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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 629,302 $ 143,321 $ 12,556
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Gain from sale of Promacta license (812,797) 0 0
Change in estimated fair value of contingent liabilities (30) 3,448 2,580
Realized gain on sale of short-term investment (41) (2,611) (831)
Depreciation and amortization of intangible assets 18,361 12,784 10,955
(Gain) loss on equity investment in Viking (2,888) (47,658) (1,114)
Amortization/accretion of premium (discount) on investments, net (10,274) (5,452) (81)
Amortization of debt discount and issuance fees 29,988 43,954 11,619
Amortization of commercial license and other economic rights 25,370 1,934 759
Share-based compensation 24,515 20,846 24,915
Deferred income taxes, net 74,829 29,739 44,518
Royalties recorded in retained earnings upon adoption of ASC 606 0 32,707 0
Other (1,456) 2,832 (870)
Changes in operating assets and liabilities, net of acquisition:      
Accounts receivable, net 25,463 (29,544) (8,358)
Inventory (2,061) (2,559) (843)
Accounts payable and accrued liabilities (6,826) (4,542) (1,713)
Income taxes receivable (11,219) 318 (460)
Other economic rights (12,000) 0 0
Other 2,428 (5,458) (5,062)
Net cash provided by (used in) operating activities (29,336) 194,059 88,570
Investing activities      
Proceeds from sale of Promacta license 812,797 0 0
Purchase of commercial license rights 0 (10,000) 0
Cash paid for acquisition, net of cash acquired (11,840) (5,856) (26,653)
Purchases of property and equipment (2,553) (887) (2,156)
Purchases of short-term investments (2,356,545) (1,434,255) (254,258)
Proceeds from sale of short-term investments 535,877 131,942 86,985
Proceeds from maturity of short-term investments 1,494,851 892,873 109,649
Proceeds from commercial license rights 0 0 7,054
Proceeds received from repayment of Viking note receivable 0 3,914 200
Cash paid for equity method investment (1,000) 0 0
Other, net (4,669) (1,000) 0
Net cash provided by (used in) investing activities 466,918 (423,269) (79,179)
Financing activities      
Repayment of debt (27,323) (217,674) 0
Gross proceeds from issuance of 2023 Convertible Senior Notes 0 750,000 0
Payment of debt issuance costs 0 (16,900) 0
Proceeds from issuance of warrants 0 90,000 0
Purchase of convertible bond hedge 0 (140,250) 0
Proceeds from bond hedge settlement 12,401 439,559 0
Payments to convert holders for bond conversion (12,401) (439,581) 0
Net proceeds from stock option exercises and ESPP 2,997 20,183 4,517
Taxes paid related to net share settlement of equity awards (4,418) (3,765) (10,074)
Share repurchases (453,048) (122,868) (1,966)
Repurchase of warrants (380) (30,094) 0
Payments to CVR Holders (3,000) (25) 0
Net cash provided by (used in) financing activities (485,172) 328,585 (7,523)
Net increase (decrease) in cash and cash equivalents (47,590) 99,375 1,868
Effect of exchange rate changes on cash 83 (215) 0
Cash, cash equivalents and restricted cash at beginning of year 119,780 20,620 18,752
Cash, cash equivalents and restricted cash at end of year 72,273 119,780 20,620
Cash paid during the year:      
Interest paid 5,827 1,513 1,838
Taxes paid 103,817 341 157
Restricted cash in other current assets 730 2,616 0
Supplemental schedule of non-cash investing and financing activities      
Accrued inventory purchases 170 2,059 1,007
Unrealized gain on AFS investments 256 48 144
Purchase of fixed assets recorded in accounts payable $ 495 $ 15 $ 0