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Restatement of consolidated financial statements (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The following table presents the impact of the financial statement adjustments on the Company's previously reported Consolidated Balance Sheets for the years ended December 31, 2022 and 2021:
As ofAs of
December 31, 2022December 31, 2021
Previously ReportedTax AdjustmentsOther AdjustmentsAs RestatedPreviously ReportedOther AdjustmentsAs Revised
ASSETS
Current assets:
Cash and cash equivalents$642.6 $— $— $642.6 $576.1 $— $576.1 
Restricted cash— — — — 0.2 — 0.2 
Accounts receivable, net158.4 — 0.8 159.2 274.7 4.2 278.9 
Inventories, net351.8 — (1.1)350.7 350.8 (6.3)344.5 
Prepaid expenses and other current assets57.9 — — 57.9 70.2 — 70.2 
Total current assets1,210.7 — (0.3)1,210.4 1,272.0 (2.1)1,269.9 
Property, plant and equipment, net817.6 — — 817.6 800.1 — 800.1 
Intangible assets, net728.8 — — 728.8 604.6 — 604.6 
Goodwill218.2 — — 218.2 224.9 — 224.9 
Other assets191.3 — — 191.3 57.4 0.8 58.2 
Total assets$3,166.6 $— $(0.3)$3,166.3 $2,959.0 $(1.3)$2,957.7 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$103.5 $— $— $103.5 $128.9 $— $128.9 
Accrued expenses34.9 — — 34.9 51.7 — 51.7 
Accrued compensation88.3 — (1.0)87.3 88.7 — 88.7 
Debt, current portion957.3 — — 957.3 31.6 — 31.6 
Other current liabilities45.9 (0.3)0.3 45.9 72.9 0.2 73.1 
Total current liabilities1,229.9 (0.3)(0.7)1,228.9 373.8 0.2 374.0 
Debt, net of current portion448.5 — — 448.5 809.4 — 809.4 
Deferred tax liability71.8 (12.1)— 59.7 94.9 (1.6)93.3 
Other liabilities33.4 7.1 1.0 41.5 61.9 7.6 69.5 
Total liabilities1,783.6 (5.3)0.3 1,778.6 1,340.0 6.2 1,346.2 
Stockholders’ equity:
Preferred stock, $0.001 par value; 15.0 shares authorized, no shares issued and outstanding
— — — — — — — 
Common stock, $0.001 par value; 200.0 shares authorized, 55.7 and 55.1 shares issued; 50.1 and 51.3 shares outstanding, respectively.
0.1 — — 0.1 0.1 — 0.1 
Treasury stock, at cost, 5.6 and 3.8 common shares, respectively
(227.7)— — (227.7)(152.2)— (152.2)
Additional paid-in capital873.5 — — 873.5 829.4 — 829.4 
Accumulated other comprehensive income (loss), net3.1 — — 3.1 (16.1)— (16.1)
Retained earnings734.0 5.3 (0.6)738.7 957.8 (7.5)950.3 
Total stockholders’ equity1,383.0 5.3 (0.6)1,387.7 1,619.0 (7.5)1,611.5 
Total liabilities and stockholders’ equity$3,166.6 $— $(0.3)$3,166.3 $2,959.0 $(1.3)$2,957.7 
The following tables present the impact of the financial statement adjustments on the Company's previously reported Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020:
Year EndedYear Ended
December 31, 2022December 31, 2021
Previously ReportedTax AdjustmentsOther AdjustmentsAs RestatedPreviously ReportedOther AdjustmentsAs Revised
Revenues:
Product sales, net$966.2 $— $— $966.2 $1,023.9 $— $1,023.9 
CDMO:
Services108.4 — (3.4)105.0 334.9 (24.6)310.3 
Leases4.9 — — 4.9 299.7 5.5 305.2 
Total CDMO113.3 — (3.4)109.9 634.6 (19.1)615.5 
Contracts and grants41.4 — — 41.4 134.2 — 134.2 
Total revenues1,120.9 — (3.4)1,117.5 1,792.7 (19.1)1,773.6 
Operating expenses:
Cost of product sales424.1 — 0.5 424.6 382.0 0.6 382.6 
Cost of CDMO269.6 — (1.1)268.5 375.5 (10.0)365.5 
Research and development193.0 — (4.7)188.3 234.0 1.2 235.2 
Selling, general and administrative340.3 — (0.8)339.5 348.4 0.3 348.7 
Goodwill impairment6.7 — — 6.7 41.7 — 41.7 
Amortization of intangible assets59.9 — — 59.9 58.5 — 58.5 
Total operating expenses1,293.6 — (6.1)1,287.5 1,440.1 (7.9)1,432.2 
Income (loss) from operations(172.7)— 2.7 (170.0)352.6 (11.2)341.4 
Other income (expense):
Interest expense(37.3)— — (37.3)(34.5)— (34.5)
Other, net(11.7)— — (11.7)(3.7)— (3.7)
Total other income (expense), net(49.0)— — (49.0)(38.2)— (38.2)
Income (loss) before income taxes(221.7)— 2.7 (219.0)314.4 (11.2)303.2 
Income tax (benefit) provision2.1 (9.5)— (7.4)83.5 0.2 83.7 
Net income (loss)$(223.8)$9.5 $2.7 $(211.6)$230.9 $(11.4)$219.5 
