0000914475-22-000044 | 10-Q | XBRL Viewer | Neurocrine Biosciences INC

Print Document View Excel Document

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	0-22705
Entity Registrant Name	NEUROCRINE BIOSCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0525145
Entity Address, Address Line One	12780 El Camino Real
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	(858)
Local Phone Number	617-7600
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	NBIX
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		95,639,321
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000914475
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 163.3	$ 340.8
Debt securities available-for-sale	485.0	370.5
Accounts receivable	279.0	185.5
Inventories	29.3	30.5
Other current assets	62.7	45.5
Total current assets	1,019.3	972.8
Deferred tax assets	328.4	315.1
Debt securities available-for-sale	405.2	560.7
Right-of-use assets	92.2	97.2
Equity securities	83.8	63.7
Property and equipment, net	66.8	58.6
Other assets	10.0	4.4
Total assets	2,005.7	2,072.5
Current liabilities:
Accounts payable and accrued liabilities	265.7	225.8
Other current liabilities	20.0	20.0
Total current liabilities	285.7	245.8
Convertible senior notes	169.0	335.1
Operating lease liabilities	99.6	105.3
Other long-term liabilities	28.0	12.3
Total liabilities	582.3	698.5
Stockholders’ equity:
Preferred stock, $0.001 par value; 5.0 million shares authorized; no shares issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 220.0 million shares authorized; issued and outstanding shares 95.6 million at June 30, 2022 and 94.9 million at December 31, 2021	0.1	0.1
Additional paid-in capital	1,999.8	2,011.4
Accumulated other comprehensive loss	(12.2)	(1.7)
Accumulated deficit	(564.3)	(635.8)
Total stockholders’ equity	1,423.4	1,374.0
Total liabilities and stockholders’ equity	$ 2,005.7	$ 2,072.5

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5.0	5.0
Preferred stock, shares issued (in shares)	0.0	0.0
Preferred stock, shares outstanding (in shares)	0.0	0.0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	220.0	220.0
Common stock, shares issued (in shares)	95.6	94.9
Common stock, shares outstanding (in shares)	95.6	94.9

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Revenues	$ 378.2	$ 288.9	$ 688.8	$ 525.5
Operating expenses:
Cost of revenues	4.8	3.1	9.4	6.0
Research and development	135.9	74.8	238.1	148.0
Acquired in-process research and development	0.0	5.0	0.0	5.0
Selling, general and administrative	182.8	143.2	383.5	272.2
Total operating expenses	323.5	226.1	631.0	431.2
Operating income	54.7	62.8	57.8	94.3
Other (expense) income:
Interest expense	(2.2)	(6.2)	(4.8)	(12.6)
Unrealized (loss) gain on equity securities	(7.4)	0.0	12.5	0.7
Loss on extinguishment of convertible senior notes	(70.0)	0.0	(70.0)	0.0
Investment income and other, net	1.6	0.9	2.6	2.3
Total other expense, net	(78.0)	(5.3)	(59.7)	(9.6)
(Loss) income before (benefit from) provision for income taxes	(23.3)	57.5	(1.9)	84.7
(Benefit from) provision for income taxes	(6.4)	15.2	1.1	10.3
Net (loss) income	(16.9)	42.3	(3.0)	74.4
Unrealized loss on debt securities available-for-sale, net of tax	(2.9)	(0.3)	(10.5)	(1.1)
Comprehensive (loss) income	$ (19.8)	$ 42.0	$ (13.5)	$ 73.3
(Loss) earnings per share:
Basic (in USD per share)	$ (0.18)	$ 0.45	$ (0.03)	$ 0.79
Diluted (in USD per share)	$ (0.18)	$ 0.43	$ (0.03)	$ 0.76
Weighted-average shares outstanding:
Basic (in shares)	95.6	94.6	95.4	94.4
Diluted (in shares)	95.6	97.7	95.4	98.0
Net product sales
Revenues:
Revenues	$ 352.0	$ 266.8	$ 657.0	$ 497.8
Collaboration revenues
Revenues:
Revenues	$ 26.2	$ 22.1	$ 31.8	$ 27.7

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning Balance (in shares) at Dec. 31, 2020			93.5
Beginning Balance at Dec. 31, 2020	$ 1,126.2		$ 0.1	$ 1,849.7		$ 1.8	$ (725.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	74.4						74.4
Unrealized loss on debt securities available-for-sale, net of tax	(1.1)					(1.1)
Stock-based compensation expense	61.5			61.5
Issuances of common stock under stock plans (in shares)			1.1
Issuances of common stock under stock plans	18.2			18.2
Ending Balance (in shares) at Jun. 30, 2021			94.6
Ending Balance at Jun. 30, 2021	1,279.2		$ 0.1	1,929.4		0.7	(651.0)
Beginning Balance (in shares) at Mar. 31, 2021			94.5
Beginning Balance at Mar. 31, 2021	1,205.6		$ 0.1	1,897.8		1.0	(693.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	42.3						42.3
Unrealized loss on debt securities available-for-sale, net of tax	(0.3)					(0.3)
Stock-based compensation expense	28.6			28.6
Issuances of common stock under stock plans (in shares)			0.1
Issuances of common stock under stock plans	3.0			3.0
Ending Balance (in shares) at Jun. 30, 2021			94.6
Ending Balance at Jun. 30, 2021	1,279.2		$ 0.1	1,929.4		0.7	(651.0)
Beginning Balance (in shares) at Dec. 31, 2021			94.9
Beginning Balance at Dec. 31, 2021	1,374.0	$ (32.3)	$ 0.1	2,011.4	$ (106.8)	(1.7)	(635.8)	$ 74.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3.0)						(3.0)
Unrealized loss on debt securities available-for-sale, net of tax	(10.5)					(10.5)
Stock-based compensation expense	86.5			86.5
Issuances of common stock under stock plans (in shares)			0.7
Issuances of common stock under stock plans	8.7			8.7
Ending Balance (in shares) at Jun. 30, 2022			95.6
Ending Balance at Jun. 30, 2022	1,423.4		$ 0.1	1,999.8		(12.2)	(564.3)
Beginning Balance (in shares) at Mar. 31, 2022			95.5
Beginning Balance at Mar. 31, 2022	1,391.1		$ 0.1	1,947.7		(9.3)	(547.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(16.9)						(16.9)
Unrealized loss on debt securities available-for-sale, net of tax	(2.9)					(2.9)
Stock-based compensation expense	49.5			49.5
Issuances of common stock under stock plans (in shares)			0.1
Issuances of common stock under stock plans	2.6			2.6
Ending Balance (in shares) at Jun. 30, 2022			95.6
Ending Balance at Jun. 30, 2022	$ 1,423.4		$ 0.1	$ 1,999.8		$ (12.2)	$ (564.3)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ (3.0)	$ 74.4
Adjustments to reconcile net (loss) income to net cash from operating activities:
Stock-based compensation expense	86.5	61.5
Loss on extinguishment of convertible senior notes	70.0	0.0
Depreciation	7.2	5.1
Amortization of debt discount	0.0	7.9
Amortization of debt issuance costs	0.8	0.6
Change in fair value of equity security investments	(12.5)	(0.7)
Deferred income taxes	(3.4)	3.3
Other	2.3	5.6
Change in operating assets and liabilities:
Accounts receivable	(93.5)	(1.4)
Inventories	1.2	(0.3)
Accounts payable and accrued liabilities	44.2	29.0
Other assets and liabilities, net	(2.2)	5.5
Cash flows from operating activities	97.6	190.5
Cash flows from investing activities:
Purchases of debt securities available-for-sale	(253.7)	(383.1)
Sales and maturities of debt securities available-for-sale	277.6	364.2
Purchases of equity securities	(7.7)	0.0
Purchases of property and equipment	(16.4)	(8.8)
Cash flows from investing activities	(0.2)	(27.7)
Cash flows from financing activities:
Issuances of common stock under benefit plans	8.7	18.2
Repurchase of convertible senior notes	(279.0)	(0.1)
Cash flows from financing activities	(270.3)	18.1
Change in cash, cash equivalents and restricted cash	(172.9)	180.9
Cash, cash equivalents and restricted cash at beginning of period	344.0	190.3
Cash, cash equivalents and restricted cash at end of period	171.1	371.2
Supplemental disclosures:
Non-cash capital expenditures	0.9	2.2
Right-of-use assets acquired through operating leases	0.0	21.6
Cash paid for interest	4.6	4.3
Cash paid for income taxes	$ 3.1	$ 1.6

