0000914475-24-000054 | 10-K | XBRL Viewer | Neurocrine Biosciences INC

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Share-Based Compensation - Summary of Activity Related to Stock Options (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of Stock Options
Beginning Balance, Outstanding (in shares) \| shares	9.0
Granted (in shares) \| shares	1.9
Exercised (in shares) \| shares	(0.8)
Canceled (in shares) \| shares	(0.1)
Ending Balance, Outstanding (in shares) \| shares	10.0
Exercisable (in shares) \| shares	6.8
Weighted Average Exercise Price
Beginning Balance, Outstanding (in USD per share) \| $ / shares	$ 79.10
Granted (in USD per share) \| $ / shares	103.66
Exercised (in USD per share) \| $ / shares	66.84
Canceled (in USD per share) \| $ / shares	98.29
Ending Balance, Outstanding (in USD per share) \| $ / shares	84.46
Exercisable (in USD per share) \| $ / shares	$ 78.75
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted-Average Remaining Contractual Term, Outstanding	6 years 2 months 12 days
Weighted-Average Remaining Contractual Term, Exercisable	5 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding \| $	$ 467.8
Aggregate Intrinsic Value, Exercisable \| $	$ 361.3

Leases - Narrative Information (Details) - USD ($) $ in Millions	Feb. 08, 2022	Dec. 31, 2023	Dec. 31, 2022
Leases [Line Items]
Right-of-use assets		$ 276.5	$ 87.0
Operating lease, liability		290.3
Building
Leases [Line Items]
Lessee option term for construction of fifth building	6 years
Right-of-use assets		199.0
Operating lease, liability		$ 189.8

Debt Securities - Gross Unrealized Losses and Fair Value Available-For-Sale Debt securities in Unrealized Loss Position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value		$ 32.1
Less Than 12 Months, Unrealized Losses		(0.2)
12 Months or Longer, Fair Value		0.0
12 Months or Longer, Unrealized Loss		0.0
Total Fair Value		32.1
Total Unrealized Losses		(0.2)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	$ 265.1	199.5
Less Than 12 Months, Unrealized Losses	(0.4)	(1.9)
12 Months or Longer, Fair Value	183.8	299.1
12 Months or Longer, Unrealized Loss	(1.0)	(5.6)
Total Fair Value	448.9	498.6
Total Unrealized Losses	(1.4)	(7.5)
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	214.6	107.7
Less Than 12 Months, Unrealized Losses	(0.2)	(2.5)
12 Months or Longer, Fair Value	16.7	198.4
12 Months or Longer, Unrealized Loss	(0.4)	(4.5)
Total Fair Value	231.3	306.1
Total Unrealized Losses	$ (0.6)	$ (7.0)

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents income from continuing operations before provision for income taxes for domestic and international operations.


	Year Ended December 31,
(in millions)	2023		2022		2021
U.S.	$	409.2	$	218.0	$	101.4
Foreign	(77.1)		(4.1)		—
Income before provision for income taxes	$	332.1	$	213.9	$	101.4

The following table presents the components of income tax expense (benefit) for continuing operations.


	Year Ended December 31,
(in millions)	2023		2022		2021
Current:
Federal	$	115.0	$	17.1	$	—
State	28.1		20.3		6.3
Current income taxes	143.1		37.4		6.3
Deferred:
Federal	(45.2)		27.5		5.9
State	(15.5)		(5.5)		(0.4)
Deferred income taxes	(60.7)		22.0		5.5
Provision for income taxes	$	82.4	$	59.4	$	11.8

The provision for income taxes on earnings subject to income taxes differs from the statutory federal rate due to the following:


	Year Ended December 31,
(in millions)	2023		2022		2021
Federal income taxes at 21%	$	69.7	$	44.9	$	21.3
State income tax, net of federal benefit	17.5		11.8		6.2
Branded prescription drug fee	8.7		6.5		4.8
Loss on extinguishment of convertible senior notes	—		12.0		—
Stock-based compensation expense	(3.9)		(2.5)		(11.3)
Officer compensation	9.6		9.2		7.0
Change in tax rate	(2.1)		(1.3)		0.2
Expired tax attributes	—		—		0.6
Research credits	(42.2)		(29.9)		(22.0)
Change in valuation allowance	22.0		7.4		5.0
Other	3.1		1.3		—
Provision for income taxes	$	82.4	$	59.4	$	11.8

The following table presents the significant components of our deferred tax assets.


	December 31,
(in millions)	2023		2022
Deferred tax assets:
Net operating losses	$	36.4	$	27.4
Research and development credits	55.3		108.9
Capitalized research and development	178.7		91.1
Stock-based compensation expense	52.7		45.9
Operating lease assets	72.0		26.8
Intangible assets	110.0		80.7
Other	25.0		24.9
Total deferred tax assets	530.1		405.7
Deferred tax liabilities:

Operating lease liabilities	(66.3)		(21.0)
Other	(12.3)		(11.8)
Total deferred tax liabilities	(78.6)		(32.8)
Net of deferred tax assets and liabilities	451.5		372.9
Valuation allowance	(88.9)		(67.0)
Net deferred tax assets	$	362.6	$	305.9

As of December 31, 2023, our deferred tax assets were primarily the result of net operating loss carry forwards, capitalized research costs, acquired intangible assets and tax credit carryforwards. As of December 31, 2023 and 2022, we recorded a valuation allowance of $88.9 million and $67.0 million, respectively, against our gross deferred tax asset balance.

As of each reporting date, management considers new evidence, both positive and negative, that could affect its assessment of the future realizability of our deferred tax assets. As of December 31, 2023, management determined there was sufficient positive evidence to conclude that it is more likely than not deferred tax assets of $362.6 million are realizable. The recorded valuation allowance of $88.9 million consisted primarily of state and foreign net operating loss carryforwards and state credit carryforwards for which management cannot conclude it is more likely than not to be realized.

As of December 31, 2023, we had state and foreign income tax net operating loss carryforwards of $286.0 million and $134.3 million, respectively. We had no federal income tax operating loss carryforwards as of December 31, 2023. California net operating losses will begin to expire in 2029 unless previously utilized and the net operating losses related to other states will begin to expire in 2026. Swiss net operating losses will begin to expire in 2030 unless previously utilized. UK net operating losses will carry forward indefinitely.

As of December 31, 2023, we had state R&D tax credit carryforwards of $85.6 million. California R&D tax credits carry forward indefinitely, while R&D tax credits related to other states will begin to expire in 2033 unless previously utilized.

Additionally, the future utilization of our net operating loss and R&D tax credit carryforwards to offset future taxable income may be subject to an annual limitation, pursuant to Internal Revenue Code Sections 382 and 383, as a result of ownership changes that could occur in the future. No ownership changes have occurred through December 31, 2023.

The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.

We recognize interest and penalties related to income tax matters in income tax expense. We had accruals for interest related to income tax matters of $3.1 million and $1.2 million, respectively, as of December 31, 2023 and 2022. We had accruals for penalties relates to income tax matters of $2.2 million and $0.4 million, respectively, as of December 31, 2023 and 2022. Accruals for interest and penalties related to income tax matters were not material as of December 31, 2021.

We are subject to taxation in the U.S. and various state and foreign jurisdictions. Tax years for 2020 for federal, inception for California, 2016 to 2020 for other significant state jurisdictions, and 2021 and forward for foreign are subject to examination by tax authorities due to the carryforward of unutilized net operating losses and R&D tax credits.

The following table presents a summary of activity related to unrecognized tax benefits.


	Year Ended December 31,
(in millions)	2023		2022		2021
Balance at January 1	$	84.5	$	64.6	$	60.8
Increase related to prior year tax positions	3.4		4.7		0.6
Increase related to current year tax positions	36.7		15.2		4.9
Decrease related to prior year tax positions	(3.6)		—		—
Expiration of the statute of limitations for the assessment of taxes	—		—		(1.7)
Balance at December 31	$	121.0	$	84.5	$	64.6

As of December 31, 2023, we had $105.3 million of unrecognized tax benefits that, if recognized and realized, would affect the effective tax rate, subject to changes in the valuation allowance. We do not expect a significant change in our unrecognized tax benefits in the next 12 months.

In 2021, the OECD announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently, multiple sets of administrative guidance have been issued. Many non-U.S. tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 (including EU Member States) with the adoption of additional components in later years or announced their plans to enact legislation in future years. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-U.S. tax jurisdictions we operate in.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Share-Based Compensation - Weighted-Average Assumptions for Stock Option Grants using Black-Scholes Option-Pricing Model (Details) - Stock options	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.90%	1.80%	0.60%
Expected volatility of common stock	40.80%	42.60%	45.90%
Dividend yield	0.00%	0.00%	0.00%
Expected option term	5 years 6 months	5 years	5 years 2 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases - Schedule of Future Minimum Lease Payments Under Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities
Operating Leases
Year ending December 31, 2024	$ 33.0
Year ending December 31, 2025	34.7
Year ending December 31, 2026	34.0
Year ending December 31, 2027	34.8
Year ending December 31, 2028	35.6
Thereafter	211.4
Total operating lease payments (sublease income)	383.5
Less accreted interest	93.2
Total operating lease liabilities	290.3
Less current operating lease liabilities included in other current liabilities	32.0
Noncurrent operating lease liabilities	258.3	$ 93.5
Sublease Income
Year ending December 31, 2024	(1.7)
Year ending December 31, 2025	(1.7)
Year ending December 31, 2026	(1.7)
Year ending December 31, 2027	(1.7)
Year ending December 31, 2028	(1.7)
Thereafter	(4.3)
Total operating lease payments (sublease income)	(12.8)
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2025	15.4
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2026	23.6
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2027	24.3
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2028	25.1
Non-cancelable future minimum lease payments under operating leases not yet commenced for thereafter	$ 223.5

Convertible Senior Notes - 2024 Notes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	May 02, 2017
Debt Instrument [Line Items]
Net Carrying Amount	$ 170,100,000	$ 169,400,000
2.25% Convertible Senior Notes Due 2024
Debt Instrument [Line Items]
Principal Amount	170,400,000	170,400,000	$ 517,500,000
Unamortized Issuance Costs	(300,000)	(1,000,000.0)
Net Carrying Amount	170,100,000	169,400,000
Fair Value, Amount	$ 295,700,000	$ 268,000,000.0

- Definition

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+ Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Our operating leases that have commenced have terms that expire beginning 2025 through 2036 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 ROU assets or operating lease liabilities.

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


	Year Ended December 31,
(in millions, except weighted average data)	2023		2022			2021
Operating lease cost	$	17.1	$	16.3		$	15.3
Sublease income	(0.7)		—			—
Net operating lease cost	$	16.4	$	16.3		$	15.3
Cash paid for amounts included in the measurement of operating lease liabilities	$	17.9	$	16.9		$	12.6

			December 31, 2023			December 31, 2022
Weighted average remaining lease term			10.8 years			7.9 years
Weighted average discount rate			5.1		%	5.3		%
Restricted cash related to letters of credit issued in lieu of cash security deposits			$	7.8		$	7.8

The following table presents approximate future non-cancelable minimum lease payments under operating leases and sublease income as of December 31, 2023.


(in millions)	Operating Leases (1)		Sublease Income
Year ending December 31, 2024	$	33.0	$	(1.7)
Year ending December 31, 2025	34.7		(1.7)
Year ending December 31, 2026	34.0		(1.7)
Year ending December 31, 2027	34.8		(1.7)
Year ending December 31, 2028	35.6		(1.7)
Thereafter	211.4		(4.3)
Total operating lease payments (sublease income)	383.5		$	(12.8)
Less accreted interest	93.2
Total operating lease liabilities	290.3
Less current operating lease liabilities included in other current liabilities	32.0
Noncurrent operating lease liabilities	$	258.3

_________________________

(1) Amounts presented in the table above exclude $15.4 million for 2025, $23.6 million for 2026, $24.3 million for 2027, $25.1 million for 2028 and $223.5 million thereafter of approximate non-cancelable future minimum lease payments under operating leases that have not yet commenced.

New Campus Facility. On February 8, 2022, we entered into a lease agreement for a four-building campus facility to be constructed in San Diego, California, including a six-year option for the construction of a fifth building. This campus facility, comprised of office space and research and development laboratories, will serve as our new corporate headquarters.

The construction of the campus facility is phased. We recognized ROU assets of $199.0 million and operating lease liabilities of $189.8 million in association with the commencement of operating leases following the completion of the first phase of construction relating to office space in December 2023.

