v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income (loss) $ (356,148) $ 560,120 $ 414,832
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Acquired in-process research and development 947,862 10,000 19,000
Intangible asset amortization 654,661 627,313 608,284
Share-based compensation 291,133 248,045 226,841
Acquisition accounting inventory fair value step-up adjustment 147,948 135,014 151,446
Depreciation 41,636 32,754 30,412
Non-cash interest expense 32,542 21,973 22,378
Provision for losses on accounts receivable and inventory 19,108 27,758 11,113
Deferred tax benefit (444,971) (208,327) (260,217)
Impairment of property, plant and equipment 0 0 61,014
Other non-cash transactions 3,103 17,978 11,343
Changes in assets and liabilities:      
Accounts receivable (106,279) (21,115) (51,883)
Inventories (86,041) (45,542) (13,420)
Prepaid expenses and other assets 29,030 (22,135) (127,115)
Accounts payable 39,851 (20,073) 9,603
Accrued liabilities 77,096 86,159 (23,245)
Income taxes payable 37,224 (14,742) 25,220
Other liabilities 28,018 (39,272) (23,599)
Net cash provided by operating activities 1,355,773 1,395,908 1,092,007
Investing activities      
Acquisition of investments (1,830,275) (1,305,125) (390,100)
Asset acquisition, net of cash acquired (858,053) 0 0
Acquisition of intangible assets (108,500) 0 0
Purchases of property, plant and equipment (58,752) (38,070) (23,962)
Acquired in-process research and development (42,500) (10,000) (19,000)
Proceeds from sale of an asset 28,167 0 0
Proceeds from maturity of investments 1,360,000 845,000 270,000
Net cash used in investing activities (1,509,913) (508,195) (163,062)
Financing activities      
Repayments of long-term debt (781,000) (31,000) (31,000)
Share repurchases (125,023) (311,429) (269,761)
Payment of employee withholding taxes related to share-based awards (75,220) (57,753) (50,952)
Proceeds from employee equity incentive and purchase plans 107,863 20,647 46,459
Repayment of 2024 Notes 0 (575,000) 0
Payment of debt modification costs 0 (5,716) 0
Net proceeds from issuance of 2030 Notes 0 980,767 0
Net cash provided by (used in) financing activities (873,380) 20,516 (305,254)
Effect of exchange rates on cash and cash equivalents 6,555 (1,675) 1,137
Net increase (decrease) in cash and cash equivalents (1,020,965) 906,554 624,828
Cash and cash equivalents, at beginning of period 2,412,864 1,506,310 881,482
Cash and cash equivalents, at end of period 1,391,899 2,412,864 1,506,310
Supplemental disclosure of cash flow information:      
Cash paid for interest 248,553 314,822 333,112
Cash paid for income taxes, net of refunds $ 121,808 $ 114,907 $ 177,880