As of June 30, 2026, the Company had outstanding fixed-rate notes and variable-rate term loans for an undiscounted aggregate principal amount of $4.3 billion. The debt detailed below incurs interest to be paid periodically in arrears. The following table summarizes information regarding the Company’s debt:


	June 30, 2026		December 31, 2025
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes)(1)	$	600,000	$	600,000
5.5% senior unsecured notes due in February 2034 (the 2034 Notes)	850,000		—
Term Loan A	800,000		—
Term Loan B	2,000,000		—
Total debt	4,250,000		600,000
Less: Unamortized discount and deferred offering costs	(63,858)		(2,824)

Total debt, net	$	4,186,142	$	597,176


Fair value of debt(2) :	June 30, 2026
2027 Notes	$	584,762
2034 Notes	835,176
Term Loan A	796,000
Term Loan B	2,002,500
Total fair value of debt	$	4,218,438

(1) For additional information related to the Company’s 2027 Notes, see Note 10 - Debt to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

(2) The fair value of the Company’s debts are based on open-market trades (Level 1 of the fair value hierarchy), except for the Term Loan A Facility, whose fair value was based on observable market inputs for comparable debt instruments (Level 2 of the fair value hierarchy). For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Coupon interest expense	$	41,167	$	1,875	$	49,972	$	3,750
Bridge commitment fee	17,492		—		22,813		—
Accretion of discount on convertible notes and term loans	1,571		485		2,058		970
Amortization of debt issuance costs	498		27		777		53
Total interest expense on debt	$	60,728	$	2,387	$	75,620	$	4,773

In connection with the acquisition of Amicus in April 2026, the Company entered into a senior secured credit agreement (the 2026 Credit Agreement) consisting of an $800.0 million senior secured term loan A facility (Term Loan A Facility), a $2.0 billion senior secured term loan B facility (Term Loan B Facility, and, together with the Term Loan A Facility, the Term Facilities), and a $600.0 million senior secured revolving credit facility (the 2026 Revolving Facility). The proceeds from the Term Facilities were used to finance a portion of the acquisition consideration and related transaction costs. The Company incurred $46.2 million of issuance costs, which were deferred and will be amortized over the life of the Term Facilities and recorded as interest expense.

Borrowings under the Term Facilities and the 2026 Revolving Facility bear interest at variable rates based on Secured Overnight Financing Rate (SOFR) or an alternate base rate, plus an applicable margin as specified in the 2026 Credit Agreement. Interest on SOFR borrowings is payable at the end of each applicable interest period and, for interest periods greater than three months, at least quarterly.

The Term Loan A Facility matures on April 27, 2031 and requires quarterly principal repayments equal to 1.25% of the original principal amount, with the remaining outstanding principal balance due at maturity. The Term Loan B Facility matures on April 27, 2033 and requires quarterly principal repayments equal to 0.25% of the original principal amount, with the remaining outstanding principal balance due at maturity.

The 2026 Revolving Facility matures on April 27, 2031 and there were no borrowings outstanding under the 2026 Revolving Facility as of June 30, 2026. The Company had the full $600.0 million of borrowing capacity available under the facility, subject to compliance with the terms of the 2026 Credit Agreement. The 2026 Credit Agreement contains customary affirmative and negative covenants, including, among others, covenants that restrict the Company's ability to incur additional indebtedness, create liens, make investments, pay dividends or make other restricted payments, dispose of assets, and enter into transactions with affiliates, in each case subject to exceptions set forth therein.

In February 2026, the Company issued $850.0 million in aggregate principal amount of 5.5% senior unsecured notes with a maturity date of February 15, 2034, and the proceeds from the issuance were deposited into an escrow account and subsequently used to fund the Amicus acquisition. The 2034 Notes bear interest at the rate of 5.5% per annum. Interest is payable semi-annually with cash in arrears on February 15 and August 15 of each year, beginning August 15, 2026. Net proceeds from the offering were $832.3 million. The Company incurred $17.7 million of issuance costs, which were deferred and will be amortized over the life of the 2034 Notes and recorded as interest expense.

The indenture governing the Notes contains customary covenants that, among other things, restrict, with certain exceptions, the ability of the Company and its subsidiaries to incur additional debt, pay dividends, make certain other restricted payments, incur debt secured by liens, dispose of assets, engage in consolidations and mergers or sell or transfer all or substantially all of its assets. The offer and sale of the 2034 Notes have not been registered under the Securities Act or any state securities laws.