commercialized products pursuant to license arrangements with the Company, as well as contract development and manufacturing organization (“CDMO”) revenue generated by Evergreen.

Revenue by product category on a net basis is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
PYLARIFY	$	250,642	$	273,255	$	508,296	$	532,125
Other radiopharmaceutical oncology		—		—		—		384
Total radiopharmaceutical oncology		250,642		273,255		508,296		532,509
DEFINITY		83,939		78,100		163,150		154,664
TechneLite		24,982		28,186		44,693		49,900
Other precision diagnostics		6,892		5,825		12,333		11,757
Total precision diagnostics		115,813		112,111		220,176		216,321
Strategic partnerships and other revenue		11,590		8,725		22,337		15,236
Total revenues	$	378,045	$	394,091	$	750,809	$	764,066

The Company is required to allocate a portion of its revenue received from commercial contracts to future reporting periods to the extent the Company had performance obligations that extended beyond one year. However, the Company’s performance obligations are typically part of contracts that have an original expected duration of one year or less. Therefore, since the Company elected the practical expedient under Accounting Standards Codification (“ASC”) 606-10-50-14, it does not disclose information regarding remaining performance obligations which are part of contracts that have an original expected duration of one year or less.