Organization and Significant Accounting Policies	6 Months Ended
Organization and Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, for interim financial information and with the instructions of the Securities and Exchange Commission, or SEC, on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of Neurocrine Biosciences and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, included in our Annual Report on Form 10-K, or the 2021 Form 10-K, filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or the full year. The condensed consolidated balance sheet as of December 31, 2021, has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. Recently Adopted Accounting Pronouncements. ASU 2020-06. In August 2020, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. Among other changes, ASU 2020-06 removed the separation models for convertible instruments with cash or beneficial conversion features. Instead, entities now account for convertible debt instruments wholly as debt, unless certain other conditions are met. The adoption of ASU 2020-06 prospectively reduces reported interest expense and increases (decreases) reported net income (loss), and resulted in a reclassification of certain conversion feature balance sheet amounts from stockholders’ equity to liabilities as it relates to the 2.25% fixed-rate convertible senior notes due May 15, 2024, or the 2024 Notes. We adopted ASU 2020-06 on January 1, 2022, using the modified retrospective transition method, which allowed for a cumulative-effect adjustment in the period of adoption and did not require restatement of prior period amounts. Under this transition method, the cumulative effect of the accounting change increased the carrying amount of the 2024 Notes by $42.2 million, reduced deferred tax liabilities by $9.9 million, reduced additional paid-in capital by $106.8 million and reduced the accumulated deficit by $74.5 million.

