BIOMARIN PHARMACEUTICAL INC, 10-Q filed on 8/5/2024
Quarterly Report
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Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 000-26727  
Entity Registrant Name BioMarin Pharmaceutical Inc  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 68-0397820  
Entity Address, Address Line One 770 Lindaro Street  
Entity Address, City or Town San Rafael  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94901  
City Area Code 415  
Local Phone Number 506-6700  
Title of 12(b) Security Common Stock, par value $0.001  
Trading Symbol BMRN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   190,382,822
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001048477  
Current Fiscal Year End Date --12-31  
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES:        
Total revenues $ 712,029 $ 595,275 $ 1,360,862 $ 1,191,690
OPERATING EXPENSES:        
Cost of sales 130,459 130,619 255,639 266,091
Research and development 183,787 177,363 388,774 349,209
Selling, general and administrative 263,032 206,103 488,938 417,126
Intangible asset amortization 14,299 15,624 28,597 31,294
Gain on sale of nonfinancial assets 0 0 (10,000) 0
Total operating expenses 591,577 529,709 1,151,948 1,063,720
INCOME FROM OPERATIONS 120,452 65,566 208,914 127,970
Interest income 19,785 12,612 39,150 24,555
Interest expense (3,574) (3,755) (7,121) (7,458)
Other expense, net (4,527) (3,613) (3,260) (17,500)
INCOME BEFORE INCOME TAXES 132,136 70,810 237,683 127,567
Provision for income taxes 24,962 14,770 41,847 20,675
NET INCOME $ 107,174 $ 56,040 $ 195,836 $ 106,892
EARNINGS PER SHARE, BASIC (in dollars per share) $ 0.56 $ 0.30 $ 1.03 $ 0.57
EARNINGS PER SHARE, DILUTED (in dollars per share) $ 0.55 $ 0.29 $ 1.01 $ 0.56
Weighted average common shares outstanding, basic (in shares) 190,114 187,948 189,490 187,311
Weighted average common shares outstanding, diluted (in shares) 200,505 194,998 200,137 194,756
COMPREHENSIVE INCOME $ 135,019 $ 48,145 $ 251,423 $ 92,142
Net product revenues        
REVENUES:        
Total revenues 702,129 584,698 1,339,944 1,171,124
Royalty and other revenues        
REVENUES:        
Total revenues $ 9,900 $ 10,577 $ 20,918 $ 20,566
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
 [1]
Current assets:    
Cash and cash equivalents $ 972,150 $ 755,127
Short-term investments 252,201 318,683
Accounts receivable, net 691,232 633,704
Inventory 1,183,621 1,107,183
Other current assets 160,426 141,391
Total current assets 3,259,630 2,956,088
Noncurrent assets:    
Long-term investments 557,083 611,135
Property, plant and equipment, net 1,052,898 1,066,133
Intangible assets, net 265,533 294,701
Goodwill 196,199 196,199
Deferred tax assets 1,545,006 1,545,809
Other assets 190,772 171,538
Total assets 7,067,121 6,841,603
Current liabilities:    
Accounts payable and accrued liabilities 572,500 683,147
Short-term convertible debt, net 494,837 493,877
Total current liabilities 1,067,337 1,177,024
Noncurrent liabilities:    
Long-term convertible debt, net 594,116 593,095
Other long-term liabilities 119,369 119,935
Total liabilities 1,780,822 1,890,054
Stockholders’ equity:    
Common stock, $0.001 par value: 500,000,000 shares authorized; 190,355,517 and 188,598,154 shares issued and outstanding, respectively 190 189
Additional paid-in capital 5,696,701 5,611,562
Company common stock held by the Nonqualified Deferred Compensation Plan (11,673) (9,860)
Accumulated other comprehensive income (loss) 26,799 (28,788)
Accumulated deficit (425,718) (621,554)
Total stockholders’ equity 5,286,299 4,951,549 [2]
Total liabilities and stockholders’ equity $ 7,067,121 $ 6,841,603
[1]
(1)December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
[2] The beginning balances for the six-month periods were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 26, 2024.
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 190,355,517 188,598,154
Common stock, shares outstanding (in shares) 190,355,517 188,598,154
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common stock:
Additional paid-in capital:
Company common stock held by the NQDC:
Accumulated other comprehensive income (loss):
Accumulated Deficit:
Shares of common stock, beginning balances (in shares) at Dec. 31, 2022 [1]   186,251,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans (in shares)   1,901,000        
Shares of common stock, ending balances (in shares) at Jun. 30, 2023   188,152,000        
Beginning balances at Dec. 31, 2022 [1] $ 4,603,156 $ 186 $ 5,404,895 $ (8,859) $ (3,867) $ (789,199)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans, net of tax   2 (17,951)      
Stock-based compensation     105,478      
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)     1,534 (1,534)    
Other comprehensive income (loss) (14,750)       (14,750)  
Net income 106,892         106,892
Ending balances at Jun. 30, 2023 4,782,827 $ 188 5,493,956 (10,393) (18,617) (682,307)
Shares of common stock, beginning balances (in shares) at Mar. 31, 2023 [1]   187,601,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans (in shares)   551,000        
Shares of common stock, ending balances (in shares) at Jun. 30, 2023   188,152,000        
Beginning balances at Mar. 31, 2023 [1] 4,659,043 $ 188 5,417,873 (9,949) (10,722) (738,347)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans, net of tax     24,489      
Stock-based compensation     51,150      
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)     444 (444)    
Other comprehensive income (loss) (7,895)       (7,895)  
Net income 56,040         56,040
Ending balances at Jun. 30, 2023 $ 4,782,827 $ 188 5,493,956 (10,393) (18,617) (682,307)
Shares of common stock, beginning balances (in shares) at Dec. 31, 2023 188,598,154 188,598,000 [1]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans (in shares)   1,758,000        
Shares of common stock, ending balances (in shares) at Jun. 30, 2024 190,355,517 190,356,000        
Beginning balances at Dec. 31, 2023 [1] $ 4,951,549 [2] $ 189 5,611,562 (9,860) (28,788) (621,554)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans, net of tax   1 (30,343)      
Stock-based compensation     113,669      
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)     1,813 (1,813)    
Other comprehensive income (loss) 55,587       55,587  
Net income 195,836         195,836
Ending balances at Jun. 30, 2024 $ 5,286,299 $ 190 5,696,701 (11,673) 26,799 (425,718)
Shares of common stock, beginning balances (in shares) at Mar. 31, 2024 [1]   189,777,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans (in shares)   579,000        
Shares of common stock, ending balances (in shares) at Jun. 30, 2024 190,355,517 190,356,000        
Beginning balances at Mar. 31, 2024 [1] $ 5,073,816 $ 190 5,619,264 (11,700) (1,046) (532,892)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans, net of tax     25,326      
Stock-based compensation     52,138      
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)     (27) 27    
Other comprehensive income (loss) 27,845       27,845  
Net income 107,174         107,174
Ending balances at Jun. 30, 2024 $ 5,286,299 $ 190 $ 5,696,701 $ (11,673) $ 26,799 $ (425,718)
[1] The beginning balances for the six-month periods were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 26, 2024.
[2]
(1)December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 195,836 $ 106,892
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 53,813 51,840
Non-cash interest expense 1,981 2,058
Accretion of discount on investments (4,678) (4,533)
Stock-based compensation 106,163 103,857
Gain on sale of nonfinancial assets (10,000) 0
Impairment of assets and other non-cash adjustments 14,204 12,650
Deferred income taxes 1,537 (5,108)
Unrealized foreign exchange loss (gain) (19,958) 7,455
Other (858) 361
Changes in operating assets and liabilities:    
Accounts receivable, net (56,081) (145,831)
Inventory (47,409) (56,476)
Other current assets 1,615 (53,430)
Other assets (22,880) (5,616)
Accounts payable and other short-term liabilities (54,261) (25,093)
Other long-term liabilities 6,709 7,104
Net cash provided by (used in) operating activities 165,733 (3,870)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (47,431) (46,039)
Maturities and sales of investments 317,649 491,063
Purchases of investments (195,462) (444,049)
Proceeds from sale of nonfinancial assets 10,000 0
Purchase of intangible assets (8,512) (1,457)
Net cash provided by (used in) investing activities 76,244 (482)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercises of awards under equity incentive plans 36,618 50,193
Taxes paid related to net share settlement of equity awards (66,739) (67,862)
Payments of contingent consideration 0 (9,475)
Principal repayments of financing leases (60) (1,635)
Net cash used in financing activities (30,181) (28,779)
Effect of exchange rate changes on cash 5,227 2,981
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 217,023 (30,150)
Cash and cash equivalents:    
Beginning of period 755,127 724,531
End of period 972,150 694,381
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Cash paid for interest 5,126 5,175
Cash paid for income taxes 22,884 28,183
SUPPLEMENTAL CASH FLOW DISCLOSURES FOR NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Increase in accounts payable and accrued liabilities related to fixed assets 11,941 8,669
Decrease in accounts payable and accrued liabilities related to intangible assets $ 8,290 $ 2,344
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BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Founded in 1997, BioMarin Pharmaceutical Inc. (the Company or BioMarin) is a global biotechnology company dedicated to transforming lives through genetic discovery. The Company develops and commercializes targeted therapies that address the root cause of genetic conditions. The Company's robust research and development (R&D) capabilities have resulted in multiple innovative commercial therapies for patients with rare genetic disorders. The Company's distinctive approach to drug discovery has produced a diverse pipeline of commercial, clinical, and pre-clinical candidates that address a significant unmet medical need, have well-understood biology, and provide an opportunity to be first-to-market or offer a substantial benefit over existing treatment options.
