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

12 Months Ended

Dec. 31, 2023

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

Summary of discontinued operations

	Year Ended
		December 31,
(In thousands)	2022
Income from investments in TRC, LLC	$	53,237
Transaction-related legal expenses (prior to July 20, 2022)		(5,057)
Interest expense on 9.5% Non-recourse notes due 2035		(21,312)
Loss on extinguishment of debt		(24,022)
Net gain from sale of equity interests in TRC, LLC		1,141,084
Provision for income tax expense		(178,974)
Net income from discontinued operations	$	964,956

Summary of TRC's Statement of income and equity Interest

(In thousands)	July 20, 2022
Assets
Cash and cash equivalents	$	29,309
Related party receivables from collaborative arrangements		42,720
Total assets	$	72,029
Liabilities and LLC Members' Equity
Accrued liabilities		—
LLC members' equity		72,029
Total liabilities and LLC members' equity	$	72,029
	Period Ended
(In thousands)	July 20, 2022
Royalty revenue and gross profit	$	72,029
General and administrative expenses		(332)
Other income, net		10
Realized loss on equity and long-term investments		(39,385)
Changes in fair value of equity and long-term investments, net		(8,884)
Net Income	$	23,438