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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Summary of Significant Segment Expenses | The Company’s significant segment expenses that are regularly provided to the Company’s CODM are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In thousands) |  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
REVENUES: |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 496,009 |  |  | $ | 390,657 |  |  | $ | 888,920 |  |  | $ | 697,167 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below) |  |  | 98,112 |  |  |  | 49,460 |  |  |  | 159,690 |  |  |  | 98,657 |
External R&D expenses: |  |  |  |  |  |  |  |  |  |  |  |
Development programs: |  |  |  |  |  |  |  |  |  |  |  |
Alixorexton |  |  | 28,797 |  |  |  | 23,795 |  |  |  | 54,294 |  |  |  | 41,649 |
LYBALVI |  |  | 4,939 |  |  |  | 5,050 |  |  |  | 9,388 |  |  |  | 8,901 |
LUMRYZ |  |  | 4,710 |  |  |  | — |  |  |  | 7,633 |  |  |  | — |
Other orexin programs |  |  | 15,090 |  |  |  | 2,709 |  |  |  | 21,944 |  |  |  | 6,178 |
Other external R&D expenses |  |  | 13,832 |  |  |  | 7,880 |  |  |  | 24,938 |  |  |  | 15,384 |
Total external R&D expenses |  |  | 67,368 |  |  |  | 39,434 |  |  |  | 118,197 |  |  |  | 72,112 |
Internal R&D expenses: |  |  |  |  |  |  |  |  |  |  |  |
Employee-related |  |  | 37,013 |  |  |  | 30,651 |  |  |  | 80,627 |  |  |  | 62,005 |
Occupancy |  |  | 3,335 |  |  |  | 3,308 |  |  |  | 6,599 |  |  |  | 6,455 |
Depreciation |  |  | 1,850 |  |  |  | 1,474 |  |  |  | 3,537 |  |  |  | 2,942 |
Other internal R&D expenses |  |  | 3,354 |  |  |  | 2,503 |  |  |  | 7,305 |  |  |  | 5,673 |
Total internal R&D expenses |  |  | 45,552 |  |  |  | 37,936 |  |  |  | 98,068 |  |  |  | 77,075 |
R&D expenses |  |  | 112,920 |  |  |  | 77,370 |  |  |  | 216,265 |  |  |  | 149,187 |
Selling, general and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |
Selling and marketing expense |  |  | 154,364 |  |  |  | 121,175 |  |  |  | 309,276 |  |  |  | 244,109 |
General and administrative expense |  |  | 63,261 |  |  |  | 49,674 |  |  |  | 172,942 |  |  |  | 98,444 |
Total selling, general and administrative expense |  |  | 217,625 |  |  |  | 170,849 |  |  |  | 482,218 |  |  |  | 342,553 |
Other segment (expense) income (1) |  |  | (66,851 | ) |  |  | (5,880 | ) |  |  | (96,726 | ) |  |  | 2,792 |
NET (LOSS) INCOME |  |  | 501 |  |  |  | 87,098 |  |  |  | (65,979 | ) |  |  | 109,562 |
(1) “Other segment (expense) income” during the three and six months ended June 30, 2026 and 2025, includes “Amortization of acquired intangible assets”, “Change in fair value of contingent consideration”, “Total other (expense) income, net” and “Income tax provision (benefit)”.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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