Basis of Presentation
These Condensed Consolidated Financial Statements have been prepared pursuant to U.S. generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, although management believes that the disclosures herein are adequate to ensure that the information presented is not misleading. The Condensed Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 or any other period.
Change in Presentation
Effective January 1, 2024, the Company changed its presentation for foreign currency transaction gains and losses resulting from remeasurement and idle plant costs within its Condensed Consolidated Statements of Comprehensive Income. Effective with this change in presentation, foreign currency transaction gains and losses resulting from remeasurement are presented in Other Expense, Net and idle plant costs are presented in Cost of Sales. Prior to this change in presentation, both foreign currency transaction gains and losses resulting from remeasurement and idle plant costs were presented in Selling, General and Administrative (SG&A) expense. The Company believes that this change in presentation is preferable because the revised presentation is more consistent with how management measures the Company’s operating performance.
Prior period amounts were revised to conform to current period presentation. The following table reflects the impacts of the change in presentation for the prior periods presented. The change in presentation had no impact to Net Income, Total Stockholders’ Equity or earnings per share for the three and six months ended June 30, 2023.
Three Months ended June 30, 2023
Six Months ended June 30, 2023
Cost of sales
$2,537 $11,460 
SG&A
$(9,233)$(21,213)
Total operating expenses
$(6,696)$(9,753)
Other expense, net
$6,696 $9,753 
Use of Estimates
U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods.
Management performed an evaluation of the Company’s activities through the date of filing of this Quarterly Report on Form 10-Q to determine if there were any subsequent events that occurred subsequent to the balance sheet date and prior to filing this Quarterly Report on Form 10-Q, that would require recognition or disclosure in the Condensed Consolidated Financial Statements. Further to this evaluation, the Company has included a subsequent event noted relating to the maturity and settlement of the Company’s convertible notes due in August 2024 that is discussed in Note 6 - Debt.
Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2024, as compared to the significant accounting policies disclosed in Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Recent Accounting Pronouncements
There have been no new accounting pronouncements adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board (FASB) during the six months ended June 30, 2024, as compared to the recent accounting pronouncements described in Note 1 to the Company’s Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, that the Company believes are of significance or potential significance to the Company. The following paragraphs discuss new accounting pronouncements issued by the FASB, but not yet adopted by the Company.
In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting Topic 280, Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The effective date for the update is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and should be applied on a retrospective basis to all periods presented. The Company is currently evaluating the effect of adopting the update on its related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes Topic 740, Improvements to Income Tax Disclosures. The guidance requires disclosure of disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the update is for fiscal years beginning after December 15, 2024. The Company is currently evaluating the effect of the update on its related disclosures.
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FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
All marketable securities were classified as available-for-sale as of June 30, 2024 and December 31, 2023.
The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented:
June 30, 2024
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Aggregate Fair ValueCash and Cash Equivalents
Short-term
Marketable
Securities (1)
Long-term
Marketable
Securities (2)
Level 1:
Cash$285,666 $— $— $285,666 $285,666 $— $— 
Level 2:
Money market instruments676,505 — — 676,505 676,505 — — 
Corporate debt securities537,626 670 (1,460)536,836 — 162,959 373,877 
U.S. government agency securities184,487 39 (966)183,560 9,979 88,310 85,271 
Asset-backed securities98,958 105 (196)98,867 932 97,935 
Subtotal1,497,576 814 (2,622)1,495,768 686,484 252,201 557,083 
Total$1,783,242 $814 $(2,622)$1,781,434 $972,150 $252,201 $557,083 
December 31, 2023
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Aggregate Fair ValueCash and Cash Equivalents
Short-term
Marketable
Securities (1)
Long-term
Marketable
Securities (2)
Level 1:
Cash$229,676 $— $— $229,676 $229,676 $— $— 
Level 2:
Money market instruments499,483 — — 499,483 499,483 — — 
Corporate debt securities587,896 3,476 (1,996)589,376 — 193,251 396,125 
U.S. government agency securities251,952 556 (1,140)251,368 19,976 111,343 120,049 
Commercial paper20,076 5 — 20,081 5,992 14,089 — 
Asset-backed securities94,744 351 (134)94,961 — — 94,961 
Subtotal1,454,151 4,388 (3,270)1,455,269 525,451 318,683 611,135 
Total$1,683,827 $4,388 $(3,270)$1,684,945 $755,127 $318,683 $611,135 
(1)    The Company’s short-term marketable securities mature in one year or less.
(2)    The Company’s long-term marketable securities mature between one and five years.
As of June 30, 2024, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.
The Company has certain investments in non-marketable equity securities, measured using unobservable valuation inputs and remeasured on a nonrecurring basis, which are collectively considered strategic investments. As of June 30, 2024 and December 31, 2023, the fair value of the Company’s strategic investments was $6.7 million and $11.3 million, respectively. These investments were recorded to Other Assets in the Company’s Condensed Consolidated Balance Sheets. In the second quarter of 2024, based on new developments, the Company became aware of factors that indicated a $4.5 million decline in the fair value of one of its strategic investments. In the first quarter of 2023, the Company concluded that factors existed indicating it would no longer realize a $12.6 million equity investment in its non-marketable securities. The losses on the Company’s non-marketable equity investments were recorded to Other Expense, Net on the Company’s Condensed Consolidated Statements of Comprehensive Income for the respective periods. See Note 1 - Business Overview and Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information related to the Company’s non-marketable securities policy.
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SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION
Supplemental Balance Sheet Information
Inventory consisted of the following:
June 30,
2024		December 31,
2023
Raw materials$154,153 $155,704 
Work-in-process605,770 571,107 
Finished goods423,698 380,372 
Total inventory$1,183,621 $1,107,183 
Property, Plant and Equipment, Net consisted of the following:
June 30,
2024		December 31,
2023
Property, plant and equipment, gross$1,962,948 $1,933,222 
Accumulated depreciation(910,050)(867,089)
Total property, plant and equipment, net$1,052,898 $1,066,133 
Depreciation expense, net of amounts capitalized into inventory, for the three and six months ended June 30, 2024 was $11.5 million and $24.1 million, respectively. Depreciation expense, net of amounts capitalized into inventory, for the three and six months ended June 30, 2023 was $9.4 million and $19.7 million, respectively.
Intangible Assets, Net consisted of the following:
June 30,
2024		December 31,
2023
Finite-lived intangible assets$710,533 $710,011 
Accumulated amortization(445,000)(415,310)
Net carrying value$265,533 $294,701 
In the first quarter of 2024, the Company received $10.0 million due to the achievement of a regulatory approval milestone by a third party related to previously sold intangible assets, which the Company recorded as a Gain on Sale of Nonfinancial Assets in the Condensed Consolidated Statements of Comprehensive Income.
Accounts Payable and Accrued Liabilities consisted of the following:
June 30,
2024		December 31,
2023
Accounts payable and accrued operating expenses$257,412 $315,509 
Accrued compensation expense147,737 201,067 
Accrued rebates payable113,432 96,179 
Accrued income taxes 18,864 2,651 
Lease liability10,689 8,779 
Foreign currency exchange forward contracts7,684 33,853 
Accrued royalties payable7,667 14,299 
Deferred revenue1,912 4,620 
Other7,103 6,190 
Total accounts payable and accrued liabilities$572,500 $683,147 
v3.24.2.u1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value in accordance with the policy described in Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Other than the Company’s fixed-rate convertible debt disclosed in Note 6 – Debt, there were no financial assets or liabilities that were remeasured using quoted prices in active markets for identical assets (Level 1) as of June 30, 2024 or
December 31, 2023. The Company had no financial assets or liabilities that are remeasured on a recurring basis using unobservable inputs that reflect estimates and assumptions (Level 3) as of June 30, 2024 or December 31, 2023.
Level 2 assets and liabilities that are remeasured using significant observable inputs consisted of the following: 
June 30, 2024December 31, 2023
Assets:
Other current assets:
NQDC Plan assets$2,649 $2,026 
Other assets:
NQDC Plan assets33,112 28,119 
Restricted investments (1)
2,419 2,393 
Total other assets35,531 30,512 
Total assets$38,180 $32,538 
Liabilities:
Current liabilities:
NQDC Plan liability$2,649 $2,026 
Other long-term liabilities:
NQDC Plan liability33,112 28,119 
Total liabilities$35,761 $30,145 
(1)    The restricted investments as of June 30, 2024 and December 31, 2023 secure the Company's irrevocable standby letters of credit obtained in connection with certain commercial agreements.
There were no transfers between levels during the three and six months ended June 30, 2024.
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DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
The Company uses foreign currency exchange forward contracts (forward contracts) to protect against the impact of changes in the value of forecasted foreign currency cash flows resulting from revenues and operating expenses denominated in currencies other than the U.S. Dollar (USD), primarily the Euro. Certain of these forward contracts are designated as cash flow hedges and have maturities of up to 24 months. The Company also enters into forward contracts to manage foreign exchange risk related to asset or liability positions denominated in currencies other than USD. Such forward contracts are considered to be economic hedges, are not designated as hedging instruments and have maturities of up to three months. The Company does not use derivative instruments for speculative trading purposes. The Company is exposed to counterparty credit risk on its derivatives. The Company has established and maintains strict counterparty credit guidelines and enters into hedging agreements with financial institutions that are investment grade or better to minimize the Company’s exposure to potential defaults. The Company is not required to pledge collateral under these agreements.
