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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of (Loss) Income Before Income Taxes

 

(In thousands)

 

Year ended December 31,         2017

 

 

Year ended December 31,         2016

 

 

Year ended December 31,         2015

 

Domestic

 

$

(172,560

)

 

$

(36,454

)

 

$

16,284

 

Foreign

 

 

(79,325

)

 

 

(5,814

)

 

 

3,085

 

Total

 

$

(251,885

)

 

$

(42,268

)

 

$

19,369

 

 

Schedule of Benefit from (Provision for) Income Taxes

 

(In thousands)

 

Year ended December 31,         2017

 

 

Year ended December 31,         2016

 

 

Year ended December 31,         2015

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(11,948

)

 

$

(852

)

 

$

(603

)

State

 

 

(12,653

)

 

 

(4,517

)

 

 

(2,773

)

Foreign

 

 

(91

)

 

 

781

 

 

 

(960

)

 

 

 

(24,692

)

 

 

(4,588

)

 

 

(4,336

)

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

42,322

 

 

 

9,465

 

 

 

(2,960

)

State

 

 

5,377

 

 

 

1,788

 

 

 

(1,015

)

Foreign

 

 

5,519

 

 

 

 

 

 

 

 

 

 

53,218

 

 

 

11,253

 

 

 

(3,975

)

Total benefit from (provision for) income taxes

 

$

28,526

 

 

$

6,665

 

 

$

(8,311

)

 

Schedule of Reconciliation of the Statutory U.S. Federal Income Tax Rate to the Entity's Effective Income Tax Rate

 

 

 

Year ended December 31,         2017

 

 

Year ended December 31,         2016

 

 

Year ended December 31,         2015

 

U.S. federal statutory tax rate

 

 

35.0

%

 

 

35.0

%

 

 

35.0

%

State and local income taxes

 

 

(0.1

)%

 

 

(3.8

)%

 

 

13.3

%

Non-deductible payment to prior shareholders

 

 

 

 

 

 

 

 

15.8

%

Foreign income tax

 

 

 

 

 

1.2

%

 

 

3.2

%

Stock option compensation

 

 

(0.5

)%

 

 

(3.8

)%

 

 

10.4

%

Stock option shortfall

 

 

(1.5

)%

 

 

(6.5

)%

 

 

 

Research and development and orphan drug credits

 

 

1.2

%

 

 

28.9

%

 

 

(42.9

)%

Increase to Uncertain Tax Positions

 

 

(0.3

)%

 

 

(4.8

)%

 

 

7.1

%

Other nondeductible and permanent differences

 

 

(0.4

)%

 

 

(1.1

)%

 

 

1.9

%

Valuation allowance, net of foreign tax rate differential

 

 

(19.8

)%

 

 

(31.6

)%

 

 

(0.9

)%

Transaction cost

 

 

 

 

 

(5.9

)%

 

 

 

Gain or loss on hedging

 

 

 

 

 

8.2

%

 

 

 

Tax reform

 

 

(2.3

)%

 

 

 

 

 

 

Effective income tax rate

 

 

11.3

%

 

 

15.8

%

 

 

42.9

%

 

Schedule of Deferred Tax Assets and Liabilities

 

(In thousands)

 

December 31, 2017

 

 

December 31, 2016

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss and other carryforwards

 

$

53,632

 

 

$

97,391

 

Tax credits

 

 

31,699

 

 

 

35,489

 

Deferred revenue

 

 

5,597

 

 

 

11,672

 

Stock based compensation

 

 

24,531

 

 

 

34,700

 

Contingent consideration

 

 

26,041

 

 

 

26,543

 

Employee compensation

 

 

3,212

 

 

 

6,116

 

Legal reserve

 

 

 

 

 

2,707

 

Rebate and returns reserve

 

 

8,215

 

 

 

7,582

 

Capitalized R&D

 

 

11,295

 

 

 

10,025

 

Other

 

 

12,368

 

 

 

4,096

 

Total deferred tax assets

 

$

176,590

 

 

$

236,321

 

Valuation allowance

 

$

(98,609

)

 

$

(63,225

)

Total deferred tax assets net of valuation allowance

 

$

77,981

 

 

$

173,096

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Intangible assets

 

 

(91,991

)

 

 

(245,500

)

Convertible debt

 

 

(8,449

)

 

 

(16,003

)

Total deferred tax liabilities

 

$

(100,440

)

 

$

(261,503

)

Net deferred tax liability

 

$

(22,459

)

 

$

(88,407

)

 

Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

 

(In thousands)

 

Year ended December 31,         2017

 

 

Year ended December 31,         2016

 

 

Year ended December 31,         2015

 

Beginning of period balance

 

$

6,856

 

 

$

4,835

 

 

$

3,295

 

Increases for tax positions taken during a prior period

 

 

687

 

 

 

570

 

 

 

308

 

Decreases for tax positions taken during a prior period

 

 

(146

)

 

 

 

 

 

 

Increases for tax positions taken during the current period

 

 

 

 

 

1,451

 

 

 

1,232

 

Reduction as a result of a lapse of statute of limitations

 

 

 

 

 

 

 

 

 

 

 

$

7,397

 

 

$

6,856

 

 

$

4,835