v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 5,141,242 $ 4,241,217 $ 3,695,649
Costs, expenses and other:      
Cost of product revenues (including definite-lived intangible amortization) 372,130 312,068 254,990
Contract dispute settlement (242,251) 0 0
Research and development 2,050,152 2,606,848 1,627,594
Selling, general and administrative 1,376,206 1,242,157 1,155,662
Asset impairment 76,275 0 5,631
(Gain) loss on change in fair value of acquisition-related contingent consideration (6,129) 19,803 29,202
(Profit) and loss sharing under collaboration agreements 0 (1,025) 2,045
Total costs, expenses and other 3,626,383 4,179,851 3,075,124
Income from operations 1,514,859 61,366 620,525
Interest income 105,600 128,710 158,414
Interest expense (2,428) (2,280) (2,551)
Gain on equity investments 21,310 116,025 43,893
Other, net 25,110 12,809 13,934
Income before provision for income taxes 1,664,451 316,630 834,215
Provision for income taxes 377,801 284,015 236,616
Net income $ 1,286,650 $ 32,615 $ 597,599
Net income per share:      
Basic (in dollars per share) $ 6.59 $ 0.16 $ 2.67
Diluted (in dollars per share) $ 6.41 $ 0.15 $ 2.65
Shares used in computing net income per share:      
Basic (in shares) 195,204 207,110 223,628
Diluted (in shares) 200,700 210,530 225,928
Product revenues, net      
Revenues:      
Total revenues $ 4,354,333 $ 3,618,888 $ 3,165,168
Product royalty revenues      
Revenues:      
Total revenues 636,909 579,329 523,481
Milestone and contract revenues      
Revenues:      
Total revenues $ 150,000 $ 43,000 $ 7,000