Collaboration and License Agreements	6 Months Ended
Collaboration and License Agreements	Jun. 30, 2022
Business Combinations [Abstract]
Collaboration and License Agreements	Collaboration and License Agreements Heptares Therapeutics Limited, or Heptares. We entered into a collaboration and license agreement with Heptares, which became effective in December 2021, to develop and commercialize certain compounds containing sub-type selective muscarinic M1, M4, or dual M1/M4 receptor agonists, which compounds we have the exclusive rights to develop, manufacture and commercialize worldwide, excluding in Japan, where Heptares retains the rights to develop, manufacture, and commercialize all compounds comprised of M1 receptor agonists, subject to certain exceptions. With respect to such rights retained by Heptares, we retain the rights to opt in to profit sharing arrangements, pursuant to which we and Heptares will equally share in the operating profits and losses for such compounds in Japan. Subject to specified conditions, we may elect to exercise such opt-in rights with respect to each such compound either before initiation of the first proof of concept Phase II clinical trial for such compound or following our receipt from Heptares of the top-line data from such clinical trial for such compound. We are responsible for all development, manufacturing and commercialization costs of any collaboration product. In connection with the agreement, we paid Heptares $100.0 million upfront, which, including certain transaction-related costs, was expensed as IPR&D in 2021. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. In the second quarter of 2022, the FDA accepted our submission of an investigational new drug application, or IND, for NBI-1117568 for the treatment of schizophrenia, for which we anticipate initiating a Phase II study during the second half of 2022. Based upon this progress, a milestone of $30.0 million was expensed as R&D in the second quarter of 2022, which we expect to pay to Heptares in the third quarter of 2022. Under the terms of the agreement, Heptares may be entitled to receive potential future payments of up to $2.6 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the date on which the royalty term for such licensed product has expired in such country. On a licensed product-by-licensed product and country-by-country basis, royalty payments would commence on the first commercial sale of a licensed product and terminate on the later of (i) the expiration of the last patent covering such licensed product in such country, (ii) a number of years from the first commercial sale of such licensed product in such country and (iii) the expiration of regulatory exclusivity for such licensed product in such country. We may terminate the agreement in its entirety or with respect to one or more targets upon 180 days’ written notice to Heptares during the research collaboration term and upon 90 days’ written notice to Heptares following the expiration of the research collaboration term. Following the expiration of the research collaboration term, Heptares may terminate the agreement on a target-by-target basis in the event that we do not conduct any material development activities outside of Japan with respect to a certain compound or licensed product within the applicable target class for a continuous period of not less than 365 days and do not commence any such activities within 120 days of receiving written notice. Either party may terminate the agreement, subject to specified conditions, (i) in the event of material breach by the other party, subject to a cure period, (ii) if the other party challenges the validity or enforceability of certain intellectual property rights, subject to a cure period, or (iii) if the other party becomes insolvent or takes certain actions related to insolvency. Takeda Pharmaceutical Company Limited, or Takeda. In 2020, we entered into an exclusive license agreement with Takeda, pursuant to which we acquired the exclusive rights to develop and commercialize certain early to mid-stage psychiatry compounds, including luvadaxistat, NBI-1065845, NBI-1065846 and four non-clinical stage compounds. Luvadaxistat and the 4 non-clinical stage compounds have each been designated as a royalty-bearing product. NBI-1065845 and NBI-1065846 are currently each designated as a profit-share product. We are responsible for all manufacturing, development and commercialization costs of any royalty-bearing product. With respect to NBI-1065845 and NBI-1065846, we and Takeda will equally share in the operating profits and losses. Takeda retains the rights to opt-out of the profit-sharing arrangements, pursuant to which Takeda would be entitled to receive potential future payments upon the achievement of certain event-based milestones with respect to such compounds and receive royalties on the future net sales of such compounds (in lieu of equally sharing in the operating profits and losses). Takeda may elect to exercise such opt-out right for such compound immediately following the completion of a second Phase II clinical trial for such compound, or, under certain circumstances related to the development and commercialization activities to be performed by us, before the initiation of a Phase III clinical trial for such compound. In connection with the agreement, we paid Takeda $120.0 million upfront, which, including certain transaction-related costs, was expensed as IPR&D in 2020. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. Under the terms of the agreement, Takeda may be entitled to receive potential future payments of up to $1.9 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any royalty-bearing product. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the date on which, (i) for any royalty-bearing product, the royalty term has expired in such country; and (ii) for any profit-share product, for so long as we continue to develop, manufacture, or commercialize such licensed product. On a licensed product-by-licensed product and country-by-country basis, royalty payments would commence on the first commercial sale of a royalty-bearing product and terminate on the later of (i) the expiration of the last patent covering such royalty-bearing product in such country, (ii) a number of years from the first commercial sale of such royalty-bearing product in such country and (iii) the expiration of regulatory exclusivity for such royalty-bearing product in such country. We may terminate the agreement in its entirety or in one or more (but not all) of the United States, Japan, the European Union and the United Kingdom, or, collectively, the major markets, upon six months’ written notice to Takeda (i) with respect to all licensed products prior to the first commercial sale of the first licensed product for which first commercial sale occurs, or (ii) with respect to all licensed products in one or more given target classes, as defined in the agreement, prior to the first commercial sale of the first licensed product in such target class for which first commercial sale occurs. We may terminate the agreement in its entirety or in one or more (but not all) of the major markets upon 12 months’ written notice to Takeda (i) with respect to all licensed products following the first commercial sale of the first licensed product for which first commercial sale occurs, or (ii) with respect to all licensed products in one or more given target classes following the first commercial sale of the first licensed product in such target class for which first commercial sale occurs. Takeda may terminate the agreement, subject to specified conditions, (i) if we challenge the validity or enforceability of certain Takeda intellectual property rights or (ii) on a target class-by-target class basis, in the event that we do not conduct any material development or commercialization activities with respect to any licensed product within such target class for a specified continuous period. Subject to a cure period, either party may terminate the agreement in the event of any material breach, solely with respect to the target class of a licensed product to which such material breach relates, or in its entirety in the event of any material breach that relates to all licensed products. Idorsia Pharmaceuticals Ltd., or Idorsia. In 2020, we entered into a collaboration and license agreement with Idorsia, pursuant to which we acquired the global rights to NBI-827104, a potent, selective, orally active and brain penetrating T-type calcium channel blocker in clinical development for the treatment of a rare pediatric epilepsy and other potential indications, including essential tremor. We are responsible for all manufacturing, development and commercialization costs of any collaboration product. In connection with the agreement, we paid Idorsia $45.0 million upfront, which was expensed as IPR&D in 2020. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. Under the terms of the agreement, Idorsia may be entitled to receive potential future payments of up to $1.7 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. We may terminate the agreement, in its entirety or with respect to a particular compound or development candidate, upon 90 days’ written notice to Idorsia. Further, in the event a party commits a material breach and fails to cure such material breach within 90 days after receiving written notice thereof, the non-breaching party may terminate the agreement in its entirety immediately upon written notice to the breaching party. Xenon Pharmaceuticals Inc., or Xenon. In 2019, we entered into a collaboration and license agreement with Xenon to identify, research and develop sodium channel inhibitors, including NBI-921352 and three preclinical candidates, which compounds we have the exclusive rights to develop and commercialize. We are responsible for all development and manufacturing costs of any collaboration product, subject to certain exceptions. In connection with the agreement, we paid Xenon $50.0 million upfront, including a purchase of approximately 1.4 million shares of Xenon common stock (at $14.196 per share). We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. The purchased shares were recorded at a fair value of $14.1 million after considering Xenon’s stock price on the measurement date and certain transfer restrictions applicable to the shares. The remaining $36.2 million of the purchase price, which includes certain transaction-related costs, was expensed as IPR&D in 2019. In connection with the European Union’s approval of our clinical trial application for NBI-921352 for the treatment of focal onset seizures in adults in September 2021, we paid Xenon a regulatory milestone of $10.0 million, including a purchase of approximately 0.3 million shares of Xenon common stock (at $19.9755 per share). The purchased shares were recorded at a fair value of $4.6 million after considering Xenon’s stock price on the measurement date and certain transfer restrictions applicable to the shares. The remaining $5.4 million of the milestone payment was expensed as R&D in 2021. In connection with the FDA's acceptance of our amended KAYAKTM study protocol in January 2022, we paid Xenon a regulatory milestone of $15.0 million, including a purchase of approximately 0.3 million shares of Xenon common stock (at $31.855 per share). The purchased shares were recorded at a fair value of $7.7 million after considering Xenon’s stock price on the measurement date. The remaining $7.3 million of the milestone payment was expensed as R&D in the first quarter of 2022. Under the terms of the agreement, Xenon may be entitled to receive potential future payments of up to $1.7 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. Xenon retains the right to elect to co-develop one product in a major indication, pursuant to which Xenon would receive a mid-single digit percentage increase in royalties earned on the future net sales of such product in the United States and we and Xenon would equally share in the development costs of such product in the applicable indication, except where such development costs relate solely to the regulatory approval of such product outside the United States. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the expiration of the royalty term for such product in such country. Upon the expiration of the royalty term for a particular licensed product and country, the license obtained by us with respect to such product and country will become fully paid, royalty free, perpetual and irrevocable. We may terminate the agreement upon 90 days’ written notice to Xenon, provided that such unilateral termination will not be effective for certain products until we have used commercially reasonable efforts to complete certain specified clinical studies. Either party may terminate the agreement in the event of a material breach in whole or in part, subject to specified conditions. Voyager Therapeutics, Inc., or Voyager. In 2019, we entered into a collaboration and license agreement with Voyager, pursuant to which we acquired certain rights to develop and commercialize the NBIb-1817 for Parkinson’s disease program, Friedreich’s ataxia program and two undisclosed programs. We are responsible for all development costs of any collaboration product, subject to certain co-development and co-commercialization rights retained by Voyager. In February 2021, we notified Voyager of our termination of the NBIb-1817 for Parkinson’s disease program, which became effective August 2, 2021. The termination did not apply to any program other than the NBIb-1817 for Parkinson’s disease program. In connection with the agreement, we paid Voyager $165.0 million upfront, including a purchase of approximately 4.2 million shares of Voyager common stock (at $11.9625 per share). We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. The purchased shares were recorded at a fair value of $54.7 million after considering Voyager’s stock price on the measurement date and certain transfer restrictions applicable to the shares. The remaining $113.1 million of the purchase price, which includes certain transaction-related costs, was expensed as IPR&D in 2019. In addition, we paid Voyager $5.0 million upfront, which was expensed as IPR&D in 2019, to acquire the rights outside the United States to the Friedreich’s ataxia program. Under the terms of the agreement, Voyager may be entitled to receive potential future payments of up to $1.3 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. Unless terminated earlier, the agreement will continue in effect until the expiration of the last to expire royalty term with respect to any collaboration product or the last expiration or termination of any exercised co-development and co-commercialization rights by Voyager as provided for in the agreement. We may terminate the agreement upon 180 days’ written notice to Voyager prior to the first commercial sale of any collaboration product or upon one year after the date of notice if such notice is provided after the first commercial sale of any collaboration product. BIAL – Portela & Ca, S.A., or BIAL. We acquired the United States and Canada rights to ONGENTYS® (opicapone) from BIAL in 2017, and launched ONGENTYS in the United States in September 2020 as an FDA-approved add-on treatment to levodopa/carbidopa in patients with Parkinson's disease experiencing motor fluctuations. We are responsible for all commercialization costs of ONGENTYS in the United States and Canada and rely on BIAL for the commercial supply of ONGENTYS. Under the terms of the license agreement, BIAL may be entitled to receive potential future payments of up to $75.0 million upon the achievement of certain event-based milestones. In addition, with respect to ONGENTYS, in the event we fail to meet certain minimum sales requirements for a particular year in comparison to our annual sales forecast for such year, we would be obligated to pay BIAL an amount equal to the difference between the actual net sales and minimum sales requirements for such year. Further, upon our written request to BIAL 12 months prior to the estimated expiration of the term of a licensed product, we will negotiate the continuation of BIAL’s supply of such licensed product after the term. After the term, and if BIAL is no longer supplying such licensed product, BIAL would be entitled to receive a low double-digit royalty on our future quarterly net sales of such licensed product. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until a generic product with respect to such licensed product is sold in a country and sales of such generic product are greater than a specified percentage of total sales of such licensed product in such country. We may terminate the agreement upon nine months’ written notice to BIAL. BIAL may terminate the agreement in the event we fail to meet the minimum sales requirements for any two years, or under certain circumstances involving a change of control of Neurocrine Biosciences. Under certain circumstances where BIAL elects to terminate the agreement in connection with a change of control of Neurocrine Biosciences, BIAL would be obligated to pay us a termination fee. Either party may terminate the agreement if the other party materially breaches the agreement and does not cure the breach within a specified notice period, or upon the other party’s insolvency. Mitsubishi Tanabe Pharma Corporation, or MTPC. We out-licensed the rights to valbenazine in Japan and other select Asian markets to MTPC in 2015. In December 2020, we entered into a commercial supply agreement with MTPC, pursuant to which we agreed to supply MTPC with valbenazine drug product for commercial use in Japan and other select Asian markets. MTPC is responsible for all development, manufacturing and commercialization costs of valbenazine in such markets. In June 2022, MTPC launched DYSVAL® (valbenazine) in Japan for the treatment of tardive dyskinesia. In connection with MTPC's first commercial sale of DYSVAL in Japan, we received a milestone payment of $20.0 million in the second quarter of 2022. ASC 606 provides a royalty exception for a sales-based or usage-based royalty promised in exchange for a license of intellectual property. Under the royalty exception, the milestone would be recognized as revenue only when the later of (1) the subsequent sale or usage occurs or (2) the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). As the milestone related to a license of intellectual property and was contingent upon MTPC’s first commercial sale of DYSVAL in Japan, the milestone was recognized as revenue in the second quarter of 2022. In addition, we will receive royalties at tiered percentage rates on MTPC net sales of DYSVAL. DYSVAL royalty revenue was not significant for the three and six months ended June 30, 2022. Under the terms of our license agreement with MTPC, we may be entitled to receive potential future payments of up to $30.0 million upon the achievement of certain sales-based milestones and are entitled to receive royalties at tiered percentage rates on future MTPC net sales of valbenazine for the longer of 10 years or the life of the related patent rights. MTPC may terminate the agreement upon 180 days’ written notice to us. In such event, all out-licensed product rights would revert to us. AbbVie Inc., or AbbVie. We out-licensed the global rights to elagolix to AbbVie in 2010. AbbVie is responsible for all development and commercialization costs of elagolix. In August 2018, AbbVie launched ORILISSA® (elagolix tablets) in the United States for the treatment of moderate to severe pain associated with endometriosis. In June 2020, AbbVie launched ORIAHNN® (elagolix, estradiol and norethindrone acetate capsules and elagolix capsules) in the United States for the treatment of heavy menstrual bleeding related to uterine fibroids in premenopausal women. We receive royalties at tiered percentage rates on AbbVie net sales of elagolix and recognized elagolix royalty revenue of $5.2 million and $9.4 million, respectively, for the three and six months ended June 30, 2022 and $5.9 million and $10.4 million, respectively, for the three and six months ended June 30, 2021. Under the terms of our license agreement with AbbVie, we may be entitled to receive potential future payments of up to $366.0 million upon the achievement of certain event-based milestones and are entitled to receive royalties at tiered percentage rates on future AbbVie net sales of elagolix for the longer of 10 years or the life of the related patent rights. AbbVie may terminate the agreement upon 180 days’ written notice to us. In such event, all out-licensed product rights would revert to us.

