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Income Taxes (Tables)

12 Months Ended

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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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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