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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue        
Revenue $ 164,682 $ 128,679 $ 675,785 $ 615,714
Operating expenses:        
Research and portfolio development 53,068 48,331 154,172 147,851
Licensing 19,715 27,467 61,301 149,212
General and administrative 16,091 13,539 47,245 41,665
Total operating expenses 88,874 89,337 262,718 338,728
Income from operations 75,808 39,342 413,067 276,986
Interest expense (10,019) (10,681) (29,427) (34,086)
Other income, net 10,188 12,554 35,590 33,483
Income before income taxes 75,977 41,215 419,230 276,383
Income tax provision (8,474) (7,025) (55,557) (50,877)
Net income $ 67,503 $ 34,190 $ 363,673 $ 225,506
Net income per common share — Basic (in USD per share) $ 2.62 $ 1.36 $ 14.09 $ 8.92
Net income per common share — Diluted (in USD per share) $ 1.93 $ 1.14 $ 10.68 $ 7.84
Weighted average number of common shares outstanding — Basic (in shares) 25,797 25,149 25,818 25,286
Weighted average number of common shares outstanding — Diluted (in shares) 34,925 30,034 34,051 28,759
Cash dividends declared per common share (in USD per share) $ 0.70 $ 0.45 $ 1.90 $ 1.25