Debt Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Debt Securities

The following table presents the amortized cost, unrealized gain and loss recognized in accumulated other comprehensive income (loss) and fair value of debt securities available-for-sale, aggregated by major security type and contractual maturity.


		June 30, 2022								December 31, 2021
(in millions)	Contractual Maturity	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value		Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Commercial paper	0 to 1 years	$	78.2	$	—	$	(0.4)	$	77.8	$	204.8	$	—	$	—	$	204.8
Corporate debt securities	0 to 1 years	213.3		—		(2.7)		210.6		128.2		—		(0.1)		128.1
Securities of government-sponsored entities	0 to 1 years	199.8		—		(3.2)		196.6		37.6		—		—		37.6
		$	491.3	$	—	$	(6.3)	$	485.0	$	370.6	$	—	$	(0.1)	$	370.5

Corporate debt securities	1 to 3 years	$	266.8	$	—	$	(5.6)	$	261.2	$	358.9	$	—	$	(1.5)	$	357.4
Securities of government-sponsored entities	1 to 3 years	148.7		—		(4.7)		144.0		204.3		—		(1.0)		203.3
		$	415.5	$	—	$	(10.3)	$	405.2	$	563.2	$	—	$	(2.5)	$	560.7

As of June 30, 2022, our security portfolio consisted of 166 debt securities available-for-sale, including 164 such securities that were in an unrealized loss position but of high credit quality. Unrealized losses on these investments were primarily due to changes in interest rates. We do not intend to sell these investments and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost basis. No allowance for credit losses was recognized as of June 30, 2022 or December 31, 2021.

The following table presents debt securities available-for-sale that were in an unrealized loss position as of June 30, 2022, aggregated by major security type and length of time in a continuous loss position.


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Commercial paper	$	61.0	$	(0.4)	$	—	$	—	$	61.0	$	(0.4)
Corporate debt securities	$	403.8	$	(7.5)	$	60.8	$	(0.8)	$	464.6	$	(8.3)
Securities of government-sponsored entities	$	329.1	$	(7.4)	$	11.5	$	(0.5)	$	340.6	$	(7.9)

The following table presents debt securities available-for-sale that were in an unrealized loss position as of December 31, 2021, aggregated by major security type and length of time in a continuous loss position.


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate debt securities	$	428.6	$	(1.6)	$	—	$	—	$	428.6	$	(1.6)
Securities of government-sponsored entities	$	230.5	$	(1.0)	$	—	$	—	$	230.5	$	(1.0)

Accrued interest receivables on debt securities available-for-sale totaled $2.7 million and $2.2 million, respectively, as of June 30, 2022 and December 31, 2021. We do not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized cost basis of the debt security. Uncollectible accrued interest receivables associated with an impaired debt security are reversed against interest income upon identification of the impairment. No accrued interest receivables were written off during the six months ended June 30, 2022 or 2021.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value hierarchy consists of the following three levels:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing the asset or liability when there is little, if any, market activity for the asset or liability at the measurement date.

The following table presents a summary of investments, which were measured at fair value on a recurring basis.


	June 30, 2022								December 31, 2021
	Fair Value		Leveling						Fair Value		Leveling
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash and money market funds	$	163.3	$	163.3	$	—	$	—	$	340.8	$	340.8	$	—	$	—
Restricted cash:
Certificates of deposit	7.8		7.8		—		—		3.2		3.2		—		—
Debt securities available-for-sale:
Commercial paper	77.8		—		77.8		—		204.8		—		204.8		—
Corporate debt securities	471.8		—		471.8		—		485.5		—		485.5		—
Securities of government-sponsored entities	340.6		—		340.6		—		240.9		—		240.9		—
Equity securities:
Equity securities–biotechnology industry	83.8		83.8		—		—		63.7		52.7		—		11.0
	$	1,145.1	$	254.9	$	890.2	$	—	$	1,338.9	$	396.7	$	931.2	$	11.0

The following table presents a reconciliation of equity security investments which were measured at fair value on a recurring basis using significant unobservable inputs (Level 3).


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Balance at beginning of period	$	—	$	38.9	$	11.0	$	38.2

Unrealized gain included in earnings (1)	—		—		20.8		0.7
Transfers out of Level 3 (2)	—		—		(31.8)		—
Balance at end of period	$	—	$	38.9	$	—	$	38.9

_________________________

(1) Unrealized gains and losses on restricted equity security investments were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) and are included in other income (expense), net.

(2) In the first quarter of 2022, our equity security investment in Voyager was transferred from Level 3 to Level 1 as the associated holding period restriction expired.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


(in millions)	June 30, 2022		December 31, 2021
Raw materials	$	8.0	$	11.2
Work in process	3.4		3.6
Finished goods	17.9		15.7
Total inventories	$	29.3	$	30.5

Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2022

Restricted Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

The following table presents a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the condensed consolidated statements of cash flows.


(in millions)	June 30, 2022		June 30, 2021
Cash and cash equivalents	$	163.3	$	368.0
Restricted cash included in other assets	7.8		3.2
Total cash, cash equivalents and restricted cash	$	171.1	$	371.2

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Our operating leases that have commenced have terms that expire beginning 2024 through 2031 and consist of office space and research and development laboratories, including our corporate headquarters. Certain of these lease agreements contain clauses for renewal at our option. As we were not reasonably certain to exercise any of these renewal options at commencement of the associated leases, no such options were recognized as part of our operating lease right-of-use, or ROU, assets or operating lease liabilities.

