Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the Company’s financial assets that were measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025 (in thousands):


			Fair Value Measurement Based on
September 30, 2026	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Interest rate swap (1)	$	33,775	$	—	$	33,775	$	—
Liabilities
Contingent consideration liability (2)	$	383,000	$	—	$	—	$	383,000

December 31, 2025
Assets
Interest rate swap (1)	$	5,756	$	—	$	5,756	$	—

(1)The fair value measurement of the Company’s interest rate swap classified within Level 2 of the fair value hierarchy is a model-derived valuation as of a given date in which all significant inputs are observable in active markets including certain financial

information and certain assumptions regarding past, present, and future market conditions. Refer to Note 17. Financial Instruments for information on the Company’s interest rate swap.

(2)The fair value measurement of contingent consideration liability has been classified as a Level 3 recurring liability as its valuation requires judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for various inputs, the estimated fair value could be higher or lower than what the Company determined. As of September 30, 2026, the contingent consideration liability associated with the Kashiv Acquisition of $383.0 million recorded in the Company’s consolidated balance sheet included $59.0 million in contingent consideration - related party - short term and $324.0 million in contingent consideration - related party - long-term. Refer to Note 2. Acquisition and Note 20. Related Party Transactions for additional information associated with the Kashiv Acquisition.

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):


	Nine Months Ended September 30, 2026
Balance, December 31, 2025	$	—
Addition due to the Kashiv Acquisition	389,000
Change in fair value during period	(6,000)
Balance, September 30, 2026	$	383,000

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Company’s contingent consideration liabilities as of September 30, 2026:


Contingent Consideration Liability	Fair Value as of September 30, 2026 (in thousands)	Valuation Technique	Unobservable input	Range			Weighted Average (1)
Regulatory Milestones	$135,000	Probability-weighted discounted cash flow	Discount rate	5.8%	–	6.8%	6.2%
			Probability of payment	20.2%	–	92.5%	63.0%
			Projected year of payment	2027	–	2031	2029
Royalties	$248,000	Monte Carlo Simulation	Discount rate	5.4%	–	7.6%	6.8%
			Volatility	25.0%	–	25.0%	25.0%
			Probability of payment (2)	20.2%	–	92.5%	63.0%
			Projected year of payment (3)	2027	–	2038	2032

(1)Unobservable inputs were weighted by the relative fair value of each product candidate acquired.

(2)Excludes three products that have all successfully launched as of September 30, 2026 and have a 100% probability of payment.

(3)Projected year of payment represents the estimated timing of royalty payments utilized in the Monte Carlo Simulation valuation model. Payments are expected to occur from 2027 through 2038, with approximately 50% of discounted expected payments occurring by 2032.

Schedule of the Company’s Indebtedness at Fair Value

The following is a summary of the Company’s indebtedness at fair value (in thousands):


	September 30, 2026		December 31, 2025
Term Loan Due 2032	$	2,446,434	$	2,115,698
Senior Notes Due 2032	$	601,500	$	633,000