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Share-Based Compensation
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Share-based compensation expense related to share options, RSUs, PRSUs and grants under our ESPP was as follows (in thousands): 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Selling, general and administrative$35,268 $37,435 $113,155 $108,453 
Research and development16,635 16,000 49,346 43,338 
Cost of product sales4,212 3,246 11,399 8,647 
Total share-based compensation expense, pre-tax56,115 56,681 173,900 160,438 
Income tax benefit from share-based compensation expense(9,792)(10,715)(29,533)(30,632)
Total share-based compensation expense, net of tax$46,323 $45,966 $144,367 $129,806 
Restricted Stock Units
The table below shows the number of RSUs granted covering an equal number of our ordinary shares and the weighted-average grant date fair value of RSUs granted:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
RSUs granted (in thousands)91 64 1,728 2,014 
Grant date fair value$134.33 $153.75 $145.05 $152.45 
The fair value of RSUs is determined on the date of grant based on the market price of our ordinary shares on that date. The fair value of RSUs is expensed ratably over the vesting period, generally over four years.
Performance-Based Restricted Stock Units
The Compensation & Management Development Committee of our board of directors, and in the case of our Chief Executive Officer, the independent members of our board of directors, approved awards of PRSUs to certain employees of the Company, subject to vesting on the achievement of certain commercial and pipeline performance criteria to be assessed over a performance period from the date of the grant to December 31, 2023, December 31, 2024, and December 31, 2025, respectively. Following the determination of the Company’s achievement with respect to the performance criteria, the amount of shares awarded will be subject to adjustment based on the application of a relative total shareholder return, or TSR, modifier. The number of shares that may be earned ranges between 0% and 200% of the target number of PRSUs granted based on the degree of achievement of the applicable performance metric and the application of the relative TSR modifier.
The table below shows the number of PRSUs granted covering an equal number of our ordinary shares and the weighted-average grant date fair value of PRSUs granted:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
PRSUs granted (in thousands)13 2 270 287 
Grant date fair value$142.65 $176.58 $157.01 $179.10 
As the PRSUs granted in each year are subject to a market condition, the grant date fair value for such PRSUs was based on a Monte Carlo simulation model. The Company evaluated the performance targets in the context of its current long-range financial plan and its product candidate development pipeline and recognized expense based on the probable number of awards that will ultimately vest.
As of September 30, 2023, compensation cost not yet recognized related to unvested RSUs, PRSUs, ESPP and share options was $351.8 million, $44.1 million, $6.0 million and $3.3 million, respectively, which is expected to be recognized over a weighted-average period of 2.6 years, 1.4 years, 1.1 years and 0.7 years, respectively.