On February 8, 2022, we entered into a lease agreement for a four-building campus facility to be constructed in San Diego, California, pursuant to which we also secured a six-year option for the construction of a fifth building and an option to purchase the entire campus facility, which will consist of office space and research and development laboratories, in the future. Upon completion of construction, we expect to utilize the campus facility as our new corporate headquarters. This lease has not commenced for accounting purposes. Under the terms of the lease, on a building-by-building basis, base rent will be subject to a 10-month rent abatement period following the respective lease commencement date, which dates will be determined in the future based upon achievement of substantial completion of construction with respect to each such building in the condition suitable for the installation of our furniture, fixtures, and equipment, and on which date we will record a lease liability, corresponding right-of-use asset, and begin lease expense recognition with respect to each such building. After the rent abatement period, monthly base rent will be $6 per square foot, subject to annual escalations of 3% during the initial 13.6-year lease term, which term we have the option to renew for two additional terms of five years each.

In connection with our operating leases, in lieu of a cash security deposits, Wells Fargo Bank, N.A., issued letters of credit on our behalf, which are secured by deposits totaling $7.8 million.

The following table presents supplemental operating lease information for operating leases that have commenced.


	Six Months Ended June 30,
(in millions, except weighted average data)	2022			2021
Operating lease cost	$	8.2		$	7.3
Cash paid for amounts included in the measurement of operating lease liabilities	$	8.2		$	5.5

	June 30, 2022			June 30, 2021
Weighted average remaining lease term	8.3 years			9.2 years
Weighted average discount rate	5.3		%	5.3		%

The following table presents approximate non-cancelable future minimum lease payments under operating leases as of June 30, 2022.


(in millions)	Amount (1)
2022 (6 months remaining)	$	8.7
2023	17.9
2024	17.4
2025	15.9
2026	15.7
Thereafter	70.4
Total operating lease payments	146.0
Less accreted interest	29.3
Total operating lease liabilities	116.7
Less current operating lease liabilities included in other current liabilities	17.1
Noncurrent operating lease liabilities	$	99.6

_________________________

(1) Amounts presented in the table above exclude $17.2 million for 2024, $33.3 million for 2025, $41.9 million for 2026, and $479.7 million thereafter of approximate non-cancelable future minimum lease payments under operating leases that have not yet commenced.

Convertible Senior Notes

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Convertible Senior Notes

On May 2, 2017, we completed a private placement of $517.5 million in aggregate principal amount of 2.25% fixed-rate convertible senior notes due May 15, 2024, or the 2024 Notes, and entered into the 2017 Indenture with respect to the 2024 Notes. Interest on the 2024 Notes is due semi-annually on May 15 and November 15 of each year.

In accordance with authoritative guidance in effect at the time of issuance, we were required to separately account for the liability and equity components of the 2024 Notes. The initial carrying value of the liability component of $368.3 million was calculated using a 7.50% assumed borrowing rate, which reflected the market interest rate for a similar non-convertible instrument at the date of issuance. The equity component of $149.2 million, which was treated as a discount on the liability component and amortized over the seven-year term of the 2024 Notes using the effective interest rate method, was determined by deducting the fair value of the liability component from the par value of the 2024 Notes and recorded as an increase to additional paid-in capital on the issuance date. In addition, we allocated transaction costs of $14.7 million related to the issuance of the 2024 Notes to the liability and equity components based on their relative values on the issuance date. Transaction costs attributable to the liability component were being amortized over the seven-year term of the 2024 Notes using the effective interest rate method, while transaction costs attributable to the equity component were recorded as a reduction to additional paid-in capital on the issuance date.

In the fourth quarter of 2020, we entered into separate, privately negotiated transactions with certain holders of the 2024 Notes to repurchase $136.2 million aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $186.9 million in cash. We accounted for the partial repurchase of the 2024 Notes as a debt extinguishment. As a result, we attributed $130.7 million of the aggregate repurchase price to the liability component based on the fair value of the liability component immediately before extinguishment. The fair value of the liability component was calculated at settlement using a discounted cash flow analysis with a discount rate of 3.37%, which was the market rate for similar notes that have no conversion rights. The difference of $56.3 million between the fair value of the aggregate consideration remitted to certain holders of the 2024 Notes and the fair value of the liability component was attributed to the reacquisition of the equity

component and recorded as a reduction to additional paid-in capital. The carrying amount of the liability of $112.4 million at settlement was recognized as a reduction to the 2024 Notes and resulted in an $18.4 million loss on extinguishment, which we recognized in the fourth quarter of 2020.

On January 1, 2022, we adopted ASU 2020-06 using the modified retrospective transition method, which allowed for a cumulative-effect adjustment in the period of adoption and did not require restatement of prior period amounts. Under this transition method, the cumulative effect of the accounting change increased the carrying amount of the 2024 Notes by $42.2 million, reduced deferred tax liabilities by $9.9 million, reduced additional paid-in capital by $106.8 million, and reduced the accumulated deficit by $74.5 million.

In the second quarter of 2022, we entered into separate, privately negotiated transactions with certain holders of the 2024 Notes to repurchase $210.8 million aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $279.0 million in cash. We accounted for the partial repurchase of the 2024 Notes as a debt extinguishment, which resulted in the recognition of a $70.0 million loss on extinguishment in the second quarter of 2022.

The following table presents a summary of the 2024 Notes as of June 30, 2022.


	Principal Amount		Unamortized Debt				Net Carrying Amount (1)		Fair Value
(in millions)			Discount		Issuance Costs				Amount		Leveling
2024 Notes	$	170.4	$	—	$	(1.4)	$	169.0	$	224.8	Level 2

_________________________

(1) While the 2024 Notes were classified as a long-term liability as of June 30, 2022, the future convertibility and associated balance sheet classification will be monitored at each quarterly reporting date and determined based on the market prices of our common stock during the prescribed measurement period. In the event that we have the election to redeem the 2024 Notes or the holders of the 2024 Notes have the election to convert the 2024 Notes at any time during the prescribed measurement period, the 2024 Notes would be classified as a current obligation.

The following table presents a summary of the 2024 Notes as of December 31, 2021.


	Principal Amount		Unamortized Debt				Net Carrying Amount		Fair Value
(in millions)			Discount		Issuance Costs				Amount		Leveling
2024 Notes	$	381.2	$	(43.2)	$	(2.9)	$	335.1	$	464.7	Level 2

The following table presents a summary of the interest expense of the 2024 Notes.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Coupon interest	$	1.8	$	1.9	$	4.0	$	4.1
Amortization of debt discount and issuance costs	0.4		4.3		0.8		8.5
Total	$	2.2	$	6.2	$	4.8	$	12.6

In December 2021, we entered into the First Supplemental Indenture to the 2017 Indenture, pursuant to which we irrevocably elected to settle the principal amount of the 2024 Notes in cash upon conversion and to settle any conversion premium, calculated based on the per share volume-weighted average price for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture), in either cash or shares of our common stock.

The initial conversion rate for the 2024 Notes, which is subject to adjustment in some events (as provided for in the 2017 Indenture), is 13.1711 shares of common stock per $1,000 principal amount and equivalent to an initial conversion price of approximately $75.92 per share, reflecting a conversion premium of approximately 42.5% above the closing price of $53.28 per share of our common stock on April 26, 2017.

We may redeem for cash all or part of the 2024 Notes if the last reported sale price (as defined in the 2017 Indenture) of our common stock has been at least 130% of the conversion price then in effect (equal to $98.70 as of June 30, 2022) for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period ending on, and including, the trading day immediately before the date which we provide notice of redemption.

Holders of the 2024 Notes may convert the 2024 Notes at any time prior to the close of business on the business day immediately preceding May 15, 2024, only under the following circumstances:

(i)during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than 130% of the conversion price (equal to $98.70 as of June 30, 2022) on each applicable trading day;

(ii)during the five business-day period immediately after any five consecutive trading-day period (the measurement period) in which the trading price (as defined in the 2017 Indenture) per $1,000 principal amount of the 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day;

(iii)upon the occurrence of specified corporate events, including a merger or a sale of all or substantially all of our assets; or

(iv)if we call the 2024 Notes for redemption, until the close of business on the business day immediately preceding the redemption date.

