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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes Summarized By Region

Total income (loss) before income taxes summarized by region were as follows (in thousands):

						Year Ended December 31,
						2022						2021						2020
United States						$	248,918					$	248,071					$	130,427
Foreign						—						447						(1,125)
Net income before income taxes						$	248,918					$	248,518					$	129,302

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of our net deferred tax assets/(liabilities) were as follows (in thousands).

						December 31,
						2022						2021
Deferred tax assets:
Net operating loss carryforwards						$	32,887					$	42,182
Deferred revenue						837						909
Research and development and orphan drug credits						96,133						109,041
Share-based compensation						6,353						1,814
ASC 842 lease liability						2,480						600
Capitalized research expense						10,168						—
Transaction related expense						2,354						—
Inventory related reserves						18,395						—
Interest expense limitation						—						—
Other, net						3,054						3,449
						$	172,661					$	157,995
Valuation allowance for deferred tax assets						(707)						(500)
Deferred tax assets, net of valuation allowance						$	171,954					$	157,495
Deferred tax liabilities:
Non-deductible book amortization						(115,578)
Depreciation						(2,559)						(1,185)
Convertible note						—						(17)
ASC 842 right of use asset						(9,061)						(426)
Other, net						(330)						(433)
Total deferred tax liabilities						$	(127,528)					$	(2,061)
Net deferred tax asset						$	44,426					$	155,434

Schedule of Components of Income Tax Expense (Benefit)

Income tax (benefit) expense was comprised of the following components (in thousands):

						Year Ended December 31,
						2022						2021						2020
Current - federal						$	6,157					$	(9)					$	(11)
Current - state						2,525						1,251						228
Deferred - federal						44,757						(117,925)						—
Deferred - state						(6,650)						(37,509)						—
						$	46,789					$	(154,192)					$	217

Schedule of Reconciliation of Provision for Income taxes to Federal Income Tax Rate

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

						Year Ended December 31,
						2022						2021						2020
Federal income tax expense (benefit) at 21%						21.00		%				21.00		%				21.00		%
State income tax expense (benefit), net of federal income tax impact						0.82		%				2.67		%				(1.59)		%
(Decrease) increase in valuation allowance						(0.39)		%				(84.92)		%				34.59		%
Worthless stock deduction of international subsidiary						—		%				—		%				(52.07)		%
Foreign income subject to tax at other than federal statutory rate						—		%				0.02		%				0.16		%
Share-based compensation						(0.66)		%				(2.50)		%				(1.89)		%
Executive compensation limitation						2.61		%				2.32		%				1.61		%
Non-deductible expenses and other						(0.40)		%				0.54		%				(1.64)		%
Foreign-derived intangible income						(5.06)		%				(1.18)		%				—		%
Transaction costs						0.88		%				—		%				—		%
						18.80		%				(62.05)		%				0.17		%

Summary of Change in Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits (in thousands):

						Year Ended December 31,
						2022						2021						2020
Gross unrecognized tax benefits at beginning of period						$	17,692					$	19,167					$	21,483
Increases in tax positions for prior years						—						21						41
Decreases in tax positions for prior years and lapse in statue of limitations						(1,148)						(1,496)						(2,357)
Increases in tax positions related to business acquisition						2,151						—						—
Increases in tax positions for current year						787						—						—
Gross unrecognized tax benefits at end of period						$	19,482					$	17,692					$	19,167

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

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