Revenues
The following table presents a summary of total revenues (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Xywav | $ | 1,656,986 | | | $ | 1,473,202 | | | $ | 1,272,977 | |
| Xyrem | 146,034 | | | 233,816 | | | 569,730 | |
| | | | | |
| Epidiolex/Epidyolex | 1,059,197 | | | 972,423 | | | 845,468 | |
Sativex1 | 16,277 | | | 18,877 | | | 19,668 | |
| | | | | |
| Total Neuroscience | 2,878,494 | | | 2,698,318 | | | 2,707,843 | |
| Rylaze/Enrylaze | 402,920 | | | 410,846 | | | 394,226 | |
| Zepzelca | 307,309 | | | 320,318 | | | 289,533 | |
| Defitelio/defibrotide | 199,392 | | | 216,565 | | | 184,000 | |
| Vyxeos | 146,709 | | | 162,595 | | | 147,495 | |
| Modeyso | 48,043 | | | — | | | — | |
| Ziihera | 24,810 | | | 1,051 | | | — | |
| Total Oncology | 1,129,183 | | | 1,111,375 | | | 1,015,254 | |
| Other | 14,172 | | | 11,471 | | | 13,846 | |
| Product sales, net | 4,021,849 | | | 3,821,164 | | | 3,736,943 | |
| High-sodium oxybate AG royalty revenue | 211,725 | | | 217,575 | | | 75,918 | |
| Other royalty and contract revenues | 34,012 | | | 30,211 | | | 21,343 | |
| Total revenues | $ | 4,267,586 | | | $ | 4,068,950 | | | $ | 3,834,204 | |
____________________________(1) Divestiture of Sativex was completed in October 2025.
The following table presents a summary of total revenues attributed to geographic sources (in thousands):
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| United States | $ | 3,831,598 | | | $ | 3,660,109 | | | $ | 3,489,977 | |
| Europe | 341,122 | | | 312,706 | | | 269,243 | |
| All other | 94,866 | | | 96,135 | | | 74,984 | |
| Total revenues | $ | 4,267,586 | | | $ | 4,068,950 | | | $ | 3,834,204 | |
The following table presents a summary of the percentage of total revenues from customers that represented more than 10% of our total revenues:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| ESSDS | 42 | % | | 42 | % | | 48 | % |
| ASD | 11 | % | | 9 | % | | 7 | % |
| McKesson | 10 | % | | 12 | % | | 11 | % |
Financing and payment
Our payment terms vary by the type and location of our customer, but payment is generally required in a term ranging from 30 to 65 days.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.