As we begin to occupy our new campus facility, we will sublease certain of our existing leased premises when we determine there is excess leased capacity. Certain of these subleases contain both lease and non-lease components. Sublease income is recognized as an offset to operating expense on a straight-line basis over the lease term. Income related to non-lease components is recognized in operating expenses as a reduction to costs we incur in relation to the primary lease.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

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


	December 31, 2023						December 31, 2022
	Fair Value		Leveling				Fair Value	Leveling
(in millions)			Level 1		Level 2					Level 1		Level 2
Cash and money market funds	$	251.1	$	251.1	$	—		$	262.9	$	262.9	$	—
Restricted cash	8.0		8.0		—			7.8		7.8		—
Commercial paper	53.5		—		53.5			156.0		—		156.0
Corporate debt securities	867.2		—		867.2			548.4		—		548.4
Securities of government-sponsored entities	547.3		—		547.3			321.4		—		321.4
Equity securities	161.9		161.9		—			102.1		102.1		—
	$	1,889.0	$	421.0	$	1,468.0		$	1,398.6	$	372.8	$	1,025.8

Other Balance Sheet Details - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Balance Sheet Details [Abstract]
Sales rebates and reserves	$ 139.3	$ 131.9
Accrued employee related costs	86.2	72.8
Current branded prescription drug fee	45.7	27.5
Accrued development costs	44.3	39.1
Current income taxes payable	24.4	9.0
Accounts payable and other accrued liabilities	108.9	67.3
Total accounts payable and accrued liabilities	$ 448.8	$ 347.6

Goodwill and Intangible Assets - Intangible Assets Amortized Over Estimated Useful Lives (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Total intangible assets, net	$ 35.5	$ 37.2
Acquired IPR&D
Goodwill [Line Items]
Net Carrying Amount	$ 3.6
Developed product rights
Goodwill [Line Items]
Useful Life	10 years
Gross Carrying Amount	$ 35.9
Accumulated Amortization	4.0
Net Carrying Amount	$ 31.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Defined contribution plan, maximum employee contribution percentage	60.00%
Defined contribution plan, employer contribution amount	$ 12.5	$ 10.3	$ 8.1

Other Balance Sheet Details - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Balance Sheet Details [Abstract]
Cash and cash equivalents	$ 251.1	$ 262.9
Restricted cash	8.0	7.8
Total cash, cash equivalents and restricted cash	$ 259.1	$ 270.7	$ 344.0	$ 190.3

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 249.7	$ 154.5	$ 89.6
Adjustments to reconcile net income to net cash from operating activities:
Stock-based compensation expense	194.3	173.1	134.2
Depreciation	17.8	15.1	10.9
(Accretion) amortization of (discount) premium on investments, net	(18.3)	3.7	7.4
Amortization of debt discount	0.0	0.0	16.2
Amortization of debt issuance costs	0.7	1.2	1.1
Amortization of intangible assets	3.5	0.5	0.0
Changes in fair value of equity securities	(28.4)	(30.8)	(20.9)
Deferred income taxes	(56.7)	19.1	4.3
Loss on extinguishment of convertible senior notes	0.0	70.0	0.0
Other	(0.9)	0.4	(3.0)
Changes in operating assets and liabilities:
Accounts receivable	(89.3)	(162.2)	(28.4)
Inventory	5.4	(2.6)	(2.5)
Accounts payable and accrued liabilities	64.3	114.6	56.8
Other assets and liabilities, net	47.8	(17.2)	(9.2)
Cash flows from operating activities	389.9	339.4	256.5
Cash flows from investing activities:
Purchases of debt securities available-for-sale	(1,379.9)	(621.2)	(800.1)
Sales and maturities of debt securities available-for-sale	972.4	511.0	697.9
Acquisition of business, net of cash acquired	0.0	(42.7)	0.0
Purchases of equity securities	(31.3)	(7.7)	(4.6)
Capital expenditures	(28.3)	(16.5)	(23.4)
Cash flows from investing activities	(467.1)	(177.1)	(130.2)
Cash flows from financing activities:
Issuances of common stock under benefit plans	65.3	44.7	27.5
Repurchases of convertible senior notes	0.0	(279.0)	(0.1)
Cash flows from financing activities	65.3	(234.3)	27.4
Effect of exchange rate changes on cash and cash equivalents	0.3	(1.3)	0.0
Change in cash and cash equivalents and restricted cash	(11.6)	(73.3)	153.7
Cash, cash equivalents and restricted cash at beginning of period	270.7	344.0	190.3
Cash, cash equivalents and restricted cash at end of period	259.1	270.7	344.0
Supplemental Disclosure:
Non-cash capital expenditures	2.5	0.7	1.9
Right-of-use assets obtained in exchange for new operating lease liabilities	200.8	0.0	23.4
Cash paid for interest	3.8	6.6	8.6
Cash paid for income taxes	$ 51.5	$ 14.4	$ 5.1

Other Balance Sheet Details - Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 153.8	$ 124.9
Less accumulated depreciation	(83.0)	(66.3)
Total property and equipment, net	70.8	58.6
Tenant improvements
Property, Plant and Equipment [Line Items]
Property and equipment	38.1	37.9
Scientific equipment
Property, Plant and Equipment [Line Items]
Property and equipment	79.6	58.8
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment	25.2	21.5
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	$ 10.9	$ 6.7

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per share were calculated as follows:


	Year Ended December 31,
(in millions, except per share data)	2023		2022		2021
Net income - basic and diluted	$	249.7	$	154.5	$	89.6
Weighted-average common shares outstanding:
Basic	97.7		95.8		94.6
Effect of dilutive securities	3.3		3.1		3.3
Diluted	101.0		98.9		97.9
Earnings per share:
Basic	$	2.56	$	1.61	$	0.95
Diluted	$	2.47	$	1.56	$	0.92

Shares which have been excluded from diluted per share amounts because their effect would have been anti-dilutive were 4.7 million for 2023, 4.6 million for 2022 and 4.1 million for 2021.

Goodwill and Intangible Assets - Estimated Annual Amortization Expense for Finite-Lived Intangible Assets (Details) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Year ending December 31, 2024	$ 3.6
Year ending December 31, 2025	3.6
Year ending December 31, 2026	3.6
Year ending December 31, 2027	3.6
Year ending December 31, 2028	3.6
Thereafter	$ 13.9

Debt Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

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

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.


		December 31, 2023								December 31, 2022
(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	$	53.5	$	—	$	—	$	53.5	$	156.2	$	—	$	(0.2)	$	156.0
Corporate debt securities	0 to 1 years	382.1		0.1		(1.0)		381.2		296.2		—		(3.2)		293.0
Securities of government-sponsored entities	0 to 1 years	346.1		0.2		(0.5)		345.8		283.4		—		(6.0)		277.4
		$	781.7	$	0.3	$	(1.5)	$	780.5	$	735.8	$	—	$	(9.4)	$	726.4

Corporate debt securities	1 to 3 years	$	483.5	$	2.9	$	(0.4)	$	486.0	$	259.5	$	0.2	$	(4.3)	$	255.4
Securities of government-sponsored entities	1 to 3 years	201.1		0.5		(0.1)		201.5		45.0		—		(1.0)		44.0
		$	684.6	$	3.4	$	(0.5)	$	687.5	$	304.5	$	0.2	$	(5.3)	$	299.4

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

The following table presents debt securities available-for-sale that were in an unrealized loss position as of December 31, 2023, 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	$	265.1	$	(0.4)	$	183.8	$	(1.0)	$	448.9	$	(1.4)
Securities of government-sponsored entities	$	214.6	$	(0.2)	$	16.7	$	(0.4)	$	231.3	$	(0.6)

The following table presents debt securities available-for-sale that were in an unrealized loss position as of December 31, 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	$	32.1	$	(0.2)	$	—	$	—	$	32.1	$	(0.2)
Corporate debt securities	$	199.5	$	(1.9)	$	299.1	$	(5.6)	$	498.6	$	(7.5)
Securities of government-sponsored entities	$	107.7	$	(2.5)	$	198.4	$	(4.5)	$	306.1	$	(7.0)

Other Balance Sheet Details - Other Long-term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Balance Sheet Details [Abstract]
Noncurrent income taxes payable	$ 96.0	$ 19.8
Noncurrent branded prescription drug fee	10.3	9.9
Other long-term liabilities	$ 106.3	$ 29.7

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following table presents the changes in the carrying amount of goodwill. Goodwill is included in other assets in our consolidated balance sheets.


(in millions)	Amount
Balance as of December 31, 2021	$	—
Goodwill recognized in connection with business combination	5.2
Foreign currency translation adjustments	0.2
Balance as of December 31, 2022	5.4
Foreign currency translation adjustments	0.4
Balance as of December 31, 2023	$	5.8

The following table presents information relating to our recognized intangible assets as of December 31, 2023.


(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	35.9	$	4.0	$	31.9
Acquired IPR&D	Indefinite	$	3.6	$	—	3.6
Total intangible assets, net						$	35.5

The following table presents approximate future annual amortization expense for our finite-lived intangible assets as of December 31, 2023.


(in millions)	Amount
Year ending December 31, 2024	$	3.6
Year ending December 31, 2025	$	3.6
Year ending December 31, 2026	$	3.6
Year ending December 31, 2027	$	3.6
Year ending December 31, 2028	$	3.6
Thereafter	$	13.9

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Stock-Based Compensation

2020 Equity Incentive Plan. In May 2022, our stockholders approved an amendment of the 2020 Equity Incentive Plan (as so amended, the Amended 2020 Plan). The Amended 2020 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other awards. As of December 31, 2023, 10.5 million shares of common stock remain available for future grant under the Amended 2020 Plan.

Under the terms of the Amended 2020 Plan, the number of shares of common stock available for issuance will be: (i) reduced by (a) one share for each share issued pursuant to an appreciation award (as defined in the Amended 2020 Plan) granted under the Amended 2020 Plan and (b) 2.13 shares for each share issued pursuant to a full value award (as defined in the Amended 2020 Plan) granted under the Amended 2020 Plan on or after May 18, 2022; and (ii) increased by (a) one share for each share subject to an appreciation award that becomes available again for issuance under the terms of the Amended 2020 Plan and (b) 2.13 shares for each share subject to a full value award that becomes available again for issuance under the terms of the Amended 2020 Plan on or after May 18, 2022.

2011 Equity Incentive Plan. In May 2011, we adopted the 2011 Equity Incentive Plan (the 2011 Plan). The 2011 Plan was a stockholder-approved plan pursuant to which outstanding awards have been made, but from which no further awards can or will be made.

2018 Employee Stock Purchase Plan. In May 2021, our stockholders approved an amendment and restatement of the 2018 Employee Stock Purchase Plan (as so amended and restated, the Amended 2018 ESPP). As of December 31, 2023, 0.5 million shares of common stock remain available for future issuance under the Amended 2018 ESPP.

Stock-Based Compensation Expense. The effect of stock-based compensation expense on our consolidated statements of income and comprehensive income by line-item follows:


	Year Ended December 31,
(in millions)	2023		2022		2021
Selling, general and administrative expense	$	126.3	$	115.4	$	85.8
Research and development expense	68.0		57.7		48.4
Total stock-based compensation expense	$	194.3	$	173.1	$	134.2

Stock-based compensation expense by award-type follows:


	Year Ended December 31,
(in millions)	2023		2022		2021
Stock options	$	91.6	$	62.6	$	60.5
RSUs	93.4		86.4		62.5
PRSUs	4.6		20.1		7.6
ESPP	4.7		4.0		3.6
Total stock-based compensation expense	$	194.3	$	173.1	$	134.2

As of December 31, 2023, unrecognized stock-based compensation expense by award-type and the weighted-average period over which such expense is expected to be recognized, as applicable, was as follows:


(dollars in millions)	Unrecognized Expense		Weighted-Average Recognition Period
Stock options	$	94.1	2.3 years
RSUs	$	162.4	2.3 years
PRSUs	$	22.3

Stock Options. Typically, stock options have a 10-year term and vest over a three to four-year period. The exercise price of stock options granted is equal to the closing price of our common stock on the date of grant. We estimate the fair value of stock options using the Black-Scholes option-pricing model on the date of grant. The Black-Scholes option-pricing model incorporates various and highly sensitive assumptions including expected volatility, term and interest rates. The weighted-average grant-date fair values of stock options granted were $45.19 for 2023, $32.05 for 2022 and $45.02 for 2021.

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes option-pricing valuation model with the following weighted-average assumptions:


	Year Ended December 31,
	2023		2022		2021
Risk-free interest rate	3.9	%	1.8	%	0.6	%
Expected volatility of common stock	40.8	%	42.6	%	45.9	%
Dividend yield	0.0	%	0.0	%	0.0	%
Expected option term	5.5 years		5.0 years		5.2 years

The weighted-average valuation assumptions were determined as follows:

•The expected volatility of common stock is estimated based on the historical volatility of our common stock over the most recent period commensurate with the estimated expected term of our stock options.

•The expected option term is estimated based on historical experience as well as the status of the employee. For example, directors and officers have a longer expected option term than all other employees.

•The risk-free interest rate for periods within the contractual life of a stock option is based upon observed interest rates appropriate for the expected term of our employee stock options.

•We have not historically declared or paid dividends and do not intend to do so in the foreseeable future.

The following table presents summary of activity related to stock options.


(in millions, except weighted average data)	Number of Stock Options	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2022	9.0	$	79.10
Granted	1.9	$	103.66
Exercised	(0.8)	$	66.84
Canceled	(0.1)	$	98.29
Outstanding at December 31, 2023	10.0	$	84.46	6.2 years	$	467.8
Exercisable at December 31, 2023	6.8	$	78.75	5.2 years	$	361.3

The total intrinsic value of stock options exercised was $39.9 million for 2023, $39.7 million for 2022 and $58.0 million for 2021. Cash received from stock option exercises was $55.5 million for 2023, $37.0 million for 2022 and $20.7 million for 2021.

Restricted Stock Units. RSUs typically vest over a four-year period and may be subject to a deferred delivery arrangement at the election of eligible employees. The fair value of RSUs is based on the closing sale price of our common stock on the date of issuance. The total fair value of RSUs that vested was $101.0 million for 2023, $72.4 million for 2022 and $64.3 million for 2021.

The following table presents a summary of activity related to RSUs.


(in millions, except weighted average data)	Number of RSUs	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Unvested at December 31, 2022	2.3	$	92.61
Granted	1.1	$	103.54
Released	(0.9)	$	93.46
Canceled	(0.1)	$	95.62
Unvested at December 31, 2023	2.4	$	97.32	1.3 years	$	312.5

Performance-Based Restricted Stock Units. PRSUs vest based on the achievement of certain predefined Company-specific performance criteria. Any unvested PRSUs will expire if it is determined the related performance criteria has not been met during the applicable three to four-year performance period. The fair value of PRSUs is estimated based on the closing sale price of our common stock on the date of grant. The fair value of PRSUs that vested during 2023 was $34.4 million. No PRSUs vested during 2022 or 2021.

The following table presents a summary of activity related to PRSUs.


(in millions, except weighted average data)	Number of PRSUs	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Unvested at December 31, 2022	0.5	$	101.00
Granted	0.3	$	97.22
Released	(0.3)	$	98.43
Canceled	(0.2)	$	115.60
Unvested at December 31, 2023	0.3	$	89.23	1.7 years	$	33.0

Employee Stock Purchase Plan. Under the Amended 2018 ESPP, eligible employees may purchase shares of our common stock at a discount semi-annually based on a percentage of their annual compensation. The discounted purchase price is equal to the lower of 85% of (i) the market value per share of the common stock on the first day of the offering period or (ii) the market value per share of common stock on the purchase date.

