v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 370,485 $ (90,479)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 27,452 28,349
Non-cash interest expense on liabilities related to the sale of future royalties and development funding 145,279 112,307
Stock-based compensation expense 156,779 168,392
Realized and unrealized loss on marketable equity securities 0 2,306
Deferred income taxes 11,967 19,374
Other 11,272 (37,864)
Changes in operating assets and liabilities:    
Accounts receivable, net (142,023) (144,347)
Inventory (3,044) 17,359
Prepaid expenses and other assets (65,692) (25,992)
Accounts payable, accrued expenses and other liabilities (114,416) 490
Deferred revenue (831) (40,400)
Net cash provided by operating activities 397,228 9,495
Cash flows from investing activities:    
Purchases of property, plant and equipment (56,513) (23,263)
Purchases of marketable securities (837,297) (861,199)
Sales and maturities of marketable securities 485,986 856,850
Proceeds from maturity of restricted and other investments 66,725 58,075
Purchases of restricted and other investments (22,000) (58,075)
Other investing activities (25,900) 0
Net cash used in investing activities (388,999) (27,612)
Cash flows from financing activities:    
Proceeds from exercise of stock options and other types of equity, net 46,718 130,587
Proceeds from liabilities related to the sale of future royalties and development funding 12,000 0
Repayment of liabilities related to the sale of future royalties and development funding (6,752) (6,825)
Other financing activities (15) 0
Net cash provided by financing activities 51,951 123,762
Effect of exchange rate changes on cash, cash equivalents and restricted cash (9,509) 41,564
Net increase in cash, cash equivalents and restricted cash 50,671 147,209
Cash, cash equivalents and restricted cash, beginning of period 1,658,807 968,652
Cash, cash equivalents and restricted cash, end of period 1,709,478 1,115,861
Supplemental disclosure of cash flows:    
Cash paid for interest 122,314 107,418
Cash paid for taxes 14,734 1,098
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 0 8,537
Supplemental disclosure of noncash investing activities:    
Capital expenditures included in accounts payable and accrued expenses $ 24,032 $ 4,081