The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented.
Forward ContractsJune 30,
2024		December 31,
2023
Derivatives designated as hedging instruments:
Sell$1,086,980 $1,249,662 
Purchase$192,162 $198,408 
Derivatives not designated as hedging instruments:
Sell$281,438 $350,269 
Purchase$28,824 $90,102 
The fair value carrying amounts of the Company’s derivatives, which are classified as Level 2 within the fair value hierarchy, were as follows:
Balance Sheet LocationJune 30,
2024		December 31,
2023
Derivatives designated as hedging instruments:
Asset Derivatives
Other current assets$27,599 $6,663 
Other assets8,236 1,855 
Subtotal$35,835 $8,518 
Liability Derivatives
Accounts payable and accrued liabilities$6,407 $30,005 
Other long-term liabilities1,257 8,171 
Subtotal$7,664 $38,176 
Derivatives not designated as hedging instruments:
Asset Derivatives
Other current assets$2,352 $547 
Liability Derivatives
Accounts payable and accrued liabilities$1,277 $3,848 
Total Derivatives Assets$38,187 $9,065 
Total Derivatives Liabilities$8,941 $42,024 
For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
The following tables summarize the impact of gains and losses from the Company's derivatives on its Condensed Consolidated Statements of Comprehensive Income for the periods presented.
Three Months EndedSix Months Ended June 30,
2024202320242023
Derivatives Designated as Cash Flow Hedging InstrumentsCash Flow Hedging Gains (Losses)
Reclassified into Earnings		Cash Flow Hedging Gains (Losses)
Reclassified into Earnings		Cash Flow Hedging Gains (Losses)
Reclassified into Earnings		Cash Flow Hedging Gains (Losses)
Reclassified into Earnings
Net product revenues$3,371 $677 $2,252 $4,147 
Operating expenses$(190)$(26)$314 $(482)
Derivatives Not Designated as Hedging InstrumentsGains (Losses) Recognized in EarningsGains (Losses) Recognized in EarningsGains (Losses) Recognized in EarningsGains (Losses) Recognized in Earnings
Operating expenses$13,812 $769 $21,541 $(3,394)
As of June 30, 2024, the Company expects to reclassify unrealized gains of $21.2 million from Accumulated Other Comprehensive Income (Loss) (AOCI) to earnings as the forecasted revenues and operating expense transactions occur over the next twelve months. For additional discussion of balances in AOCI see Note 7 – Accumulated Other Comprehensive Income.
v3.24.2.u1
DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Convertible Notes
As of June 30, 2024, the Company had outstanding fixed-rate notes with varying maturities for an undiscounted aggregate principal amount of $1.1 billion (collectively, the Notes). The Notes are senior subordinated convertible obligations, and interest is payable in arrears, semi-annually. The following table summarizes information regarding the Company’s convertible debt:
June 30,
2024		December 31,
2023
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)
$495,000 $495,000 
Unamortized discount net of deferred offering costs(163)(1,123)
2024 Notes, net (1)
494,837 493,877 
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes)
600,000 600,000 
Unamortized discount net of deferred offering costs(5,884)(6,905)
2027 Notes, net
594,116 593,095 
Total convertible debt, net$1,088,953 $1,086,972 
Fair value of fixed-rate convertible debt (2):
2024 Notes
$492,447 $488,288 
2027 Notes
576,102 619,260 
Total fair value of fixed-rate convertible debt$1,068,549 $1,107,548 
(1)    The Company’s convertible notes due in 2024 matured on August 1, 2024, subsequent to quarter-end. Substantially all holders of the 2024 Notes were repaid with cash, totaling approximately $495.0 million. No gain or loss was incurred upon the extinguishment.
(2)     The fair value of the Company’s fixed-rate convertible debt is based on open-market trades and is classified as Level 1 in the fair value hierarchy. For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Interest expense on the Company’s convertible debt consisted of the following: 
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Coupon interest expense$2,617 $2,617 $5,233 $5,233 
Accretion of discount on convertible notes843 834 1,684 1,673 
Amortization of debt issuance costs148 149 297 297 
Total interest expense on convertible debt$3,608 $3,600 $7,214 $7,203 
See Note 10 - Debt to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information related to the Company’s convertible debt.
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME ACCUMULATED OTHER COMPREHENSIVE INCOME
The following tables summarize changes in the accumulated balances for each component of AOCI, including current-period other comprehensive income and reclassifications out of AOCI, for the periods presented.
Three Months Ended June 30, 2024
Unrealized Gains
(Losses) on Cash
Flow Hedges		Unrealized Gains
(Losses) on
Available-for-Sale
Debt Securities		Total
AOCI balance as of March 31, 2024
$(183)$(863)$(1,046)
Other comprehensive income (loss) before
     reclassifications		31,551 (684)30,867 
Less: gain (loss) reclassified from AOCI3,181 — 3,181 
Tax effect— 159 159 
Net current-period other comprehensive income (loss)28,370 (525)27,845 
AOCI balance as of June 30, 2024
$28,187 $(1,388)$26,799 
Three Months Ended June 30, 2023
Unrealized Gains
(Losses) on Cash
Flow Hedges		Unrealized Gains
(Losses) on
Available-for-Sale
Debt Securities		Total
AOCI balance as of March 31, 2023
$(2,647)$(8,075)$(10,722)
Other comprehensive income (loss) before
     reclassifications		(6,737)(661)(7,398)
Less: gain (loss) reclassified from AOCI651 — 651 
Tax effect— 154 154 
Net current-period other comprehensive income (loss)(7,388)(507)(7,895)
AOCI balance as of June 30, 2023
$(10,035)$(8,582)$(18,617)
Six Months Ended June 30, 2024
Unrealized Gains
(Losses) on Cash
Flow Hedges		Unrealized Gains
(Losses) on
Available-for-Sale
Debt Securities		Total
AOCI balance as of December 31, 2023
$(29,658)$870 $(28,788)
Other comprehensive income (loss) before
     reclassifications		60,411 (2,926)57,485 
Less: gain (loss) reclassified from AOCI2,566 — 2,566 
Tax effect— 668 668 
Net current-period other comprehensive income (loss)57,845 (2,258)55,587 
AOCI balance as of June 30, 2024
$28,187 $(1,388)$26,799 
Six Months Ended June 30, 2023
Unrealized Gains
(Losses) on Cash
Flow Hedges		Unrealized Gains
(Losses) on
Available-for-Sale
Debt Securities		Total
AOCI balance as of December 31, 2022
$8,226 $(12,093)$(3,867)
Other comprehensive income (loss) before
     reclassifications		(14,596)4,586 (10,010)
Less: gain (loss) reclassified from AOCI3,665 — 3,665 
Tax effect— (1,075)(1,075)
Net current-period other comprehensive income (loss)(18,261)3,511 (14,750)
AOCI balance as of June 30, 2023
$(10,035)$(8,582)$(18,617)
For additional discussion of reclassifications from AOCI see Note 5 – Derivative Instruments and Hedging Strategies.
v3.24.2.u1
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION
 6 Months Ended
Jun. 30, 2024
Concentration Risk And Geographic Information [Abstract]  
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION
The Company operates in one business segment, which focuses on the development and commercialization of innovative therapies for people with serious and life-threatening rare diseases and medical conditions.
The following table presents Total Revenues and disaggregates Net Product Revenues by product.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
VOXZOGO$183,923 $113,337 $336,812 $201,173 
VIMIZIM178,016 177,392 370,536 366,584 
NAGLAZYME132,049 90,103 237,678 213,124 
PALYNZIQ88,291 74,868 164,000 137,220 
BRINEURA45,309 38,058 84,356 77,202 
ALDURAZYME38,558 40,318 73,820 74,721 
KUVAN28,551 50,622 64,461 101,100 
ROCTAVIAN7,432 — 8,281 — 
Total net product revenues702,129 584,698 1,339,944 1,171,124 
Royalty and other revenues9,900 10,577 20,918 20,566 
Total revenues$712,029 $595,275 $1,360,862 $1,191,690 
The Company considers there to be revenue concentration risks for regions where Net Product Revenues exceed 10% of consolidated Net Product Revenues. The concentration of the Company’s Net Product Revenues within the regions below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective regions experience difficulties. The table below disaggregates total Net Product Revenues by geographic region, which is based on patient location for the Company's commercial products sold directly by the Company, except for ALDURAZYME, which is marketed and sold exclusively by Sanofi worldwide.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
United States$227,449 $191,655 $420,448 $358,439 
Europe220,990 183,434 416,738 344,126 
Latin America84,418 75,444 163,012 143,192 
Middle East49,701 25,630 106,776 117,272 
Rest of world81,013 68,217 159,150 133,374 
Total net product revenues marketed by the Company$663,571 $544,380 $1,266,124 $1,096,403 
ALDURAZYME net product revenues marketed by Sanofi38,558 40,318 73,820 74,721 
Total net product revenues$702,129 $584,698 $1,339,944 $1,171,124 
The following table illustrates the percentage of the Company’s total Net Product Revenues attributed to the Company’s largest customers for the periods presented.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Customer A14 %15 %14 %15 %
Customer B11 %12 %11 %11 %
Customer C10 %10 %9 %9 %
Total35 %37 %34 %35 %
On a consolidated basis, three customers accounted for 15%, 12%, and 10% of the Company’s June 30, 2024 accounts receivable balance, respectively, compared to December 31, 2023, when two customers accounted for 15% and 12% of the accounts receivable balance, respectively. As of June 30, 2024, and December 31, 2023, the accounts receivable balance for Sanofi included $67.1 million and $63.4 million, respectively, of unbilled accounts receivable, which becomes payable to the Company when the product is sold through by Sanofi. The Company does not require collateral from its customers, but does perform periodic credit evaluations of its customers’ financial condition and requires prepayments in certain circumstances.
