17. Segment Reporting
The Company manages its activities and operates as one business unit which is reflected in its organizational structure and internal reporting. The Company does not distinguish in its internal reporting different segments, neither business nor geographical segments. The chief operating decision-maker is the Board of Directors.
Following table summarizes the product net sales by country of sales based on the country of the entity that recognizes product net sales:
|
|
Year Ended December 31, |
||||
|---|---|---|---|---|---|---|
(in thousands of $) |
|
2024 |
|
2023 |
|
2022 |
United States |
|
1,895,919 |
|
1,046,592 |
|
377,659 |
Japan |
|
89,389 |
|
56,432 |
|
15,764 |
China |
|
39,177 |
|
14,907 |
|
– |
Netherlands |
|
153 |
|
– |
|
– |
Rest of the World |
|
161,245 |
|
72,852 |
|
7,297 |
Total product net sales |
|
2,185,883 |
|
1,190,783 |
|
400,720 |
The Company sells its products through a limited number of distributors and wholesalers. Five U.S. customers represent approximately 87% of the product net sales during the twelve months ended December 31, 2024 (compared to 86% and 91% for four customers the same period in 2023 and 2022 respectively).
Collaboration revenue is generated by external customers with their main registered office geographically located as shown in the table below:
|
|
Year Ended December 31, |
||||
|---|---|---|---|---|---|---|
(in thousands of $) |
|
2024 |
|
2023 |
|
2022 |
China |
|
4,348 |
|
5,533 |
|
4,238 |
United States |
|
– |
|
30,000 |
|
– |
Denmark |
|
– |
|
– |
|
5,365 |
Other |
|
– |
|
– |
|
424 |
Total collaboration revenue |
|
4,348 |
|
35,533 |
|
10,026 |
The non-current assets including property, plant and equipment and intangible assets are presented geographically as shown in the table below:
|
|
Year Ended December 31, |
||||
|---|---|---|---|---|---|---|
(in thousands of $) |
|
2024 |
|
2023 |
|
2022 |
Netherlands |
|
– |
|
– |
|
– |
Belgium |
|
209,758 |
|
138,252 |
|
186,923 |
United States |
|
11,557 |
|
6,219 |
|
2,275 |
Japan |
|
2,242 |
|
2,971 |
|
1,938 |
Rest of the World |
|
1,405 |
|
461 |
|
130 |
Total non-current assets |
|
224,962 |
|
147,903 |
|
191,136 |