
(in millions)	March 31, 2026		December 31, 2025
Raw materials	$	30.7	$	35.7
Work in process	21.1		19.2
Finished goods	12.9		14.3
	64.7		69.2
Less inventory reserves	(0.2)		(0.2)
Total inventory	$	64.5	$	69.0

Prior to FDA approval of CRENESSITY in December 2024, all costs related to its manufacturing were expensed as R&D in the period incurred. As a result, our physical inventories as of March 31, 2026 and December 31, 2025 included active pharmaceutical product with no cost basis. Costs related to the manufacturing of bulk drug product, finished bottling, and other labeling activities that occurred post-FDA approval are included in the inventory values as of March 31, 2026 and December 31, 2025.


(in millions)	March 31, 2026		December 31, 2025
Prepaid income taxes	$	127.7	$	94.0
Prepaid development costs	69.6		55.6
Other prepaid expenses	27.5		21.1
Total prepaid expenses	$	224.8	$	170.7


(in millions)	March 31, 2026		December 31, 2025
Sales rebates and reserves	$	231.3	$	226.0
Current income taxes payable	186.4		68.0
Accrued development costs	110.7		101.3
Accrued employee related costs	81.7		128.8
Current branded prescription drug fee	42.9		45.3
Accounts payable and other accrued liabilities	120.0		104.9
Total accounts payable and accrued liabilities	$	773.0	$	674.3


(in millions)	March 31, 2026		December 31, 2025
Noncurrent income taxes payable	$	241.3	$	214.5
Other noncurrent liabilities	19.6		5.2
Total other noncurrent liabilities	$	260.9	$	219.7

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.


(in millions)	March 31, 2026		March 31, 2025
Cash and cash equivalents	$	266.5	$	194.1
Restricted cash included in other noncurrent assets	8.0		8.0
Total cash, cash equivalents, and restricted cash	$	274.5	$	202.1