The Company is mindful that conditions in the current macroeconomic environment, such as inflation, changes in interest and foreign currency exchange rates, natural disasters, geopolitical instability, and supply chain disruptions, could affect the Company’s ability to achieve its goals. In addition, the Company sells its products in countries that face economic volatility and weakness. Although the Company has historically collected receivables from customers in certain countries, sustained weakness or further deterioration of the local economies and currencies may cause customers in those countries to delay payment or be unable to pay for the Company’s products. The Company believes that the allowances for doubtful accounts related to these countries, if any, are adequate based on its analysis of the specific business circumstances and expectations of collection for each of the underlying accounts in these countries. The Company will continue to monitor these conditions and will attempt to adjust its business processes, as appropriate, to mitigate macroeconomic risks to its business.
v3.24.2.u1
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company has stockholder-approved equity incentive plans that provide for the granting of restricted stock units (RSUs) and stock options as well as other forms of equity compensation to its employees, officers and non-employee directors. The Company also has an Employee Stock Purchase Plan (ESPP). Compensation expense included in the Company’s Condensed Consolidated Statements of Comprehensive Income for all stock-based compensation arrangements was as follows: 
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Cost of sales$3,774 $4,721 $7,018 $9,052 
Research and development12,935 15,055 33,612 34,883 
Selling, general and administrative31,205 30,386 65,533 59,922 
Total stock-based compensation expense$47,914 $50,162 $106,163 $103,857 
v3.24.2.u1
RESTRUCTURING
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
During the first half of 2024, the Company completed a strategic portfolio assessment of its research and development programs to determine which have the most transformative potential for patients and value creation for shareholders. With the combined focus on patient impact and commercial opportunity, certain programs that met the highest bar for advancement have been prioritized. As a result of the assessment, certain programs have been discontinued.
During the second quarter of 2024, in connection with the discontinuation of certain research and development programs, the Company committed to a plan to reduce its global workforce by approximately 170 employees (representing approximately 5% of the Company’s global workforce). Workforce reductions are expected to be substantially completed by end of 2024.
The restructuring plan includes severance and employee-related costs, asset impairments, and other costs. The asset impairment charges were for abandoned assets-in-progress and a Right-of-Use asset (ROU Asset) related to leased office space the Company decided to exit and sub-lease. The Company utilized the discounted cash flow approach to determine the fair value of the ROU Asset. The ROU Asset impairment is the difference between the existing lease terms and rates and the expected sub-lease terms and rates available in the market. The Other category includes restructuring-related costs, which are expensed as incurred, as well as other obligations related to the leased office space that will be satisfied over the remainder of the lease term.
The restructuring charges and adjustments were included in Selling, General, and Administrative in the Condensed Consolidated Statements of Comprehensive Income. Restructuring expenses consisted of the following:
Three Months Ended
June 30,
Six Months Ended
June 30,
20242024
Severance and one-time employee benefits
$23,837 $25,275 
Asset Impairments9,6719,671
Other5,5197,519
$39,027 $42,465 
The following unpaid balance as of June 30, 2024 was recorded to Accounts Payable and Accrued Liabilities on the Condensed Consolidated Balance Sheet:
Severance and related costsOtherTotal
Balance as of December 31, 2023
$— $— $— 
Charges and Adjustments
25,275 7,519 $32,793 
Payments
(4,321)(2,000)$(6,321)
Balance as of June 30, 2024
$20,954 $5,519 $26,472 
v3.24.2.u1
EARNINGS PER COMMON SHARE
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
Potentially issuable shares of common stock include shares issuable upon the exercise of outstanding employee stock option awards, common stock issuable under the ESPP, unvested RSUs and contingent issuances of common stock related to the Company’s convertible debt.
The following table sets forth the computation of basic and diluted earnings per common share (common shares in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Numerator:
Net Income, basic
$107,174 $56,040 $195,836 $106,892 
Add: Interest expense, net of tax, on the Company's convertible debt2,769 937 5,538 1,873 
Net Income, diluted
$109,943 $56,977 $201,374 $108,765 
Denominator:
Weighted-average common shares outstanding, basic190,114 187,948 189,490 187,311 
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans2,056 3,080 2,312 3,475 
Common stock issuable under the Company’s convertible debt(1)
8,335 3,970 8,335 3,970 
Weighted-average common shares outstanding, diluted200,505 194,998 200,137 194,756 
Earnings per common share, basic
$0.56 $0.30 $1.03 $0.57 
Earnings per common share, diluted
$0.55 $0.29 $1.01 $0.56 
In addition to the equity instruments included in the table above, the table below presents potential shares of common stock that were excluded from the computation of diluted earnings per common share as they were anti-dilutive (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Common stock issuable under the Company's equity incentive plans10,362 8,716 10,106 8,321 
Common stock issuable under the Company’s convertible debt (1)
— 4,365 — 4,365 
Total number of potentially issuable shares10,362 13,081 10,106 12,686 
(1)    If converted, the Company would issue 4.0 million shares under the 2024 Notes and 4.4 million shares under the 2027 Notes. For additional discussion of the Company’s convertible debt, see Note 6 - Debt.
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Contingencies
From time to time the Company is involved in legal actions arising in the normal course of its business. The process of resolving matters through litigation or other means is inherently uncertain and it is possible that an unfavorable resolution of these matters could adversely affect the Company, its results of operations, financial condition or cash flows. The Company’s general practice is to expense legal fees as services are rendered in connection with legal matters, and to accrue for liabilities when losses are probable and reasonably estimable based on existing information. The Company accrues for the best estimate of a loss within a range; however, if no estimate in the range is better than any other, then the minimum amount in the range is accrued. Liabilities are evaluated and refined each reporting period as additional information is known. Any receivables for insurance recoveries for these liability claims are recorded as assets when it is probable that a recovery will be realized.
As previously disclosed, the Company received a subpoena from the U.S. Department of Justice (DOJ) requesting that the Company produce certain documents regarding sponsored testing programs relating to VIMIZIM and NAGLAZYME. The Company has produced the requested documents in response to the subpoena and is cooperating fully. The Company is unable to make any assurances regarding the outcome of the investigation by the DOJ, or the impact, if any, that such investigation may have on the Company’s business, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Comprehensive Income or Condensed Consolidated Statements of Cash Flows.
Contingent Payments
As of June 30, 2024, the Company was subject to contingent payments, primarily comprised of development, regulatory and commercial milestones. Those considered reasonably possible totaled $495.6 million, of this amount the Company may pay up to $10.9 million over the next 12 months if certain contingencies are met.
Other Commitments
The Company uses experts and laboratories at universities and other institutions to perform certain R&D activities. These amounts are recorded as R&D expense as services are provided. In the normal course of business, the Company enters into various firm purchase commitments primarily to procure active pharmaceutical ingredients, certain inventory-related items and certain third-party R&D services, production services and facility construction services. The Company also has commitments related to enterprise resource planning (ERP) system implementation costs for which the Company is committed. As of June 30, 2024, such commitments were estimated at $473.0 million, of which $291.1 million is expected to be paid in 2024 as underlying goods and services are received. The Company has also licensed technology from third parties, for which it is required to pay royalties upon future sales, subject to certain annual minimums.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income $ 107,174 $ 56,040 $ 195,836 $ 106,892
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
These Condensed Consolidated Financial Statements have been prepared pursuant to U.S. generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, although management believes that the disclosures herein are adequate to ensure that the information presented is not misleading. The Condensed Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 or any other period.
Change in Presentation
Change in Presentation
Effective January 1, 2024, the Company changed its presentation for foreign currency transaction gains and losses resulting from remeasurement and idle plant costs within its Condensed Consolidated Statements of Comprehensive Income. Effective with this change in presentation, foreign currency transaction gains and losses resulting from remeasurement are presented in Other Expense, Net and idle plant costs are presented in Cost of Sales. Prior to this change in presentation, both foreign currency transaction gains and losses resulting from remeasurement and idle plant costs were presented in Selling, General and Administrative (SG&A) expense. The Company believes that this change in presentation is preferable because the revised presentation is more consistent with how management measures the Company’s operating performance.
Use of Estimates
Use of Estimates
U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods.
Management performed an evaluation of the Company’s activities through the date of filing of this Quarterly Report on Form 10-Q to determine if there were any subsequent events that occurred subsequent to the balance sheet date and prior to filing this Quarterly Report on Form 10-Q, that would require recognition or disclosure in the Condensed Consolidated Financial Statements. Further to this evaluation, the Company has included a subsequent event noted relating to the maturity and settlement of the Company’s convertible notes due in August 2024 that is discussed in Note 6 - Debt.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
There have been no new accounting pronouncements adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board (FASB) during the six months ended June 30, 2024, as compared to the recent accounting pronouncements described in Note 1 to the Company’s Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, that the Company believes are of significance or potential significance to the Company. The following paragraphs discuss new accounting pronouncements issued by the FASB, but not yet adopted by the Company.
