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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 271,165 $ 23,392 $ 179,722
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income taxes 43,847 (12,617) 4,400
Amortization of capitalized fees and depreciation of property and equipment 13,951 13,951 13,921
Amortization of acquired intangible assets 26,277 25,902 21,784
Inventory fair value step-up adjustment included in cost of products sold 4,841 13,820 27,164
Stock-based compensation 9,452 6,374 5,837
Amortization of debt discount and issuance costs 1,887 2,110 2,065
Changes in fair values of equity method investments, net (141,433) 64,253 (77,392)
Changes in fair values of equity and long-term investments, net (20,160) 59,161 (11,129)
Acquired in-process research and development assets 9,368 0 0
Other non-cash items 1,897 (722) (517)
Changes in operating assets and liabilities:      
Accounts receivable (14,574) (5,938) (5,053)
Receivables from collaboration arrangements 7,623 3,647 (14,949)
Inventory (12,919) (6,808) (12,004)
Prepaid expenses (5,658) 567 7,929
Other assets (1,078) (38,186) (2,965)
Accounts payable 2,834 (4,585) 3,778
Accrued personnel-related expenses and other accrued liabilities (5,790) 3,044 (1,498)
Accrued interest payable (1,804) 0 (937)
Deferred revenue 3,144 (151) (817)
Income tax payable 4,060 41,476 1,725
Net cash provided by operating activities 196,930 188,690 141,064
Cash flows from investing activities      
Acquisition of intangible asset 0 (4,000) 0
Purchases of trading securities (60,899) (59,617) (65,132)
Proceeds from trading securities 8,427 0 0
Purchases of equity and long-term investments (17,500) 0 (1,218)
Purchases of equity investments managed by ISP Fund LP 0 (32,270) (31,164)
Sales of equity investments managed by ISP Fund LP 28,164 75,756 72,500
Purchases and sales of other investments managed by ISP Fund LP, net 92,791 (43,486) (41,336)
Cash paid for in-process research and development assets acquired (9,368) 0 0
Purchases of property and equipment (1,131) (270) (411)
Sale of property and equipment 12 101 0
Net cash provided by (used in) investing activities 40,496 (63,786) (66,761)
Cash flows from financing activities      
Repurchase of common stock (4,532) (14,777) (75,728)
Repurchase of shares to satisfy tax withholding (143) (142) (77)
Proceeds from issuances of common stock, net 2,553 1,466 170
Proceeds from exercise of warrants 10,698 0 0
Net cash provided by (used in) financing activities 8,551 (13,453) (171,839)
Net increase (decrease) in cash and cash equivalents 245,977 111,451 (97,536)
Cash and cash equivalents at beginning of period 304,964 193,513 291,049
Cash and cash equivalents at end of period 550,941 304,964 193,513
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 10,353 10,359 11,381
Cash paid for income taxes 19,113 11,793 0
Supplemental Disclosure of Non-cash Investing and Financing Activities:      
2025 Notes converted to common stock 192,475 0 0
Accrued interest income converted to long-term investments 830 3,584 2,666
Convertible subordinated notes due 2023 [Member]      
Cash flows from financing activities      
Payment for repurchase of convertible notes 0 0 (96,204)
Convertible senior notes due 2025 [Member]      
Cash flows from financing activities      
Payment for repurchase of convertible notes $ (25) $ 0 $ 0