Net income (loss) per common share
Basic$(4.47)$0.19 $0.06 $(4.22)$4.32 $(0.22)$4.10 
Diluted$(4.47)$0.19 $0.06 $(4.22)$4.27 $(0.21)$4.06 
Shares used in computing net income (loss) per common share
Basic50.1 — — 50.1 53.5 — 53.5 
Diluted50.1 — — 50.1 54.1 — 54.1 
Year Ended
December 31, 2020
Previously ReportedOther AdjustmentsAs Revised
Revenues:
Product sales, net$989.8 $— $989.8 
CDMO:
Services166.7 27.4 194.1 
Leases283.8 (5.5)278.3 
Total CDMO450.5 21.9 472.4 
Contracts and grants115.1 — 115.1 
Total revenues1,555.4 21.9 1,577.3 
Operating expenses:
Cost of product sales392.0 — 392.0 
Cost of CDMO132.0 13.0 145.0 
Research and development234.5 3.4 237.9 
Selling, general and administrative303.3 0.8 304.1 
Amortization of intangible assets59.8 — 59.8 
Total operating expenses1,121.6 17.2 1,138.8 
Income from operations433.8 4.7 438.5 
Other income (expense):
Interest expense(31.3)— (31.3)
Other, net4.7 — 4.7 
Total other income (expense), net(26.6)— (26.6)
Income before income taxes407.2 4.7 411.9 
Income tax provision102.1 4.0 106.1 
Net income$305.1 $0.7 $305.8 
Net income per common share
Basic$5.79 $0.01 $5.80 
Diluted$5.67 $0.01 $5.68 
Shares used in computing net income (loss) per common share
Basic52.7 — 52.7 
Diluted53.8 — 53.8 
The following table presents the impact of the financial statement adjustments on the Company's previously reported Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020:
Year Ended
December 31, 2022
Previously ReportedTax AdjustmentsOther AdjustmentsAs Restated
Operating Activities
Net loss$(223.8)$9.5 $2.7 $(211.6)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense45.1 — — 45.1 
Depreciation and amortization143.3 — — 143.3 
Change in fair value of contingent obligations, net2.6 — — 2.6 
Amortization of deferred financing costs4.1 — — 4.1 
Impairments6.7 — — 6.7 
Deferred income taxes(19.0)(9.6)— (28.6)
Other6.4 — — 6.4 
Changes in operating assets and liabilities:
Accounts receivable114.7 — 3.4 118.1 
Inventories(51.9)— (5.2)(57.1)
Prepaid expenses and other assets(19.9)— — (19.9)
Accounts payable(14.0)— — (14.0)
Accrued expenses and other liabilities(66.7)— — (66.7)
Accrued compensation0.1 — (0.9)(0.8)
Income taxes receivable and payable, net28.6 0.1 — 28.7 
Contract liabilities9.6 — — 9.6 
Net cash used in operating activities (34.1)— — (34.1)
Investing Activities
Purchases of property, plant and equipment(115.8)— — (115.8)
Royalty settlement payment(21.8)— — (21.8)
Asset acquisitions(243.7)— — (243.7)
Net cash used in investing activities(381.3)— — (381.3)
Financing Activities
Purchases of treasury stock(82.1)— — (82.1)
Proceeds from revolving credit facility598.0 — — 598.0 
Principal payments on term loan facility(33.8)— — (33.8)
Proceeds from stock-based compensation activity5.0 — — 5.0 
Taxes paid for stock-based compensation activity(5.9)— — (5.9)
Net cash provided by financing activities:481.2 — — 481.2 
Effect of exchange rate changes on cash, cash equivalents and restricted cash0.5 — — 0.5 
Net change in cash, cash equivalents and restricted cash66.3 — — 66.3 
Cash, cash equivalents and restricted cash, beginning of period576.3 — — 576.3 
Cash, cash equivalents and restricted cash, end of period$642.6 $— $— $642.6 
Supplemental disclosure of cash flow information:
Cash paid for interest$33.0 $— $— $33.0 
Cash paid for income taxes$6.2 $— $— $6.2 
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end$9.4 $— $— $9.4 
Purchases of treasury stock unpaid at period end$— $— $— $— 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents$642.6 $— $— $642.6 
Restricted cash— — — — 
Total$642.6 $— $— $642.6 
Year Ended
December 31, 2021
Previously ReportedOther AdjustmentsAs Revised
Operating Activities
Net income (loss)$230.9 $(11.4)$219.5 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense42.4 — 42.4 
Depreciation and amortization123.8 — 123.8 
Change in fair value of contingent obligations, net2.9 — 2.9 
Amortization of deferred financing costs4.1 — 4.1 
