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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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 rollforward 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” include “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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