In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting Topic 280, Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The effective date for the update is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and should be applied on a retrospective basis to all periods presented. The Company is currently evaluating the effect of adopting the update on its related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes Topic 740, Improvements to Income Tax Disclosures. The guidance requires disclosure of disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the update is for fiscal years beginning after December 15, 2024. The Company is currently evaluating the effect of the update on its related disclosures.
v3.24.2.u1
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Changes in Prior Period Presentation The following table reflects the impacts of the change in presentation for the prior periods presented. The change in presentation had no impact to Net Income, Total Stockholders’ Equity or earnings per share for the three and six months ended June 30, 2023.
Three Months ended June 30, 2023
Six Months ended June 30, 2023
Cost of sales
$2,537 $11,460 
SG&A
$(9,233)$(21,213)
Total operating expenses
$(6,696)$(9,753)
Other expense, net
$6,696 $9,753 
v3.24.2.u1
FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash, Cash Equivalents and Available-for-Sale Securities by Significant Investment Category
The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented:
June 30, 2024
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Aggregate Fair ValueCash and Cash Equivalents
Short-term
Marketable
Securities (1)
Long-term
Marketable
Securities (2)
Level 1:
Cash$285,666 $— $— $285,666 $285,666 $— $— 
Level 2:
Money market instruments676,505 — — 676,505 676,505 — — 
Corporate debt securities537,626 670 (1,460)536,836 — 162,959 373,877 
U.S. government agency securities184,487 39 (966)183,560 9,979 88,310 85,271 
Asset-backed securities98,958 105 (196)98,867 932 97,935 
Subtotal1,497,576 814 (2,622)1,495,768 686,484 252,201 557,083 
Total$1,783,242 $814 $(2,622)$1,781,434 $972,150 $252,201 $557,083 
December 31, 2023
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Aggregate Fair ValueCash and Cash Equivalents
Short-term
Marketable
Securities (1)
Long-term
Marketable
Securities (2)
Level 1:
Cash$229,676 $— $— $229,676 $229,676 $— $— 
Level 2:
Money market instruments499,483 — — 499,483 499,483 — — 
Corporate debt securities587,896 3,476 (1,996)589,376 — 193,251 396,125 
U.S. government agency securities251,952 556 (1,140)251,368 19,976 111,343 120,049 
Commercial paper20,076 5 — 20,081 5,992 14,089 — 
Asset-backed securities94,744 351 (134)94,961 — — 94,961 
Subtotal1,454,151 4,388 (3,270)1,455,269 525,451 318,683 611,135 
Total$1,683,827 $4,388 $(3,270)$1,684,945 $755,127 $318,683 $611,135 
(1)    The Company’s short-term marketable securities mature in one year or less.
(2)    The Company’s long-term marketable securities mature between one and five years.
v3.24.2.u1
SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
Inventory consisted of the following:
June 30,
2024		December 31,
2023
Raw materials$154,153 $155,704 
Work-in-process605,770 571,107 
Finished goods423,698 380,372 
Total inventory$1,183,621 $1,107,183 
Schedule of Property, Plant and Equipment, Net
Property, Plant and Equipment, Net consisted of the following:
June 30,
2024		December 31,
2023
Property, plant and equipment, gross$1,962,948 $1,933,222 
Accumulated depreciation(910,050)(867,089)
Total property, plant and equipment, net$1,052,898 $1,066,133 
Schedule of Intangible Assets, Net
Intangible Assets, Net consisted of the following:
June 30,
2024		December 31,
2023
Finite-lived intangible assets$710,533 $710,011 
Accumulated amortization(445,000)(415,310)
Net carrying value$265,533 $294,701 
Schedule of Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities consisted of the following:
June 30,
2024		December 31,
2023
Accounts payable and accrued operating expenses$257,412 $315,509 
Accrued compensation expense147,737 201,067 
Accrued rebates payable113,432 96,179 
Accrued income taxes 18,864 2,651 
Lease liability10,689 8,779 
Foreign currency exchange forward contracts7,684 33,853 
Accrued royalties payable7,667 14,299 
Deferred revenue1,912 4,620 
Other7,103 6,190 
Total accounts payable and accrued liabilities$572,500 $683,147 
v3.24.2.u1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities
Level 2 assets and liabilities that are remeasured using significant observable inputs consisted of the following: 
June 30, 2024December 31, 2023
Assets:
Other current assets:
NQDC Plan assets$2,649 $2,026 
Other assets:
NQDC Plan assets33,112 28,119 
Restricted investments (1)
2,419 2,393 
Total other assets35,531 30,512 
Total assets$38,180 $32,538 
Liabilities:
Current liabilities:
NQDC Plan liability$2,649 $2,026 
Other long-term liabilities:
NQDC Plan liability33,112 28,119 
Total liabilities$35,761 $30,145 
(1)    The restricted investments as of June 30, 2024 and December 31, 2023 secure the Company's irrevocable standby letters of credit obtained in connection with certain commercial agreements.
v3.24.2.u1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Aggregate Notional Amounts for the Derivatives Outstanding
The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented.
Forward ContractsJune 30,
2024		December 31,
2023
Derivatives designated as hedging instruments:
Sell$1,086,980 $1,249,662 
Purchase$192,162 $198,408 
Derivatives not designated as hedging instruments:
Sell$281,438 $350,269 
Purchase$28,824 $90,102 
Schedule of Fair Value Carrying Amounts of Derivatives
The fair value carrying amounts of the Company’s derivatives, which are classified as Level 2 within the fair value hierarchy, were as follows:
Balance Sheet LocationJune 30,
2024		December 31,
2023
Derivatives designated as hedging instruments:
Asset Derivatives
Other current assets$27,599 $6,663 
Other assets8,236 1,855 
Subtotal$35,835 $8,518 
Liability Derivatives
Accounts payable and accrued liabilities$6,407 $30,005 
Other long-term liabilities1,257 8,171 
Subtotal$7,664 $38,176 
Derivatives not designated as hedging instruments:
Asset Derivatives
Other current assets$2,352 $547 
Liability Derivatives
Accounts payable and accrued liabilities$1,277 $3,848 
Total Derivatives Assets$38,187 $9,065 
Total Derivatives Liabilities$8,941 $42,024 
Schedule of Impact of Gains and Losses from Derivatives Designated and Not Designated as Hedging Instruments
The following tables summarize the impact of gains and losses from the Company's derivatives on its Condensed Consolidated Statements of Comprehensive Income for the periods presented.
Three Months EndedSix Months Ended June 30,
2024202320242023
Derivatives Designated as Cash Flow Hedging InstrumentsCash Flow Hedging Gains (Losses)
Reclassified into Earnings		Cash Flow Hedging Gains (Losses)
Reclassified into Earnings		Cash Flow Hedging Gains (Losses)
Reclassified into Earnings		Cash Flow Hedging Gains (Losses)
Reclassified into Earnings
Net product revenues$3,371 $677 $2,252 $4,147 
Operating expenses$(190)$(26)$314 $(482)
Derivatives Not Designated as Hedging InstrumentsGains (Losses) Recognized in EarningsGains (Losses) Recognized in EarningsGains (Losses) Recognized in EarningsGains (Losses) Recognized in Earnings
Operating expenses$13,812 $769 $21,541 $(3,394)
v3.24.2.u1
DEBT (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Convertible Debt The following table summarizes information regarding the Company’s convertible debt:
June 30,
2024		December 31,
2023
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)
$495,000 $495,000 
Unamortized discount net of deferred offering costs(163)(1,123)
2024 Notes, net (1)
494,837 493,877 
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes)
600,000 600,000 
Unamortized discount net of deferred offering costs(5,884)(6,905)
2027 Notes, net
594,116 593,095 
Total convertible debt, net$1,088,953 $1,086,972 
Fair value of fixed-rate convertible debt (2):
2024 Notes
$492,447 $488,288 
2027 Notes
576,102 619,260 
Total fair value of fixed-rate convertible debt$1,068,549 $1,107,548 
(1)    The Company’s convertible notes due in 2024 matured on August 1, 2024, subsequent to quarter-end. Substantially all holders of the 2024 Notes were repaid with cash, totaling approximately $495.0 million. No gain or loss was incurred upon the extinguishment.
(2)     The fair value of the Company’s fixed-rate convertible debt is based on open-market trades and is classified as Level 1 in the fair value hierarchy. For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Schedule of Interest Expense on Convertible Debt
Interest expense on the Company’s convertible debt consisted of the following: 
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Coupon interest expense$2,617 $2,617 $5,233 $5,233 
Accretion of discount on convertible notes843 834 1,684 1,673 
Amortization of debt issuance costs148 149 297 297 
Total interest expense on convertible debt$3,608 $3,600 $7,214 $7,203 
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Changes in Accumulated Balances of AOCI Including Current Period Other Comprehensive Income and Reclassifications Out of AOCI
The following tables summarize changes in the accumulated balances for each component of AOCI, including current-period other comprehensive income and reclassifications out of AOCI, for the periods presented.