Convertible Senior Notes - Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Coupon interest	$ 3.9	$ 5.9	$ 8.5
Amortization of debt discount and issuance costs	0.7	1.2	17.3
Interest Expense, Total	$ 4.6	$ 7.1	$ 25.8

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Collaboration and License Agreements - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) geneTherapyProgram $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 non-clinicalStageCompound	Dec. 31, 2019 USD ($) preclinicalCandidate undisclosedProgram $ / shares shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development	$ 143.9	$ 0.0	$ 105.3
Unrealized gain (loss) included in earnings	28.4	30.8	20.9
Equity securities	161.9	102.1
Inventory reserves	5.2	0.0
Revenues	$ 1,887.1	1,488.7	1,133.5
Collaborative Arrangement \| Common Stock [Member] \| Voyager
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Beneficial ownership (as a percent)	19.90%
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
Agreement termination, minimal contractual time (in days)			180 days
Agreement termination, contractual time threshold (in days)			90 days
Agreement termination by counterparty, contractual time threshold (in days)			365 days
Agreement termination by counterparty, minimal contractual time (in days)			120 days
Collaborative Arrangement \| Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development		5.0
Potential milestone payments	1,900.0
Agreement termination, minimal contractual time (in days)				6 months
Agreement termination, contractual time threshold (in days)				12 months
Number of non-clinical stage compounds \| non-clinicalStageCompound				4
Collaborative Arrangement \| Idorsia
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	1,700.0
Agreement termination, minimal contractual time (in days)				90 days
Agreement termination, due to material breach (in days)				90 days
Collaborative Arrangement \| Xenon
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development		$ 7.3	$ 5.4
Potential milestone payments	1,700.0
Agreement termination, contractual time threshold (in days)					90 days
Number of preclinical candidates \| preclinicalCandidate					3
Share price (in USD per share) \| $ / shares		$ 31.855	$ 19.9755		$ 14.196
Equity securities purchase date fair value amount			$ 4.6		$ 14.1
Milestone payment		$ 15.0	$ 10.0
Equity securities cost		$ 7.7
Collaborative Arrangement \| Xenon \| Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares) \| shares		0.3	0.3		1.4
Collaborative Arrangement \| Voyager
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Unrealized gain (loss) included in earnings	15.5	$ 14.5	$ (8.7)
Equity securities	72.4
Collaborative Arrangement \| 2019 Voyager Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	$ 1,300.0
Agreement termination, minimal contractual time (in days)					180 days
Agreement termination, contractual time threshold (in days)					1 year
Share price (in USD per share) \| $ / shares					$ 11.9625
Equity securities purchase date fair value amount					$ 54.7
Number of undisclosed programs \| undisclosedProgram					2
Voting restriction period (in years)	3 years
Collaborative Arrangement \| 2019 Voyager Agreement \| Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares) \| shares					4.2
Collaborative Arrangement \| 2023 Voyager Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development	$ 143.9
Potential milestone payments	$ 6,100.0
Agreement termination, minimal contractual time (in days)	180 days
Agreement termination, contractual time threshold (in days)	1 year
Share price (in USD per share) \| $ / shares	$ 8.88
Equity securities cost	$ 31.3
Voting restriction period (in years)	3 years
Number of gene therapy programs \| geneTherapyProgram	3
Upfront payments made	$ 175.0
Board of directors maximum duration term (in years)	10 years
Collaborative Arrangement \| 2023 Voyager Agreement \| Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares) \| shares	4.4
Collaborative Arrangement \| BIAL – Portela & Ca, S.A.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Inventory reserves	$ 5.2
Collaborative Arrangement \| MTPC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement termination, contractual time threshold (in days)	180 days
Revenues		20.0
Potential milestone payment receipts	$ 30.0
Collaborative Arrangement \| MTPC \| Patents \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Patent term (in years)	10 years
Collaborative Arrangement \| AbbVie Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement termination, contractual time threshold (in days)	180 days
Potential milestone payment receipts	$ 366.0
Collaborative Arrangement \| AbbVie Inc. \| Royalty
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	$ 16.7	$ 21.2	$ 22.3
Collaborative Arrangement \| AbbVie Inc. \| Patents \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Patent term (in years)	10 years

Retirement Plan	12 Months Ended
Retirement Plan	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Plan	Retirement Plan We have a 401(k) defined contribution savings plan for the benefit of all qualifying employees and permits voluntary contributions by employees up to 60% of base salary limited by the IRS-imposed maximum. Employer contributions were $12.5 million for 2023, $10.3 million for 2022 and $8.1 million for 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Collaboration and License Agreements	12 Months Ended
Collaboration and License Agreements	Dec. 31, 2023
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, for which 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 2 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 as the license had no foreseeable alternative future use. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. In connection with the FDA's acceptance of our investigational new drug application for NBI-1117568 for the treatment of schizophrenia in June 2022, we paid Heptares a milestone of $30.0 million, which was expensed as R&D in 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 four 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 2 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 3 clinical trial for such compound. In connection with the approval of our clinical trial application for NBI-1070770 for the treatment of major depressive disorder in 2022, we paid Takeda a milestone of $5.0 million, which was expensed as R&D in 2022. 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 U.S., Japan, the European Union (EU) and the United Kingdom (UK) (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. 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 purchased approximately 1.4 million shares (at $14.196 per share) of Xenon common stock in 2019. The purchased shares were recorded at a fair value of $14.1 million after considering Xenon’s stock price and certain transfer restrictions that were applicable to the shares on the measurement date. In connection with the regulatory approval of our clinical trial application in Europe for NBI-921352 for the treatment of focal onset seizures in adults in 2021, we paid Xenon a regulatory milestone of $10.0 million, including a purchase of approximately 0.3 million shares (at $19.9755 per share) of Xenon common stock. The purchased shares were recorded at a fair value of $4.6 million after considering Xenon’s stock price and certain transfer restrictions that were applicable to the shares on the measurement date. 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 2022, we paid Xenon a regulatory milestone of $15.0 million, including a purchase of approximately 0.3 million shares (at $31.855 per share) of Xenon common stock. 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 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 U.S. 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 U.S. 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. 2019 Voyager Agreement. In 2019, we entered into a collaboration and license agreement with Voyager (the 2019 Voyager Agreement), pursuant to which we retain certain rights to develop and commercialize the Friedreich’s ataxia program and two undisclosed programs. We are responsible for all development and commercialization costs of any collaboration product under the 2019 Voyager Agreement, subject to certain co-development and co-commercialization rights retained by Voyager. In connection with the 2019 Voyager Agreement, we purchased approximately 4.2 million shares (at $11.9625 per share) of Voyager common stock (the 2019 Purchased Shares), which are subject to certain transfer, beneficial ownership, and voting restrictions for a period of up to three years from the effective date of the 2023 Voyager Agreement (defined below). The 2019 Purchased Shares were recorded at a fair value of $54.7 million after considering Voyager’s stock price and certain transfer restrictions that were applicable to the shares on the measurement date. Under the terms of the 2019 Voyager 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, subject to certain co-development and co-commercialization rights retained by Voyager. Unless terminated earlier, the 2019 Voyager Agreement will continue in effect until the expiration of the last to expire royalty term with respect to any collaboration product under the agreement or the last expiration or termination of any exercised co-development and co-commercialization rights by Voyager as provided for in the 2019 Voyager Agreement. We may terminate the 2019 Voyager Agreement upon 180 days’ written notice to Voyager prior to the first commercial sale of any collaboration product under the 2019 Voyager Agreement or upon one year after the date of notice if such notice is provided after the first commercial sale of any collaboration product under the 2019 Voyager Agreement. 2023 Voyager Agreement. In 2023, we entered into a collaboration and license agreement with Voyager (the 2023 Voyager Agreement), pursuant to which we acquired the global rights to the gene therapy products directed to the gene that encodes glucosylceramidase beta 1 (GBA1) for the treatment of Parkinson's disease and other diseases associated with GBA1 (the GBA1 Program), and three gene therapy programs directed to rare central nervous system (CNS) targets, each enabled by Voyager's next-generation TRACERTM capsids. With respect to collaboration products subject to the GBA1 Program, we are responsible for all development and commercialization costs of any such products, including in the U.S., where Voyager retains certain co-development and co-commercialization rights. Voyager may elect to exercise such rights, pursuant to which we and Voyager would equally share in the operating profits and losses of such products in the U.S. (in lieu of Voyager being entitled to receive potential future payments of certain event-based milestones upon their achievement in the U.S. and receive royalties on the future net sales of such products in the U.S.), following Voyager’s receipt of the top-line data from a first Phase 1 clinical trial for each such product. Irrespective of Voyager’s election to exercise such rights, Voyager may be entitled to receive potential future payments upon the achievement of certain event-based milestones outside the U.S. and would be entitled to receive royalties on the future net sales of any such product outside the U.S. With respect to collaboration products subject to the three gene therapy programs directed to rare CNS targets, we are responsible for all development and commercialization costs for any such products. In connection with the 2023 Voyager Agreement, we paid Voyager $175.0 million upfront, including a purchase of approximately 4.4 million shares (at $8.88 per share) of Voyager common stock (the 2023 Purchased Shares), which are subject to certain transfer, beneficial ownership, and voting restrictions for a period of up to three years from the effective date of the 2023 Voyager Agreement. In addition, as part of the collaboration, Jude Onyia, Ph.D., Chief Scientific Officer of Neurocrine, was appointed to Voyager's board of directors with an initial term expiring in 2024. Mr. Onyia (or another individual designated by us) will be nominated for election to Voyager's board of directors annually for a maximum duration of 10 years from the effective date of the 2023 Voyager Agreement. As a result, our strategic investment in Voyager became subject to the equity method of accounting, and Voyager became a related party under ASC 850, following our purchase of the 2023 Purchased Shares, after which, together with the 2019 Purchased Shares, we owned approximately 19.9% of the voting stock of Voyager. We elected the fair value option to account for our strategic investment in Voyager as we believe it creates greater transparency regarding the investment's fair value at future reporting dates. The 2023 Purchased Shares were recorded at a fair value of $31.3 million after considering Voyager’s stock price on the measurement date. The remaining $143.9 million of the purchase price, which includes certain transaction-related costs, was expensed as IPR&D in 2023 as the license had no foreseeable alternative future use. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. We recognized unrealized gains of $15.5 million for 2023 and $14.5 million for 2022 and an unrealized loss of $8.7 million for 2021 on our strategic investment in Voyager. As of December 31, 2023, the fair value (Level 1) of our strategic investment in Voyager was $72.4 million. Under the terms of the 2023 Voyager Agreement, Voyager may be entitled to receive potential future payments of up to $6.1 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, subject to certain co-development and co-commercialization rights retained by Voyager. Unless terminated earlier, the 2023 Voyager Agreement will continue in effect until the expiration of the last to expire royalty term with respect to any collaboration product under the 2023 Voyager Agreement or the last expiration or termination of any exercised co-development and co-commercialization rights by Voyager as provided for in the 2023 Voyager Agreement. We may terminate the 2023 Voyager Agreement upon 180 days’ written notice to Voyager prior to the first commercial sale of any collaboration product under the 2023 Voyager Agreement or upon one year after the date of notice if such notice is provided after the first commercial sale of any collaboration product under the 2023 Voyager Agreement. BIAL – Portela & Ca, S.A., or BIAL. In 2017, we received from BIAL a license to commercialize and market ONGENTYS® (opicapone) in the U.S. and Canada. We launched ONGENTYS in the U.S. as an FDA-approved add-on treatment to levodopa/carbidopa in patients with Parkinson's disease experiencing motor fluctuations in 2020. In 2023, we provided BIAL with written notice of termination of the license agreement to commercialize and market ONGENTYS in the U.S. and Canada, and recognized reserves for ONGENTYS inventory obsolescence totaling $5.2 million in cost of revenues in connection with the termination, which became effective in December 2023, as management determined the cost cannot be recovered. 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 2020, we entered into a commercial supply agreement with MTPC, pursuant to which we supply MTPC with valbenazine drug product for commercial use in such markets. MTPC is responsible for all development, manufacturing, and commercialization costs of valbenazine in such markets. MTPC launched DYSVAL® (valbenazine) in Japan for the treatment of tardive dyskinesia in June 2022 and subsequently in other select Asian markets, where it is marketed as REMLEAS® (valbenazine). We receive royalties at tiered percentage rates on MTPC net sales of valbenazine. In connection with MTPC's first commercial sale of DYSVAL in Japan, we received a milestone payment of $20.0 million in 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 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. AbbVie launched ORILISSA® (elagolix tablets) in the U.S. for the treatment of moderate to severe pain associated with endometriosis in August 2018 and ORIAHNN® (elagolix, estradiol and norethindrone acetate capsules and elagolix capsules) in the U.S. for the treatment of heavy menstrual bleeding due to uterine fibroids in June 2020. We receive royalties at tiered percentage rates on AbbVie net sales of elagolix and recognized elagolix royalty revenue of $16.7 million for 2023, $21.2 million for 2022 and $22.3 million for 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.

Leases - Supplemental Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Line Items]
Operating lease cost	$ 17.1	$ 16.3	$ 15.3
Sublease income	(0.7)	0.0	0.0
Net operating lease cost	16.4	16.3	15.3
Cash paid for amounts included in the measurement of operating lease liabilities	$ 17.9	$ 16.9	$ 12.6
Weighted average remaining lease term	10 years 9 months 18 days	7 years 10 months 24 days
Weighted average discount rate	5.10%	5.30%
Restricted cash	$ 8.0	$ 7.8
Letter of Credit
Leases [Line Items]
Restricted cash	$ 7.8	$ 7.8

