v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 313,747 $ (278,157) $ (440,242)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 55,658 56,670 54,054
Non-cash interest expense on liabilities related to the sale of future royalties and development funding 238,399 127,133 106,554
Stock-based compensation expense 348,235 272,084 221,680
Realized and unrealized loss on marketable equity securities 2,306 3,022 16,944
Loss related to convertible debt 42,473 0 0
Change in fair value of development derivative liability 0 170,770 90,997
Deferred income taxes (2,198) (106,762) (713)
Other (29,758) (38,988) (2,379)
Changes in operating assets and liabilities:      
Accounts receivable, net (359,963) (86,550) (87,939)
Inventory 8,474 13,590 18,367
Prepaid expenses and other assets (117,724) 3,229 (9,029)
Accounts payable, accrued expenses and other liabilities 75,066 91,093 80,840
Deferred revenue (50,635) (235,446) 55,022
Net cash provided by (used in) operating activities 524,080 (8,312) 104,156
Cash flows from investing activities:      
Purchases of property, plant and equipment (58,697) (34,277) (62,211)
Purchases of marketable securities (1,305,081) (1,634,911) (1,823,501)
Sales and maturities of marketable securities 1,802,257 1,571,665 1,553,800
Proceeds from maturity of restricted investments 59,775 57,875 58,475
Purchases of restricted investments (59,775) (77,075) (58,475)
Other investing activities (2,150) (117) (4,438)
Net cash provided by (used in) investing activities 436,329 (116,840) (336,350)
Cash flows from financing activities:      
Proceeds from issuance of 0.00% Convertible Senior Notes due 2028, net 645,692 0 0
Purchases of capped calls related to 0.00% Convertible Senior Notes due 2028 (35,311) 0 0
Repayment of 1.00% Convertible Senior Notes due 2027 (1,154,913) 0 0
Payment of issuance costs for revolving credit agreement (2,414) 0 0
Proceeds from exercise of stock options and other types of equity, net 250,028 302,951 147,464
Proceeds from liabilities related to the sale of future royalties and development funding 6,000 0 0
Repayment of liabilities related to the sale of future royalties and development funding (14,272) 0 0
(Repayment of) proceeds from development derivative liability, net 0 (8,792) 24,667
Net cash (used in) provided by financing activities (305,190) 294,159 172,131
Effect of exchange rate changes on cash, cash equivalents and restricted cash 34,936 (15,239) 6,391
Net increase (decrease) in cash, cash equivalents and restricted cash 690,155 153,768 (53,672)
Cash, cash equivalents and restricted cash, beginning of period 968,652 814,884 868,556
Cash, cash equivalents and restricted cash, end of period 1,658,807 968,652 814,884
Supplemental disclosure of cash flows:      
Cash paid for interest 218,707 67,578 32,118
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 21,195 9,309 2,570
Supplemental disclosure of noncash investing activities:      
Capital expenditures included in accounts payable and accrued expenses $ 10,902 $ 2,324 $ 3,805