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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | 5. Income Taxes The Company calculates income taxes at the end of each reporting period based on the estimated effective tax rate for the full year, adjusted for any discrete events which are recorded in the period they occur. Cumulative adjustments to the tax provision are recorded in the reporting period in which a change in the estimated annual effective tax rate is determined. The Company’s income tax expense and effective tax rate are presented below:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Income tax expense |  | $ | 14,610 |  |  | $ | 45,025 |  |  | $ | 63,956 |  |  | $ | 107,528 |
Effective tax rate |  |  | 34.5 | % |  |  | 25.6 | % |  |  | 26.3 | % |  |  | 24.9 | %
The increase in the effective income tax rate for the three and nine months ended September 30, 2025 is primarily due to the change in the Company’s non-deductible stock compensation and acquisition-related costs, partially offset by an increase in tax credits. On July 4, 2025, H.R.1, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA provides for significant U.S. tax law changes, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. These provisions did not have a material impact on the Company’s effective income tax rate for the three and nine months ended September 30, 2025. The change in the Company’s deferred tax balances for the nine months ended September 30, 2025 was primarily related to the acquisitions of Life Molecular and Evergreen and the expensing of previously capitalized research and development (“R&D”) expenses under the OBBBA.

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