Revenue from Contracts with Customers

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Major Products /Service Lines
Product revenue, net(1)	$	376,687	$	374,601	$	1,118,152	$	1,136,670
License and royalty revenues		7,327		4,133		16,671		6,130
Total revenues	$	384,014	$	378,734	$	1,134,823	$	1,142,800

(1)The Company’s product revenue includes PYLARIFY, DEFINITY, Neuraceq and TechneLite 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, Neuraceq, 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 September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
PYLARIFY	$	240,616	$	259,756	$	748,912	$	791,881
Other radiopharmaceutical oncology		—		—		—		384
Total radiopharmaceutical oncology		240,616		259,756		748,912		792,265
DEFINITY		81,785		76,965		244,935		231,629
Neuraceq		20,442		—		20,442		—
TechneLite		21,127		20,480		65,820		70,380
Other precision diagnostics		6,339		6,282		18,672		18,039
Total precision diagnostics		129,693		103,727		349,869		320,048
Strategic partnerships and other revenue		13,705		15,251		36,042		30,487
Total revenues	$	384,014	$	378,734	$	1,134,823	$	1,142,800

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 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.