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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) before Income Taxes Subject to Taxes | Income (loss) before income taxes subject to taxes in the following jurisdictions is as follows:
| Twelve Months Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
United States | $ | 659.8 |  |  | $ | 732.4 |  |  | $ | 463.5 |
Outside of the United States | 49.2 |  |  | (22.0) |  |  | (72.7) |
Total | $ | 709.0 |  |  | $ | 710.4 |  |  | $ | 390.8 |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for income taxes are as follows:
| Twelve Months Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 157.4 |  |  | $ | 149.1 |  |  | $ | 32.6 |
State | 16.5 |  |  | 18.1 |  |  | 26.1 |
Foreign | 2.7 |  |  | 56.7 |  |  | 12.5 |
Total current income taxes | 176.6 |  |  | 223.9 |  |  | 71.2 |
Deferred: |  |  |  |  |
Federal | (55.2) |  |  | (93.7) |  |  | (4.3) |
State | (2.0) |  |  | 14.6 |  |  | (17.6) |
Foreign | 13.4 |  |  | 24.1 |  |  | 0.3 |
Total deferred income taxes | (43.8) |  |  | (55.0) |  |  | (21.6) |
Total | $ | 132.8 |  |  | $ | 168.9 |  |  | $ | 49.6 |
Schedule of Tax Credit Carryforwards | Significant loss and tax credit carryforwards and years of expiration are as follows:
| December 31, |  | Year of Expiration
(In millions) | 2024 |  | 2023 |
Net operating loss: |  |  |  |  |
Federal | $ | 12.1 |  |  | $ | 20.4 |  |  | 2028
California | 162.0 |  |  | 167.7 |  |  | 2035
Other states | 5.8 |  |  | 7.8 |  |  | 2028
UK | — |  |  | — |  |  | Indefinite
Other foreign | — |  |  | 6.0 |  |  | 2027
Tax credits: |  |  |  |  |
Federal |  |  |  |  |
R&D credits | — |  |  | — |  |  |
Foreign tax credits | 0.1 |  |  | 0.1 |  |  | 2032
California R&D credits | 124.9 |  |  | 111.9 |  |  | Indefinite
California AMT Credits | $ | 0.5 |  |  | $ | 0.5 |  |  | Indefinite
Schedule of Operating Loss Carryforwards | Significant loss and tax credit carryforwards and years of expiration are as follows:
| December 31, |  | Year of Expiration
(In millions) | 2024 |  | 2023 |
Net operating loss: |  |  |  |  |
Federal | $ | 12.1 |  |  | $ | 20.4 |  |  | 2028
California | 162.0 |  |  | 167.7 |  |  | 2035
Other states | 5.8 |  |  | 7.8 |  |  | 2028
UK | — |  |  | — |  |  | Indefinite
Other foreign | — |  |  | 6.0 |  |  | 2027
Tax credits: |  |  |  |  |
Federal |  |  |  |  |
R&D credits | — |  |  | — |  |  |
Foreign tax credits | 0.1 |  |  | 0.1 |  |  | 2032
California R&D credits | 124.9 |  |  | 111.9 |  |  | Indefinite
California AMT Credits | $ | 0.5 |  |  | $ | 0.5 |  |  | Indefinite
Schedule of Deferred Tax Assets and Liabilities |
| December 31,
(In millions) | 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 14.4 |  |  | $ | 18.1 |
Capitalized research and development expenses | 265.0 |  |  | 233.4 |
Tax credits | 79.2 |  |  | 71.4 |
Share-based compensation | 22.5 |  |  | 27.0 |
Fixed and intangible assets | 263.6 |  |  | 279.8 |
Accrued liabilities and reserves | 87.4 |  |  | 91.0 |
Convertible debt | 16.0 |  |  | 20.6 |
Total gross deferred tax assets | 748.1 |  |  | 741.3 |
Less: valuation allowance | (221.9) |  |  | (264.3) |
Total net deferred tax assets | 526.2 |  |  | 477.0 |
Deferred tax liabilities: |  |  |
Fixed assets and acquired intangibles assets | (59.3) |  |  | (60.4) |
Other | (0.3) |  |  | — |
Total deferred tax liabilities | (59.6) |  |  | (60.4) |
Net deferred tax assets (liabilities) | $ | 466.6 |  |  | $ | 416.6 |
Schedule of Reconciliation between Effective Tax Rate and Statutory Rate | The reconciliation between our effective tax rate on income (loss) from continuing operations and the statutory rate is as follows:
| Twelve Months Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
U.S. federal statutory tax rate | $ | 148.9 |  |  | $ | 149.2 |  |  | $ | 82.1 |
State income tax, net of federal benefit | 10.2 |  |  | 7.8 |  |  | 5.4 |
Permanent items | 10.5 |  |  | (2.7) |  |  | 0.6 |
Research and development credits | (24.6) |  |  | (28.3) |  |  | (23.3) |
Foreign tax credit | (1.2) |  |  | — |  |  | — |
Foreign rate differential | 1.6 |  |  | 15.8 |  |  | 27.7 |
Stock and officers compensation | 3.8 |  |  | 5.6 |  |  | (1.2) |
Collaboration agreement milestone share-based payment | (32.2) |  |  | (72.1) |  |  | (52.9) |
Change in statutory tax rates | 51.5 |  |  | 19.4 |  |  | 1.0 |
Intellectual property transfer | — |  |  | 63.9 |  |  | — |
Other | 6.7 |  |  | 0.3 |  |  | 1.3 |
Change in valuation allowance | (42.4) |  |  | 10.0 |  |  | 8.9 |
Income taxes at effective rates | $ | 132.8 |  |  | $ | 168.9 |  |  | $ | 49.6 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to our gross unrecognized tax benefits:
(In millions) |
Balance at January 1, 2022 | $ | 46.8 |
Decreases related to prior year tax positions | (0.9) |
Increases related to current year tax positions | 6.1 |
Balance at December 31, 2022 | 52.0 |
Increases related to prior year tax positions | 0.8 |
Increases related to current year tax positions | 6.6 |
Balance at December 31, 2023 | 59.4 |
Increases related to prior year tax positions | 0.1 |
Increases related to current year tax positions | 6.7 |
Balance at December 31, 2024 | $ | 66.2 |
Schedule of Years Remaining Subject to Audit by Major Jurisdiction | The years remaining subject to audit, by major jurisdiction, are as follows:
Jurisdiction | Fiscal Year
United States (Federal and state) | 1999 - 2024
United Kingdom | 2021 - 2024
Malaysia | 2021 - 2024
Ireland | 2023 - 2024

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