Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 11. Income Taxes For the three months ended June 30, 2026 and 2025, the Company recognized an income tax expense of $15.0 million on a pre-tax income of $46.5 million and income tax expense of $13.5 million on a pre-tax income of $40.2 million, respectively, resulting in effective tax rates of 32.2% and 33.7%, respectively. The effective tax rate for the three months ended June 30, 2026 varies from the U.S. federal statutory tax rate of 21% mostly due to federal and state income tax expense, offset by a partial valuation allowance, permanent book to tax adjustments including stock based compensation and branded prescription drug fees, and quarterly discrete items. The effective tax rate for the three months ended June 30, 2025 varies from the U.S. federal statutory tax rate of 21% due to state income tax expense as a result of current taxable income, offset by valuation allowance. For the six months ended June 30, 2026 and 2025, the Company recognized an income tax expense of $15.3 million on a pre-tax income of $50.5 million and income tax expense of $22.3 million on a pre-tax income of $68.0 million, respectively, resulting in effective tax rates of 30.4% and 32.9%, respectively. The effective tax rate for the six months ended June 30, 2026 varies from the U.S. federal statutory tax rate of 21% mostly due to federal and state expense, offset by a partial valuation allowance, permanent book to tax adjustments including stock based compensation and branded prescription drug fees, and quarterly discrete items. The effective tax rate for the six months ended June 30, 2025 varies from the U.S. federal statutory tax rate of 21% due to state income tax expense as a result of current taxable income, offset by valuation allowance. |