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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 1,215,529 $ 1,043,759 $ 2,268,427 $ 1,924,648
Costs, expenses and other:        
Cost of product revenues (including definite-lived intangible amortization) 78,766 76,634 151,954 137,590
Contract dispute settlement (242,251) 0 (242,251) 0
Research and development 494,917 1,138,380 932,196 1,567,640
Selling, general and administrative 331,022 305,982 656,713 606,238
Loss on change in fair value of acquisition-related contingent consideration 22,761 893 34,333 437
(Profit) and loss sharing under collaboration agreements 0 0 0 (1,025)
Total costs, expenses and other 685,215 1,521,889 1,532,945 2,310,880
Income (loss) from operations 530,314 (478,130) 735,482 (386,232)
Interest income 25,136 41,476 48,065 88,246
Interest expense (594) (657) (1,254) (1,087)
(Loss) gain on equity investments (4,151) 39,241 (5,494) 139,188
Other, net 7,307 8,293 15,403 6,267
Income (loss) before provision for income taxes 558,012 (389,777) 792,202 (153,618)
Provision for income taxes 153,013 54,824 229,000 121,435
Net income (loss) $ 404,999 $ (444,601) $ 563,202 $ (275,053)
Net income (loss) per share:        
Basic (in USD per share) $ 2.09 $ (2.04) $ 2.91 $ (1.24)
Diluted (in USD per share) $ 2.04 $ (2.04) $ 2.84 $ (1.24)
Shares used in computing net income (loss) per share:        
Basic (in shares) 193,995 218,175 193,853 221,329
Diluted (in shares) 198,744 218,175 198,526 221,329
Product revenues, net        
Revenues:        
Total revenues $ 1,059,414 $ 906,566 $ 1,981,688 $ 1,636,489
Product royalty revenues        
Revenues:        
Total revenues 151,115 137,193 281,739 263,159
Milestone and contract revenues        
Revenues:        
Total revenues $ 5,000 $ 0 $ 5,000 $ 25,000