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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Carrying Value | The following table shows assets and liabilities that are measured at fair value on a recurring basis and their carrying value (in millions):
| As of June 30, 2026
|  |  | Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 544.8 |  |  | $ | 544.8 |  |  | $ | — |  |  | $ | — |
Marketable securities | $ | 615.5 |  |  | $ | 615.5 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 170.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 170.6 |
| As of December 31, 2025
|  |  | Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 510.4 |  |  | $ | 510.4 |  |  | $ | — |  |  | $ | — |
Marketable securities | $ | 919.6 |  |  | $ | 919.6 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | 372.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 372.1 |
Schedule of Unobservable Inputs in Valuation of Contingent Consideration Liabilities and Rollforward of Valuation of Deferred and Contingent Consideration Liabilities | The following significant unobservable inputs were used in the valuation of the contingent consideration liabilities as of June 30, 2026 and December 31, 2025:
| Fair Value as of June 30, 2026 (in millions) | Valuation Technique | Unobservable Inputs | Values
Development and regulatory milestones | $149.2 | Probability-adjusted | Probabilities of success | 0% - 80%
PRV milestone | $15.7 | Probability-adjusted discounted cash flow | Probability of success | 23.0%
Discount rate | 21.9%
| Fair Value as of December 31, 2025 (in millions) | Valuation Technique | Unobservable Inputs | Values
Development and regulatory milestones | $366.9 | Probability-adjusted | Probabilities of success | 14% - 90%
A rollforward of the Company's valuations for the contingent consideration liabilities for the six months ended June 30, 2026 and 2025 follows (in thousands):
|  |  | Contingent Consideration (Level 3 Liabilities)
Balance as of December 31, 2024 |  |  | $ | 168,900 |
Additions |  |  | — |
Change in fair value |  |  | 77,300 |
Payments |  |  | — |
Balance as of June 30, 2025 |  |  | $ | 246,200 |
Balance as of December 31, 2025 |  |  | $ | 372,139 |
Additions |  |  | — |
Change in fair value |  |  | (146,721) |
Payments |  |  | (54,868) |
Balance as of June 30, 2026 |  |  | $ | 170,550 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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