Supplemental Financial Information

9 Months Ended

Sep. 30, 2025

Other Balance Sheet Details [Abstract]

Inventory consisted of the following:


(in millions)	September 30, 2025		December 31, 2024
Raw materials	$	40.1	$	33.7
Work in process	13.2		10.9
Finished goods	16.2		12.8
	69.5		57.4
Less inventory reserves	(0.2)		—
Total inventory	$	69.3	$	57.4

Prior to FDA approval of CRENESSITY in December 2024, all costs related to its manufacturing were expensed as R&D in the period incurred. As a result, our physical inventories as of September 30, 2025 and December 31, 2024 included active pharmaceutical product with no cost basis. Costs related to the manufacturing of bulk drug product, finished bottling, and other labeling activities that occurred post-FDA approval are included in the inventory values as of September 30, 2025 and December 31, 2024.

Accounts payable and accrued liabilities consisted of the following:


(in millions)	September 30, 2025		December 31, 2024
Sales rebates and reserves	$	237.9	$	144.2
Accrued employee related costs	105.1		107.5
Accrued development costs	82.4		50.8
Current branded prescription drug fee	39.0		49.2

Accounts payable and other accrued liabilities	119.9		109.9
Total accounts payable and accrued liabilities	$	584.3	$	461.6

Other noncurrent liabilities consisted of the following:


(in millions)	September 30, 2025		December 31, 2024
Noncurrent income taxes payable	$	195.5	$	160.7
Other noncurrent liabilities	0.2		5.5
Total other noncurrent liabilities	$	195.7	$	166.2

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.


(in millions)	September 30, 2025		September 30, 2024
Cash and cash equivalents	$	340.2	$	349.1
Restricted cash included in other noncurrent assets	8.0		8.0
Total cash, cash equivalents, and restricted cash	$	348.2	$	357.1