v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 2,537,820 $ 202,204
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 41,928 42,152
Non-cash interest expense on liabilities related to the sale of future royalties and development funding 226,646 176,235
Stock-based compensation expense 235,897 276,603
Realized and unrealized loss on marketable equity securities 0 2,306
Loss on extinguishment of debt 0 39,146
Deferred income taxes (1,882,763) 24,972
Other 7,845 (31,464)
Changes in operating assets and liabilities:    
Accounts receivable, net (313,300) (544,210)
Inventory (2,131) 22,335
Prepaid expenses and other assets (102,099) (46,734)
Accounts payable, accrued expenses and other liabilities (18,454) 195,745
Deferred revenue 6,824 (52,940)
Net cash provided by operating activities 738,213 306,350
Cash flows from investing activities:    
Purchases of property, plant and equipment (126,345) (35,405)
Purchases of marketable securities (1,346,894) (1,069,170)
Sales and maturities of marketable securities 753,177 1,580,220
Proceeds from maturity of restricted and other investments 68,425 59,775
Purchases of restricted and other investments (22,000) (59,775)
Other investing activities (27,100) (2,150)
Net cash (used in) provided by investing activities (700,737) 473,495
Cash flows from financing activities:    
Proceeds from issuance of 0.00% Convertible Senior Notes due 2028, net 0 646,372
Purchases of capped calls related to 0.00% Convertible Senior Notes due 2028 0 (35,311)
Repayment of 1.00% Convertible Senior Notes due 2027 0 (1,102,659)
Payment of issuance costs for revolving credit agreement 0 (2,414)
Proceeds from exercise of stock options and other types of equity, net 62,183 208,327
Proceeds from liabilities related to the sale of future royalties and development funding 18,000 0
Repayment of liabilities related to the sale of future royalties and development funding (9,865) (10,647)
Other financing activities (16) 0
Net cash provided by (used in) financing activities 70,302 (296,332)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (10,768) 40,637
Net increase in cash, cash equivalents and restricted cash 97,010 524,150
Cash, cash equivalents and restricted cash, beginning of period 1,658,807 968,652
Cash, cash equivalents and restricted cash, end of period 1,755,817 1,492,802
Supplemental disclosure of cash flows:    
Cash paid for interest 195,565 159,565
Cash paid for taxes 29,810 2,375
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 457 12,379
Supplemental disclosure of noncash investing activities:    
Capital expenditures included in accounts payable and accrued expenses $ 29,227 $ 9,604