Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 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 March 31,
Major Products/Service Lines (in thousands)	2025		2024
Product revenue, net(1)	$	366,918	$	369,313
License and royalty revenues	5,846		662
Total revenues	$	372,764	$	369,975

________________________________

(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, as well as royalties and other milestone payments received from the Company’s strategic partners that have commercialized products pursuant to license arrangements with the Company.

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

	Three Months Ended March 31,
(in thousands)	2025		2024
PYLARIFY	$	257,654	$	258,870
Other radiopharmaceutical oncology	—		384
Total radiopharmaceutical oncology	257,654		259,254
DEFINITY	79,211		76,564
TechneLite	19,711		21,714
Other precision diagnostics	5,441		5,932
Total precision diagnostics	104,363		104,210
Strategic partnerships and other revenue	10,747		6,511
Total revenues	$	372,764	$	369,975

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.