Impairments41.7 — 41.7 
Deferred income taxes46.9 (0.9)46.0 
Write off of contract asset and liability(17.2)— (17.2)
Other2.0 — 2.0 
Changes in operating assets and liabilities:
Accounts receivable(48.2)32.0 (16.2)
Inventories(44.0)(22.6)(66.6)
Prepaid expenses and other assets7.7 — 7.7 
Accounts payable(2.5)0.9 (1.6)
Accrued expenses and other liabilities(9.2)— (9.2)
Accrued compensation4.0 — 4.0 
Income taxes receivable and payable, net(32.4)1.1 (31.3)
Contract liabilities(31.8)— (31.8)
    Net cash provided by operating activities321.1 (0.9)320.2 
Investing Activities
Purchases of property, plant and equipment(225.0)0.9 (224.1)
    Net cash used in investing activities(225.0)0.9 (224.1)
Financing Activities
Purchases of treasury stock(106.0)— (106.0)
Proceeds from senior unsecured notes— — — 
Principal payments on convertible senior notes(10.6)— (10.6)
Principal payments on term loan facility(25.3)— (25.3)
Proceeds from stock-based compensation activity15.9 — 15.9 
Taxes paid for stock-based compensation activity(13.8)— (13.8)
Contingent consideration payments(1.2)— (1.2)
Net cash used in financing activities:(141.0)— (141.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(0.3)— (0.3)
Net change in cash, cash equivalents and restricted cash(45.2)— (45.2)
Cash, cash equivalents and restricted cash, beginning of period621.5 — 621.5 
Cash, cash equivalents and restricted cash, end of period$576.3 $— $576.3 
Supplemental disclosure of cash flow information:
Cash paid for interest$30.4 $— $30.4 
Cash paid for income taxes$71.6 $— $71.6 
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end$20.0 $— $20.0 
Purchases of treasury stock unpaid at period end$6.6 $— $6.6 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents$576.1 $— $576.1 
Restricted cash0.2 — 0.2 
Total$576.3 $— $576.3 
Year Ended
December 31, 2020
Previously ReportedOther AdjustmentsAs Revised
Operating Activities
Net income$305.1 $0.7 $305.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense51.0 0.8 51.8 
Depreciation and amortization114.5 — 114.5 
Change in fair value of contingent obligations, net31.7 — 31.7 
Amortization of deferred financing costs3.5 — 3.5 
Impairments29.0 — 29.0 
Deferred income taxes(2.4)(0.9)(3.3)
Other(5.2)(0.4)(5.6)
Changes in operating assets and liabilities:
Accounts receivable49.0 (21.5)27.5 
Inventories(83.2)16.3 (66.9)
Prepaid expenses and other assets(29.2)2.3 (26.9)
Accounts payable18.7 9.6 28.3 
Accrued expenses and other liabilities19.4 (10.9)8.5 
Accrued compensation21.8 — 21.8 
Income taxes receivable and payable, net1.1 4.9 6.0 
Contract liabilities11.2 — 11.2 
    Net cash provided by operating activities536.0 0.9 536.9 
Investing Activities
Purchases of property, plant and equipment(141.0)(0.9)(141.9)
Milestone payment from prior asset acquisition(10.0)— (10.0)
    Net cash used in investing activities(151.0)(0.9)(151.9)
Financing Activities
Proceeds from senior unsecured notes450.0 — 450.0 
Principal payments on revolving credit facility(373.0)— (373.0)
Principal payments on term loan facility(14.1)— (14.1)
Proceeds from stock-based compensation activity31.6 — 31.6 
Taxes paid for stock-based compensation activity(13.8)— (13.8)
Debt issuance costs(8.4)— (8.4)
Contingent consideration payments(2.8)— (2.8)
Net cash provided by financing activities:69.5 — 69.5 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1.0)— (1.0)
Net change in cash, cash equivalents and restricted cash453.5 — 453.5 
Cash, cash equivalents and restricted cash, beginning of period168.0 — 168.0 
Cash, cash equivalents and restricted cash, end of period$621.5 $— $621.5 
Supplemental disclosure of cash flow information:
Cash paid for interest$21.0 $— $21.0 
Cash paid for income taxes$109.3 $— $109.3 
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end$22.0 $0.9 $22.9 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents$621.3 $— $621.3 
Restricted cash0.2 — 0.2 
Total$621.5 $— $621.5