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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes |
Income (loss) from operations before income taxes | The provision for income taxes is based on income (loss) before provision for income taxes as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2020 |  | 2019 |  | 2018 |
U.S. | ​ | $ | (16,609) | ​ | $ | 712,486 | ​ | $ | 478,050 | ​
Non-U.S. | ​ |  | (215,609) | ​ |  | (225,695) | ​ |  | (362,703) | ​
Income (loss) before provision for income taxes | ​ | $ | (232,218) | ​ | $ | 486,791 | ​ | $ | 115,347 | ​
Schedule of provision for income taxes | Our provision for income taxes consists of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2020 |  | 2019 |  | 2018 | ​
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 43,595 | ​ | $ | 23,526 | ​ | $ | — | ​
State | ​ | ​ | 18,881 | ​ | ​ | 11,553 | ​ | ​ | 5,010 | ​
Foreign | ​ |  | 1,353 | ​ |  | 5,183 | ​ |  | 1,303 | ​
​ | ​ | ​ | 63,829 | ​ | ​ | 40,262 | ​ | ​ | 6,313 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State | ​ | ​ | — | ​ | ​ | (205) | ​ | ​ | 111 | ​
Foreign | ​ | ​ | (350) | ​ | ​ | (172) | ​ | ​ | (570) | ​
​ | ​ | ​ | (350) | ​ | ​ | (377) | ​ | ​ | (459) | ​
Total provision for income taxes | ​ | $ | 63,479 | ​ | $ | 39,885 | ​ | $ | 5,854 | ​
Schedule of reconciliation of income taxes at the U.S. federal statutory rate to the provision for income taxes | A reconciliation of income taxes at the U.S. federal statutory rate to the provision for income taxes is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2020 |  | 2019 |  | 2018 |
Provision (benefit) at U.S. federal statutory rate | ​ | $ | (48,766) | ​ | $ | 102,226 | ​ | $ | 24,223 | ​
Unbenefited future tax deductions and tax credits | ​ |  | 105,923 | ​ |  | (73,666) | ​ |  | (51,861) | ​
Excess tax benefits related to share-based compensation | ​ |  | (9,750) | ​ |  | (13,418) | ​ |  | (8,233) | ​
Foreign tax rate differential | ​ | ​ | 30,412 | ​ | ​ | 25,419 | ​ | ​ | 37,061 | ​
Non-deductible officer compensation | ​ | ​ | 7,418 | ​ | ​ | 5,213 | ​ | ​ | 4,114 | ​
Foreign-derived intangible income | ​ | ​ | (22,830) | ​ | ​ | (9,153) | ​ | ​ | — | ​
Other | ​ |  | 1,072 | ​ |  | 3,264 | ​ |  | 550 | ​
Provision for income taxes | ​ | $ | 63,479 | ​ | $ | 39,885 | ​ | $ | 5,854 | ​
Schedule of significant components of deferred tax assets and liabilities | Significant components of our deferred tax assets and liabilities are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ |  | 2020 |  | 2019 |
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carry forwards | ​ | $ | 128,088 | ​ | $ | 102,001 | ​
Federal and state research credits | ​ |  | 305,099 | ​ |  | 400,550 | ​
Capitalized research and development | ​ |  | 43,806 | ​ |  | 46,188 | ​
Deferred revenue and accruals | ​ |  | 27,467 | ​ |  | 13,609 | ​
Non-cash compensation | ​ | ​ | 75,867 | ​ | ​ | 67,345 | ​
Acquisition-related contingent consideration | ​ |  | 32,658 | ​ |  | 31,956 | ​
Intangibles, net | ​ | ​ | 289,848 | ​ | ​ | 92,806 | ​
Long term investments | ​ | ​ | 25,968 | ​ | ​ | 14,899 | ​
Other | ​ |  | 26,303 | ​ |  | 21,885 | ​
Total gross deferred tax assets | ​ |  | 955,104 | ​ |  | 791,239 | ​
Less valuation allowance for deferred tax assets | ​ |  | (930,209) | ​ |  | (770,497) | ​
Net deferred tax assets | ​ | $ | 24,895 | ​ | $ | 20,742 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment | ​ | $ | (22,841) | ​ | $ | (19,095) | ​
Total gross deferred tax liabilities | ​ |  | (22,841) | ​ |  | (19,095) | ​
Net deferred tax assets | ​ | $ | 2,054 | ​ | $ | 1,647 | ​
Schedule of operating loss and tax credit carryforwards | As of December 31, 2020, the Company has net operating loss (“NOL”) carryforwards, research and development credit carryforwards and orphan drug tax credit carryforwards as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount | ​ | Expiring if not utilized | ​
Net operating loss carryforwards | ​ | ​ | ​ | ​ | ​ | ​
State | ​ | $ | 361,890 | ​ | 2021 through 2039; indefinite | ​
Foreign | ​ | ​ | 1,250,048 | ​ | 2021 through 2027 | ​
Research and development credit carryforwards | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 150,598 | ​ | 2036 through 2040 | ​
State | ​ | ​ | 23,986 | ​ | 2021 through 2039; indefinite | ​
Orphan drug tax credit carryforwards | ​ | ​ | 162,653 | ​ | 2035 through 2040 | ​
Unrecognized tax benefits | The following table summarizes the gross amounts of unrecognized tax benefits (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ | ​ | 2020 |  | 2019 | ​
Balance at beginning of year | ​ | $ | 24,251 | ​ | $ | 22,395 | ​
Additions related to prior periods tax positions | ​ | ​ | 3,953 | ​ |  | 726 | ​
Reductions related to prior periods tax positions | ​ | ​ | (216) | ​ | ​ | (82) | ​
Additions related to current period tax positions | ​ | ​ | 4,119 | ​ |  | 1,835 | ​
Settlements | ​ | ​ | (201) | ​ | ​ | — | ​
Reductions due to lapse of applicable statute of limitations | ​ | ​ | (397) | ​ | ​ | (557) | ​
Currency translation adjustment | ​ | ​ | 88 | ​ | ​ | (66) | ​
Balance at end of year | ​ | $ | 31,597 | ​ | $ | 24,251 | ​

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