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization and Business	Organization and Business. Neurocrine Biosciences, Inc. and its subsidiaries (Neurocrine Biosciences, the Company, we, our or us) is a neuroscience-focused biopharmaceutical company focused on discovering, developing and delivering innovative therapies to help ease the burden of debilitating disorders and diseases. We operate in a single business segment, which includes all activities related to the research, development and commercialization of pharmaceuticals for the treatment of neurological, neuroendocrine and neuropsychiatric disorders and reflects the way in which internally-reported financial information is regularly reviewed by our chief operating decision maker to analyze performance, make decisions and allocate resources.
Principles of Consolidation	Principles of Consolidation. The consolidated financial statements include the accounts of Neurocrine Biosciences as well as our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents. We consider all highly liquid investments that are readily convertible into cash without penalty and have an original maturity of three months or less at the time of purchase to be cash equivalents.
Accounts Receivable	Accounts Receivable. Accounts receivable are recorded net of customer allowances for prompt payment discounts, chargebacks, and any allowance for credit losses. Our estimate for the allowance for credit losses, which has not been significant to date, is determined based on existing contractual payment terms, actual payment patterns of our customers, and individual customer circumstances. Our exposure to credit losses may increase if our customers are adversely affected by changes in healthcare laws, coverage and reimbursement, economic pressures or uncertainty associated with local or global economic recessions, or other customer-specific factors.
Inventory	Inventory. Inventory is valued at the lower of cost or net realizable value. We determine the cost of inventory using the standard-cost method, which approximates actual cost based on the first-in, first-out method. We perform an assessment of the recoverability of our inventory on a quarterly basis and write down any excess and obsolete inventory to its net realizable value in the period in which the impairment is first identified. When future commercialization is considered probable and the future economic benefit is expected to be realized, based on management’s judgment, we capitalize pre-launch inventory costs prior to regulatory approval.
Debt Securities	Debt Securities. Debt securities consist of investments in certificates of deposit, corporate debt securities and securities of government-sponsored entities. We classify debt securities as available-for-sale. Debt securities available-for-sale are recorded at fair value, with unrealized gains and losses included in other comprehensive income or loss, net of tax. We exclude accrued interest from both the fair value and amortized cost basis of debt securities. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a debt security placed on nonaccrual status is reversed against interest income. Interest income includes amortization of purchase premium or discount. Premiums and discounts on debt securities are amortized using the effective interest rate method. Gains and losses on sales of debt securities are recorded on the trade date in investment income and other, net, and determined using the specific identification method.
Allowance for Credit Losses	Allowance for Credit Losses. For debt securities available-for-sale in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For debt securities available-for-sale that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes in interest rates, and any changes to the rating of the security by a rating agency, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income or loss, as applicable. Accrued interest receivables on debt securities available-for-sale were $11.2 million and $4.7 million, respectively, as of December 31, 2023 and 2022. 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 2023, 2022 or 2021.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. We record cash equivalents, debt securities available-for-sale and equity security investments at fair value based on a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). 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. Investments in debt securities available-for-sale are classified as Level 2 and carried at fair value. We estimate the fair value of debt securities available-for-sale by utilizing third-party pricing services. These pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. Such inputs include market pricing based on real-time trade data for similar instruments, issuer credit spreads, benchmark yields, broker/dealer quotes and other observable inputs. We validate valuations obtained from third-party pricing services by understanding the models used, obtaining market values from other pricing sources and analyzing data in certain instances. We deem transfers between levels of the fair value hierarchy to have occurred at the end of the reporting period during which the event or change in circumstances that caused the transfer occurred. Equity Investments. We account for certain equity investments subject to the equity method of accounting, or through which we have the ability to exercise significant influence (but not control) over the operating and financial policies of an investee, under the fair value option. In assessing whether we exercise significant influence, we consider the nature and magnitude of such an investment, the voting and protective rights we hold, any participation in the governance of the investee and other relevant factors, such as the presence of a collaborative or other business relationship. Such investments in publicly traded companies are currently classified within Level 1 of the fair value hierarchy and carried at fair value, with any changes in the fair value of such investments recognized in earnings.
Property and Equipment	Property and Equipment. Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets using the straight-line method. Equipment is depreciated over an average estimated useful life of 3 to 7 years. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the remaining lease term. Depreciation expense was $17.8 million for 2023, $15.1 million for 2022 and $10.9 million for 2021.
Business Combinations and Asset Acquisitions	Business Combinations. Under the acquisition method of accounting, we allocate the fair value of the total consideration transferred to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. These valuations require us to make estimates and assumptions, especially with respect to intangible assets. We record the excess consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, as goodwill. In addition, costs that we incur to complete the business combination, such as legal and other professional fees, are expensed as selling, general and administrative when incurred. Asset Acquisitions. We account for acquisitions of assets (or groups of assets) that do not meet the definition of a business using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets (or group of assets) acquired on the basis of their relative fair value(s) on the measurement date. No goodwill is recognized in an asset acquisition. Intangible assets acquired in an asset acquisition for use in R&D activities which have no alternative future use are expensed as IPR&D on the acquisition date. Future costs to develop these assets are expensed as R&D when incurred.
Goodwill, Intangible Assets and Other Long-Lived Assets	Goodwill, Intangible Assets and Other Long-Lived Assets. Assets acquired, including intangible assets and in-process research and development (IPR&D) and liabilities assumed are measured at fair value as of the acquisition date. Goodwill, which has an indefinite useful life, represents the excess of cost over fair value of the net assets acquired. Intangible assets acquired in a business combination that are used for IPR&D activities are considered indefinite lived until the completion or abandonment of the associated research and development efforts. Upon reaching the end of the relevant research and development project (i.e., upon commercialization), the IPR&D asset is amortized over its estimated useful life. If the relevant research and development project is abandoned, the IPR&D asset is expensed in the period of abandonment. Goodwill and IPR&D are not amortized; however, they are reviewed for impairment at least annually, as of October 1, and more frequently if an event occurs indicating the potential for impairment. Goodwill and IPR&D are considered to be impaired if the carrying value of the reporting unit or IPR&D asset exceeds its respective fair value. We perform our goodwill impairment analysis at the reporting unit level, which aligns with our reporting structure and availability of discrete financial information. During the goodwill impairment review, we assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount, including goodwill. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations, and our overall financial performance. If, after assessing the totality of these qualitative factors, we determine that it is not more likely than not that the fair value of the reporting unit is less than the carrying amount, then no additional assessment is deemed necessary. Otherwise, we proceed to compare the estimated fair value of the reporting unit with the carrying value, including goodwill. If the carrying amount of the reporting unit exceed the fair value, we record an impairment loss based on the difference. We may elect to bypass the qualitative assessment in a period and proceed to perform the quantitative goodwill impairment test. Our identifiable intangible assets with a finite life are typically comprised of acquired product rights. The cost of identifiable intangible assets with finite lives is generally amortized on a straight-line basis over the assets’ respective estimated useful lives. We perform regular reviews to determine if any event has occurred that may indicate that intangible assets with finite useful lives and other long-lived assets are potentially impaired. If indicators of impairment exist, an impairment test is performed to assess the recoverability of the affected assets by determining whether the carrying amount of such assets exceeds the undiscounted expected future cash flows. If the affected assets are not recoverable, we estimate the fair value of the assets and record an impairment loss if the carrying value of the assets exceeds the fair value. Factors that may indicate potential impairment include a significant decline in our stock price and market capitalization compared to the net book value, significant changes in the ability of a particular asset to generate positive cash flows for our strategic business objectives, and the pattern of utilization of a particular asset.
Leases	Leases. We determine if an arrangement is a lease at contract inception. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. When determining the lease term, we include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. As none of our operating leases provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate is determined using a secured borrowing rate for the same currency and term as the associated lease. The lease payments used to determine our ROU assets may include prepaid or accrued lease payments and any lease incentives received and are recognized in ROU assets in our consolidated balance sheets. Our lease agreements may include both lease and non-lease components, which we account for as a single lease component when the payments are fixed. Variable payments included in lease agreements are expensed as incurred. Our operating leases are reflected in ROU assets, noncurrent operating lease liabilities, and other current liabilities in our consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
Foreign currency	Foreign currency. Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the consolidated balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the period, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated other comprehensive income (loss) in the accompanying consolidated statements of stockholders’ equity.
Revenue Recognition	Revenue Recognition. We recognize revenue when the customer obtains control of promised goods or services in an amount that reflects the consideration which we expect to receive in exchange for such goods or services. Revenue is recognized using a five-step model: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Net Product Sales. In the U.S., we sell INGREZZA® (valbenazine) primarily to specialty pharmacy providers and distributors. We recognize net product sales when the customer obtains control of our product, which occurs at a point in time, typically upon delivery of our product to the customer. Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers, payors, and other third parties. Such estimates are based on information received from external sources (such as written or oral information obtained from our customers with respect to their period-end inventory levels and sales to end-users during the reporting period), as supplemented by management’s judgement. Our process for estimating reserves established for these variable consideration components does not differ materially from historical practices. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts may ultimately differ from our estimates. If actual results vary, we adjust these estimates, which could have an effect on earnings in the period of adjustment. Our significant categories of sales discounts and allowances are as follows: Product Discounts. Product discounts are based on payment terms extended to our customers at the time of sale, which include incentives offered for prompt payment. We maintain a reserve for product discounts based on our historical experience, including the timing of customer payments. To date, actual product discounts have not differed materially from our estimates. Government Rebates. We are obligated to pay rebates for discounts including under the Medicaid Drug Rebate Program and Medicare Part D. The liability for such rebates consists of invoices received for claims from prior quarters that remain unpaid, or for which an invoice has not been received, and estimated rebates for the current applicable reporting period. Such estimates are based on actual historical rebates by state, estimated payor mix, state and federal regulations, and relevant contractual terms, as supplemented by management’s judgement. Our rebate accrual calculations require us to project the magnitude of our sales that will be subject to these rebates. There is a significant time-lag in our receiving rebate notices from each state (generally, several months or longer after a sale is recognized). Estimated rebates are recorded as a reduction of revenue in the period the related sale is recognized. To date, actual government rebates have not differed materially from our estimates. Chargebacks. The difference between the list price, or the price at which we sell our products to our customers, and the contracted price, or the price at which our customers sell our products to qualified healthcare professionals, is charged back to us by our customers. In addition to actual chargebacks received, we maintain a reserve for chargebacks based on estimated contractual discounts on product inventory levels on-hand in our distribution channel. To date, actual chargebacks have not differed materially from our estimates. Payor and Pharmacy Rebates. We are obligated to pay rebates as a percentage of sales under payor and pharmacy contracts. We estimate these rebates based on actual historical rebates, contractual rebate percentages, sales made through the payor channel, and purchases made by pharmacies. To date, actual payor and pharmacy rebates have not differed materially from our estimates. Patient Financial Assistance. To help patients afford our products, we offer financial assistance to qualified patients with prescription drug copay requirements. We accrue for patient financial assistance based on estimated claims and the cost per claim we expect to receive in connection with inventory that remains in the distribution channel at period end. To date, actual patient financial assistance has not differed materially from our estimates. Distributor and Other Fees. In connection with the sales of our products, we pay distributor and other fees, which are generally recorded as a reduction of revenue, to certain customers that provide us with inventory management, data, and/or distribution services. Costs associated with such services are expensed as selling, general and administrative to the extent we can demonstrate a separable benefit and fair value for such services. To date, actual distributor and other fees have not differed materially from our estimates. Product Returns. We offer our customers product return rights primarily limited to errors in shipment, damaged product, and expiring product, provided it is within a specified period of the product expiration date, as set forth in the associated distribution agreement. Where actual returns history is not available, we estimate a returns allowance based on benchmarking data for similar products and industry experience. Such estimates are recorded as a reduction of revenue in the period the related sale is recognized. Once product is returned, it is destroyed. To date, actual product returns have not differed materially from our estimates. Collaboration Revenues. We have entered into collaboration and license agreements under which we out-license certain rights to our product candidates to third parties. The terms of these arrangements typically include payment to us for one or more of the following: non-refundable, up-front license fees; development, regulatory, and/or commercial milestone payments; and royalties on net sales of the out-licensed products. Licenses of Intellectual Property. If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use, and benefit from, the license. For licenses that are bundled with other promises, we assess the nature of the combined performance obligation to determine whether it is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Milestones. At the inception of each arrangement that includes development, regulatory, and/or commercial milestones, we evaluate whether achieving the milestones is considered probable and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone is included in the transaction price. Amounts for milestones that are not within our control, such as when achievement of a specified event is dependent on the development activities of a third party or approvals from regulators, are not considered probable of being achieved until such specified event occurs. Revenue is recognized from the satisfaction of performance obligations in the amount billable to the customer. Royalties. For arrangements that include sales-based royalties, and under which the license is deemed to be the predominant item to which the royalties relate, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Each quarterly period, sales-based royalties are recorded based on estimated quarterly net sales of the associated collaboration products. Differences between actual results and estimated amounts are adjusted for in the period in which they become known, which typically follows the quarterly period in which the estimate was made. To date, actual royalties received have not differed materially from our estimates.
Concentration of Credit Risk	Concentration of Credit Risk. Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, accounts receivable and debt securities available-for-sale. We have established guidelines to limit our exposure to credit risk by diversifying our investment portfolio with low-risk investment-grade debt securities with maturities of up to three years and by placing our investments with high-credit-quality financial institutions to maintain liquidity. To date, we have not experienced any credit losses and do not believe we are exposed to any significant credit risk in connection with these financial instruments. We have entered into agreements for the distribution of INGREZZA with a limited number of specialty pharmacy providers and distributors and all of our product sales of INGREZZA are to these customers. Four of these customers represented approximately 91% of our total product sales for 2023 and approximately 98% of our accounts receivable balance as of December 31, 2023.
Cost of Revenues	Cost of Revenues. Cost of revenues includes third-party manufacturing, transportation, freight, and indirect overhead costs primarily for the manufacture and distribution of INGREZZA drug product sold, manufacturing costs in connection with our supply of valbenazine drug product under our collaboration with Mitsubishi Tanabe Pharma Corporation, royalty fees on net sales of elagolix, amortization of intangible assets, and adjustments for excess and obsolete inventory to the extent management determines that the cost cannot be recovered based on estimates about future demand.
Research and Development, or R&D	Research and Development, or R&D. R&D expenses primarily consist of preclinical and clinical trial costs, payroll and benefits costs, including stock-based compensation associated with employees involved in R&D activities, certain facility-based costs, and costs associated with our collaborative arrangements, including event-based milestones. All such costs are expensed as R&D when incurred.
Advertising Expense	Advertising Expense. Advertising costs are expensed as selling, general and administrative when incurred. Advertising expense was $159.9 million for 2023, $149.7 million for 2022 and $139.8 million for 2021.
Stock-Based Compensation	Stock-Based Compensation. We grant stock options to purchase our common stock to eligible employees and directors and also grant certain employees restricted stock units (RSUs) and performance-based restricted stock units (PRSUs). Additionally, we allow employees to participate in an employee stock purchase plan (ESPP). We estimate the fair value of stock options and shares to be issued under the ESPP using the Black-Scholes option-pricing model on the date of grant. RSUs are valued based on the closing price of our common stock on the date of grant. The fair value of equity instruments expected to vest is recognized and amortized on a straight-line basis over the requisite service period of the award, which is generally three to four years; however, certain provisions in our equity compensation plans provide for shorter vesting periods under certain circumstances. The fair value of shares to be issued under the ESPP is recognized and amortized on a straight-line basis over the purchase period, which is generally six months. PRSUs vest upon the achievement of certain predefined company-specific performance-based criteria. Expense related to PRSUs is generally recognized ratably over the expected performance period once the predefined performance-based criteria for vesting becomes probable.
Income Taxes	Income Taxes. Our income tax provision is computed under the asset and liability method. Significant estimates are required in determining our income tax provision. Some of these estimates are based on interpretations of existing tax laws or regulations. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (temporary differences) at enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax assets, including net operating losses and tax credits, will not be realized. We periodically re-assess the need for a valuation allowance against our deferred tax assets based on various factors including our historical earnings experience by taxing jurisdiction, and forecasts of future operating results and utilization of net operating losses and tax credits prior to their expiration. Significant judgment is required in making this assessment and, to the extent that a reversal of any portion of our valuation allowance against our deferred tax assets is deemed appropriate, a tax benefit will be recognized against our income tax provision in the period of such reversal. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the tax authorities based on the technical merits of the position. An adverse resolution of one or more of these uncertain tax positions in any period could have a material impact on the results of operations for that period.
Earnings Per Share	Earnings Per Share. Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed using the treasury stock and if-converted methods and reflect the weighted average number of common and potentially dilutive shares outstanding during the period, excluding those which effect would be anti-dilutive. In 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 2.25% fixed-rate convertible senior notes due May 15, 2024 in cash upon conversion and to settle any conversion premium in either cash or shares of our common stock. As a result, only the shares required to settle any conversion premium are considered dilutive under the if-converted method. Further, PRSUs for which the performance condition has not been achieved are excluded from the calculation of diluted earnings per share.

