0000914475-24-000211 | 10-Q | XBRL Viewer | Neurocrine Biosciences INC

Earnings per Share

9 Months Ended

Sep. 30, 2024

Earnings per share were calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2024		2023		2024		2023
Net income - basic and diluted	$	129.8	$	83.1	$	238.2	$	102.0
Weighted-average common shares outstanding:
Basic	101.1		97.9		100.6		97.5
Effect of dilutive securities	3.2		3.2		3.4		3.1
Diluted	104.3		101.1		104.0		100.6
Earnings per share:
Basic	$	1.28	$	0.85	$	2.37	$	1.05
Diluted	$	1.24	$	0.82	$	2.29	$	1.01

Shares excluded from diluted per share amounts because their effect would have been anti-dilutive	1.7		4.4		1.9		5.2

Convertible Senior Notes (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Notes Net of Discount and Deferred Financing Costs

The following table presents a summary of charges recognized in connection with the bifurcation of the conversion feature of the 2024 Notes and conversions of the 2024 Notes by holders during the first nine months of 2024.


(in millions)
Accretion of debt discount associated with derivative liability	$	126.6
Change in fair value of derivative liability	9.6
Loss on extinguishment of convertible senior notes	2.2
Charges associated with convertible senior notes	$	138.4

- 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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 238.2	$ 102.0
Adjustments to reconcile net income to net cash from operating activities:
Stock-based compensation expense	129.1	156.2
Charges associated with convertible senior notes	138.4	0.0
Impairment charges associated with leased properties	14.0	0.0
Depreciation	17.3	12.9
Accretion of discount on available-for-sale debt securities, net	(20.6)	(12.0)
Amortization of intangible assets	2.7	2.7
Changes in fair values of equity investments	35.2	0.6
Deferred income taxes	(91.8)	(77.3)
Other	3.9	(0.6)
Change in operating assets and liabilities:
Accounts receivable	(41.8)	(67.9)
Inventory	(7.5)	6.3
Accounts payable and accrued liabilities	(38.7)	147.3
Other assets and liabilities, net	(25.5)	(3.8)
Cash flows from operating activities	352.9	266.4
Cash flows from investing activities:
Purchases of available-for-sale debt securities	(744.3)	(892.7)
Sales and maturities of available-for-sale debt securities	716.7	681.6
Purchases of equity investments	0.0	(31.3)
Capital expenditures	(30.9)	(22.9)
Cash flows from investing activities	(58.5)	(265.3)
Cash flows from financing activities:
Issuances of common stock under benefit plans	112.1	29.9
Payments to settle convertible senior notes	(308.8)	0.0
Cash flows from financing activities	(196.7)	29.9
Effect of exchange rate changes on cash and cash equivalents	0.3	0.0
Change in cash, cash equivalents and restricted cash	98.0	31.0
Cash, cash equivalents and restricted cash at beginning of period	259.1	270.7
Cash, cash equivalents and restricted cash at end of period	357.1	301.7
Supplemental disclosures:
Accrued capital expenditures	0.8	0.9
Right-of-use assets acquired through operating leases	9.0	1.8
Cash paid for interest	1.6	1.9
Cash paid for income taxes	$ 144.5	$ 5.0

Other Balance Sheet Details (Tables)

9 Months Ended

Sep. 30, 2024

Other Balance Sheet Details [Abstract]

Schedule of Inventories

Inventory consisted of the following:


(in millions)	September 30, 2024		December 31, 2023
Raw materials	$	23.7	$	21.5
Work in process	10.6		9.7
Finished goods	11.5		12.3
	45.8		43.5
Less inventory reserves	—		(5.2)
Total inventory	$	45.8	$	38.3

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following:


(in millions)	September 30, 2024		December 31, 2023
Sales rebates and reserves	$	138.9	$	139.3
Accrued employee related costs	77.1		86.2
Current branded prescription drug fee	42.7		45.7
Accrued development costs	38.3		44.3

Accounts payable and other accrued liabilities	95.7		133.3
Total accounts payable and accrued liabilities	$	392.7	$	448.8

Schedule of Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following:


(in millions)	September 30, 2024		December 31, 2023
Noncurrent income taxes payable	$	134.9	$	96.0
Other noncurrent liabilities	0.1		10.3
Total other noncurrent liabilities	$	135.0	$	106.3

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash

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


(in millions)	September 30, 2024		September 30, 2023
Cash and cash equivalents	$	349.1	$	293.7
Restricted cash included in other noncurrent assets	8.0		8.0
Total cash, cash equivalents, and restricted cash	$	357.1	$	301.7

