INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for (Benefit from) Income Taxes Based on Income (Loss) Before Income Taxes

The Provision for (Benefit from) Income Taxes was based on Income (Loss) before Income Taxes as follows:

	Years Ended December 31,
	2023		2022		2021
U.S. Source	$	(453,840)	$	(299,403)	$	(259,258)
Non-U.S. Source	642,403		448,979		183,908
Income (loss) before income taxes	$	188,563	$	149,576	$	(75,350)

Schedule of Components of Provision for (Benefit from) Income Taxes

The U.S. and foreign components of the Provision for (Benefit from) Income Taxes were as follows:

	Years Ended December 31,
	2023		2022		2021
Provision for (benefit from) income taxes
Federal	$	25,120	$	12,798	$	(2,038)
State and local	5,098		5,058		1,339
Foreign	35,681		42,246		5,037
	65,899		60,102		4,338
Provision for (benefit from) deferred income taxes:
Federal	(70,754)		(79,270)		(29,895)
State and local	(8,030)		(5,143)		(1,230)
Foreign	33,803		32,326		15,517
	(44,981)		(52,087)		(15,608)
Provision for (benefit from) income taxes	$	20,918	$	8,015	$	(11,270)

Schedule of Reconciliation of Statutory Federal Income Tax Benefit to Effective Tax Rate

The following is a reconciliation of the statutory federal income tax benefit to the Company’s effective tax rate:

	December 31,
	2023		2022		2021
Federal statutory income tax rate	$	39,598	$	31,412	$	(15,824)
State and local taxes	(3,614)		(1,017)		509
Orphan Drug & General Business Credit	(39,535)		(35,674)		(29,363)
Stock compensation expense	2,209		6,433		7,859
Foreign Source Income Subject to US Tax	47,721		(5,644)		16,878
Foreign tax rate differential (1)	(69,987)		(4,051)		(16,971)
Section 162(m) limitation	9,699		6,577		6,304
Tax Reserves	27,296		18,043		15,530
Intra-entity transfer of assets	5,019		(18,752)		(3,920)
Valuation allowance/deferred benefit	3,723		7,851		6,821
Other	(1,211)		2,837		907
Effective income tax rate	$	20,918	$	8,015	$	(11,270)

(1)For the year ended December 31, 2023, the foreign rate differential included foreign local tax expense which was at an effective rate lower than the U.S. statutory rate. For the year ended December 31, 2022, the foreign rate differential included foreign local tax expense which was at an effective rate lower than the U.S. statutory rate and was offset by the income from the sale of a priority review voucher that was taxed at a higher tax rate. For the year ended December 31, 2021, the foreign rate differential included foreign local tax expense which was at an effective rate lower than the U.S. statutory rate and includes the recognition of the valuation allowance against a portion of the deferred tax assets of the Company’s Dutch subsidiary of $9.3 million.

Schedule of Components of Net Deferred Tax Assets

The significant components of the Company’s net deferred tax assets were as follows:

	December 31,
	2023		2022
Net deferred tax assets:
Net operating loss carryforwards	$	19,025	$	20,657
Tax credit carryforwards	524,652		555,319
Accrued expenses, reserves, and prepaids	107,485		88,697
Intangible assets	789,479		836,402
Capitalized research and development expenses	216,975		103,212
Stock-based compensation	48,744		49,472
Lease liabilities	7,857		5,757
Inventory	18,914		22,726
Other	1,113		5,596
Valuation allowance	(119,230)		(116,299)
Total deferred tax assets	1,615,014		1,571,539
Joint venture basis difference	(1,111)		(745)
Acquired intangibles	(1,026)		(1,138)
ROU Assets	(6,917)		(5,347)
Property, plant and equipment	(60,151)		(58,897)
Total deferred tax liabilities	(69,205)		(66,127)
Net deferred tax assets	$	1,545,809	$	1,505,412

Schedule of Net Operating Loss and Tax Credit Carryforwards

As of December 31, 2023, the Company had the following net operating loss and tax credit carryforwards, which if not utilized, will expire as follows:

Type	Amount		Year
Federal net operating loss carryforwards	$	3,296	2030-2033
Federal R&D and orphan drug credit carryforwards	$	555,074	2024-2043
State net operating loss carryforwards	$	208,592	2024-2043
Dutch net operating loss carryforwards	$	31,361	Indefinite

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023 and 2022, is as follows:

	December 31,
	2023		2022
Balance at beginning of period	$	232,856	$	205,095
Additions based on tax positions related to the current year	41,473		26,762
Additions for tax positions of prior years	3,127		1,017
Lapse of statute of limitations	—		(18)
Balance at end of period	$	277,456	$	232,856