Debt Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Debt Securities


		December 31, 2023								December 31, 2022
(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	$	53.5	$	—	$	—	$	53.5	$	156.2	$	—	$	(0.2)	$	156.0
Corporate debt securities	0 to 1 years	382.1		0.1		(1.0)		381.2		296.2		—		(3.2)		293.0
Securities of government-sponsored entities	0 to 1 years	346.1		0.2		(0.5)		345.8		283.4		—		(6.0)		277.4
		$	781.7	$	0.3	$	(1.5)	$	780.5	$	735.8	$	—	$	(9.4)	$	726.4

Corporate debt securities	1 to 3 years	$	483.5	$	2.9	$	(0.4)	$	486.0	$	259.5	$	0.2	$	(4.3)	$	255.4
Securities of government-sponsored entities	1 to 3 years	201.1		0.5		(0.1)		201.5		45.0		—		(1.0)		44.0
		$	684.6	$	3.4	$	(0.5)	$	687.5	$	304.5	$	0.2	$	(5.3)	$	299.4

Unrealized losses on our available-for-sale debt security investments were primarily due to changes in interest rates. These investments are of high credit quality, and 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 December 31, 2023 or 2022.


	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	$	265.1	$	(0.4)	$	183.8	$	(1.0)	$	448.9	$	(1.4)
Securities of government-sponsored entities	$	214.6	$	(0.2)	$	16.7	$	(0.4)	$	231.3	$	(0.6)


	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	$	32.1	$	(0.2)	$	—	$	—	$	32.1	$	(0.2)
Corporate debt securities	$	199.5	$	(1.9)	$	299.1	$	(5.6)	$	498.6	$	(7.5)
Securities of government-sponsored entities	$	107.7	$	(2.5)	$	198.4	$	(4.5)	$	306.1	$	(7.0)

Insider Trading Arrangements - shares

3 Months Ended

12 Months Ended

Dec. 31, 2023

Mar. 31, 2022

Dec. 31, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the period from October 1, 2023, to December 31, 2023, our executive officers and directors adopted or terminated contracts, instructions or written plans for the purchase or sale of our securities as noted below:

Name and Title

Action

Date

Trading Arrangement

Total Shares Authorized
to be Sold

Expiration
Date

Rule 10b5-1*

Non-Rule 10b5-1**

George Morrow

Adopt

12/14/2023

40,000

11/15/2024

(Director)

Eric Benevich

Terminate (1)

11/30/2023

131,341

12/31/2023

(Chief Commercial Officer)

Adopt

11/29/2023

169,818

11/27/2024

Ingrid Delaet

Adopt

11/29/2023

30,000

9/7/2025

(Chief Regulatory Officer)

Leslie Norwalk

Adopt

11/28/2023

9,106

11/28/2024

(Director)

Shalini Sharp

Adopt

11/27/2023

1,106

5/31/2024

(Director)

Richard Pops

Adopt

11/21/2023

42,100

11/30/2024

(Director)

______________

* Intended to satisfy the affirmative defense of Rule 10b5-1(c)

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

(1) On November 30, 2023, Eric Benevich, Chief Commercial Officer, terminated a trading arrangement that was intended to satisfy the affirmative defense of Rule 10b5-1 (the “Benevich 10b5-1 Plan”). The Benevich 10b5-1 Plan was entered into on February 23, 2022, with an expiration date of December 31, 2023.

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

George Morrow [Member]

Trading Arrangements, by Individual

Name

George Morrow

Title

(Director)

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

12/14/2023

Arrangement Duration

337 days

Aggregate Available

40,000

Eric Benevich [Member]

Trading Arrangements, by Individual

Name

Eric Benevich

Title

(Chief Commercial Officer)

Arrangement Duration

364 days

Ingrid Delaet [Member]

Trading Arrangements, by Individual

Name

Ingrid Delaet

Title

(Chief Regulatory Officer)

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

11/29/2023

Arrangement Duration

648 days

Aggregate Available

30,000

Leslie Norwalk [Member]

Trading Arrangements, by Individual

Name

Leslie Norwalk

Title

(Director)

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

11/28/2023

Arrangement Duration

366 days

Aggregate Available

9,106

Shalini Sharp [Member]

Trading Arrangements, by Individual

Name

Shalini Sharp

Title

(Director)

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

11/27/2023

Arrangement Duration

186 days

Aggregate Available

1,106

Richard Pops [Member]

Trading Arrangements, by Individual

Name

Richard Pops

Title

(Director)

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

11/21/2023

Arrangement Duration

375 days

Aggregate Available

42,100

Eric Benevich 2023 Plan [Member] | Eric Benevich [Member]

Trading Arrangements, by Individual

Adoption Date

February 23, 2022

Rule 10b5-1 Arrangement Terminated

true

Termination Date

11/30/2023

Aggregate Available

131,341

Eric Benevich 2024 Plan [Member] | Eric Benevich [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

11/29/2023

Aggregate Available

169,818

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before the Provision for Income Taxes from Continuing Domestic and Foreign Operations

The following table presents income from continuing operations before provision for income taxes for domestic and international operations.


	Year Ended December 31,
(in millions)	2023		2022		2021
U.S.	$	409.2	$	218.0	$	101.4
Foreign	(77.1)		(4.1)		—
Income before provision for income taxes	$	332.1	$	213.9	$	101.4

Components of the Provision for Income Tax Expense (Benefit) for Continuing Operations

The following table presents the components of income tax expense (benefit) for continuing operations.


	Year Ended December 31,
(in millions)	2023		2022		2021
Current:
Federal	$	115.0	$	17.1	$	—
State	28.1		20.3		6.3
Current income taxes	143.1		37.4		6.3
Deferred:
Federal	(45.2)		27.5		5.9
State	(15.5)		(5.5)		(0.4)
Deferred income taxes	(60.7)		22.0		5.5
Provision for income taxes	$	82.4	$	59.4	$	11.8

Schedule of Provision For Income Taxes on Earnings Subject to Income Taxes Differs from Statutory Federal Rate

The provision for income taxes on earnings subject to income taxes differs from the statutory federal rate due to the following:


	Year Ended December 31,
(in millions)	2023		2022		2021
Federal income taxes at 21%	$	69.7	$	44.9	$	21.3
State income tax, net of federal benefit	17.5		11.8		6.2
Branded prescription drug fee	8.7		6.5		4.8
Loss on extinguishment of convertible senior notes	—		12.0		—
Stock-based compensation expense	(3.9)		(2.5)		(11.3)
Officer compensation	9.6		9.2		7.0
Change in tax rate	(2.1)		(1.3)		0.2
Expired tax attributes	—		—		0.6
Research credits	(42.2)		(29.9)		(22.0)
Change in valuation allowance	22.0		7.4		5.0
Other	3.1		1.3		—
Provision for income taxes	$	82.4	$	59.4	$	11.8

Schedule of Components of Deferred Tax Assets

The following table presents the significant components of our deferred tax assets.


	December 31,
(in millions)	2023		2022
Deferred tax assets:
Net operating losses	$	36.4	$	27.4
Research and development credits	55.3		108.9
Capitalized research and development	178.7		91.1
Stock-based compensation expense	52.7		45.9
Operating lease assets	72.0		26.8
Intangible assets	110.0		80.7
Other	25.0		24.9
Total deferred tax assets	530.1		405.7
Deferred tax liabilities:

Operating lease liabilities	(66.3)		(21.0)
Other	(12.3)		(11.8)
Total deferred tax liabilities	(78.6)		(32.8)
Net of deferred tax assets and liabilities	451.5		372.9
Valuation allowance	(88.9)		(67.0)
Net deferred tax assets	$	362.6	$	305.9

Schedule of Activity Related to Unrecognized Tax Benefits

The following table presents a summary of activity related to unrecognized tax benefits.


	Year Ended December 31,
(in millions)	2023		2022		2021
Balance at January 1	$	84.5	$	64.6	$	60.8
Increase related to prior year tax positions	3.4		4.7		0.6
Increase related to current year tax positions	36.7		15.2		4.9
Decrease related to prior year tax positions	(3.6)		—		—
Expiration of the statute of limitations for the assessment of taxes	—		—		(1.7)
Balance at December 31	$	121.0	$	84.5	$	64.6

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Carrying Amount of Goodwill


(in millions)	Amount
Balance as of December 31, 2021	$	—
Goodwill recognized in connection with business combination	5.2
Foreign currency translation adjustments	0.2
Balance as of December 31, 2022	5.4
Foreign currency translation adjustments	0.4
Balance as of December 31, 2023	$	5.8

Schedule of Information Relating to our Recognized Intangible Assets

The following table presents information relating to our recognized intangible assets as of December 31, 2023.


(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	35.9	$	4.0	$	31.9
Acquired IPR&D	Indefinite	$	3.6	$	—	3.6
Total intangible assets, net						$	35.5

Schedule of Information Relating to our Recognized Intangible Assets

The following table presents information relating to our recognized intangible assets as of December 31, 2023.


(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	35.9	$	4.0	$	31.9
Acquired IPR&D	Indefinite	$	3.6	$	—	3.6
Total intangible assets, net						$	35.5

Schedule of Estimated Annual Amortization Expense for our Finite-Lived Intangible Assets


(in millions)	Amount
Year ending December 31, 2024	$	3.6
Year ending December 31, 2025	$	3.6
Year ending December 31, 2026	$	3.6
Year ending December 31, 2027	$	3.6
Year ending December 31, 2028	$	3.6
Thereafter	$	13.9

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Convertible Senior Notes (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Notes Net of Discount and Deferred Financing Costs

The following table presents a summary of the 2024 Notes as of December 31, 2023.


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
(in millions)							Amount		Leveling
2024 Notes	$	170.4	$	(0.3)	$	170.1	$	295.7	Level 2

The following table presents a summary of the 2024 Notes as of December 31, 2022.


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
(in millions)							Amount		Leveling
2024 Notes	$	170.4	$	(1.0)	$	169.4	$	268.0	Level 2

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


	Year Ended December 31,
(in millions)	2023		2022		2021
Coupon interest	$	3.9	$	5.9	$	8.5
Amortization of debt discount and issuance costs	0.7		1.2		17.3
Total interest expense	$	4.6	$	7.1	$	25.8

- 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.

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+ Details

Share-Based Compensation - Schedule of Share-based Compensation Expense by Award-type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 194.3	$ 173.1	$ 134.2
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	91.6	62.6	60.5
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	93.4	86.4	62.5
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	4.6	20.1	7.6
ESPP
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 4.7	$ 4.0	$ 3.6

Earnings Per Share - Schedule of Anti-Dilutive Shares Excluded from Diluted Per Share Amounts (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options Restricted Stock and Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted per share amounts (in shares)	4.7	4.6	4.1

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


	December 31, 2023						December 31, 2022
	Fair Value		Leveling				Fair Value	Leveling
(in millions)			Level 1		Level 2					Level 1		Level 2
Cash and money market funds	$	251.1	$	251.1	$	—		$	262.9	$	262.9	$	—
Restricted cash	8.0		8.0		—			7.8		7.8		—
Commercial paper	53.5		—		53.5			156.0		—		156.0
Corporate debt securities	867.2		—		867.2			548.4		—		548.4
Securities of government-sponsored entities	547.3		—		547.3			321.4		—		321.4
Equity securities	161.9		161.9		—			102.1		102.1		—
	$	1,889.0	$	421.0	$	1,468.0		$	1,398.6	$	372.8	$	1,025.8

- 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

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 05, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 7.9
Entity Common Stock, Shares Outstanding		99,507,490
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to the registrant’s annual meeting of stockholders to be filed pursuant to Regulation 14A within 120 days following the end of the registrant’s fiscal year ended December 31, 2023 are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000914475

Income Taxes - Components of the Provision for Income Taxes for Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 115.0	$ 17.1	$ 0.0
State	28.1	20.3	6.3
Current income taxes	143.1	37.4	6.3
Deferred:
Federal	(45.2)	27.5	5.9
State	(15.5)	(5.5)	(0.4)
Deferred income taxes	(60.7)	22.0	5.5
Provision for income taxes	$ 82.4	$ 59.4	$ 11.8

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock [Member]	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			93,500,000
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	89.6						89.6
Other comprehensive income (loss), net of tax	(3.5)					(3.5)
Stock-based compensation expense	134.2			134.2
Issuances of common stock under stock plans (in shares)			1,400,000
Issuances of common stock under stock plans	27.5			27.5
Ending balance (in shares) at Dec. 31, 2021			94,900,000
Ending 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	154.5						154.5
Other comprehensive income (loss), net of tax	(6.2)					(6.2)
Stock-based compensation expense	173.1			173.1
Issuances of common stock under stock plans (in shares)			1,600,000
Issuances of common stock under stock plans	44.7			44.7
Ending balance (in shares) at Dec. 31, 2022			96,500,000
Ending balance at Dec. 31, 2022	1,707.8		$ 0.1	2,122.4		(7.9)	(406.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	249.7						249.7
Other comprehensive income (loss), net of tax	14.9					14.9
Stock-based compensation expense	194.3			194.3
Issuances of common stock under stock plans (in shares)			2,200,000
Issuances of common stock under stock plans	65.3			65.3
Ending balance (in shares) at Dec. 31, 2023			98,700,000
Ending balance at Dec. 31, 2023	$ 2,232.0		$ 0.1	$ 2,382.0		$ 7.0	$ (157.1)

- Definition

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

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+ Details

Convertible Senior Notes

12 Months Ended

Dec. 31, 2023

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 (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 2020, we repurchased $136.2 million aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $186.9 million in cash. In 2022, we repurchased $210.8 million aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $279.0 million in cash, which resulted in the recognition of a $70.0 million loss on extinguishment.

The following table presents a summary of the 2024 Notes as of December 31, 2023.


