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Share-Based Payments (Tables)
9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Company's Stock Option Activity
The following table presents stock option activity for the nine months ended September 30, 2020:
Number of
Stock Options
Weighted-Average
Exercise Price
Outstanding at December 31, 20196,201,485 $58.61 
Granted956,945 49.84 
Exercised(339,284)19.51 
Forfeited/Expired(448,901)65.98 
Outstanding at September 30, 20206,370,245 $58.85 
Exercisable at September 30, 20204,067,553 $61.23 
Vested and expected to vest at September 30, 20206,370,245 $58.85 
Unvested Stock Unit Activity
The following table presents RSU activity for the nine months ended September 30, 2020:
Number of
Stock Units
Weighted-Average
Grant Date Fair 
Value
Unvested shares at December 31, 2019766,953 $63.44 
Granted829,791 50.33 
Vested(258,461)69.12 
Forfeited(132,805)58.31 
Unvested shares at September 30, 20201,205,478 $53.77 
Schedule of Performance-Based Units
The following table presents PSU activity for the nine months ended September 30, 2020:
Number of
Stock Units
Weighted-Average
Grant Date Fair 
Value
Unvested shares at December 31, 2019218,143 $55.64 
Granted20,622 48.49 
Vested(78,920)54.82 
Forfeited(17,616)61.93 
Unvested shares at September 30, 2020142,229 $54.28 
Schedule of Market-Based Units Activity
The following table presents market-based stock unit, or MSU, activity for the nine months ended September 30, 2020:
Number of
Stock Units
Weighted-Average
Grant Date Fair
Value
Unvested shares at December 31, 201942,695 $41.50 
Granted— — 
Unvested shares at September 30, 202042,695 $41.50 
Schedule of Stock-Based Compensation Expense by Award Type Included Within the Condensed Consolidated Statements of Operations
Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In thousands)2020201920202019
Stock options$11,289 $11,552 $34,395 $37,065 
Restricted stock units6,538 4,917 20,450 14,708 
Performance-based stock units— 1,495 1,866 1,681 
Employee stock purchase plan339 350 1,035 1,070 
Other stock awards241 274 781 719 
Total stock-based compensation expense$18,407 $18,588 $58,527 $55,243 
Schedule of Allocated Stock-Based Compensation Expense
Expenses related to stock options and stock-based awards were allocated as follows in the condensed consolidated statements of operations:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In thousands)2020201920202019
Research and development expense$8,742 $9,860 $28,464 $29,969 
Selling, general and administrative expense9,665 8,728 30,063 25,274 
Total stock-based compensation expense$18,407 $18,588 $58,527 $55,243