INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes Based on Income Before Income Taxes

The Provision for Income Taxes was based on Income before Income Taxes as follows:

	Years Ended December 31,
	2024		2023		2022
U.S. Source	$	130,503	$	(453,840)	$	(299,403)
Non-U.S. Source	411,260		642,403		448,979
Income before income taxes	$	541,763	$	188,563	$	149,576

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,
	2024		2023		2022
Provision for income taxes
Federal	$	32,344	$	25,120	$	12,798
State and local	8,813		5,098		5,058
Foreign	17,651		35,681		42,246
	58,808		65,899		60,102
Provision for deferred income taxes:
Federal	(2,117)		(70,754)		(79,270)
State and local	(5,166)		(8,030)		(5,143)
Foreign	63,379		33,803		32,326
	56,096		(44,981)		(52,087)
Provision for income taxes	$	114,904	$	20,918	$	8,015

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,
	2024		2023		2022
Federal statutory income tax rate	$	113,770	$	39,598	$	31,412
State and local taxes	4,756		(3,614)		(1,017)
Orphan Drug & General Business Credit	(35,486)		(39,535)		(35,674)
Stock compensation expense	7,467		2,209		6,433
Foreign Source Income Subject to US Tax	44,492		47,721		(5,644)
Foreign tax rate differential (1)	(34,905)		(69,987)		(4,051)
Section 162(m) limitation	9,278		9,699		6,577
Tax Reserves	32,560		27,296		18,043
Intra-entity transfer of assets	(33,432)		5,019		(18,752)
Valuation allowance/deferred benefit	7,175		3,723		7,851
Other	(771)		(1,211)		2,837
Effective income tax rate	$	114,904	$	20,918	$	8,015

(1)For the year ended December 31, 2024, the foreign rate differential included foreign local tax expense which was at an effective rate lower than the U.S. statutory rate offset by elimination of intercompany sales. 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 and elimination of intercompany sales.

Schedule of Components of Net Deferred Tax Assets

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

	December 31,
	2024		2023
Net deferred tax assets:
Net operating loss carryforwards	$	18,585	$	19,025
Tax credit carryforwards	462,925		524,652
Accrued expenses, reserves, and prepaids	119,986		107,485
Intangible assets	696,096		789,479
Capitalized R&D expenses	310,081		216,975
Stock-based compensation	42,609		48,744
Lease liabilities	7,209		7,857
Inventory	19,119		18,914
Other	1,168		1,113
Valuation allowance	(126,311)		(119,230)
Total deferred tax assets	1,551,467		1,615,014
Joint venture basis difference	(1,037)		(1,111)
Acquired intangibles	(915)		(1,026)
ROU Assets	(4,684)		(6,917)
Property, plant and equipment	(55,923)		(60,151)
Total deferred tax liabilities	(62,559)		(69,205)
Net deferred tax assets	$	1,488,908	$	1,545,809

Schedule of Net Operating Loss and Tax Credit Carryforwards

As of December 31, 2024, 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	$	2,964	2030-2034
Federal R&D and orphan drug credit carryforwards	$	496,532	2028-2044
State net operating loss carryforwards	$	200,696	2025-2044
Dutch net operating loss carryforwards	$	27,994	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, 2024 and 2023, is as follows:

	December 31,
	2024		2023
Balance at beginning of period	$	277,456	$	232,856
Additions based on tax positions related to the current year	47,682		41,473
Additions (reductions) for tax positions of prior years	(103)		3,127
Lapse of statute of limitations	—		—
Balance at end of period	$	325,035	$	277,456