v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Carrying Value
The following table shows assets and liabilities that are measured at fair value on a recurring basis and their carrying value (in millions):
As of June 30, 2026
Fair Value
Carrying ValueLevel 1Level 2Level 3
Assets
Cash and cash equivalents$544.8 $544.8 $— $— 
Marketable securities$615.5 $615.5 $— $— 
Liabilities
Contingent consideration$170.6 $— $— $170.6 
As of December 31, 2025
Fair Value
Carrying ValueLevel 1Level 2Level 3
Assets
Cash and cash equivalents$510.4 $510.4 $— $— 
Marketable securities$919.6 $919.6 $— $— 
Liabilities
Contingent consideration$372.1 $— $— $372.1 
Schedule of Unobservable Inputs in Valuation of Contingent Consideration Liabilities and Rollforward of Valuation of Deferred and Contingent Consideration Liabilities The following significant unobservable inputs were used in the valuation of the contingent consideration liabilities as of June 30, 2026 and December 31, 2025:
Fair Value as of June 30, 2026 (in millions)
Valuation TechniqueUnobservable InputsValues
Development and regulatory milestones$149.2Probability-adjustedProbabilities of success
0% - 80%
PRV milestone$15.7Probability-adjusted discounted cash flowProbability of success23.0%
Discount rate21.9%
Fair Value as of December 31, 2025 (in millions)
Valuation TechniqueUnobservable InputsValues
Development and regulatory milestones$366.9Probability-adjustedProbabilities of success
14% - 90%
A rollforward of the Company's valuations for the contingent consideration liabilities for the six months ended June 30, 2026 and 2025 follows (in thousands):
Contingent Consideration
 (Level 3 Liabilities)
Balance as of December 31, 2024$168,900 
Additions— 
Change in fair value77,300 
Payments— 
Balance as of June 30, 2025$246,200 
Balance as of December 31, 2025$372,139 
Additions— 
Change in fair value(146,721)
Payments(54,868)
Balance as of June 30, 2026$170,550