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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before the Provision for Income Taxes from Continuing Domestic and Foreign Operations

The following table presents income from continuing operations before provision for income taxes for domestic and international operations.

			Year Ended December 31,
(in millions)			2023						2022						2021
U.S.			$	409.2					$	218.0					$	101.4
Foreign			(77.1)						(4.1)						—
Income before provision for income taxes			$	332.1					$	213.9					$	101.4

Components of the Provision for Income Tax Expense (Benefit) for Continuing Operations

The following table presents the components of income tax expense (benefit) for continuing operations.

			Year Ended December 31,
(in millions)			2023						2022						2021
Current:
Federal			$	115.0					$	17.1					$	—
State			28.1						20.3						6.3
Current income taxes			143.1						37.4						6.3
Deferred:
Federal			(45.2)						27.5						5.9
State			(15.5)						(5.5)						(0.4)
Deferred income taxes			(60.7)						22.0						5.5
Provision for income taxes			$	82.4					$	59.4					$	11.8

Schedule of Provision For Income Taxes on Earnings Subject to Income Taxes Differs from Statutory Federal Rate

The provision for income taxes on earnings subject to income taxes differs from the statutory federal rate due to the following:

			Year Ended December 31,
(in millions)			2023						2022						2021
Federal income taxes at 21%			$	69.7					$	44.9					$	21.3
State income tax, net of federal benefit			17.5						11.8						6.2
Branded prescription drug fee			8.7						6.5						4.8
Loss on extinguishment of convertible senior notes			—						12.0						—
Stock-based compensation expense			(3.9)						(2.5)						(11.3)
Officer compensation			9.6						9.2						7.0
Change in tax rate			(2.1)						(1.3)						0.2
Expired tax attributes			—						—						0.6
Research credits			(42.2)						(29.9)						(22.0)
Change in valuation allowance			22.0						7.4						5.0
Other			3.1						1.3						—
Provision for income taxes			$	82.4					$	59.4					$	11.8

Schedule of Components of Deferred Tax Assets

The following table presents the significant components of our deferred tax assets.

			December 31,
(in millions)			2023						2022
Deferred tax assets:
Net operating losses			$	36.4					$	27.4
Research and development credits			55.3						108.9
Capitalized research and development			178.7						91.1
Stock-based compensation expense			52.7						45.9
Operating lease assets			72.0						26.8
Intangible assets			110.0						80.7
Other			25.0						24.9
Total deferred tax assets			530.1						405.7
Deferred tax liabilities:
Operating lease liabilities			(66.3)						(21.0)
Other			(12.3)						(11.8)
Total deferred tax liabilities			(78.6)						(32.8)
Net of deferred tax assets and liabilities			451.5						372.9
Valuation allowance			(88.9)						(67.0)
Net deferred tax assets			$	362.6					$	305.9

Schedule of Activity Related to Unrecognized Tax Benefits

The following table presents a summary of activity related to unrecognized tax benefits.

			Year Ended December 31,
(in millions)			2023						2022						2021
Balance at January 1			$	84.5					$	64.6					$	60.8
Increase related to prior year tax positions			3.4						4.7						0.6
Increase related to current year tax positions			36.7						15.2						4.9
Decrease related to prior year tax positions			(3.6)						—						—
Expiration of the statute of limitations for the assessment of taxes			—						—						(1.7)
Balance at December 31			$	121.0					$	84.5					$	64.6

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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