Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

Net income for our segment was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Product revenues, net	$	4,354,333	$	3,618,888	$	3,165,168
Product royalty revenues	636,909		579,329		523,481
Milestone and contract revenues	150,000		43,000		7,000
Total revenues	5,141,242		4,241,217		3,695,649

Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	372,130		312,068		254,990
Contract dispute settlement	(242,251)		—		—
Research and development - internal1	984,730		957,043		815,025
Research and development - external2	967,848		866,005		775,919
Other research and development3	97,574		783,800		36,650
Sales and marketing	1,094,754		945,428		876,703
General and administrative	281,452		296,729		278,959
Asset impairment	76,275		—		5,631
(Gain) loss on change in fair value of acquisition-related contingent consideration	(6,129)		19,803		29,202
(Profit) and loss sharing under collaboration agreements	—		(1,025)		2,045
Other segment items4	228,209		28,751		22,926
Net income	$	1,286,650	$	32,615	$	597,599

1.Research and development - internal is comprised of internally generated costs such as salaries, travel, regulatory costs, lab costs, contracting, etc.

2.Research and development - external is comprised of specific program spend with external vendors (i.e. contract manufacturing organization, contract research organization and lab vendors for clinical, technical operations and toxicology services).

3.Other research and development is comprised of all other costs including certain one-time costs resulting from the acquisition of IPR&D assets and one-time development milestone expenses.

4.Other segment items is comprised of interest income, interest expense, realized and unrealized (gain) loss on equity investments, other, net, and provision for income taxes.

Schedule of Revenue from External Customers by Geographic Areas

Total revenues by geographic region consisted of the following (in thousands):


	Twelve Months Ended December 31,
	2025		2024		2023
United States	$	4,799,941	$	3,974,567	$	3,514,873
Europe	323,734		260,437		175,866
Other countries	17,567		6,213		4,910
Total revenues	$	5,141,242	$	4,241,217	$	3,695,649

Schedule of Long-Lived Assets by Geographic Areas

Property and equipment, net by geographic location was as follows (in thousands):


	Dec 31, 2025		Dec 31, 2024
United States	$	406,829	$	474,095
Switzerland	309,802		277,623
Other countries	14,254		11,693
Total property and equipment, net	$	730,885	$	763,411