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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Domestic and Foreign Pre-tax Loss | Domestic and foreign pre-tax income (loss) is as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Domestic |  | $ | 95,845 |  |  | $ | (100,215 | ) |  | $ | (233,216 | )
Foreign |  |  | 162,230 |  |  |  | 49,179 |  |  |  | 19,772 |
|  | $ | 258,075 |  |  | $ | (51,036 | ) |  | $ | (213,444 | )
Schedule of income tax provision consists | The income tax provision consists of the following (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current provision: |  |  |  |  |  |  |  |  |
Federal |  | $ | 19,542 |  |  | $ | 5,440 |  |  | $ | — |
State |  |  | 12,064 |  |  |  | 4,805 |  |  |  | 2,531 |
Foreign |  |  | 18 |  |  |  | 5 |  |  |  | — |
Total current provision |  |  | 31,624 |  |  |  | 10,250 |  |  |  | 2,531 |
Total income tax provision |  | $ | 31,624 |  |  | $ | 10,250 |  |  | $ | 2,531 |
Components of Deferred Tax Assets | The components of the deferred tax assets are as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
NOL carryforwards |  | $ | 117,052 |  |  | $ | 149,049 |
R&D credit carryforwards |  |  | 27,543 |  |  |  | 70,906 |
Capitalized R&D |  |  | 110,848 |  |  |  | 90,164 |
Stock-based compensation |  |  | 51,438 |  |  |  | 51,028 |
Charitable contributions |  |  | 40,008 |  |  |  | 40,956 |
Lease liabilities |  |  | 12,753 |  |  |  | 13,671 |
Intangibles |  |  | 50,431 |  |  |  | 43,220 |
Accrued rebates |  |  | 35,186 |  |  |  | 19,401 |
Other |  |  | 21,130 |  |  |  | 16,087 |
Total deferred tax assets |  |  | 466,389 |  |  |  | 494,482 |
Valuation allowance |  |  | (454,966 | ) |  |  | (482,089 | )
Deferred tax liabilities |  |  |  |  |  |
Right-of-use assets |  |  | (11,423 | ) |  |  | (12,393 | )
Total deferred tax liabilities |  |  | (11,423 | ) |  |  | (12,393 | )
Total net deferred tax assets |  | $ | — |  |  | $ | — |
Reconciliation of Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to Pretax Loss | A reconciliation of income taxes to the amount computed by applying the statutory federal income tax rate to the pretax income (loss) is summarized as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Amounts computed at statutory federal rate |  | $ | 54,196 |  |  | $ | (10,718 | ) |  | $ | (44,823 | )
Stock-based compensation and other permanent differences |  |  | 9,986 |  |  |  | 7,865 |  |  |  | 7,459 |
Branded pharmaceutical drug fee |  |  | 2,122 |  |  |  | 1,848 |  |  |  | 1,454 |
Write-off of IP R&D |  |  | 1,260 |  |  |  | — |  |  |  | 2,449 |
Other permanent differences |  |  | 1,008 |  |  |  | 593 |  |  |  | 137 |
R&D credits |  |  | (18,406 | ) |  |  | (5,827 | ) |  |  | (9,974 | )
Change in valuation allowance |  |  | (27,013 | ) |  |  | 1,100 |  |  |  | 11,227 |
State taxes |  |  | 3,050 |  |  |  | (977 | ) |  |  | (2,232 | )
Contingencies |  |  | 5,960 |  |  |  | (2,071 | ) |  |  | 6,993 |
Foreign rate differential |  |  | (13,715 | ) |  |  | (5,076 | ) |  |  | (1,971 | )
Deferred adjustments for limits on executive compensation |  |  | 2,375 |  |  |  | 2,112 |  |  |  | 3,918 |
Deferred rate adjustment |  |  | (528 | ) |  |  | (438 | ) |  |  | 922 |
Expiration of attributes |  |  | 3,264 |  |  |  | 17,225 |  |  |  | 16,142 |
GILTI |  |  | 8,215 |  |  |  | 7,665 |  |  |  | 10,804 |
Other |  |  | (150 | ) |  |  | (3,051 | ) |  |  | 26 |
Income tax expense |  | $ | 31,624 |  |  | $ | 10,250 |  |  | $ | 2,531 |
Unrecognized Tax Benefits | The following table provides a reconciliation of changes in unrecognized tax benefits (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 37,112 |  |  | $ | 19,064 |  |  | $ | 13,923 |
Additions related to current period tax positions |  |  | 6,337 |  |  |  | 5,304 |  |  |  | 5,140 |
Additions related to prior period tax positions |  |  | — |  |  |  | 12,956 |  |  |  | 38 |
Reductions related to prior period tax positions |  |  | (5,074 | ) |  |  | (212 | ) |  |  | (37 | )
Balance at end of period |  | $ | 38,375 |  |  | $ | 37,112 |  |  | $ | 19,064 |

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