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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Total revenues $ 590.2 $ 452.7 $ 1,105.5 $ 873.1
Operating expenses:        
Cost of revenues 9.2 11.5 16.7 20.0
Research and development 191.1 145.8 350.5 285.3
Acquired in-process research and development 2.5 0.0 8.5 143.9
Selling, general and administrative 242.0 221.8 485.1 464.5
Total operating expenses 444.8 379.1 860.8 913.7
Operating income (loss) 145.4 73.6 244.7 (40.6)
Other (expense) income:        
Unrealized (loss) gain on equity securities (19.9) 37.3 (18.3) 39.5
Charges associated with convertible senior notes (49.7) 0.0 (138.4) 0.0
Investment income and other, net 22.8 10.7 45.1 19.4
Total other (expense) income, net (46.8) 48.0 (111.6) 58.9
Income before provision for income taxes 98.6 121.6 133.1 18.3
Provision for (benefit from) income taxes 33.6 26.1 24.7 (0.6)
Net income 65.0 95.5 108.4 18.9
Foreign currency translation adjustments, net of tax 0.1 0.9 (0.4) 2.1
Unrealized (loss) gain on debt securities available-for-sale, net of tax (0.9) 0.7 (4.1) 4.7
Comprehensive income $ 64.2 $ 97.1 $ 103.9 $ 25.7
Earnings per share:        
Basic (in USD per share) $ 0.64 $ 0.98 $ 1.08 $ 0.19
Diluted (in USD per share) $ 0.63 $ 0.95 $ 1.04 $ 0.19
Weighted-average shares outstanding:        
Basic (in shares) 100.8 97.6 100.3 97.4
Diluted (in shares) 103.9 100.2 103.8 100.3
Net product sales        
Revenues:        
Total revenues $ 583.8 $ 446.3 $ 1,092.8 $ 861.6
Collaboration revenues        
Revenues:        
Total revenues $ 6.4 $ 6.4 $ 12.7 $ 11.5