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
(in millions)							Amount		Leveling
2024 Notes	$	170.4	$	(0.3)	$	170.1	$	295.7	Level 2

The following table presents a summary of the 2024 Notes as of December 31, 2022.


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
(in millions)							Amount		Leveling
2024 Notes	$	170.4	$	(1.0)	$	169.4	$	268.0	Level 2

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


	Year Ended December 31,
(in millions)	2023		2022		2021
Coupon interest	$	3.9	$	5.9	$	8.5
Amortization of debt discount and issuance costs	0.7		1.2		17.3
Total interest expense	$	4.6	$	7.1	$	25.8

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 December 31, 2023) 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 December 31, 2023) 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.

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. On January 4, 2024, we provided notice to the holders of the 2024 Notes electing to settle all conversions of the 2024 Notes in cash. As such, upon conversion, holders will receive the principal amount of their 2024 Notes and 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 cash.

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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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+ Details

Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 84.5	$ 64.6	$ 60.8
Increase related to prior year tax positions	3.4	4.7	0.6
Increase related to current year tax positions	36.7	15.2	4.9
Decrease related to prior year tax positions	(3.6)	0.0	0.0
Expiration of the statute of limitations for the assessment of taxes	0.0	0.0	(1.7)
Balance at December 31	$ 121.0	$ 84.5	$ 64.6

Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses	$ 36.4	$ 27.4
Research and development credits	55.3	108.9
Capitalized research and development	178.7	91.1
Stock-based compensation expense	52.7	45.9
Operating lease assets	72.0	26.8
Intangible assets	110.0	80.7
Other	25.0	24.9
Total deferred tax assets	530.1	405.7
Deferred tax liabilities:
Operating lease liabilities	(66.3)	(21.0)
Other	(12.3)	(11.8)
Total deferred tax liabilities	(78.6)	(32.8)
Net of deferred tax assets and liabilities	451.5	372.9
Valuation allowance	(88.9)	(67.0)
Net deferred tax assets	$ 362.6	$ 305.9

Income Taxes - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Deferred tax assets, valuation allowance	$ 88,900,000	$ 67,000,000.0
Deferred tax assets	362,600,000	305,900,000
Research and development tax credit carryforwards	55,300,000	108,900,000
Interest accrued	3,100,000	1,200,000
Penalties accrued	2,200,000	$ 400,000
Unrecognized tax benefits that would affect effective tax rate	105,300,000
State and Local Jurisdiction
Income Taxes [Line Items]
Operating loss carryforwards	286,000,000
Research and development tax credit carryforwards	85,600,000
Foreign Tax Authority
Income Taxes [Line Items]
Operating loss carryforwards	134,300,000
Federal Tax Authority
Income Taxes [Line Items]
Operating loss carryforwards	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000.0	5,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	220,000,000.0	220,000,000.0
Common stock, shares issued (in shares)	98,700,000	96,500,000
Common stock, shares outstanding (in shares)	98,700,000	96,500,000

Income Taxes - Income Before the Provision for Income Taxes from Continuing Domestic and Foreign Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 409.2	$ 218.0	$ 101.4
Foreign	(77.1)	(4.1)	0.0
Income before provision for income taxes	$ 332.1	$ 213.9	$ 101.4

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.7-04(11))
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ 249.7	$ 154.5	$ 89.6

- Definition

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

+ References

+ Details

Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 1,889.0	$ 1,398.6
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	867.2	548.4
Securities of government-sponsored entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	547.3	321.4
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	161.9	102.1
Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	251.1	262.9
Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	8.0	7.8
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	53.5	156.0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	421.0	372.8
Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Level 1 \| Securities of government-sponsored entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Level 1 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	161.9	102.1
Level 1 \| Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	251.1	262.9
Level 1 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	8.0	7.8
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	1,468.0	1,025.8
Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	867.2	548.4
Level 2 \| Securities of government-sponsored entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	547.3	321.4
Level 2 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Level 2 \| Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Level 2 \| Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	$ 53.5	$ 156.0

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Net Income Per Share

Earnings per share were calculated as follows:


	Year Ended December 31,
(in millions, except per share data)	2023		2022		2021
Net income - basic and diluted	$	249.7	$	154.5	$	89.6
Weighted-average common shares outstanding:
Basic	97.7		95.8		94.6
Effect of dilutive securities	3.3		3.1		3.3
Diluted	101.0		98.9		97.9
Earnings per share:
Basic	$	2.56	$	1.61	$	0.95
Diluted	$	2.47	$	1.56	$	0.92

Earnings Per Share - Schedule of Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income - basic	$ 249.7	$ 154.5	$ 89.6
Net income - diluted	$ 249.7	$ 154.5	$ 89.6
Weighted-average common shares outstanding:
Basic (in shares)	97.7	95.8	94.6
Effect of dilutive securities (in shares)	3.3	3.1	3.3
Diluted (in shares)	101.0	98.9	97.9
Earnings per share:
Basic (in USD per share)	$ 2.56	$ 1.61	$ 0.95
Diluted (in USD per share)	$ 2.47	$ 1.56	$ 0.92

Income Taxes - Provision for Income Taxes on Earnings Subject to Income Taxes Differs from Statutory Federal Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal income taxes, rate	21.00%	21.00%	21.00%
Federal income taxes at 21%	$ 69.7	$ 44.9	$ 21.3
State income tax, net of federal benefit	17.5	11.8	6.2
Branded prescription drug fee	8.7	6.5	4.8
Loss on extinguishment of convertible senior notes	0.0	12.0	0.0
Stock-based compensation expense	(3.9)	(2.5)	(11.3)
Officer compensation	9.6	9.2	7.0
Change in tax rate	(2.1)	(1.3)	0.2
Expired tax attributes	0.0	0.0	0.6
Research credits	(42.2)	(29.9)	(22.0)
Change in valuation allowance	22.0	7.4	5.0
Other	3.1	1.3	0.0
Provision for income taxes	$ 82.4	$ 59.4	$ 11.8

Consolidated Statements Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Revenues	$ 1,887.1	$ 1,488.7	$ 1,133.5
Operating expenses:
Cost of revenues	39.7	23.2	14.3
Research and development	565.0	463.8	328.1
Acquired in-process research and development	143.9	0.0	105.3
Selling, general and administrative	887.6	752.7	583.3
Total operating expenses	1,636.2	1,239.7	1,031.0
Operating income	250.9	249.0	102.5
Other income (expense):
Interest expense	(4.6)	(7.1)	(25.8)
Unrealized gain on equity securities	28.4	30.8	20.9
Loss on extinguishment of convertible senior notes	0.0	(70.0)	0.0
Investment income and other, net	57.4	11.2	3.8
Total other income (expense), net	81.2	(35.1)	(1.1)
Income before provision for income taxes	332.1	213.9	101.4
Provision for income taxes	82.4	59.4	11.8
Net income	249.7	154.5	89.6
Foreign currency translation adjustments, net of tax	2.4	2.9	0.0
Unrealized gain (loss) on debt securities available-for-sale, net of tax	12.5	(9.1)	(3.5)
Comprehensive income	$ 264.6	$ 148.3	$ 86.1
Earnings per share, basic (in USD per share)	$ 2.56	$ 1.61	$ 0.95
Earnings per share, diluted (in USD per share)	$ 2.47	$ 1.56	$ 0.92
Weighted average common shares outstanding, basic (in shares)	97.7	95.8	94.6
Weighted average common shares outstanding, diluted (in shares)	101.0	98.9	97.9
Net product sales
Revenues:
Revenues	$ 1,860.6	$ 1,440.9	$ 1,090.1
Collaboration revenue
Revenues:
Revenues	$ 26.5	$ 47.8	$ 43.4

Share-Based Compensation - Compensation Cost Related to Share-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 194.3	$ 173.1	$ 134.2
Selling, general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	126.3	115.4	85.8
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 68.0	$ 57.7	$ 48.4

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized Expense	$ 94.1
Weighted-Average Recognition Period	2 years 3 months 18 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized Expense	$ 162.4
Weighted-Average Recognition Period	2 years 3 months 18 days
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized Expense	$ 22.3

Other Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2023

Other Balance Sheet Details [Abstract]

Schedule of Inventory, Net

Inventory, net, consisted of the following:


	December 31,
(in millions)	2023		2022
Raw materials	$	21.5	$	12.0
Work in process	9.7		5.6
Finished goods	12.3		17.5
	43.5		35.1
Less inventory reserves	(5.2)		—
Total inventory, net	$	38.3	$	35.1

Schedule of Property and Equipment

Property and equipment, net, consisted of the following:


	December 31,
(in millions)	2023		2022
Tenant improvements	$	38.1	$	37.9
Scientific equipment	79.6		58.8
Computer equipment	25.2		21.5
Furniture and fixtures	10.9		6.7
	153.8		124.9
Less accumulated depreciation	(83.0)		(66.3)
Total property and equipment, net	$	70.8	$	58.6

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following:


	December 31,
(in millions)	2023		2022
Sales rebates and reserves	$	139.3	$	131.9
Accrued employee related costs	86.2		72.8
Current branded prescription drug fee	45.7		27.5
Accrued development costs	44.3		39.1
Current income taxes payable	24.4		9.0
Accounts payable and other accrued liabilities	108.9		67.3
Total accounts payable and accrued liabilities	$	448.8	$	347.6

Schedule of Other Liabilities

Other long-term liabilities consisted of the following:


	December 31,
(in millions)	2023		2022
Noncurrent income taxes payable	$	96.0	$	19.8
Noncurrent branded prescription drug fee	10.3		9.9
Total other long-term liabilities	$	106.3	$	29.7

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.


	December 31,
(in millions)	2023		2022
Cash and cash equivalents	$	251.1	$	262.9
Restricted cash	8.0		7.8
Total cash, cash equivalents and restricted cash	$	259.1	$	270.7

Share-Based Compensation - Summary and Changes in Restricted Stock Units Outstanding (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
RSUs
Number of Units
Beginning Balance, Unvested (in shares) \| shares	2.3
Granted (in shares) \| shares	1.1
Released (in shares) \| shares	(0.9)
Canceled (in shares) \| shares	(0.1)
Ending Balance, Unvested (in shares) \| shares	2.4
Weighted-Average Grant Date Fair Value
Beginning Balance, Unvested (in USD per share) \| $ / shares	$ 92.61
Granted (in USD per share) \| $ / shares	103.54
Released (in USD per share) \| $ / shares	93.46
Canceled (in USD per share) \| $ / shares	95.62
Ending Balance, Unvested (in USD per share) \| $ / shares	$ 97.32
Weighted-Average Remaining Contractual Life and Aggregate Intrinsic Value
Unvested, weighted average remaining contractual term (in years)	1 year 3 months 18 days
Unvested, aggregate intrinsic value \| $	$ 312.5
PRSUs
Number of Units
Beginning Balance, Unvested (in shares) \| shares	0.5
Granted (in shares) \| shares	0.3
Released (in shares) \| shares	(0.3)
Canceled (in shares) \| shares	(0.2)
Ending Balance, Unvested (in shares) \| shares	0.3
Weighted-Average Grant Date Fair Value
Beginning Balance, Unvested (in USD per share) \| $ / shares	$ 101.00
Granted (in USD per share) \| $ / shares	97.22
Released (in USD per share) \| $ / shares	98.43
Canceled (in USD per share) \| $ / shares	115.60
Ending Balance, Unvested (in USD per share) \| $ / shares	$ 89.23
Weighted-Average Remaining Contractual Life and Aggregate Intrinsic Value
Unvested, weighted average remaining contractual term (in years)	1 year 8 months 12 days
Unvested, aggregate intrinsic value \| $	$ 33.0

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share Based Compensation

The effect of stock-based compensation expense on our consolidated statements of income and comprehensive income by line-item follows:


	Year Ended December 31,
(in millions)	2023		2022		2021
Selling, general and administrative expense	$	126.3	$	115.4	$	85.8
Research and development expense	68.0		57.7		48.4
Total stock-based compensation expense	$	194.3	$	173.1	$	134.2

Stock-based compensation expense by award-type follows:


	Year Ended December 31,
(in millions)	2023		2022		2021
Stock options	$	91.6	$	62.6	$	60.5
RSUs	93.4		86.4		62.5
PRSUs	4.6		20.1		7.6
ESPP	4.7		4.0		3.6
Total stock-based compensation expense	$	194.3	$	173.1	$	134.2


(dollars in millions)	Unrecognized Expense		Weighted-Average Recognition Period
Stock options	$	94.1	2.3 years
RSUs	$	162.4	2.3 years
PRSUs	$	22.3

Weighted-Average assumptions for Stock Option Grants using Black-Scholes Option-Pricing Model

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes option-pricing valuation model with the following weighted-average assumptions:


	Year Ended December 31,
	2023		2022		2021
Risk-free interest rate	3.9	%	1.8	%	0.6	%
Expected volatility of common stock	40.8	%	42.6	%	45.9	%
Dividend yield	0.0	%	0.0	%	0.0	%
Expected option term	5.5 years		5.0 years		5.2 years

Summary and Changes in Stock Options Outstanding

The following table presents summary of activity related to stock options.


(in millions, except weighted average data)	Number of Stock Options	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2022	9.0	$	79.10
Granted	1.9	$	103.66
Exercised	(0.8)	$	66.84
Canceled	(0.1)	$	98.29
Outstanding at December 31, 2023	10.0	$	84.46	6.2 years	$	467.8
Exercisable at December 31, 2023	6.8	$	78.75	5.2 years	$	361.3

Summary and Changes in Restricted Stock Units Outstanding

The following table presents a summary of activity related to RSUs.


(in millions, except weighted average data)	Number of RSUs	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Unvested at December 31, 2022	2.3	$	92.61
Granted	1.1	$	103.54
Released	(0.9)	$	93.46
Canceled	(0.1)	$	95.62
Unvested at December 31, 2023	2.4	$	97.32	1.3 years	$	312.5

The following table presents a summary of activity related to PRSUs.


