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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Estimated Useful Life of Property, Plant and Equipment |
Asset group |  | Term
Buildings and improvements |  | 25 years
Furniture, fixtures and equipment |  | 5 - 7 years
Leasehold improvements |  | Shorter of useful life or lease term
Schedule of Provisions for Sales and Allowances | A rollfor ward of the Company’s provisions for sales and allowances is as follows:
|  | December 31, 2024 |
(In thousands) |  | Contractual Adjustments (1) |  |  | Discounts (2) |  |  | Product Returns |  |  | Other |  |  | Total |
Beginning balance — December 31, 2023 |  | $ | 234,414 |  |  | $ | 28,690 |  |  | $ | 41,064 |  |  | $ | 10,164 |  |  | $ | 314,332 |
Current provisions relating to sales in current year |  |  | 557,651 |  |  |  | 386,625 |  |  |  | 28,627 |  |  |  | 87,373 |  |  |  | 1,060,276 |
Adjustments relating to prior years |  |  | (20,562 | ) |  |  | — |  |  |  | (3,700 | ) |  |  | — |  |  |  | (24,262 | )
Payments/credits relating to sales in current year |  |  | (369,869 | ) |  |  | (353,629 | ) |  |  | — |  |  |  | (70,752 | ) |  |  | (794,250 | )
Payments/credits relating to sales in prior years |  |  | (172,656 | ) |  |  | (18,041 | ) |  |  | (15,484 | ) |  |  | (13,488 | ) |  |  | (219,669 | )
Ending balance — December 31, 2024 |  | $ | 228,978 |  |  | $ | 43,645 |  |  | $ | 50,507 |  |  | $ | 13,297 |  |  | $ | 336,427 |
|  | December 31, 2023 |
(In thousands) |  | Contractual Adjustments (1) |  |  | Discounts (2) |  |  | Product Returns |  |  | Other |  |  | Total |
Beginning balance — December 31, 2022 |  | $ | 226,741 |  |  | $ | 26,175 |  |  | $ | 29,666 |  |  | $ | 7,938 |  |  | $ | 290,520 |
Current provisions relating to sales in current year |  |  | 509,780 |  |  |  | 326,860 |  |  |  | 33,417 |  |  |  | 71,449 |  |  |  | 941,506 |
Adjustments relating to prior years |  |  | (8,921 | ) |  |  | — |  |  |  | 2,841 |  |  |  | — |  |  |  | (6,080 | )
Payments/credits relating to sales in current year |  |  | (308,353 | ) |  |  | (293,785 | ) |  |  | — |  |  |  | (56,224 | ) |  |  | (658,362 | )
Payments/credits relating to sales in prior years |  |  | (184,833 | ) |  |  | (30,560 | ) |  |  | (24,860 | ) |  |  | (12,999 | ) |  |  | (253,252 | )
Ending balance — December 31, 2023 |  | $ | 234,414 |  |  | $ | 28,690 |  |  | $ | 41,064 |  |  | $ | 10,164 |  |  | $ | 314,332 |
|  | December 31, 2022 |
(In thousands) |  | Contractual Adjustments (1) |  |  | Discounts (2) |  |  | Product Returns |  |  | Other |  |  | Total |
Beginning balance — December 31, 2021 |  | $ | 209,760 |  |  | $ | 24,150 |  |  | $ | 24,313 |  |  | $ | 9,585 |  |  | $ | 267,808 |
Current provisions relating to sales in current year |  |  | 434,143 |  |  |  | 281,308 |  |  |  | 15,851 |  |  |  | 58,788 |  |  |  | 790,090 |
Adjustments relating to prior years |  |  | (22,019 | ) |  |  | — |  |  |  | 3,294 |  |  |  | — |  |  |  | (18,725 | )
Payments/credits relating to sales in current year |  |  | (237,521 | ) |  |  | (252,896 | ) |  |  | — |  |  |  | (48,834 | ) |  |  | (539,251 | )
Payments/credits relating to sales in prior years |  |  | (157,622 | ) |  |  | (26,387 | ) |  |  | (13,792 | ) |  |  | (11,601 | ) |  |  | (209,402 | )
Ending balance — December 31, 2022 |  | $ | 226,741 |  |  | $ | 26,175 |  |  | $ | 29,666 |  |  | $ | 7,938 |  |  | $ | 290,520 |
(1) “Contractual Adjustments” include “Medicaid Rebates” and “Medicare Part D” accruals (2) “Discounts” in clude “Chargebacks” and “Product Discounts”
Schedule of Revenue Related Reserves Included in Consolidated Balance Sheets | Total revenue-related reserves as of December 31, 2024 and 2023, included in our consolidated balance sheets, are summarized as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Reduction of accounts receivable |  | $ | 22,031 |  |  | $ | 11,510 |
Components of accrued sales discounts, allowances and reserves |  |  | 272,452 |  |  |  | 263,641 |
Components of other long-term liabilities |  |  | 41,944 |  |  |  | 39,181 |
Total revenue-related reserves |  | $ | 336,427 |  |  | $ | 314,332 |
Schedule of Contract Assets and Contract Liabilities | Contract assets consisted of the following:
(In thousands) |  | Contract Assets |
Contract assets at January 1, 2023 |  | $ | 8,929 |
Additions |  |  | 13,606 |
Transferred to receivables, net |  |  | (21,829 | )
Contract assets at December 31, 2023 |  | $ | 706 |
Additions |  |  | 6,615 |
Transferred to receivables, net |  |  | (2,331 | )
Contract assets at December 31, 2024 |  | $ | 4,990 |
Contract liabilities consisted of the following:
(In thousands) |  | Contract Liabilities |
Contract liabilities at January 1, 2023 |  | $ | 10,701 |
Additions |  |  | (931 | )
Amounts recognized into revenue |  |  | (4,995 | )
Contract liabilities at December 31, 2023 |  | $ | 4,775 |
Additions |  |  | 34 |
Amounts recognized into revenue |  |  | (3,560 | )
Contract liabilities at December 31, 2024 |  | $ | 1,249 |
Schedule of Revenue and Receivables From Customers Exceeding 10% of Total in Each Category | The following represents revenue and receivables from the Company’s customers exceeding 10% of the total in each category as of, and for the years ended, December 31, 2024, 2023 and 2022:
|  | Year Ended December 31, |
|  | 2024 |  | 2023 |  | 2022 |
Customer |  | Receivables |  | Revenue |  | Receivables |  | Revenue |  | Receivables |  | Revenue |
McKesson |  | 36 | % | 25 | % | 14 | % | 14 | % | 12 | % | 16 | %
Cencora |  | 17 | % | 15 | % | 16 | % | 12 | % | 18 | % | 14 | %
Cardinal Health |  | 16 | % | 19 | % | 24 | % | 20 | % | 24 | % | 24 | %
Janssen |  | 14 | % | 17 | % | 23 | % | 31 | % | * |  | 15 | %
Biogen |  | * |  | 11 | % | * |  | 11 | % | 19 | % | 13 | %
* |  | Indicates the revenues or receivables for the customer did not exceed 10% of the Company’s total in each category as of or for the years ended December 31, 2024, 2023 and 2022, as noted.
Schedule of Revenues by Geographic Location, as Determined by the Location of the Customer | Company revenues by geographic location for the years ended December 31, 2024, 2023 and 2022, as determined by the location of the customer, are as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Revenue by region: |  |  |  |  |  |  |  |  |
U.S. |  | $ | 1,410,159 |  |  | $ | 1,491,939 |  |  | $ | 931,991 |
Ireland |  |  | 1,294 |  |  |  | 1,179 |  |  |  | 1,829 |
Rest of world |  |  | 146,179 |  |  |  | 170,287 |  |  |  | 177,975 |
Summary of Location of the Assets | The location of the Company’s assets are as follows:
|  | December 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Assets by region: |  |  |  |  |  |
Current assets: |  |  |  |  |  |
U.S.: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 70,303 |  |  | $ | 317,850 |
Investments—short-term |  |  | 203,631 |  |  |  | 187,574 |
Receivables, net |  |  | 306,259 |  |  |  | 218,747 |
Other current assets |  |  | 129,332 |  |  |  | 143,417 |
Ireland: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 220,843 |  |  | $ | 139,619 |
Investments—short-term |  |  | 256,891 |  |  |  | 128,448 |
Receivables, net |  |  | 78,269 |  |  |  | 113,730 |
Assets held for sale |  |  | — |  |  |  | 94,260 |
Other current assets |  |  | 149,827 |  |  |  | 141,861 |
Long-term assets: |  |  |  |  |  |
U.S.: |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 226,646 |  |  | $ | 225,578 |
Investments—long-term |  |  | 24,629 |  |  |  | 17,957 |
Other |  |  | 210,792 |  |  |  | 189,335 |
Ireland: |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 918 |  |  | $ | 1,365 |
Investments—long-term |  |  | 48,519 |  |  |  | 21,930 |
Intangible assets, net and goodwill |  |  | 83,917 |  |  |  | 85,018 |
Other |  |  | 44,791 |  |  |  | 109,534 |
Schedule of Fair Value of Each Stock Option Granted Estimated on The Grant Date Using Weighted-average Assumptions | The fair value of each stock option granted was estimated on the grant date with the following weighted-average assumptions:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Expected option term |  | 5 - 7 years |  | 5 - 8 years |  | 5 - 8 years
Expected stock volatility |  | 38 % - 42 % |  | 40 % - 44 % |  | 43 % - 51 %
Risk-free interest rate |  | 3.64 % - 4.60 % |  | 3.34 % - 4.75 % |  | 1.83 % - 4.26 %
Expected annual dividend yield |  | — |  | — |  | —

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