Income Taxes |
6 Months Ended | ||||||||||||
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Jun. 30, 2026 | |||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||
| Income Taxes |
Tax Rate For the three and six months ended June 30, 2026, our effective tax rate was 26.4% and 18.3%, respectively, compared to 14.7% and 17.0%, respectively, in the prior year comparative periods. The increase in our effective tax rate for the three months ended June 30, 2026 was primarily driven by non-deductible expenses related to our Apellis acquisition and, to a lesser extent, the favorable deferred tax impacts of decreases in foreign withholding taxes recorded in the second quarter of 2025. The six months ended June 30, 2026, compared to the same period in 2025, also reflects favorable impacts of a current year settlement of a foreign tax audit and the vesting of certain share-based awards. Accounting for Uncertainty in Income Taxes We and our subsidiaries are routinely examined by various taxing authorities. We file income tax returns in various U.S. states and in U.S. federal and other foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal tax examination for years before 2022 or state, local or non-U.S. income tax examinations for years before 2013. It is reasonably possible that we will adjust the value of our uncertain tax positions related to certain transfer pricing, collaboration matters, withholding taxes and other issues as we receive additional information from various taxing authorities, including reaching settlements with such authorities. For additional information on our income taxes, please read Note 17, Income Taxes, to our consolidated financial statements included in our 2025 Form 10-K.
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