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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax (Expense) Summarized by Region | Total income before income tax expense summarized by region was as follows (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
United States |  | $ | 557,852 |  |  | $ | 348,828 |  |  | $ | 248,918 |
Foreign |  | (720) |  |  | (499) |  |  | — |
Income before income tax expense |  | $ | 557,132 |  |  | $ | 348,329 |  |  | $ | 248,918 |
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,
|  | 2024 |  | 2023
Deferred tax assets |  |  |  |
Net operating loss carryforwards |  | $ | 20,736 |  |  | $ | 32,753 |
Research and development and orphan drug credits |  | 17,868 |  |  | 38,192 |
Share-based compensation |  | 6,567 |  |  | 5,024 |
ASC 842 lease liability |  | 7,126 |  |  | 7,258 |
Capitalized research expense |  | 30,253 |  |  | 19,543 |
Inventory related reserves |  | 19,867 |  |  | 13,561 |
Other, net |  | 4,206 |  |  | 6,746 |
Total deferred tax assets |  | 106,623 |  |  | 123,077 |
Valuation allowance for deferred tax assets |  | (2,363) |  |  | (2,588) |
Deferred tax assets, net of valuation allowance |  | 104,260 |  |  | 120,489 |
Deferred tax liabilities |  |  |  |
Non-deductible book amortization |  | (89,247) |  |  | (103,492) |
ASC 842 right of use asset |  | (7,882) |  |  | (8,259) |
Other, net |  | (3,276) |  |  | (4,352) |
Total deferred tax liabilities |  | (100,405) |  |  | (116,103) |
Net deferred tax asset |  | $ | 3,855 |  |  | $ | 4,386 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) was comprised of the following components (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Current - federal |  | $ | 98,139 |  |  | $ | 24,963 |  |  | $ | 6,157 |
Current - state |  | 13,762 |  |  | 5,717 |  |  | 2,525 |
Deferred - federal |  | 1,815 |  |  | 34,037 |  |  | 44,757 |
Deferred - state |  | (675) |  |  | 2,018 |  |  | (6,650) |
Total income tax expense |  | $ | 113,041 |  |  | $ | 66,735 |  |  | $ | 46,789 |
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,
|  | 2024 |  | 2023 |  | 2022
Federal income tax expense |  | 21.00 | % |  | 21.00 | % |  | 21.00 | %
State income tax expense, net of federal income tax impact |  | 2.25 | % |  | 2.76 | % |  | 0.82 | %
Executive compensation limitation |  | 0.58 | % |  | 0.90 | % |  | 2.61 | %
Foreign-derived intangible income |  | (3.81) | % |  | (3.44) | % |  | (5.06) | %
Research and development credits, net |  | (0.39) | % |  | (2.71) | % |  | — | %
Non-deductible expenses and other |  | 0.66 | % |  | 0.62 | % |  | (0.57) | %
Effective income tax rate |  | 20.29 | % |  | 19.13 | % |  | 18.80 | %
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Gross unrecognized tax benefits, beginning of period |  | $ | 21,918 |  |  | $ | 19,482 |  |  | $ | 17,692 |
Increases in tax positions for prior years |  | 2,181 |  |  | 1,645 |  |  | — |
Decreases in tax positions for prior years and lapse in statute of limitations |  | (192) |  |  | — |  |  | (1,148) |
Increases in tax positions related to business acquisition |  | — |  |  | — |  |  | 2,151 |
Increases in tax positions for current year |  | 612 |  |  | 791 |  |  | 787 |
Gross unrecognized tax benefits, end of period |  | $ | 24,519 |  |  | $ | 21,918 |  |  | $ | 19,482 |

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