On or after January 15, 2024, until the close of business on the scheduled trading day immediately preceding May 15, 2024, holders of the 2024 Notes may convert the 2024 Notes at any time.

If we undergo a fundamental change (as defined in the 2017 Indenture), subject to certain conditions, holders of the 2024 Notes may require us to repurchase for cash all or part of their 2024 Notes at a repurchase price equal to 100% of the principal amount of the 2024 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, if a make-whole fundamental change (as defined in the 2017 Indenture) occurs prior to January 15, 2024, we would, in certain circumstances, increase the conversion rate for a holder who elects to convert their notes in connection with the make-whole fundamental change.

The 2024 Notes are our general unsecured obligations that rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2024 Notes, and equal in right of payment to our unsecured indebtedness. The 2024 Notes do not contain any financial or operating covenants or any restrictions on the payment of dividends, the issuance of other indebtedness or the issuance or repurchase of securities by us. The 2017 Indenture contains customary events of default with respect to the 2024 Notes, including that upon certain events of default, 100% of the principal and accrued and unpaid interest on the 2024 Notes will automatically become due and payable.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

(Loss) Earnings per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

(Loss) Earnings per Share

(Loss) earnings per share was calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2022		2021		2022		2021
Net (loss) income - basic and diluted	$	(16.9)	$	42.3	$	(3.0)	$	74.4
Weighted-average shares outstanding:
Basic	95.6		94.6		95.4		94.4
Effect of dilutive securities:
Stock options	—		1.8		—		1.9
Restricted stock	—		0.2		—		0.4
2024 Notes	—		1.0		—		1.2
Diluted	95.6		97.7		95.4		98.0

(Loss) earnings per share, basic	$	(0.18)	$	0.45	$	(0.03)	$	0.79
(Loss) earnings per share, diluted	$	(0.18)	$	0.43	$	(0.03)	$	0.76

Shares excluded from diluted per share amounts because their effect would have been anti-dilutive	12.5		4.7		12.2		3.7

Organization and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, for interim financial information and with the instructions of the Securities and Exchange Commission, or SEC, on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of Neurocrine Biosciences and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, included in our Annual Report on Form 10-K, or the 2021 Form 10-K, filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or the full year. The condensed consolidated balance sheet as of December 31, 2021, has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements. ASU 2020-06. In August 2020, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. Among other changes, ASU 2020-06 removed the separation models for convertible instruments with cash or beneficial conversion features. Instead, entities now account for convertible debt instruments wholly as debt, unless certain other conditions are met. The adoption of ASU 2020-06 prospectively reduces reported interest expense and increases (decreases) reported net income (loss), and resulted in a reclassification of certain conversion feature balance sheet amounts from stockholders’ equity to liabilities as it relates to the 2.25% fixed-rate convertible senior notes due May 15, 2024, or the 2024 Notes. We adopted ASU 2020-06 on January 1, 2022, using the modified retrospective transition method, which allowed for a cumulative-effect adjustment in the period of adoption and did not require restatement of prior period amounts. Under this transition method, the cumulative effect of the accounting change increased the carrying amount of the 2024 Notes by $42.2 million, reduced deferred tax liabilities by $9.9 million, reduced additional paid-in capital by $106.8 million and reduced the accumulated deficit by $74.5 million.
Fair Value Measurements	The fair value hierarchy consists of the following three levels: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing the asset or liability when there is little, if any, market activity for the asset or liability at the measurement date.

Debt Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Gross Unrealized Gains and Losses, Allowance for Credit Losses and Fair Value of Debt Securities Available-For-Sale


		June 30, 2022								December 31, 2021
(in millions)	Contractual Maturity	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value		Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Commercial paper	0 to 1 years	$	78.2	$	—	$	(0.4)	$	77.8	$	204.8	$	—	$	—	$	204.8
Corporate debt securities	0 to 1 years	213.3		—		(2.7)		210.6		128.2		—		(0.1)		128.1
Securities of government-sponsored entities	0 to 1 years	199.8		—		(3.2)		196.6		37.6		—		—		37.6
		$	491.3	$	—	$	(6.3)	$	485.0	$	370.6	$	—	$	(0.1)	$	370.5

Corporate debt securities	1 to 3 years	$	266.8	$	—	$	(5.6)	$	261.2	$	358.9	$	—	$	(1.5)	$	357.4
Securities of government-sponsored entities	1 to 3 years	148.7		—		(4.7)		144.0		204.3		—		(1.0)		203.3
		$	415.5	$	—	$	(10.3)	$	405.2	$	563.2	$	—	$	(2.5)	$	560.7

Gross Unrealized Losses and Fair Value Available-For-Sale Investments in Unrealized Loss Position


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Commercial paper	$	61.0	$	(0.4)	$	—	$	—	$	61.0	$	(0.4)
Corporate debt securities	$	403.8	$	(7.5)	$	60.8	$	(0.8)	$	464.6	$	(8.3)
Securities of government-sponsored entities	$	329.1	$	(7.4)	$	11.5	$	(0.5)	$	340.6	$	(7.9)


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate debt securities	$	428.6	$	(1.6)	$	—	$	—	$	428.6	$	(1.6)
Securities of government-sponsored entities	$	230.5	$	(1.0)	$	—	$	—	$	230.5	$	(1.0)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Investments Measured at Fair Value on Recurring Basis

The following table presents a summary of investments, which were measured at fair value on a recurring basis.


	June 30, 2022								December 31, 2021
	Fair Value		Leveling						Fair Value		Leveling
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash and money market funds	$	163.3	$	163.3	$	—	$	—	$	340.8	$	340.8	$	—	$	—
Restricted cash:
Certificates of deposit	7.8		7.8		—		—		3.2		3.2		—		—
Debt securities available-for-sale:
Commercial paper	77.8		—		77.8		—		204.8		—		204.8		—
Corporate debt securities	471.8		—		471.8		—		485.5		—		485.5		—
Securities of government-sponsored entities	340.6		—		340.6		—		240.9		—		240.9		—
Equity securities:
Equity securities–biotechnology industry	83.8		83.8		—		—		63.7		52.7		—		11.0
	$	1,145.1	$	254.9	$	890.2	$	—	$	1,338.9	$	396.7	$	931.2	$	11.0

Reconciliation of Our Investment in Restricted Equity Securities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table presents a reconciliation of equity security investments which were measured at fair value on a recurring basis using significant unobservable inputs (Level 3).


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Balance at beginning of period	$	—	$	38.9	$	11.0	$	38.2

Unrealized gain included in earnings (1)	—		—		20.8		0.7
Transfers out of Level 3 (2)	—		—		(31.8)		—
Balance at end of period	$	—	$	38.9	$	—	$	38.9

_________________________

(2) In the first quarter of 2022, our equity security investment in Voyager was transferred from Level 3 to Level 1 as the associated holding period restriction expired.

Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following:


(in millions)	June 30, 2022		December 31, 2021
Raw materials	$	8.0	$	11.2
Work in process	3.4		3.6
Finished goods	17.9		15.7
Total inventories	$	29.3	$	30.5

Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2022

Restricted Cash and Cash Equivalents [Abstract]

Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash

The following table presents a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the condensed consolidated statements of cash flows.


(in millions)	June 30, 2022		June 30, 2021
Cash and cash equivalents	$	163.3	$	368.0
Restricted cash included in other assets	7.8		3.2
Total cash, cash equivalents and restricted cash	$	171.1	$	371.2

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Description of Operating Lease

The following table presents supplemental operating lease information for operating leases that have commenced.


