v3.26.1
Supplemental Financial Information
 6 Months Ended
Jun. 30, 2026
Other Balance Sheet Details [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Inventory consisted of the following:
(in millions)June 30,
2026		December 31,
2025
Raw materials$39.9 $35.7 
Work in process70.1 19.2 
Finished goods143.3 14.1 
Total inventory253.3 69.0 
Balance Sheet Classification:
Inventory$104.2 $69.0 
Noncurrent inventory149.1 — 
Total inventory$253.3 $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 June 30, 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 June 30, 2026 and December 31, 2025.
As of June 30, 2026, noncurrent inventory consisted of VYKAT XR inventory acquired in the Soleno acquisition that, based on management’s current demand forecasts, was expected to be realized after June 30, 2027. Refer to Note 2 for additional information regarding the acquired inventory and related fair-value step-up.
In addition, in connection with the acquisition of Soleno, we recorded a step-up in the fair value of work in process and finished goods inventory for VYKAT XR of $41.5 million and $126.7 million, respectively. The fair value step-up adjustment is being amortized to cost of revenues as the acquired inventory is sold. We recognized $3.0 million of expense related to the amortization of the fair value step-up during the second quarter and first six months of 2026.
Prepaid expenses consisted of the following:
(in millions)June 30,
2026		December 31,
2025
Prepaid income taxes$121.8 $94.0 
Prepaid development costs66.1 55.6 
Other prepaid expenses29.2 21.1 
Total prepaid expenses$217.1 $170.7 
Accounts payable and accrued liabilities consisted of the following:
(in millions)June 30,
2026		December 31,
2025
Sales rebates and reserves$292.1 $226.0 
Current income taxes payable
114.6 68.0 
Accrued development costs
93.5 101.3 
Accrued employee related costs123.2 128.8 
Current branded prescription drug fee42.9 45.3 
Accounts payable and other accrued liabilities142.0 104.9 
Total accounts payable and accrued liabilities$808.3 $674.3 
Other noncurrent liabilities consisted of the following:
(in millions)June 30,
2026		December 31,
2025
Noncurrent income taxes payable
$262.2 $214.5 
Other noncurrent liabilities
35.5 5.2 
Total other noncurrent liabilities$297.7 $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)June 30,
2026		June 30,
2025
Cash and cash equivalents$332.4 $264.0 
Restricted cash included in other noncurrent assets
6.5 8.0 
Total cash, cash equivalents, and restricted cash$338.9 $272.0 
The following table presents supplemental cash flow information.
Six Months Ended
June 30,
(in millions)20262025
Cash paid for interest$2.7 $— 
Cash paid for income taxes$88.2 $72.5 
Accrued capital expenditures
$1.3 $1.9 
Right-of-use assets acquired through operating leases$2.6 $3.4