Three Months Ended June 30, 2024
Unrealized Gains
(Losses) on Cash
Flow Hedges		Unrealized Gains
(Losses) on
Available-for-Sale
Debt Securities		Total
AOCI balance as of March 31, 2024
$(183)$(863)$(1,046)
Other comprehensive income (loss) before
     reclassifications		31,551 (684)30,867 
Less: gain (loss) reclassified from AOCI3,181 — 3,181 
Tax effect— 159 159 
Net current-period other comprehensive income (loss)28,370 (525)27,845 
AOCI balance as of June 30, 2024
$28,187 $(1,388)$26,799 
Three Months Ended June 30, 2023
Unrealized Gains
(Losses) on Cash
Flow Hedges		Unrealized Gains
(Losses) on
Available-for-Sale
Debt Securities		Total
AOCI balance as of March 31, 2023
$(2,647)$(8,075)$(10,722)
Other comprehensive income (loss) before
     reclassifications		(6,737)(661)(7,398)
Less: gain (loss) reclassified from AOCI651 — 651 
Tax effect— 154 154 
Net current-period other comprehensive income (loss)(7,388)(507)(7,895)
AOCI balance as of June 30, 2023
$(10,035)$(8,582)$(18,617)
Six Months Ended June 30, 2024
Unrealized Gains
(Losses) on Cash
Flow Hedges		Unrealized Gains
(Losses) on
Available-for-Sale
Debt Securities		Total
AOCI balance as of December 31, 2023
$(29,658)$870 $(28,788)
Other comprehensive income (loss) before
     reclassifications		60,411 (2,926)57,485 
Less: gain (loss) reclassified from AOCI2,566 — 2,566 
Tax effect— 668 668 
Net current-period other comprehensive income (loss)57,845 (2,258)55,587 
AOCI balance as of June 30, 2024
$28,187 $(1,388)$26,799 
Six Months Ended June 30, 2023
Unrealized Gains
(Losses) on Cash
Flow Hedges		Unrealized Gains
(Losses) on
Available-for-Sale
Debt Securities		Total
AOCI balance as of December 31, 2022
$8,226 $(12,093)$(3,867)
Other comprehensive income (loss) before
     reclassifications		(14,596)4,586 (10,010)
Less: gain (loss) reclassified from AOCI3,665 — 3,665 
Tax effect— (1,075)(1,075)
Net current-period other comprehensive income (loss)(18,261)3,511 (14,750)
AOCI balance as of June 30, 2023
$(10,035)$(8,582)$(18,617)
v3.24.2.u1
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2024
Concentration Risk And Geographic Information [Abstract]  
Schedule of Disaggregation of Total Net Product Revenues by Product
The following table presents Total Revenues and disaggregates Net Product Revenues by product.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
VOXZOGO$183,923 $113,337 $336,812 $201,173 
VIMIZIM178,016 177,392 370,536 366,584 
NAGLAZYME132,049 90,103 237,678 213,124 
PALYNZIQ88,291 74,868 164,000 137,220 
BRINEURA45,309 38,058 84,356 77,202 
ALDURAZYME38,558 40,318 73,820 74,721 
KUVAN28,551 50,622 64,461 101,100 
ROCTAVIAN7,432 — 8,281 — 
Total net product revenues702,129 584,698 1,339,944 1,171,124 
Royalty and other revenues9,900 10,577 20,918 20,566 
Total revenues$712,029 $595,275 $1,360,862 $1,191,690 
Schedule of Disaggregation of Total Net Product Revenues by Geographic Region The table below disaggregates total Net Product Revenues by geographic region, which is based on patient location for the Company's commercial products sold directly by the Company, except for ALDURAZYME, which is marketed and sold exclusively by Sanofi worldwide.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
United States$227,449 $191,655 $420,448 $358,439 
Europe220,990 183,434 416,738 344,126 
Latin America84,418 75,444 163,012 143,192 
Middle East49,701 25,630 106,776 117,272 
Rest of world81,013 68,217 159,150 133,374 
Total net product revenues marketed by the Company$663,571 $544,380 $1,266,124 $1,096,403 
ALDURAZYME net product revenues marketed by Sanofi38,558 40,318 73,820 74,721 
Total net product revenues$702,129 $584,698 $1,339,944 $1,171,124 
Schedule of Total Net Product Revenue Concentrations Attributed to Largest Customers
The following table illustrates the percentage of the Company’s total Net Product Revenues attributed to the Company’s largest customers for the periods presented.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Customer A14 %15 %14 %15 %
Customer B11 %12 %11 %11 %
Customer C10 %10 %9 %9 %
Total35 %37 %34 %35 %
v3.24.2.u1
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense Compensation expense included in the Company’s Condensed Consolidated Statements of Comprehensive Income for all stock-based compensation arrangements was as follows: 
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Cost of sales$3,774 $4,721 $7,018 $9,052 
Research and development12,935 15,055 33,612 34,883 
Selling, general and administrative31,205 30,386 65,533 59,922 
Total stock-based compensation expense$47,914 $50,162 $106,163 $103,857 
v3.24.2.u1
RESTRUCTURING (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Summary of Restructuring and Related Costs Restructuring expenses consisted of the following:
Three Months Ended
June 30,
Six Months Ended
June 30,
20242024
Severance and one-time employee benefits
$23,837 $25,275 
Asset Impairments9,6719,671
Other5,5197,519
$39,027 $42,465 
Schedule of Restructuring Reserve Activity
Severance and related costsOtherTotal
Balance as of December 31, 2023
$— $— $— 
Charges and Adjustments
25,275 7,519 $32,793 
Payments
(4,321)(2,000)$(6,321)
Balance as of June 30, 2024
$20,954 $5,519 $26,472 
v3.24.2.u1
EARNINGS PER COMMON SHARE (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share (common shares in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Numerator:
Net Income, basic
$107,174 $56,040 $195,836 $106,892 
Add: Interest expense, net of tax, on the Company's convertible debt2,769 937 5,538 1,873 
Net Income, diluted
$109,943 $56,977 $201,374 $108,765 
Denominator:
Weighted-average common shares outstanding, basic190,114 187,948 189,490 187,311 
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans2,056 3,080 2,312 3,475 
Common stock issuable under the Company’s convertible debt(1)
8,335 3,970 8,335 3,970 
Weighted-average common shares outstanding, diluted200,505 194,998 200,137 194,756 
Earnings per common share, basic
$0.56 $0.30 $1.03 $0.57 
Earnings per common share, diluted
$0.55 $0.29 $1.01 $0.56 
Schedule of Anti-Dilutive Common Stock Excluded from Computation of Diluted Earnings Per Share
In addition to the equity instruments included in the table above, the table below presents potential shares of common stock that were excluded from the computation of diluted earnings per common share as they were anti-dilutive (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Common stock issuable under the Company's equity incentive plans10,362 8,716 10,106 8,321 
Common stock issuable under the Company’s convertible debt (1)
— 4,365 — 4,365 
Total number of potentially issuable shares10,362 13,081 10,106 12,686 
(1)    If converted, the Company would issue 4.0 million shares under the 2024 Notes and 4.4 million shares under the 2027 Notes. For additional discussion of the Company’s convertible debt, see Note 6 - Debt.