	Six Months Ended June 30,
(in millions, except weighted average data)	2022			2021
Operating lease cost	$	8.2		$	7.3
Cash paid for amounts included in the measurement of operating lease liabilities	$	8.2		$	5.5

	June 30, 2022			June 30, 2021
Weighted average remaining lease term	8.3 years			9.2 years
Weighted average discount rate	5.3		%	5.3		%

Lessee, Operating Lease, Liability, Maturity

The following table presents approximate non-cancelable future minimum lease payments under operating leases as of June 30, 2022.


(in millions)	Amount (1)
2022 (6 months remaining)	$	8.7
2023	17.9
2024	17.4
2025	15.9
2026	15.7
Thereafter	70.4
Total operating lease payments	146.0
Less accreted interest	29.3
Total operating lease liabilities	116.7
Less current operating lease liabilities included in other current liabilities	17.1
Noncurrent operating lease liabilities	$	99.6

_________________________

Convertible Senior Notes (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of Notes Net of Discount and Deferred Financing Costs

The following table presents a summary of the 2024 Notes as of June 30, 2022.


	Principal Amount		Unamortized Debt				Net Carrying Amount (1)		Fair Value
(in millions)			Discount		Issuance Costs				Amount		Leveling
2024 Notes	$	170.4	$	—	$	(1.4)	$	169.0	$	224.8	Level 2

_________________________

The following table presents a summary of the 2024 Notes as of December 31, 2021.


	Principal Amount		Unamortized Debt				Net Carrying Amount		Fair Value
(in millions)			Discount		Issuance Costs				Amount		Leveling
2024 Notes	$	381.2	$	(43.2)	$	(2.9)	$	335.1	$	464.7	Level 2

The following table presents a summary of the interest expense of the 2024 Notes.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Coupon interest	$	1.8	$	1.9	$	4.0	$	4.1
Amortization of debt discount and issuance costs	0.4		4.3		0.8		8.5
Total	$	2.2	$	6.2	$	4.8	$	12.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

(Loss) Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings per Share

(Loss) earnings per share was calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2022		2021		2022		2021
Net (loss) income - basic and diluted	$	(16.9)	$	42.3	$	(3.0)	$	74.4
Weighted-average shares outstanding:
Basic	95.6		94.6		95.4		94.4
Effect of dilutive securities:
Stock options	—		1.8		—		1.9
Restricted stock	—		0.2		—		0.4
2024 Notes	—		1.0		—		1.2
Diluted	95.6		97.7		95.4		98.0

(Loss) earnings per share, basic	$	(0.18)	$	0.45	$	(0.03)	$	0.79
(Loss) earnings per share, diluted	$	(0.18)	$	0.43	$	(0.03)	$	0.76

Shares excluded from diluted per share amounts because their effect would have been anti-dilutive	12.5		4.7		12.2		3.7

Organization and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2022	May 02, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06
Convertible senior notes	$ 335.1	$ 169.0
Accumulated deficit	(635.8)	(564.3)
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible senior notes	42.2
Deferred tax liabilities	9.9
Additional paid in capital	106.8
Accumulated deficit	74.5
2.25% Convertible senior notes due 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest rate percentage			2.25%
Convertible senior notes	$ 335.1	$ 169.0

Collaboration and License Agreements - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended					6 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development	$ 0.0		$ 5.0			$ 0.0	$ 5.0
Revenues	378.2		288.9			688.8	525.5
Collaborative Arrangement \| Heptares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development								$ 100.0
Research and development	30.0
Potential milestone payments	2,600.0					2,600.0
Collaborative Arrangement \| Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development									$ 120.0
Potential milestone payments	1,900.0					1,900.0
Collaborative Arrangement \| Idorsia
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development									$ 45.0
Potential milestone payments	1,700.0					1,700.0
Collaborative Arrangement \| Xenon
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development										$ 36.2
Research and development		$ 7.3						$ 5.4
Potential milestone payments	1,700.0					1,700.0
Upfront payment										$ 50.0
Share price (in USD per share)		$ 31.855						$ 19.9755		$ 14.196
Fair value of equity securities								$ 4.6		$ 14.1
Milestone payment		$ 15.0						$ 10.0
Equity securities, stock price		$ 7.7
Collaborative Arrangement \| Xenon \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares)		0.3						0.3		1.4
Collaborative Arrangement \| Voyager
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development				$ 5.0	$ 113.1
Potential milestone payments	1,300.0					1,300.0
Upfront payment										$ 165.0
Share price (in USD per share)										$ 11.9625
Fair value of equity securities										$ 54.7
Collaborative Arrangement \| Voyager \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares)										4.2
Collaborative Arrangement \| BIAL
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	75.0					75.0
Collaborative Arrangement \| MTPC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payment receipts	30.0					$ 30.0
Revenues	20.0
Collaborative Arrangement \| MTPC \| Minimum \| Patents
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Patent term						10 years
Collaborative Arrangement \| AbbVie
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payment receipts	366.0					$ 366.0
Collaborative Arrangement \| AbbVie \| Minimum \| Patents
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Patent term						10 years
Collaborative Arrangement \| Royalty \| AbbVie
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	$ 5.2		$ 5.9			$ 9.4	$ 10.4

Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Allowance for Credit Losses and Fair Value of Debt Securities Available-For-Sale (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 491.3	$ 370.6
Unrealized Gain	0.0	0.0
Unrealized Loss	(6.3)	(0.1)
Fair Value	485.0	370.5
Short-term investments \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	213.3	128.2
Unrealized Gain	0.0	0.0
Unrealized Loss	(2.7)	(0.1)
Fair Value	210.6	128.1
Short-term investments \| Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	199.8	37.6
Unrealized Gain	0.0	0.0
Unrealized Loss	(3.2)	0.0
Fair Value	196.6	37.6
Short-term investments \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	78.2	204.8
Unrealized Gain	0.0	0.0
Unrealized Loss	(0.4)	0.0
Fair Value	77.8	204.8
Long-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	415.5	563.2
Unrealized Gain	0.0	0.0
Unrealized Loss	(10.3)	(2.5)
Fair Value	405.2	560.7
Long-term investments \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	266.8	358.9
Unrealized Gain	0.0	0.0
Unrealized Loss	(5.6)	(1.5)
Fair Value	261.2	357.4
Long-term investments \| Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	148.7	204.3
Unrealized Gain	0.0	0.0
Unrealized Loss	(4.7)	(1.0)
Fair Value	$ 144.0	$ 203.3

Debt Securities - Additional Information (Details)	6 Months Ended
Debt Securities - Additional Information (Details)	Jun. 30, 2022 USD ($) security	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of debt securities available for sale \| security	166
Number of debt securities available for sale in unrealized loss position \| security	164
Accrued interest receivables \| $	$ 2,700,000		$ 2,200,000
Accrued interest receivables write-off \| $	$ 0	$ 0

Debt Securities - Gross Unrealized Losses and Fair Value Available-For-Sale Investments in Unrealized Loss Position (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	$ 61.0
Less Than 12 Months, Unrealized Loss	(0.4)
12 Months or Longer, Fair Value	0.0
12 Months or Longer, Unrealized Loss	0.0
Total, Fair Value	61.0
Total, Unrealized Loss	(0.4)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	403.8	$ 428.6
Less Than 12 Months, Unrealized Loss	(7.5)	(1.6)
12 Months or Longer, Fair Value	60.8	0.0
12 Months or Longer, Unrealized Loss	(0.8)	0.0
Total, Fair Value	464.6	428.6
Total, Unrealized Loss	(8.3)	(1.6)
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	329.1	230.5
Less Than 12 Months, Unrealized Loss	(7.4)	(1.0)
12 Months or Longer, Fair Value	11.5	0.0
12 Months or Longer, Unrealized Loss	(0.5)	0.0
Total, Fair Value	340.6	230.5
Total, Unrealized Loss	$ (7.9)	$ (1.0)