(in millions, except weighted average data)	Number of PRSUs	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Unvested at December 31, 2022	0.5	$	101.00
Granted	0.3	$	97.22
Released	(0.3)	$	98.43
Canceled	(0.2)	$	115.60
Unvested at December 31, 2023	0.3	$	89.23	1.7 years	$	33.0

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	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	$ 781.7	$ 735.8
Unrealized gain, current	0.3	0.0
Unrealized loss, current	(1.5)	(9.4)
Fair value, current	780.5	726.4
Amortized cost, noncurrent	684.6	304.5
Unrealized gain, noncurrent	3.4	0.2
Unrealized loss, noncurrent	(0.5)	(5.3)
Fair value, noncurrent	687.5	299.4
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	53.5	156.2
Unrealized gain, current	0.0	0.0
Unrealized loss, current	0.0	(0.2)
Fair value, current	53.5	156.0
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	382.1	296.2
Unrealized gain, current	0.1	0.0
Unrealized loss, current	(1.0)	(3.2)
Fair value, current	381.2	293.0
Amortized cost, noncurrent	483.5	259.5
Unrealized gain, noncurrent	2.9	0.2
Unrealized loss, noncurrent	(0.4)	(4.3)
Fair value, noncurrent	486.0	255.4
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	346.1	283.4
Unrealized gain, current	0.2	0.0
Unrealized loss, current	(0.5)	(6.0)
Fair value, current	345.8	277.4
Amortized cost, noncurrent	201.1	45.0
Unrealized gain, noncurrent	0.5	0.0
Unrealized loss, noncurrent	(0.1)	(1.0)
Fair value, noncurrent	$ 201.5	$ 44.0

Organization and Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 02, 2017
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| segment		1
Number of reportable segments \| segment		1
Accrued interest receivables write-off threshold period		90 days
Accrued interest receivables		$ 11,200,000	$ 4,700,000
Accrued interest receivables write-off		0	0	$ 0
Depreciation		17,800,000	15,100,000	10,900,000
Advertising expense		$ 159,900,000	$ 149,700,000	$ 139,800,000
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06 [Member]
2.25% Convertible Senior Notes Due 2024
Organization And Summary Of Significant Accounting Policies [Line Items]
Stated interest rate percentage					2.25%
ESPP
Organization And Summary Of Significant Accounting Policies [Line Items]
ESPP purchase period		6 months
Minimum
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		3 years
Share-based compensation arrangement by share-based payment award, award requisite service period		3 years
Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		7 years
Share-based compensation arrangement by share-based payment award, award requisite service period		4 years
Revenue, Product and Service Benchmark \| Customer Concentration Risk \| Largest Four Customers
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		91.00%
Accounts Receivable \| Customer Concentration Risk \| Largest Four Customers
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		98.00%

Goodwill and Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, at beginning period	$ 5.4	$ 0.0
Goodwill recognized in connection with business combination		5.2
Foreign currency translation adjustments	0.4	0.2
Goodwill, at ending period	$ 5.8	$ 5.4

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Legal Proceedings	12 Months Ended
Legal Proceedings	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings During 2021, 2022, and 2023, we received notices from (i) Teva Pharmaceuticals Development, Inc., (ii) Lupin Limited, (iii) Crystal Pharmaceutical (Suzhou) Co. Ltd., (iv) Sandoz Inc. and (v) Zydus Pharmaceuticals (USA) Inc. that each company had filed an abbreviated new drug application (ANDA) with the FDA seeking approval of a generic version of INGREZZA. These companies represented that their respective ANDAs each contained a Paragraph IV Patent Certification alleging that certain of our patents covering INGREZZA are invalid and/or will not be infringed by the manufacture, use or sale of the medicine for which the ANDA was submitted. We filed suit in the U.S. District Court for the District of Delaware during 2021, 2022 and 2023, against (i) Teva Pharmaceuticals, Inc., Teva Pharmaceuticals Development, Inc., Teva Pharmaceuticals USA, Inc. and Teva Pharmaceutical Industries Ltd. (entity dismissed), collectively, "Teva", (ii) Lupin Limited, Lupin Pharmaceuticals, Inc., Lupin Inc. and Lupin Atlantis Holdings S.A., collectively, “Lupin”, (iii) Crystal Pharmaceutical (Suzhou) Co., Ltd., Crystal Pharmatech Co., Ltd., collectively, “Crystal”, (iv) Sandoz Inc., Sandoz International GmbH (entity dismissed) and Sandoz AG (entity dismissed), collectively, “Sandoz” and (v) Zydus Pharmaceuticals (USA) Inc., Zydus Worldwide DMCC, Zydus Lifesciences Limited (formerly known as Cadila Healthcare Limited d/b/a Zydus Cadila) and Zydus Healthcare (USA) LLC (entity dismissed), collectively, “Zydus”. We also filed suit in the U.S. District Court for the District of New Jersey during 2021, 2022 and 2023 against Zydus. In 2023 we entered into settlement agreements resolving the foregoing litigation with each of (i) Sandoz and Crystal, collectively, the “Sandoz Parties”, (ii) Teva, (iii) Lupin and (iv) Zydus. Pursuant to the terms of the respective agreements with the Sandoz Parties, Teva, Lupin, and Zydus, each of Teva, the Sandoz Parties, Lupin, and Zydus has the right to sell generic versions of INGREZZA in the United States beginning March 1, 2038, or earlier under certain circumstances. The settlements with Teva, the Sandoz Parties, Lupin and Zydus resolve all patent litigation brought by us against the companies that filed ANDAs seeking approval to market generic INGREZZA, and all cases have been dismissed. From time to time, we may also become subject to other legal proceedings or claims arising in the ordinary course of our business. We currently believe that none of the claims or actions pending against us is likely to have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations. Given the unpredictability inherent in litigation, however, we cannot predict the outcome of these matters.

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 251.1	$ 262.9
Debt securities available-for-sale	780.5	726.4
Accounts receivable, net	439.3	350.0
Inventory, net	38.3	35.1
Other current assets	97.8	79.1
Total current assets	1,607.0	1,453.5
Deferred tax assets	362.6	305.9
Debt securities available-for-sale	687.5	299.4
Right-of-use assets	276.5	87.0
Equity securities	161.9	102.1
Property and equipment, net	70.8	58.6
Intangible assets, net	35.5	37.2
Other assets	49.6	25.0
Total assets	3,251.4	2,368.7
Current liabilities:
Accounts payable and accrued liabilities	448.8	347.6
Convertible senior notes	170.1	169.4
Other current liabilities	35.9	20.7
Total current liabilities	654.8	537.7
Noncurrent operating lease liabilities	258.3	93.5
Other long-term liabilities	106.3	29.7
Total liabilities	1,019.4	660.9
Stockholders’ equity:
Preferred stock, $0.001 par value; 5.0 shares authorized; no shares issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 220.0 shares authorized; 98.7 and 96.5 shares issued and outstanding, respectively	0.1	0.1
Additional paid-in capital	2,382.0	2,122.4
Accumulated other comprehensive income (loss)	7.0	(7.9)
Accumulated deficit	(157.1)	(406.8)
Total stockholders’ equity	2,232.0	1,707.8
Total liabilities and stockholders’ equity	$ 3,251.4	$ 2,368.7

Other Balance Sheet Details - Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Balance Sheet Details [Abstract]
Raw materials	$ 21.5	$ 12.0
Work in process	9.7	5.6
Finished goods	12.3	17.5
Inventory, gross	43.5	35.1
Less inventory reserves	(5.2)	0.0
Total inventory, net	$ 38.3	$ 35.1