v3.24.2.u1
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Cost of sales $ 130,459 $ 130,619 $ 255,639 $ 266,091
Selling, general and administrative 263,032 206,103 488,938 417,126
Total operating expenses 591,577 529,709 1,151,948 1,063,720
Other expense, net $ (4,527) (3,613) $ (3,260) (17,500)
Revision of Prior Period, Adjustment        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Cost of sales   2,537   11,460
Selling, general and administrative   (9,233)   (21,213)
Total operating expenses   (6,696)   (9,753)
Other expense, net   $ 6,696   $ 9,753
v3.24.2.u1
FINANCIAL INSTRUMENTS - Schedule of Cash, Cash Equivalents and Available-for-Sale Securities by Significant Investment Category (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost $ 1,783,242 $ 1,683,827
Gross Unrealized Gains 814 4,388
Gross Unrealized Losses (2,622) (3,270)
Aggregate Fair Value 1,781,434 1,684,945
Cash and Cash Equivalents 972,150 755,127 [1]
Short-term marketable securities 252,201 318,683 [1]
Long-term marketable securities $ 557,083 $ 611,135 [1]
Maximum    
Schedule of Available-for-sale Securities [Line Items]    
Short term marketable securities maturity period 1 year 1 year
Long term marketable securities maturity period 5 years 5 years
Minimum    
Schedule of Available-for-sale Securities [Line Items]    
Long term marketable securities maturity period 1 year 1 year
Level 1:    
Schedule of Available-for-sale Securities [Line Items]    
Cash $ 285,666 $ 229,676
Cash, aggregate fair value 285,666 229,676
Level 2:    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 1,497,576 1,454,151
Gross Unrealized Gains 814 4,388
Gross Unrealized Losses (2,622) (3,270)
Aggregate Fair Value 1,495,768 1,455,269
Cash and Cash Equivalents 686,484 525,451
Short-term marketable securities 252,201 318,683
Long-term marketable securities 557,083 611,135
Level 2: | Money market instruments    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 676,505 499,483
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Aggregate Fair Value 676,505 499,483
Cash and Cash Equivalents 676,505 499,483
Short-term marketable securities 0 0
Long-term marketable securities 0 0
Level 2: | Corporate debt securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 537,626 587,896
Gross Unrealized Gains 670 3,476
Gross Unrealized Losses (1,460) (1,996)
Aggregate Fair Value 536,836 589,376
Cash and Cash Equivalents 0 0
Short-term marketable securities 162,959 193,251
Long-term marketable securities 373,877 396,125
Level 2: | U.S. government agency securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 184,487 251,952
Gross Unrealized Gains 39 556
Gross Unrealized Losses (966) (1,140)
Aggregate Fair Value 183,560 251,368
Cash and Cash Equivalents 9,979 19,976
Short-term marketable securities 88,310 111,343
Long-term marketable securities 85,271 120,049
Level 2: | Commercial paper    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost   20,076
Gross Unrealized Gains   5
Gross Unrealized Losses   0
Aggregate Fair Value   20,081
Cash and Cash Equivalents   5,992
Short-term marketable securities   14,089
Long-term marketable securities   0
Level 2: | Asset-backed securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 98,958 94,744
Gross Unrealized Gains 105 351
Gross Unrealized Losses (196) (134)
Aggregate Fair Value 98,867 94,961
Cash and Cash Equivalents 0
Short-term marketable securities 932 0
Long-term marketable securities $ 97,935 $ 94,961
[1]
(1)December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
v3.24.2.u1
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2023
Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]      
Equity investment impairment amount   $ 12.6  
Strategic Investment | Fair Value, Measurements, Recurring      
Schedule of Available-for-sale Securities [Line Items]      
Strategic investments fair value $ 6.7   $ 11.3
Strategic Investment | Fair Value, Nonrecurring      
Schedule of Available-for-sale Securities [Line Items]      
Equity securities decline amount $ 4.5    
v3.24.2.u1
SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION - Schedule of Inventory (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 154,153 $ 155,704
Work-in-process 605,770 571,107
Finished goods 423,698 380,372
Total inventory $ 1,183,621 $ 1,107,183 [1]
[1]
(1)December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
v3.24.2.u1
SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION - Schedule of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Property, plant and equipment, gross $ 1,962,948 $ 1,933,222
Accumulated depreciation (910,050) (867,089)
Total property, plant and equipment, net $ 1,052,898 $ 1,066,133 [1]
[1]
(1)December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
v3.24.2.u1
SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Depreciation $ 11.5   $ 9.4 $ 24.1 $ 19.7
Milestone payments received   $ 10.0      
v3.24.2.u1
SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Finite-lived intangible assets $ 710,533 $ 710,011
Accumulated amortization (445,000) (415,310)
Net carrying value $ 265,533 $ 294,701
v3.24.2.u1
SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounts payable and accrued operating expenses $ 257,412 $ 315,509
Accrued compensation expense 147,737 201,067
Accrued rebates payable 113,432 96,179
Accrued income taxes 18,864 2,651
Lease liability 10,689 8,779
Foreign currency exchange forward contracts 7,684 33,853
Accrued royalties payable 7,667 14,299
Deferred revenue 1,912 4,620
Other 7,103 6,190
Accounts payable and accrued liabilities $ 572,500 $ 683,147 [1]
[1]
(1)December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
v3.24.2.u1
FAIR VALUE MEASUREMENTS (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets remeasured $ 0 $ 0
Financial liabilities remeasured 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets remeasured 0 0
Financial liabilities remeasured 0 0
Level 2 | Fair Value, Measurements, Recurring    
Assets:    
Fair value of other assets 35,531,000 30,512,000
Fair value of total financial assets 38,180,000 32,538,000
Liabilities:    
Fair value of total financial liabilities 35,761,000 30,145,000
Level 2 | Fair Value, Measurements, Recurring | NQDC Plan liability    
Liabilities:    
Fair value of other current liabilities 2,649,000 2,026,000
Fair value of other long-term liabilities 33,112,000 28,119,000
Level 2 | Fair Value, Measurements, Recurring | NQDC Plan assets    
Assets:    
Fair value of other current assets 2,649,000 2,026,000
Fair value of other assets 33,112,000 28,119,000
Level 2 | Fair Value, Measurements, Recurring | Restricted Investments    
Assets:    
Fair value of other assets $ 2,419,000 $ 2,393,000
v3.24.2.u1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Derivative [Line Items]  
Unrealized gains reclassified from AOCI to earnings over the next 12 months $ 21.2
Derivatives designated as hedging instruments:  
Derivative [Line Items]  
Maturity of derivatives 24 months
Derivatives not designated as hedging instruments:  
Derivative [Line Items]  
Maturity of derivatives 3 months
v3.24.2.u1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Aggregate Notional Amounts for the Derivatives Outstanding (Details) - Forward Foreign Exchange Contracts - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Derivatives designated as hedging instruments: | Sell    
Derivative [Line Items]    
Notional amount $ 1,086,980 $ 1,249,662
Derivatives designated as hedging instruments: | Purchase    
Derivative [Line Items]    
Notional amount 192,162 198,408
Derivatives not designated as hedging instruments: | Sell    
Derivative [Line Items]    
Notional amount 281,438 350,269
Derivatives not designated as hedging instruments: | Purchase    
Derivative [Line Items]    
Notional amount $ 28,824 $ 90,102
v3.24.2.u1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Fair Value Carrying Amounts of Derivatives (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Asset Derivatives $ 38,187 $ 9,065
Liability Derivatives 8,941 42,024
Level 2: | Derivatives designated as hedging instruments:    
Derivative [Line Items]    
Asset Derivatives 35,835 8,518
Liability Derivatives 7,664 38,176
Level 2: | Derivatives designated as hedging instruments: | Other current assets    
Derivative [Line Items]    
Asset Derivatives 27,599 6,663
Level 2: | Derivatives designated as hedging instruments: | Other assets    
Derivative [Line Items]    
Asset Derivatives 8,236 1,855
Level 2: | Derivatives designated as hedging instruments: | Accounts payable and accrued liabilities    
Derivative [Line Items]    
Liability Derivatives 6,407 30,005
Level 2: | Derivatives designated as hedging instruments: | Other long-term liabilities    
Derivative [Line Items]    
Liability Derivatives 1,257 8,171
Level 2: | Derivatives not designated as hedging instruments: | Other current assets    
Derivative [Line Items]    
Asset Derivatives 2,352 547
Level 2: | Derivatives not designated as hedging instruments: | Accounts payable and accrued liabilities    
Derivative [Line Items]    
Liability Derivatives $ 1,277 $ 3,848
v3.24.2.u1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Impact of Gains and Losses from Derivatives Designated and Not Designated as Hedging Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivatives designated as hedging instruments: | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Operating expenses        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivatives Designated as Cash Flow Hedging Instruments $ (190) $ (26) $ 314 $ (482)
Derivatives designated as hedging instruments: | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Net product revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivatives Designated as Cash Flow Hedging Instruments 3,371 677 2,252 4,147
Derivatives not designated as hedging instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivatives Not Designated as Hedging Instruments $ 13,812 $ 769 $ 21,541 $ (3,394)
v3.24.2.u1
DEBT - Narrative (Details)
$ in Billions
Jun. 30, 2024
USD ($)
Debt Disclosure [Abstract]  
Carrying value of equity component $ 1.1
v3.24.2.u1
DEBT - Schedule of Convertible Debt (Details) - USD ($)
Aug. 01, 2024
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Convertible notes   $ 1,100,000,000  
Convertible debt, current   494,837,000 $ 493,877,000 [1]
Convertible debt, noncurrent   594,116,000 593,095,000 [1]
Total convertible debt, net   1,088,953,000 1,086,972,000
Total fair value of fixed-rate convertible debt   $ 1,068,549,000 $ 1,107,548,000
$0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)      
Debt Instrument [Line Items]      
Convertible notes stated rate   0.599% 0.599%
Convertible notes   $ 495,000,000 $ 495,000,000
Unamortized discount net of deferred offering costs   (163,000) (1,123,000)
Convertible debt, current   494,837,000 493,877,000
Total fair value of fixed-rate convertible debt   $ 492,447,000 $ 488,288,000
$0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) | Subsequent Event      
Debt Instrument [Line Items]      
Debt repayments $ 495,000,000    
Gain (loss) on extinguishment of debt $ 0    
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes)      
Debt Instrument [Line Items]      
Convertible notes stated rate   1.25% 1.25%
Convertible notes   $ 600,000,000 $ 600,000,000
Unamortized discount net of deferred offering costs   (5,884,000) (6,905,000)
Convertible debt, noncurrent   594,116,000 593,095,000
Total fair value of fixed-rate convertible debt   $ 576,102,000 $ 619,260,000
[1]
(1)December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
v3.24.2.u1
DEBT - Schedule of Interest Expense on Convertible Debt (Details) - Convertible Senior Notes - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Schedule Of Interest Expenses [Line Items]        
Coupon interest expense $ 2,617 $ 2,617 $ 5,233 $ 5,233
Accretion of discount on convertible notes 843 834 1,684 1,673
Amortization of debt issuance costs 148 149 297 297
Total interest expense on convertible debt $ 3,608 $ 3,600 $ 7,214 $ 7,203
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances [1] $ 5,073,816 $ 4,659,043 $ 4,951,549 [2] $ 4,603,156
Other comprehensive income (loss) before      reclassifications 30,867 (7,398) 57,485 (10,010)
Less: gain (loss) reclassified from AOCI 3,181 651 2,566 3,665
Tax effect 159 154 668 (1,075)
Net current-period other comprehensive income (loss) 27,845 (7,895) 55,587 (14,750)
Ending balances 5,286,299 4,782,827 5,286,299 4,782,827
AOCI attributable to parent        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances [1] (1,046) (10,722) (28,788) (3,867)
Net current-period other comprehensive income (loss) 27,845 (7,895) 55,587 (14,750)
Ending balances 26,799 (18,617) 26,799 (18,617)
Unrealized Gains (Losses) on Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances (183) (2,647) (29,658) 8,226
Other comprehensive income (loss) before      reclassifications 31,551 (6,737) 60,411 (14,596)
Less: gain (loss) reclassified from AOCI 3,181 651 2,566 3,665
Tax effect 0 0 0 0
Net current-period other comprehensive income (loss) 28,370 (7,388) 57,845 (18,261)
Ending balances 28,187 (10,035) 28,187 (10,035)
Unrealized Gains (Losses) on Available-for-Sale Debt Securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances (863) (8,075) 870 (12,093)
Other comprehensive income (loss) before      reclassifications (684) (661) (2,926) 4,586
Less: gain (loss) reclassified from AOCI 0 0 0 0
Tax effect 159 154 668 (1,075)
Net current-period other comprehensive income (loss) (525) (507) (2,258) 3,511
Ending balances $ (1,388) $ (8,582) $ (1,388) $ (8,582)
[1] The beginning balances for the six-month periods were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 26, 2024.
