v3.25.4

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Income (Loss) before Income Taxes

The domestic and foreign components of income (loss) before income taxes were as follows:

			Years Ended December 31,
(In thousands)			2025						2024						2023
Domestic			$	18,300					$	(571,926)					$	(450,311)
Foreign			304,852						194,551						16,794
Income (loss) before income taxes			$	323,152					$	(377,375)					$	(433,517)

Schedule of (Provision for) Benefit From Income Taxes

The (provision for) benefit from income taxes consisted of the following:

			Years Ended December 31,
(In thousands)			2025						2024						2023
Current provision:
State			$	(1,934)					$	(1,600)					$	(4,022)
Foreign			(9,669)						(5,944)						(3,416)
Total current provision			(11,603)						(7,544)						(7,438)
Deferred benefit:
Foreign			2,198						106,762						713
Total deferred benefit			2,198						106,762						713
Total (provision for) benefit from income taxes			$	(9,405)					$	99,218					$	(6,725)

Schedule of Effective Income Tax Rate Differs from Statutory Federal Income Tax Rate

The following table is a reconciliation of our effective income tax rate to the statutory federal income tax rate for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09:

(In thousands)			Year Ended December 31, 2025
			Rate						Amount
At U.S. federal statutory rate			21.0		%				$	(67,861)
State taxes, net of federal effect (1)			(0.7)						2,103
Foreign tax effects
Switzerland
Statutory tax rate difference between Switzerland and United States			(11.1)						35,749
Statutory permanent item			(1.5)						4,932
Favorable tax ruling			(6.4)						20,576
Canton taxes, Zug			(0.1)						457
Other foreign jurisdictions			1.2						(3,706)
Effect of cross-border tax laws
Global Intangible Low-Taxed Income			26.7						(86,241)
Subpart F Income			0.2						(752)
Tax credits
Research and development credit			(8.6)						27,654
Orphan drug credit			(10.9)						35,115
Changes in valuation allowances			2.9						(9,373)
Nontaxable or nondeductible items
Stock-based compensation expense			(28.1)						90,695
Nondeductible officers compensation			10.2						(32,802)
Loss related to convertible debt			2.8						(8,919)
Other items			0.7						(2,153)
Changes in unrecognized tax benefits			5.9						(18,993)
Other items			(1.3)						4,114
Effective income tax rate			2.9		%				$	(9,405)
(1) State taxes in Kentucky and Massachusetts made up the majority of the tax effect in this category.

The following table is a reconciliation of our effective income tax rate to the statutory federal income tax rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09:

			Years Ended December 31,
(In thousands)			2024						2023
At U.S. federal statutory rate			21.0		%				21.0		%
State taxes, net of federal effect			10.1						8.6
Stock-based compensation expense			9.6						3.9
Tax credits			7.5						6.7
Nondeductible compensation			(3.8)						(3.0)
Other permanent items			(1.8)						0.8
Foreign rate differential			2.7						(0.7)
Bermuda tax law enactment			—						85.9
Internal reorganization of certain intellectual property rights			(10.5)						12.6
Other			(1.2)						1.7
Uncertain tax position reserve			(14.3)						—
Revaluation of deferred taxes due to rate change			(0.6)						5.1
Valuation allowance			7.6						(144.1)
Effective income tax rate			26.3		%				(1.5)		%

Schedule of Cash Taxes Paid

The amounts of income tax related taxes paid, net of refunds received were as follows:

(In thousands)			Year Ended December 31, 2025
State
Kentucky			$	7,700
All other			56
Foreign
Germany			1,228
Italy			2,847
Brazil			1,210
All other			2,047
Income taxes, net of amounts refunded			15,088
Other taxes			200
Total			$	15,288

Schedule of Components of Net Deferred Tax (Liability) Asset

Components of the net deferred tax assets were as follows:

			As of December 31,
(In thousands)			2025						2024
Deferred tax assets:
Net operating loss carryforwards			$	987,117					$	882,569
Research and development and other credit carryforwards			452,264						391,642
Liabilities related to the sale of future royalties and development funding			426,826						378,657
Change in fair value of development derivative liability			—						107,797
Operating lease liabilities			60,102						60,313
Deferred revenue			1,223						14,515
Deferred compensation			69,981						62,110
Intangible assets			593,725						634,323
Capitalized research and development expenditures			235,622						349,279
Other			90,623						86,425
Total deferred tax assets			2,917,483						2,967,630
Deferred tax liabilities:
Property, plant and equipment, net			(17,367)						(18,596)
Unrealized gain on marketable securities			—						(2,042)
Operating lease right-of-use assets			(41,812)						(41,196)
Deferred tax asset valuation allowance			(2,732,329)						(2,788,933)
Net deferred tax assets			$	125,975					$	116,863

Schedule of Unrecognized Tax Benefits Roll Forward

			Years Ended December 31,
(In thousands)			2025						2024
Beginning balance			$	59,371					$	—
Additions based on tax positions related to current period			10,460						5,080
Additions for tax positions of prior periods			9,467						54,291
Settlements			(1,329)						—
Ending balance			$	77,969					$	59,371

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