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Organization and Business. Neurocrine Biosciences, Inc. and its subsidiaries (Neurocrine Biosciences, the Company, we, our or us) is a neuroscience-focused biopharmaceutical company focused on discovering, developing and delivering innovative therapies to help ease the burden of debilitating disorders and diseases. We operate in a single business segment, which includes all activities related to the research, development and commercialization of pharmaceuticals for the treatment of neurological, neuroendocrine and neuropsychiatric disorders and reflects the way in which internally-reported financial information is regularly reviewed by our chief operating decision maker to analyze performance, make decisions and allocate resources. Principles of Consolidation. The consolidated financial statements include the accounts of Neurocrine Biosciences as well as our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. Cash Equivalents. We consider all highly liquid investments that are readily convertible into cash without penalty and have an original maturity of three months or less at the time of purchase to be cash equivalents. Accounts Receivable. Accounts receivable are recorded net of customer allowances for prompt payment discounts, chargebacks, and any allowance for credit losses. Our estimate for the allowance for credit losses, which has not been significant to date, is determined based on existing contractual payment terms, actual payment patterns of our customers, and individual customer circumstances. Our exposure to credit losses may increase if our customers are adversely affected by changes in healthcare laws, coverage and reimbursement, economic pressures or uncertainty associated with local or global economic recessions, or other customer-specific factors. Inventory. Inventory is valued at the lower of cost or net realizable value. We determine the cost of inventory using the standard-cost method, which approximates actual cost based on the first-in, first-out method. We perform an assessment of the recoverability of our inventory on a quarterly basis and write down any excess and obsolete inventory to its net realizable value in the period in which the impairment is first identified. When future commercialization is considered probable and the future economic benefit is expected to be realized, based on management’s judgment, we capitalize pre-launch inventory costs prior to regulatory approval. Debt Securities. Debt securities consist of investments in certificates of deposit, corporate debt securities and securities of government-sponsored entities. We classify debt securities as available-for-sale. Debt securities available-for-sale are recorded at fair value, with unrealized gains and losses included in other comprehensive income or loss, net of tax. We exclude accrued interest from both the fair value and amortized cost basis of debt securities. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a debt security placed on nonaccrual status is reversed against interest income. Interest income includes amortization of purchase premium or discount. Premiums and discounts on debt securities are amortized using the effective interest rate method. Gains and losses on sales of debt securities are recorded on the trade date in investment income and other, net, and determined using the specific identification method. Allowance for Credit Losses. For debt securities available-for-sale in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For debt securities available-for-sale that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes in interest rates, and any changes to the rating of the security by a rating agency, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income or loss, as applicable. Accrued interest receivables on debt securities available-for-sale were $11.2 million and $4.7 million, respectively, as of December 31, 2023 and 2022. 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 2023, 2022 or 2021. Fair Value of Financial Instruments. We record cash equivalents, debt securities available-for-sale and equity security investments at fair value based on a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). 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. Investments in debt securities available-for-sale are classified as Level 2 and carried at fair value. We estimate the fair value of debt securities available-for-sale by utilizing third-party pricing services. These pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. Such inputs include market pricing based on real-time trade data for similar instruments, issuer credit spreads, benchmark yields, broker/dealer quotes and other observable inputs. We validate valuations obtained from third-party pricing services by understanding the models used, obtaining market values from other pricing sources and analyzing data in certain instances. We deem transfers between levels of the fair value hierarchy to have occurred at the end of the reporting period during which the event or change in circumstances that caused the transfer occurred. Equity Investments. We account for certain equity investments subject to the equity method of accounting, or through which we have the ability to exercise significant influence (but not control) over the operating and financial policies of an investee, under the fair value option. In assessing whether we exercise significant influence, we consider the nature and magnitude of such an investment, the voting and protective rights we hold, any participation in the governance of the investee and other relevant factors, such as the presence of a collaborative or other business relationship. Such investments in publicly traded companies are currently classified within Level 1 of the fair value hierarchy and carried at fair value, with any changes in the fair value of such investments recognized in earnings. Property and Equipment. Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets using the straight-line method. Equipment is depreciated over an average estimated useful life of 3 to 7 years. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the remaining lease term. Depreciation expense was $17.8 million for 2023, $15.1 million for 2022 and $10.9 million for 2021. Business Combinations. Under the acquisition method of accounting, we allocate the fair value of the total consideration transferred to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. These valuations require us to make estimates and assumptions, especially with respect to intangible assets. We record the excess consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, as goodwill. In addition, costs that we incur to complete the business combination, such as legal and other professional fees, are expensed as selling, general and administrative when incurred. Goodwill, Intangible Assets and Other Long-Lived Assets. Assets acquired, including intangible assets and in-process research and development (IPR&D) and liabilities assumed are measured at fair value as of the acquisition date. Goodwill, which has an indefinite useful life, represents the excess of cost over fair value of the net assets acquired. Intangible assets acquired in a business combination that are used for IPR&D activities are considered indefinite lived until the completion or abandonment of the associated research and development efforts. Upon reaching the end of the relevant research and development project (i.e., upon commercialization), the IPR&D asset is amortized over its estimated useful life. If the relevant research and development project is abandoned, the IPR&D asset is expensed in the period of abandonment. Goodwill and IPR&D are not amortized; however, they are reviewed for impairment at least annually, as of October 1, and more frequently if an event occurs indicating the potential for impairment. Goodwill and IPR&D are considered to be impaired if the carrying value of the reporting unit or IPR&D asset exceeds its respective fair value. We perform our goodwill impairment analysis at the reporting unit level, which aligns with our reporting structure and availability of discrete financial information. During the goodwill impairment review, we assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount, including goodwill. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations, and our overall financial performance. If, after assessing the totality of these qualitative factors, we determine that it is not more likely than not that the fair value of the reporting unit is less than the carrying amount, then no additional assessment is deemed necessary. Otherwise, we proceed to compare the estimated fair value of the reporting unit with the carrying value, including goodwill. If the carrying amount of the reporting unit exceed the fair value, we record an impairment loss based on the difference. We may elect to bypass the qualitative assessment in a period and proceed to perform the quantitative goodwill impairment test. Our identifiable intangible assets with a finite life are typically comprised of acquired product rights. The cost of identifiable intangible assets with finite lives is generally amortized on a straight-line basis over the assets’ respective estimated useful lives. We perform regular reviews to determine if any event has occurred that may indicate that intangible assets with finite useful lives and other long-lived assets are potentially impaired. If indicators of impairment exist, an impairment test is performed to assess the recoverability of the affected assets by determining whether the carrying amount of such assets exceeds the undiscounted expected future cash flows. If the affected assets are not recoverable, we estimate the fair value of the assets and record an impairment loss if the carrying value of the assets exceeds the fair value. Factors that may indicate potential impairment include a significant decline in our stock price and market capitalization compared to the net book value, significant changes in the ability of a particular asset to generate positive cash flows for our strategic business objectives, and the pattern of utilization of a particular asset. Leases. We determine if an arrangement is a lease at contract inception. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. When determining the lease term, we include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. As none of our operating leases provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate is determined using a secured borrowing rate for the same currency and term as the associated lease. The lease payments used to determine our ROU assets may include prepaid or accrued lease payments and any lease incentives received and are recognized in ROU assets in our consolidated balance sheets. Our lease agreements may include both lease and non-lease components, which we account for as a single lease component when the payments are fixed. Variable payments included in lease agreements are expensed as incurred. Our operating leases are reflected in ROU assets, noncurrent operating lease liabilities, and other current liabilities in our consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Foreign currency. Assets and liabilities are translated into the reporting currency using the exchange rates in effect on the consolidated balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the period, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated other comprehensive income (loss) in the accompanying consolidated statements of stockholders’ equity. Revenue Recognition. We recognize revenue when the customer obtains control of promised goods or services in an amount that reflects the consideration which we expect to receive in exchange for such goods or services. Revenue is recognized using a five-step model: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we satisfy the performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Net Product Sales. In the U.S., we sell INGREZZA® (valbenazine) primarily to specialty pharmacy providers and distributors. We recognize net product sales when the customer obtains control of our product, which occurs at a point in time, typically upon delivery of our product to the customer. Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with our customers, payors, and other third parties. Such estimates are based on information received from external sources (such as written or oral information obtained from our customers with respect to their period-end inventory levels and sales to end-users during the reporting period), as supplemented by management’s judgement. Our process for estimating reserves established for these variable consideration components does not differ materially from historical practices. The transaction price, which includes variable consideration reflecting the impact of discounts and allowances, may be subject to constraint and is included in the net sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts may ultimately differ from our estimates. If actual results vary, we adjust these estimates, which could have an effect on earnings in the period of adjustment. Our significant categories of sales discounts and allowances are as follows: Product Discounts. Product discounts are based on payment terms extended to our customers at the time of sale, which include incentives offered for prompt payment. We maintain a reserve for product discounts based on our historical experience, including the timing of customer payments. To date, actual product discounts have not differed materially from our estimates. Government Rebates. We are obligated to pay rebates for discounts including under the Medicaid Drug Rebate Program and Medicare Part D. The liability for such rebates consists of invoices received for claims from prior quarters that remain unpaid, or for which an invoice has not been received, and estimated rebates for the current applicable reporting period. Such estimates are based on actual historical rebates by state, estimated payor mix, state and federal regulations, and relevant contractual terms, as supplemented by management’s judgement. Our rebate accrual calculations require us to project the magnitude of our sales that will be subject to these rebates. There is a significant time-lag in our receiving rebate notices from each state (generally, several months or longer after a sale is recognized). Estimated rebates are recorded as a reduction of revenue in the period the related sale is recognized. To date, actual government rebates have not differed materially from our estimates. Chargebacks. The difference between the list price, or the price at which we sell our products to our customers, and the contracted price, or the price at which our customers sell our products to qualified healthcare professionals, is charged back to us by our customers. In addition to actual chargebacks received, we maintain a reserve for chargebacks based on estimated contractual discounts on product inventory levels on-hand in our distribution channel. To date, actual chargebacks have not differed materially from our estimates. Payor and Pharmacy Rebates. We are obligated to pay rebates as a percentage of sales under payor and pharmacy contracts. We estimate these rebates based on actual historical rebates, contractual rebate percentages, sales made through the payor channel, and purchases made by pharmacies. To date, actual payor and pharmacy rebates have not differed materially from our estimates. Patient Financial Assistance. To help patients afford our products, we offer financial assistance to qualified patients with prescription drug copay requirements. We accrue for patient financial assistance based on estimated claims and the cost per claim we expect to receive in connection with inventory that remains in the distribution channel at period end. To date, actual patient financial assistance has not differed materially from our estimates. Distributor and Other Fees. In connection with the sales of our products, we pay distributor and other fees, which are generally recorded as a reduction of revenue, to certain customers that provide us with inventory management, data, and/or distribution services. Costs associated with such services are expensed as selling, general and administrative to the extent we can demonstrate a separable benefit and fair value for such services. To date, actual distributor and other fees have not differed materially from our estimates. Product Returns. We offer our customers product return rights primarily limited to errors in shipment, damaged product, and expiring product, provided it is within a specified period of the product expiration date, as set forth in the associated distribution agreement. Where actual returns history is not available, we estimate a returns allowance based on benchmarking data for similar products and industry experience. Such estimates are recorded as a reduction of revenue in the period the related sale is recognized. Once product is returned, it is destroyed. To date, actual product returns have not differed materially from our estimates. Collaboration Revenues. We have entered into collaboration and license agreements under which we out-license certain rights to our product candidates to third parties. The terms of these arrangements typically include payment to us for one or more of the following: non-refundable, up-front license fees; development, regulatory, and/or commercial milestone payments; and royalties on net sales of the out-licensed products. Licenses of Intellectual Property. If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use, and benefit from, the license. For licenses that are bundled with other promises, we assess the nature of the combined performance obligation to determine whether it is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Milestones. At the inception of each arrangement that includes development, regulatory, and/or commercial milestones, we evaluate whether achieving the milestones is considered probable and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone is included in the transaction price. Amounts for milestones that are not within our control, such as when achievement of a specified event is dependent on the development activities of a third party or approvals from regulators, are not considered probable of being achieved until such specified event occurs. Revenue is recognized from the satisfaction of performance obligations in the amount billable to the customer. Royalties. For arrangements that include sales-based royalties, and under which the license is deemed to be the predominant item to which the royalties relate, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Each quarterly period, sales-based royalties are recorded based on estimated quarterly net sales of the associated collaboration products. Differences between actual results and estimated amounts are adjusted for in the period in which they become known, which typically follows the quarterly period in which the estimate was made. To date, actual royalties received have not differed materially from our estimates. Concentration of Credit Risk. Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, accounts receivable and debt securities available-for-sale. We have established guidelines to limit our exposure to credit risk by diversifying our investment portfolio with low-risk investment-grade debt securities with maturities of up to three years and by placing our investments with high-credit-quality financial institutions to maintain liquidity. To date, we have not experienced any credit losses and do not believe we are exposed to any significant credit risk in connection with these financial instruments. We have entered into agreements for the distribution of INGREZZA with a limited number of specialty pharmacy providers and distributors and all of our product sales of INGREZZA are to these customers. Four of these customers represented approximately 91% of our total product sales for 2023 and approximately 98% of our accounts receivable balance as of December 31, 2023. Cost of Revenues. Cost of revenues includes third-party manufacturing, transportation, freight, and indirect overhead costs primarily for the manufacture and distribution of INGREZZA drug product sold, manufacturing costs in connection with our supply of valbenazine drug product under our collaboration with Mitsubishi Tanabe Pharma Corporation, royalty fees on net sales of elagolix, amortization of intangible assets, and adjustments for excess and obsolete inventory to the extent management determines that the cost cannot be recovered based on estimates about future demand. Research and Development, or R&D. R&D expenses primarily consist of preclinical and clinical trial costs, payroll and benefits costs, including stock-based compensation associated with employees involved in R&D activities, certain facility-based costs, and costs associated with our collaborative arrangements, including event-based milestones. All such costs are expensed as R&D when incurred. Asset Acquisitions. We account for acquisitions of assets (or groups of assets) that do not meet the definition of a business using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets (or group of assets) acquired on the basis of their relative fair value(s) on the measurement date. No goodwill is recognized in an asset acquisition. Intangible assets acquired in an asset acquisition for use in R&D activities which have no alternative future use are expensed as IPR&D on the acquisition date. Future costs to develop these assets are expensed as R&D when incurred. Advertising Expense. Advertising costs are expensed as selling, general and administrative when incurred. Advertising expense was $159.9 million for 2023, $149.7 million for 2022 and $139.8 million for 2021. Stock-Based Compensation. We grant stock options to purchase our common stock to eligible employees and directors and also grant certain employees restricted stock units (RSUs) and performance-based restricted stock units (PRSUs). Additionally, we allow employees to participate in an employee stock purchase plan (ESPP). We estimate the fair value of stock options and shares to be issued under the ESPP using the Black-Scholes option-pricing model on the date of grant. RSUs are valued based on the closing price of our common stock on the date of grant. The fair value of equity instruments expected to vest is recognized and amortized on a straight-line basis over the requisite service period of the award, which is generally three to four years; however, certain provisions in our equity compensation plans provide for shorter vesting periods under certain circumstances. The fair value of shares to be issued under the ESPP is recognized and amortized on a straight-line basis over the purchase period, which is generally six months. PRSUs vest upon the achievement of certain predefined company-specific performance-based criteria. Expense related to PRSUs is generally recognized ratably over the expected performance period once the predefined performance-based criteria for vesting becomes probable. Income Taxes. Our income tax provision is computed under the asset and liability method. Significant estimates are required in determining our income tax provision. Some of these estimates are based on interpretations of existing tax laws or regulations. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (temporary differences) at enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax assets, including net operating losses and tax credits, will not be realized. We periodically re-assess the need for a valuation allowance against our deferred tax assets based on various factors including our historical earnings experience by taxing jurisdiction, and forecasts of future operating results and utilization of net operating losses and tax credits prior to their expiration. Significant judgment is required in making this assessment and, to the extent that a reversal of any portion of our valuation allowance against our deferred tax assets is deemed appropriate, a tax benefit will be recognized against our income tax provision in the period of such reversal. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the tax authorities based on the technical merits of the position. An adverse resolution of one or more of these uncertain tax positions in any period could have a material impact on the results of operations for that period. Earnings Per Share. Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed using the treasury stock and if-converted methods and reflect the weighted average number of common and potentially dilutive shares outstanding during the period, excluding those which effect would be anti-dilutive. In 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 2.25% fixed-rate convertible senior notes due May 15, 2024 in cash upon conversion and to settle any conversion premium in either cash or shares of our common stock. As a result, only the shares required to settle any conversion premium are considered dilutive under the if-converted method. Further, PRSUs for which the performance condition has not been achieved are excluded from the calculation of diluted earnings per share.

Convertible Senior Notes - Additional Information (Details)		12 Months Ended
	May 02, 2017 USD ($) d $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of convertible senior notes		$ 0	$ 70,000,000.0	$ 0
2.25% Convertible Senior Notes Due 2024
Debt Instrument [Line Items]
Principal Amount	$ 517,500,000	$ 170,400,000	170,400,000
Stated interest rate percentage	2.25%
Aggregate principal amount repurchased			210,800,000		$ 136,200,000
Aggregate repurchase price paid in cash			279,000,000		$ 186,900,000
Loss on extinguishment of convertible senior notes			$ 70,000,000
Conversion ratio	0.00131711
Conversion price (in USD per share) \| $ / shares	$ 75.92
Conversion premium	42.50%
Market price of common stock (in USD per share) \| $ / shares	$ 53.28
Redemption rate	100.00%
2.25% Convertible Senior Notes Due 2024 \| Conversion Period Two
Debt Instrument [Line Items]
Principal amount on conversion rate	$ 1,000
Minimum percentage of common stock price trigger	98.00%
2.25% Convertible Senior Notes Due 2024 \| Conversion Period One
Debt Instrument [Line Items]
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
Threshold consecutive common stock trading days \| d	30

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Diego, California

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Description of Operating Lease

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


	Year Ended December 31,
(in millions, except weighted average data)	2023		2022			2021
Operating lease cost	$	17.1	$	16.3		$	15.3
Sublease income	(0.7)		—			—
Net operating lease cost	$	16.4	$	16.3		$	15.3
Cash paid for amounts included in the measurement of operating lease liabilities	$	17.9	$	16.9		$	12.6

			December 31, 2023			December 31, 2022
Weighted average remaining lease term			10.8 years			7.9 years
Weighted average discount rate			5.1		%	5.3		%
Restricted cash related to letters of credit issued in lieu of cash security deposits			$	7.8		$	7.8

Schedule of Operating Lease Liability Maturity

The following table presents approximate future non-cancelable minimum lease payments under operating leases and sublease income as of December 31, 2023.


(in millions)	Operating Leases (1)		Sublease Income
Year ending December 31, 2024	$	33.0	$	(1.7)
Year ending December 31, 2025	34.7		(1.7)
Year ending December 31, 2026	34.0		(1.7)
Year ending December 31, 2027	34.8		(1.7)
Year ending December 31, 2028	35.6		(1.7)
Thereafter	211.4		(4.3)
Total operating lease payments (sublease income)	383.5		$	(12.8)
Less accreted interest	93.2
Total operating lease liabilities	290.3
Less current operating lease liabilities included in other current liabilities	32.0
Noncurrent operating lease liabilities	$	258.3

_________________________

Other Balance Sheet Details

12 Months Ended

Dec. 31, 2023

Other Balance Sheet Details [Abstract]

Other Balance Sheet Details

Inventory, net, consisted of the following:


	December 31,
(in millions)	2023		2022
Raw materials	$	21.5	$	12.0
Work in process	9.7		5.6
Finished goods	12.3		17.5
	43.5		35.1
Less inventory reserves	(5.2)		—
Total inventory, net	$	38.3	$	35.1

Property and equipment, net, consisted of the following:


	December 31,
(in millions)	2023		2022
Tenant improvements	$	38.1	$	37.9
Scientific equipment	79.6		58.8
Computer equipment	25.2		21.5
Furniture and fixtures	10.9		6.7
	153.8		124.9
Less accumulated depreciation	(83.0)		(66.3)
Total property and equipment, net	$	70.8	$	58.6

Accounts payable and accrued liabilities consisted of the following:


	December 31,
(in millions)	2023		2022
Sales rebates and reserves	$	139.3	$	131.9
Accrued employee related costs	86.2		72.8
Current branded prescription drug fee	45.7		27.5
Accrued development costs	44.3		39.1
Current income taxes payable	24.4		9.0
Accounts payable and other accrued liabilities	108.9		67.3
Total accounts payable and accrued liabilities	$	448.8	$	347.6

Other long-term liabilities consisted of the following:


	December 31,
(in millions)	2023		2022
Noncurrent income taxes payable	$	96.0	$	19.8
Noncurrent branded prescription drug fee	10.3		9.9
Total other long-term liabilities	$	106.3	$	29.7


	December 31,
(in millions)	2023		2022
Cash and cash equivalents	$	251.1	$	262.9
Restricted cash	8.0		7.8
Total cash, cash equivalents and restricted cash	$	259.1	$	270.7

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair values of stock options granted (in USD per share)	$ 45.19	$ 32.05	$ 45.02
Stock options exercised in period intrinsic value	$ 39.9	$ 39.7	$ 58.0
Cash received from stock option exercises	$ 55.5	37.0	20.7
ESPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discounted purchase price percentage of common stock authorized for issuance	85.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term of stock options	10 years
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Total intrinsic value vested in period	$ 101.0	72.4	64.3
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of PRSUs vested	$ 34.4	$ 0.0	$ 0.0
PRSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
PRSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Amended 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant (in shares)	10,500,000
Number of shares reduced pursuant to appreciation award (in shares)	1
Number of shares reduced pursuant to any full value award granted (in shares)	2.13
Number of shares increased by returning shares subject to appreciation award (in shares)	1
Number of shares increased returning shares subject to any full value award (in shares)	2.13
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock authorized for issuance (in shares)	0
Amended 2018 Employee Stock Purchase Plan \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant (in shares)	500,000