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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity |
7. Stockholders’ Equity
Share-Based Compensation Our share-based compensation expense is associated with RSUs, PSUs, and our Employee Stock Purchase Plan, or ESPP. The following table summarizes our share-based compensation expense included in our condensed consolidated statements of operations for the periods shown:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of sales | $ | 1.0 |  |  | $ | 3.6 |  |  | $ | 8.2 |  |  | $ | 11.4 |
Research and development | 12.2 |  |  | 13.1 |  |  | 38.5 |  |  | 38.5 |
Selling, general and administrative | 31.9 |  |  | 26.7 |  |  | 77.9 |  |  | 77.2 |
Total share-based compensation expense | $ | 45.1 |  |  | $ | 43.4 |  |  | $ | 124.6 |  |  | $ | 127.1 |
As of September 30, 2025, unrecognized estimated compensation costs related to RSUs and PSUs totaled $243.2 million and are expected to be recognized over a weighted-average period of approximately 1.9 years. Share Repurchase Program and Treasury Shares In April 2025, our Board of Directors authorized and approved a share repurchase program of up to $750.0 million of our outstanding common stock, with a repurchase period ending no later than June 30, 2026, or the 2025 Share Repurchase Program. Repurchases of our common stock under the 2025 Share Repurchase Program may be made from time to time in the open market, in privately negotiated transactions or by other methods, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, at our discretion, and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Exchange Act and other applicable federal and state laws and regulations. The timing of any repurchases will depend on market conditions and will be made at our discretion. The 2025 Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares of our common stock, and the program may be extended, modified, suspended, or discontinued at any time. In the third quarter of 2025, we repurchased 2.4 million shares of our common stock for $187.2 million under the 2025 Share Repurchase Program. Repurchased shares of our common stock are held as treasury shares until they are reissued or retired. We have not yet determined the ultimate disposition of repurchased shares and consequently we continue to hold them as treasury shares rather than retiring them. Authorization of future stock repurchase programs is subject to the final determination of our Board of Directors.

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