Fair Value Measurements - Reconciliation of Our Investment in Restricted Equity Securities Measured at Fair Value on Quarterly Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Level 3 - Fair Value, Recurring - Equity securities–biotechnology industry - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Roll Forward]
Balance at beginning of period	$ 0.0	$ 38.9	$ 11.0	$ 38.2
Unrealized gain included in earnings	0.0	0.0	20.8	0.7
Transfers out of Level 3	0.0	0.0	(31.8)	0.0
Balance at end of period	$ 0.0	$ 38.9	$ 0.0	$ 38.9

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 8.0	$ 11.2
Work in process	3.4	3.6
Finished goods	17.9	15.7
Total inventories	$ 29.3	$ 30.5

Cash, Cash Equivalents and Restricted Cash - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 163.3	$ 340.8	$ 368.0
Restricted cash included in other assets	7.8		3.2
Total cash, cash equivalents and restricted cash	$ 171.1		$ 371.2

Leases - Narrative Information (Details)	Feb. 08, 2022 USD ($) renewalOption	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Leases [Abstract]
New campus lease lessee option term for construction of fifth building	6 years
New campus rent abatement period	10 months
New campus lease monthly base rent per square foot	$ 6
New campus lease annual rent escalation percentage	3.00%
New campus lease term	13 years 7 months
New campus lease number of renewal options \| renewalOption	2
New campus lease renewal term	5 years
Restricted cash in connection with operating leases		$ 7,800,000	$ 3,200,000

Leases - Supplemental Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 8.2	$ 7.3
Cash paid for amounts included in the measurement of operating lease liabilities	$ 8.2	$ 5.5
Weighted average remaining lease term	8 years 3 months 18 days	9 years 2 months 12 days
Weighted average discount rate	5.30%	5.30%

Leases - Liability, Payment, Due (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (6 months remaining)	$ 8.7
2023	17.9
2024	17.4
2025	15.9
2026	15.7
Thereafter	70.4
Total operating lease payments	146.0
Less accreted interest	29.3
Total operating lease liabilities	116.7
Less current operating lease liabilities included in other current liabilities	17.1
Noncurrent operating lease liabilities	99.6	$ 105.3
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2024	17.2
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2025	33.3
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2026	41.9
Non-cancelable future minimum lease payments under operating leases not yet commenced for thereafter	$ 479.7

Convertible Senior Notes - Additional Information (Details)			3 Months Ended			6 Months Ended
	Dec. 31, 2021 USD ($)	May 02, 2017 USD ($) d $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of convertible senior notes			$ 70,000,000.0	$ 0		$ 70,000,000.0	$ 0
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06
Convertible senior notes	$ 335,100,000		169,000,000.0			169,000,000.0
Accumulated deficit	(635,800,000)		(564,300,000)			(564,300,000)
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Convertible senior notes	42,200,000
Deferred tax liabilities	9,900,000
Additional Paid in Capital	106,800,000
Accumulated deficit	74,500,000
2.25% Convertible senior notes due 2024
Debt Instrument [Line Items]
Principal Amount	381,200,000	$ 517,500,000	170,400,000			170,400,000
Interest rate percentage		2.25%
Carrying amount of the liability component upon issuance		$ 368,300,000
Convertible senior note assumed borrowing rate		7.50%
Convertible senior note carrying value of the equity component		$ 149,200,000
Convertible senior notes term		7 years
Transaction cost related to issuance of convertible senior notes		$ 14,700,000
Aggregate principal amount repurchased			210,800,000		$ 136,200,000	210,800,000
Aggregate repurchase price paid in cash			279,000,000		186,900,000
Fair value of the liability component immediately before extinguishment					130,700,000
Equity component of repurchased convertible senior notes					56,300,000
Carrying amount of the liability component at settlement					112,400,000
Loss on extinguishment of convertible senior notes			70,000,000		$ 18,400,000
Convertible senior notes	$ 335,100,000		$ 169,000,000.0			$ 169,000,000.0
Convertible senior notes convertible in to shares		0.0131711
Convertible senior notes conversion price (in USD per share) \| $ / shares		$ 75.92
Convertible senior notes premium		42.50%
Market price of common stock (in USD per share) \| $ / shares		$ 53.28
Convertible senior notes redemption rate		100.00%
2.25% Convertible senior notes due 2024 \| Conversion Period One
Debt Instrument [Line Items]
Threshold consecutive common stock trading days \| d		30
Threshold percentage of common stock price trigger		130.00%
Common stock price trigger (in USD per share) \| $ / shares						$ 98.70
Threshold common stock trading days \| d		20
2.25% Convertible senior notes due 2024 \| Conversion Period Two
Debt Instrument [Line Items]
Principal amount on conversion rate		$ 1,000
Threshold common stock trading days \| d		5
Minimum percentage of common stock price trigger		98.00%
2.25% Convertible senior notes due 2024 \| Measurement Input, Discount Rate
Debt Instrument [Line Items]
Discount rate					0.0337

Convertible Senior Notes - 2024 Notes (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	May 02, 2017
Debt Instrument [Line Items]
Net Carrying Amount	$ 169,000,000.0	$ 335,100,000
2.25% Convertible senior notes due 2024
Debt Instrument [Line Items]
Principal Amount	170,400,000	381,200,000	$ 517,500,000
Unamortized Debt, Discount	0	(43,200,000)
Unamortized Debt, Issuance Costs	(1,400,000)	(2,900,000)
Net Carrying Amount	169,000,000.0	335,100,000
Fair Value, Amount	$ 224,800,000	$ 464,700,000

Convertible Senior Notes - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Disclosure [Abstract]
Coupon interest	$ 1.8	$ 1.9	$ 4.0	$ 4.1
Amortization of debt discount and issuance costs	0.4	4.3	0.8	8.5
Total interest expense	$ 2.2	$ 6.2	$ 4.8	$ 12.6

(Loss) Earnings per Share - Schedule of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Net (loss) income - basic	$ (16.9)	$ 42.3	$ (3.0)	$ 74.4
Net (loss) income - diluted	$ (16.9)	$ 42.3	$ (3.0)	$ 74.4
Weighted-average shares outstanding:
Basic (in shares)	95.6	94.6	95.4	94.4
Effect of dilutive securities:
Diluted (in shares)	95.6	97.7	95.4	98.0
(Loss) earnings per share, basic (in USD per share)	$ (0.18)	$ 0.45	$ (0.03)	$ 0.79
(Loss) earnings per share, diluted (in USD per share)	$ (0.18)	$ 0.43	$ (0.03)	$ 0.76
Shares excluded from diluted per share amounts because their effect would have been anti-dilutive (in shares)	12.5	4.7	12.2	3.7
2024 Notes
Effect of dilutive securities:
2024 Notes (in shares)	0.0	1.0	0.0	1.2
Stock options
Effect of dilutive securities:
Effect of dilutive securities (in shares)	0.0	1.8	0.0	1.9
Restricted stock
Effect of dilutive securities:
Effect of dilutive securities (in shares)	0.0	0.2	0.0	0.4

Fair Value Measurements - Investments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,145.1	$ 1,338.9
Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	254.9	396.7
Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	890.2	931.2
Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	11.0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	471.8	485.5
Corporate debt securities \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Corporate debt securities \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	471.8	485.5
Corporate debt securities \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Securities of government-sponsored entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	340.6	240.9
Securities of government-sponsored entities \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Securities of government-sponsored entities \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	340.6	240.9
Securities of government-sponsored entities \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Equity securities–biotechnology industry
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	83.8	63.7
Equity securities–biotechnology industry \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	83.8	52.7
Equity securities–biotechnology industry \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Equity securities–biotechnology industry \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	11.0
Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	163.3	340.8
Cash and money market funds \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	163.3	340.8
Cash and money market funds \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Cash and money market funds \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7.8	3.2
Certificates of deposit \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	7.8	3.2
Certificates of deposit \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Certificates of deposit \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	77.8	204.8
Commercial paper \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Commercial paper \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	77.8	204.8
Commercial paper \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	$ 0.0	$ 0.0