[2]
(1)December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
v3.24.2.u1
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION - Narrative (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Concentration Risk And Geographic Information [Line Items]    
Number of operating business segment | segment 1  
Accounts receivable, net $ 691,232 $ 633,704 [1]
Sanofi    
Concentration Risk And Geographic Information [Line Items]    
Accounts receivable, net $ 67,100 $ 63,400
Credit Concentration Risk | Accounts Receivable | Customer One    
Concentration Risk And Geographic Information [Line Items]    
Concentration risk, percentage 15.00% 15.00%
Credit Concentration Risk | Accounts Receivable | Customer Two    
Concentration Risk And Geographic Information [Line Items]    
Concentration risk, percentage 12.00% 12.00%
Credit Concentration Risk | Accounts Receivable | Customer Three    
Concentration Risk And Geographic Information [Line Items]    
Concentration risk, percentage 10.00%  
[1]
(1)December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
v3.24.2.u1
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION - Schedule of Disaggregation of Total Net Product Revenues by Product (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue from External Customer [Line Items]        
Revenue $ 712,029 $ 595,275 $ 1,360,862 $ 1,191,690
Product        
Revenue from External Customer [Line Items]        
Revenue 702,129 584,698 1,339,944 1,171,124
VOXZOGO        
Revenue from External Customer [Line Items]        
Revenue 183,923 113,337 336,812 201,173
VIMIZIM        
Revenue from External Customer [Line Items]        
Revenue 178,016 177,392 370,536 366,584
NAGLAZYME        
Revenue from External Customer [Line Items]        
Revenue 132,049 90,103 237,678 213,124
PALYNZIQ        
Revenue from External Customer [Line Items]        
Revenue 88,291 74,868 164,000 137,220
BRINEURA        
Revenue from External Customer [Line Items]        
Revenue 45,309 38,058 84,356 77,202
ALDURAZYME        
Revenue from External Customer [Line Items]        
Revenue 38,558 40,318 73,820 74,721
KUVAN        
Revenue from External Customer [Line Items]        
Revenue 28,551 50,622 64,461 101,100
ROCTAVIAN        
Revenue from External Customer [Line Items]        
Revenue 7,432 0 8,281 0
Royalty and other revenues        
Revenue from External Customer [Line Items]        
Revenue $ 9,900 $ 10,577 $ 20,918 $ 20,566
v3.24.2.u1
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION - Schedule of Disaggregation of Total Net Product Revenues by Geographic Region (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 712,029 $ 595,275 $ 1,360,862 $ 1,191,690
ALDURAZYME        
Disaggregation of Revenue [Line Items]        
Revenue 38,558 40,318 73,820 74,721
Product        
Disaggregation of Revenue [Line Items]        
Revenue 702,129 584,698 1,339,944 1,171,124
Marketed by Company | Products excluding ALDURAZYME        
Disaggregation of Revenue [Line Items]        
Revenue 663,571 544,380 1,266,124 1,096,403
Marketed by Company | Products excluding ALDURAZYME | United States        
Disaggregation of Revenue [Line Items]        
Revenue 227,449 191,655 420,448 358,439
Marketed by Company | Products excluding ALDURAZYME | Europe        
Disaggregation of Revenue [Line Items]        
Revenue 220,990 183,434 416,738 344,126
Marketed by Company | Products excluding ALDURAZYME | Latin America        
Disaggregation of Revenue [Line Items]        
Revenue 84,418 75,444 163,012 143,192
Marketed by Company | Products excluding ALDURAZYME | Middle East        
Disaggregation of Revenue [Line Items]        
Revenue 49,701 25,630 106,776 117,272
Marketed by Company | Products excluding ALDURAZYME | Rest of world        
Disaggregation of Revenue [Line Items]        
Revenue 81,013 68,217 159,150 133,374
Marketed by Sanofi | ALDURAZYME        
Disaggregation of Revenue [Line Items]        
Revenue $ 38,558 $ 40,318 $ 73,820 $ 74,721
v3.24.2.u1
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION - Schedule of Total Net Product Revenue Concentrations Attributed to Largest Customers (Details) - Customer Concentration Risk - Net Product Revenue
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Customer A, B & C        
Concentration Risk [Line Items]        
Concentration risk, percentage 35.00% 37.00% 34.00% 35.00%
Customer A        
Concentration Risk [Line Items]        
Concentration risk, percentage 14.00% 15.00% 14.00% 15.00%
Customer B        
Concentration Risk [Line Items]        
Concentration risk, percentage 11.00% 12.00% 11.00% 11.00%
Customer C        
Concentration Risk [Line Items]        
Concentration risk, percentage 10.00% 10.00% 9.00% 9.00%
v3.24.2.u1
STOCK-BASED COMPENSATION (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense $ 47,914 $ 50,162 $ 106,163 $ 103,857
Cost of sales        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 3,774 4,721 7,018 9,052
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 12,935 15,055 33,612 34,883
Selling, general and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense $ 31,205 $ 30,386 $ 65,533 $ 59,922
v3.24.2.u1
RESTRUCTURING - Narrative (Details) - 2024 Workforce Reduction Plan
 6 Months Ended
Jun. 30, 2024
employee
Restructuring Cost and Reserve [Line Items]  
Number of positions eliminated 170
Percentage of workforce expected to be eliminated 5.00%
v3.24.2.u1
RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) - 2024 Workforce Reduction Plan - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]    
Severance and one-time employee benefits $ 23,837 $ 25,275
Asset Impairments 9,671 9,671
Other 5,519 7,519
Restructuring expenses $ 39,027 $ 42,465
v3.24.2.u1
RESTRUCTURING - Schedule of Restructuring Activity (Details) - 2024 Workforce Reduction Plan
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 0
Charges and Adjustments 32,793
Payments (6,321)
Ending balance 26,472
Severance and related costs  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Charges and Adjustments 25,275
Payments (4,321)
Ending balance 20,954
Other  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Charges and Adjustments 7,519
Payments (2,000)
Ending balance $ 5,519
v3.24.2.u1
EARNINGS PER COMMON SHARE - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:        
Net Income, basic $ 107,174 $ 56,040 $ 195,836 $ 106,892
Add: Interest expense, net of tax, on the Company's convertible debt 2,769 937 5,538 1,873
Net Income, diluted $ 109,943 $ 56,977 $ 201,374 $ 108,765
Denominator:        
Weighted-average common shares outstanding, basic (in shares) 190,114 187,948 189,490 187,311
Effect of dilutive securities:        
Weighted-average common shares outstanding, diluted (in shares) 200,505 194,998 200,137 194,756
Earnings per common share, basic (in dollars per share) $ 0.56 $ 0.30 $ 1.03 $ 0.57
Earnings per common share, diluted (in dollars per share) $ 0.55 $ 0.29 $ 1.01 $ 0.56
Common stock issuable under the Company's equity incentive plans        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 2,056 3,080 2,312 3,475
Common stock issuable under the Company’s convertible debt        
Effect of dilutive securities:        
Effect of dilutive securities (in shares) 8,335 3,970 8,335 3,970
v3.24.2.u1
EARNINGS PER COMMON SHARE - Schedule of Anti-Dilutive Common Stock Excluded from Computation of Diluted Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total number of potentially issuable shares (in shares) 10,362 13,081 10,106 12,686
$0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) | Convertible Senior Notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential shares issued if converted (in shares)     4,000  
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes) | Convertible Senior Notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential shares issued if converted (in shares)     4,400  
Common stock issuable under the Company's equity incentive plans        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total number of potentially issuable shares (in shares) 10,362 8,716 10,106 8,321
Common stock issuable under the Company’s convertible debt        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total number of potentially issuable shares (in shares) 0 4,365 0 4,365
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Contingent payments upon achievement of certain development and regulatory activities and commercial sales and licensing milestones $ 495.6
Contingent payments reasonably possible upon achievement of certain development and regulatory activities commercial sales and licensing milestones, to be paid next 12 months 10.9
Purchase commitment 473.0
Purchase commitments expected to be paid in 2024 $ 291.1