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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net income (loss) $ (559,599) $ 369,005
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Acquired in-process research and development 947,862 10,000
Intangible asset amortization 484,919 468,410
Share-based compensation 220,279 177,855
Acquisition accounting inventory fair value step-up adjustment 107,344 97,220
Depreciation 32,209 23,240
Non-cash interest expense 27,213 18,877
Provision for losses on accounts receivable and inventory 14,994 15,866
Deferred tax benefit (381,662) (205,972)
Other non-cash transactions 8,058 19,615
Changes in assets and liabilities:    
Accounts receivable (40,466) (21,979)
Inventories (93,761) (26,877)
Prepaid expenses and other current assets 1,538 708
Operating lease assets 15,618 10,697
Other non-current assets 18,022 (9,544)
Accounts payable 68,823 (16,938)
Accrued liabilities 50,926 56,428
Income taxes payable 72,008 20,098
Operating lease liabilities, less current portion (6,362) (9,701)
Other non-current liabilities 5,292 320
Net cash provided by operating activities 993,255 997,328
Investing activities    
Acquisition of investments (1,320,175) (835,125)
Asset acquisition, net of cash acquired (858,053) 0
Acquisition of intangible assets (55,000) 0
Acquired in-process research and development (42,500) (10,000)
Purchases of property, plant and equipment (42,023) (24,783)
Proceeds from maturity of investments 1,180,000 555,000
Net cash used in investing activities (1,137,751) (314,908)
Financing activities    
Repayments of long-term debt (773,250) (23,250)
Share repurchases (125,023) (311,429)
Payment of employee withholding taxes related to share-based awards (73,224) (53,748)
Proceeds from employee equity incentive and purchase plans 22,677 11,451
Repayment of 2024 Notes 0 (575,000)
Net proceeds from issuance of 2030 Notes 0 980,767
Net cash provided by (used in) financing activities (948,820) 28,791
Effect of exchange rates on cash and cash equivalents 6,522 614
Net increase (decrease) in cash and cash equivalents (1,086,794) 711,825
Cash and cash equivalents, at beginning of period 2,412,864 1,506,310
Cash and cash equivalents, at end of period $ 1,326,070 $ 2,218,135