SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

15. SEGMENT INFORMATION

The measure of segment profit or loss that the CEO uses to allocate resources and assess performance as the chief operating decision-maker (“CODM”) is the Company’s consolidated net (loss) income. The table below includes information about the Company’s segment, including significant segment expenses, and a reconciliation to net (loss) income:

	For the Three Months Ended March 31,
	2025			2024
	(in thousands)
Total revenues	$	744,856		$	413,464
Segment expenses and other segment items
Cost of sales (excluding amortization of in-licensed rights)		137,564			50,559
Compensation and other personnel expenses		93,084			83,587
Up-front and milestone expenses		583,787			—
Manufacturing expenses		67,465			69,700
Clinical trial expenses		33,147			44,147
Facility- and technology-related expenses (excluding depreciation and amortization)		27,657			24,978
Research and development- other (excluding non-cash items) (a)		28,471			28,848
Selling, general and administrative- other (excluding non-cash items) (b)		51,142			48,962
Roche collaboration reimbursement		(28,481	)		(21,658	)
Other segment items (c)		(1,909	)		(2,685	)
Loss (gain) on strategic investments		90,728			(931	)
Interest expense		4,503			4,166
Interest income		(10,190	)		(7,093	)
Income tax expense		63,990			5,329
Depreciation and amortization expense		9,978			8,744
Stock-based compensation expense		41,428			40,692
Segment net (loss) income	$	(447,508	)	$	36,119
Reconciliation of profit or loss
Adjustments and reconciling items		—			—
Consolidated net (loss) income	$	(447,508	)	$	36,119

(a) Research and development-other includes professional services, pre-clinical expenses and research and other expenses.

(b) Selling, general and administrative-other includes professional services and other expenses.

(c) Other segment items included in segment net (loss) income include accretion of investment discount, net, change in fair value of derivatives and other, net, as well as the items separately presented and not defined as significant expenses below.

Significant expense categories that are regularly provided to the CODM include cost of sales (excluding amortization of in-licensed rights), compensation and other personnel expenses, up-front and milestone expenses, manufacturing expenses, clinical trial expenses, facility- and technology-related expenses, research and development- other and selling, general and administrative- other. The other expense or income information are other segment items and include separate presentation of loss (gain) on strategic investments, interest expense, income tax expense, depreciation and amortization and stock-based compensation, which are included in the measure of segment net (loss) income, but are not significant segment expenses.

Assets provided to the CODM for the single segment are consistent with those reported on the unaudited condensed consolidated balance sheets.