Sale of Equity Interests in Theravance Respiratory Company, LLC and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2022

Sale of Equity Interests in Theravance Respiratory Company, LLC and Discontinued Operations

Summary of discontinued operations

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Income from investments in TRC, LLC	$	—	$	30,208	$	53,237	$	68,681
Transaction-related legal expenses (prior to July 20, 2022)		—		—		(5,057)		—
Interest expense on 9.5% Non-recourse notes due 2035		(2,046)		(9,606)		(21,312)		(28,817)
Loss on extinguishment of debt		(24,022)		—		(24,022)		—
Net gain from sale of equity interests in TRC, LLC		1,141,084		—		1,141,084		—
Provision for income tax expense		(182,362)		—		(182,868)		—
Net income from discontinued operations	$	932,654	$	20,602	$	961,062	$	39,864

Summary financial information

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Royalty revenue and gross profit	$	—	$	35,585	$	72,029	$	84,055
Income from continuing operations		—		35,391		71,693		80,244
Net income		—		35,539		62,632		79,655