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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
The following table summarizes revenue by revenue source as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
Major Products/Service Lines (in thousands)2022202120222021
    Product revenue, net(1)
$217,782 $93,562 $397,791 $180,881 
    License and royalty revenues(2)
5,941 7,502 34,812 12,692 
Total revenues$223,723 $101,064 $432,603 $193,573 
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(1)The Company’s principal products include PYLARIFY, DEFINITY and TechneLite and are categorized within product revenue, net. The Company applies the same revenue recognition policies and judgments for all its principal products.
(2)The Company recognized $24.0 million license revenue in the first quarter of 2022 related to an agreement with Novartis Pharma AG.
The Company classifies its revenues into three product categories: precision diagnostics, radiopharmaceutical oncology, and strategic partnerships and other revenue. Precision diagnostics includes DEFINITY, TechneLite and other diagnostic imaging products. Radiopharmaceutical oncology consists primarily of PYLARIFY and AZEDRA. Strategic partnerships and other revenue includes strategic partnerships and other arrangements related to other products of the Company, such as royalty revenue from our license of RELISTOR.
On January 31, 2022, the Company entered into a global settlement agreement with Novartis Pharma AG (“Novartis”), Advanced Accelerator Applications USA, Inc. (“AAA”), Endocyte, Inc. (“Endocyte”) and their affiliates (the “Novartis Agreement”) to settle certain disputes between the parties. Under the Novartis Agreement, Novartis agreed to make a lump sum payment to the Company, as well as to reimburse the Company for certain fees and expenses in connection with certain German litigation, and the Company agreed to license certain intellectual property to Novartis. In addition, the Company agreed to supply PYLARIFY for clinical purposes at an arms-length value which will be recorded revenue in the future as product is provided. In accordance with the Company's ASC 606, Revenue from Contracts with Customers, assessment, Novartis is considered to be a customer. The Company determined that the $24.0 million constituted a single element which was satisfied on the date of the execution of the Novartis Agreement. The Company determined that the license of intellectual property carried a fair value of $24.0 million. As such, the Company assigned the value to the fair value of the license, which constitutes the entire transaction price and does not require further allocation. The Company determined that the $24.0 million represented the point at which the licensee was able to use and benefit from the license and recognized revenue when the license was granted to Novartis upon execution of the Novartis Agreement. The Company recognized the $24.0 million fee as revenue on its consolidated statement of operations for the quarter ended March 31, 2022. The Company received the $24.0 million payment in April 2022.
Revenue by product category on a net basis is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2022202120222021
   DEFINITY$62,306 $59,842 $120,634 $115,813 
   TechneLite19,440 23,772 42,045 46,572 
   Other precision diagnostics5,363 6,742 10,628 13,726 
Total precision diagnostics87,109 90,356 173,307 176,111 
   PYLARIFY130,232 273 223,009 273 
   Other radiopharmaceutical oncology928 2,539 2,255 4,039 
Total radiopharmaceutical oncology131,160 2,812 225,264 4,312 
Strategic partnerships and other revenue5,454 7,896 34,032 13,150 
Total revenues$223,723 $101,064 $432,603 $193,573 
The Company’s performance obligations are typically part of contracts that have an original expected duration of one year or less. As such, the Company is not disclosing the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially satisfied) as of the end of the reporting period.