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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income (loss) $ (811,011) $ 153,950
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Acquired in-process research and development 905,362 10,000
Intangible asset amortization 316,551 310,953
Share-based compensation 132,154 118,095
Acquisition accounting inventory fair value step-up adjustment 66,989 62,186
Depreciation 22,331 15,465
Non-cash interest expense 21,914 11,200
Provision for losses on accounts receivable and inventory 6,771 13,186
Deferred tax benefit (110,252) (141,568)
Other non-cash transactions 7,042 15,520
Changes in assets and liabilities:    
Accounts receivable 10,530 277
Inventories (61,852) (17,591)
Prepaid expenses and other current assets 8,212 34,872
Operating lease assets 12,440 7,199
Other non-current assets (802) (5,699)
Accounts payable 6,465 (4,148)
Accrued liabilities (75,351) 5,404
Income taxes payable 59,270 18,030
Operating lease liabilities, less current portion (2,887) (6,909)
Other non-current liabilities 4,763 (1,841)
Net cash provided by operating activities 518,639 598,581
Investing activities    
Asset acquisition, net of cash acquired (858,053) 0
Acquisition of investments (680,050) (705,000)
Purchases of property, plant and equipment (26,848) (13,995)
Acquisition of intangible assets (25,000) 0
Proceeds from maturity of investments 780,000 200,000
Acquired in-process research and development 0 (10,000)
Net cash used in investing activities (809,951) (528,995)
Financing activities    
Repayments of long-term debt (765,500) (15,500)
Share repurchases (125,023) (161,428)
Payment of employee withholding taxes related to share-based awards (69,412) (52,143)
Proceeds from employee equity incentive and purchase plans 21,944 11,434
Net cash used in financing activities (937,991) (217,637)
Effect of exchange rates on cash and cash equivalents 6,319 (2,457)
Net decrease in cash and cash equivalents (1,222,984) (150,508)
Cash and cash equivalents, at beginning of period 2,412,864 1,506,310
Cash and cash equivalents, at end of period $ 1,189,880 $ 1,355,802