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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (703,488) $ (418,780) $ (554,128)
Adjustments to reconcile net loss to cash flows in operating activities:      
(Gain) loss on contingent consideration, net [1] (6,700) (7,200) 45,000
Loss from debt extinguishment 125,441 0 0
Gain from sale of Priority Review Voucher, net of commission 0 (102,000) (108,069)
Depreciation and amortization 41,864 38,017 26,911
Reduction in the carry amounts of the right of use assets 12,735 11,325 12,828
Non-cash interest expense 7,552 7,581 25,454
Stock-based compensation 233,018 113,943 108,070
Loss on disposal of assets 10,770 456 85
Impairment of equity investment 2,575 4,488 0
Other (9,643) 7,164 (2,741)
Changes in operating assets and liabilities, net:      
Net increase in accounts receivable (61,638) (51,650) (10,461)
Net increase in inventory (50,780) (83,772) (60,582)
Net decrease (increase) in other assets 14,620 103,203 (166,328)
Net (decrease) increase in deferred revenue (89,244) (89,244) 749,429
Net increase in accounts payable, accrued expenses, lease liabilities and other liabilities 147,572 23,297 41,998
Net cash (used in) provided by operating activities (325,346) (443,172) 107,466
Cash flows from investing activities:      
Purchase of property and equipment (30,824) (38,490) (82,202)
Purchase of available-for-sale securities (1,936,856) (29,988) (1,333,568)
Maturity and sales of available-for-sale securities 923,224 466,000 1,189,480
Proceeds from sale of Priority Review Voucher, net of commission 0 102,000 108,069
Other (2,427) (4,109) (3,500)
Net cash provided by (used in) investing activities (1,046,883) 495,413 (121,721)
Cash flows from financing activities:      
Proceeds from 2027 Notes offering, net of commissions 1,127,400 0 0
Debt issuance costs (716) 0 0
Purchase Of Capped Call Share Options For 2027 Notes (127,305) 0 0
Repurchase of 2024 Notes (247,868) 0 0
Partial settlement of capped call share options for 2024 Notes 26,317 0 0
Repayment of principal amount due under 2019 Term Loan (550,000) 0 0
Payment on debt extinguishment of 2019 Term Loan (25,364) 0 0
Proceeds from 2019 Term Loan 0 0 291,150
Debt issuance costs for 2019 Term Loan 0 0 (39)
Proceeds from exercise of stock options and purchase of stock under the Employee Stock Purchase Program 30,043 20,802 83,957
Taxes paid related to net share settlement of equity awards 0 (7,765) (4,798)
Proceeds from sales of common stock, net of offering costs 0 548,532 0
Proceeds from issuance of common stock to Roche, net of offering costs 0 0 312,053
Net cash provided by financing activities 232,507 561,569 682,323
(Decrease) increase in cash and cash equivalents (1,139,722) 613,810 668,068
Cash, cash equivalents and restricted cash:      
Beginning of year 2,125,523 1,511,713 843,645
End of year 985,801 2,125,523 1,511,713
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 966,777 2,115,869 1,502,648
Restricted cash in other assets 19,024 9,654 9,065
Total cash, cash equivalents and restricted cash 985,801 2,125,523 1,511,713
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 44,418 55,949 34,418
Cash paid during the period for income taxes 1,695 583 2,510
Supplemental schedule of non-cash activities:      
Lease liabilities arising from obtaining right of use assets 40,006 13,225 59,327
Lease liabilities terminated 3,807 40,133 0
Intangible assets and property and equipment included in accounts payable and accrued expenses 6,765 4,162 5,151
Shares withheld for tax included in accrued expenses 0 0 6,333
Accrued debt issuance costs $ 0 $ 0 $ 11,000
[1]

* The gain (loss) on contingent consideration, net is related to the fair value adjustment of the regulatory-related contingent payments that are accounted for as derivatives. Please see Note 5. Fair Value Measurements for further details.