Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Summary of the Income Tax Expense (Benefit)

The summary of the income tax expense for the years ended December 31, 2024, 2023, and 2022 is as follows (dollars in thousands):

	Year Ended December 31,
	2024		2023		2022
Current
Federal	$	31,217	$	20,772	$	17,515
State	12,925		6,395		8,846
Deferred
Federal	(18,920)		(21,351)		(6,802)
State	(1,217)		(4,363)		(19,527)
Total income tax expense	$	24,005	$	1,453	$	32

Schedule of Reconciliation of Income Tax Expense

A reconciliation of income tax expense at the U.S. federal statutory income tax rate to annual income tax expense at the Company's effective tax rate is as follows (dollars in thousands):

	Year Ended December 31,
	2024		2023		2022
Income tax expense computed at U.S. federal statutory income tax rate	$	20,553	$	581	$	12,756
State income taxes	5,114		(330)		(3,198)
Permanent items	131		3,028		399
Research and development credits	(8,628)		(1,117)		237
Loss on investment	(2,147)		—		—
Uncertain income tax position	2,620		(2,529)		(1,992)
Change in valuation allowance	5,859		1,267		(8,626)
Other	503		553		456
Income tax expense	$	24,005	$	1,453	$	32

Schedule of Significant Components of Deferred Tax Assets (Liabilities)

The significant components of the Company's deferred income tax assets (liabilities) are as follows (dollars in thousands):

	As of December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	93,109	$	101,325
Accrued product returns and rebates	20,627		22,150
Accrued compensation and stock based compensation	15,912		15,613
Operating lease liability	8,608		10,374
Capitalized research and development	47,103		29,953
Other	14,100		12,755
Total deferred tax assets	199,459		192,170
Less: valuation allowance	(66,725)		(60,866)
Total deferred tax asset, net of valuation allowance	132,734		131,304
Deferred tax liabilities:
Intangibles	(128,188)		(144,327)
Operating lease assets	(6,159)		(7,251)
Other	(3,348)		(4,689)
Total deferred tax liabilities	(137,695)		(156,267)
Net deferred tax liabilities	$	(4,961)	$	(24,963)

Summary of Valuation Allowance

A reconciliation of the deferred tax asset valuation allowance is as follows (dollars in thousands):

	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	60,866	$	59,598	$	70,529
Acquisition Accounting(1)	—		—		(2,305)
Additions	6,785		1,268		435
Deductions	(926)		—		(9,061)
Ending balance	$	66,725	$	60,866	$	59,598

(1) Amount comprised principally of acquisitions and purchase accounting adjustments in connect with acquisitions

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (dollars in thousands):

	Year Ended December 31,
	2024		2023		2022
Balance as of January 1	$	2,149	$	4,323	$	6,100
Gross increases related to current year tax positions	517		112		32
Gross increases related to prior year tax positions	3,829		9		—
Gross decreases related to prior year tax positions	—		—		(39)
Lapse of statute of limitations	(655)		$	(2,295)	(1,770)
Balance as of December 31	$	5,840	$	2,149	$	4,323