v3.26.3
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense and Effective Tax Rate The Company’s income tax expense and effective tax rate are presented below:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Income tax (benefit) expense

 

$

(594

)

 

$

14,610

 

 

$

56,190

 

 

$

63,956

 

Effective tax rate

 

 

(2.7

%)

 

 

34.5

%

 

 

20.7

%

 

 

26.3

%

The Company’s effective tax rate for the three months ended September 30, 2026 differs from the U.S. statutory rate of 21% primarily due to a partial release of the valuation allowance related to losses on its investment in equity securities, partially offset by the non-deductible change in fair value of contingent consideration and non-deductible milestone payments.

The Company’s effective tax rate for the nine months ended September 30, 2026 differs from the U.S. statutory rate of 21% primarily due to a partial release of the valuation allowance related to losses on its investment in equity securities and the non-taxable change in fair value of contingent consideration, partially offset by state income taxes.