Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes

The components of income before income taxes consists of the following:

	Year Ended December 31,
(in thousands)	2024		2023		2022
U.S.	$	429,899	$	410,326	$	29,012
International	1,078		617		(2,293)
Income before income taxes	$	430,977	$	410,943	$	26,719

Schedule of Income Tax Expense (Benefit)

The Company’s income tax expense (benefit) consists of the following:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Current
Federal	$	114,645	$	110,108	$	42,532
State	33,919		29,806		4,302
International	—		—		(166)
	148,564		139,914		46,668
Deferred
Federal	(26,960)		(45,252)		(39,920)
State	(3,657)		(10,739)		(8,315)
International	588		359		219
	(30,029)		(55,632)		(48,016)
Income tax expense (benefit)	$	118,535	$	84,282	$	(1,348)

Schedule of Reconciliation of Income Taxes at the U.S. Federal Statutory Rate to the Actual Income Taxes

The reconciliation of income taxes at the U.S. federal statutory rate to the income tax expense (benefit) is as follows:

	Year Ended December 31,
(in thousands)	2024		2023		2022
U.S. statutory rate	$	90,506	$	86,298	$	5,611
Permanent items	(413)		1,042		2,309
Sale of RELISTOR licensed intangible asset associated with net sales royalties	—		(10,817)		—
Section 162(m)	407		307		247
Uncertain tax positions	2,466		(5,045)		(12,629)
Tax credits	(5,247)		(2,118)		(4,085)
State and local taxes	21,724		18,726		67
Impact on deferred taxes of change in tax rate	(970)		(330)		4,169
Changes in fair value of contingent assets and liabilities	(567)		(1,948)		5,422
Foreign tax rate differential	66		128		68
Valuation allowance	12,123		(4)		(30)
Stock compensation	(206)		(3,941)		(4,612)
Change in indemnification deferred tax asset	(28)		1,240		2,343
Other	(1,326)		744		(228)
Income tax expense (benefit)	$	118,535	$	84,282	$	(1,348)

Schedule of Components of Deferred Incomes Tax Assets (Liabilities)

The components of deferred income tax assets (liabilities) are as follows:

	December 31,
(in thousands)	2024		2023
Deferred Tax Assets
Federal benefit of state taxes payable	$	867	$	263
Reserves, accruals and other	30,382		18,923
Capitalized research and development	29,799		17,142
Stock compensation	13,876		9,266
Unrealized loss on investments	10,707		—
Intangible assets	33,771		25,214
Net operating loss carryforwards	71,502		80,184
Lease liability	14,100		14,365
Deferred tax assets	205,004		165,357
Deferred Tax Liabilities
Right-of-use asset	(9,241)		(11,543)
Depreciation	(9,881)		—
Deferred tax liability	(19,122)		(11,543)
Less: valuation allowance	(15,649)		(3,616)
	$	170,233	$	150,198
Recorded in the accompanying consolidated balance sheets as:
Noncurrent deferred tax assets, net	$	170,233	$	150,198

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the Company’s changes in uncertain tax positions for 2024 and 2023 is as follows:

(in thousands)	Amount
Balance of uncertain tax positions as of January 1, 2022	$	3,658
Additions related to current year tax positions	—
Reductions related to prior year tax positions	(1,180)
Settlements	(306)
Lapse of statute of limitations	(692)
Balance of uncertain tax positions as of December 31, 2022	1,480
Additions related to current year tax positions	3,749
Reductions related to prior year tax positions	(688)
Settlements	(442)
Lapse of statute of limitations	—
Balance of uncertain tax positions as of December 31, 2023	4,099
Additions related to current year tax positions	948
Additions related to prior year tax positions	2,694
Reductions related to prior year tax positions	(3)
Settlements	(118)
Lapse of statute of limitations	—
Balance of uncertain tax positions as of December 31, 2024	$	7,620