Other Balance Sheet Details - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Other Balance Sheet Details [Abstract]
Cash and cash equivalents	$ 349.1	$ 251.1	$ 293.7
Restricted cash included in other noncurrent assets	8.0		8.0
Total cash, cash equivalents, and restricted cash	$ 357.1	$ 259.1	$ 301.7	$ 270.7

Organization and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of Neurocrine Biosciences and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in our Annual Report on Form 10-K, or the 2023 Form 10-K, filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or the full year. The condensed consolidated balance sheet as of December 31, 2023, has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted. In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and for interim reporting periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2023-07 will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2023-09 will have on our financial statement disclosures.
Fair Value Measurements	The fair value hierarchy consists of the following three levels: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing the asset or liability when there is little, if any, market activity for the asset or liability at the measurement date.

Convertible Senior Notes - Additional Information (Details)		3 Months Ended			9 Months Ended		12 Months Ended
	Jan. 15, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) day	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)	May 02, 2017 USD ($)
Debt Instrument [Line Items]
Charges associated with convertible senior notes		$ 0		$ 0	$ 138,400,000	$ 0
2.25% Convertible senior notes due 2024
Debt Instrument [Line Items]
Debt instrument, face amount									$ 517,500,000
Interest rate (as a percent)									2.25%
Principal amount repurchased							$ 210,800,000	$ 136,200,000
Repayments of debt			$ 308,200,000				$ 279,000,000.0	$ 186,900,000
Principal amount repaid			169,800,000
Charges associated with convertible senior notes			$ 138,400,000
Threshold consecutive common stock trading days (in days) \| day			30
2.25% Convertible senior notes due 2024 \| Embedded Derivative Financial Instruments
Debt Instrument [Line Items]
Convertible senior notes embedded derivative liability	$ 126,600,000

Convertible Senior Notes

9 Months Ended

Sep. 30, 2024

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 was due semi-annually on May 15 and November 15 of each year.

In 2020, we repurchased $136.2 million in 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 in aggregate principal amount of the 2024 Notes for an aggregate repurchase price of $279.0 million in cash.

On or after January 15, 2024, holders of the 2024 Notes had the ability to convert the 2024 Notes at any time until the close of business on the scheduled trading day immediately preceding May 15, 2024. In January 2024, we provided notice to the holders of the 2024 Notes electing to settle all conversions of the 2024 Notes which occur on or after January 15, 2024 in cash. Consequently, the embedded conversion option of the 2024 Notes (the conversion feature) required bifurcation and separate accounting from the 2024 Notes as it no longer qualified for the equity scope exception under ASC 815, Derivatives and Hedging. Upon bifurcation of the conversion feature, we recorded a derivative liability at a fair value of $126.6 million (Level 3) and a corresponding debt discount that was accreted over the remaining term of the 2024 Notes using the straight-line method. Subsequent changes in the fair value of the derivative liability and accretion of the associated debt discount were recorded in other income (expense), net in our condensed consolidated statements of income.

During the second quarter of 2024, holders of the 2024 Notes converted $169.8 million in aggregate principal amount of the 2024 Notes for $308.2 million in cash, reflecting a conversion premium of $138.4 million calculated based on the per share volume-weighted average price (VWAP) for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture). The 2024 Notes were settled in full upon maturity on May 15, 2024.


(in millions)
Accretion of debt discount associated with derivative liability	$	126.6
Change in fair value of derivative liability	9.6
Loss on extinguishment of convertible senior notes	2.2
Charges associated with convertible senior notes	$	138.4

- 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.

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+ Details

Fair Value Measurements - Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,998.6	$ 1,881.0
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	475.8	413.0
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	1,522.8	1,468.0
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	349.1	251.1
Cash and cash equivalents \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	349.1	251.1
Cash and cash equivalents \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Available-for-sale debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,522.8	1,468.0
Available-for-sale debt securities \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	0.0	0.0
Available-for-sale debt securities \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	1,522.8	1,468.0
Equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	126.7	161.9
Equity investments \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	126.7	161.9
Equity investments \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	$ 0.0	$ 0.0

Available-for-Sale Debt Securities - Schedule of Fair Value of Available-For-Sale Debt Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	$ 877.4	$ 781.7
Unrealized Gain, Current	1.6	0.3
Unrealized Loss, Current	(0.1)	(1.5)
Fair Value, Current	878.9	780.5
Amortized Cost, Noncurrent	637.1	684.6
Unrealized Gain, Noncurrent	7.0	3.4
Unrealized Loss, Noncurrent	(0.2)	(0.5)
Fair Value, Noncurrent	643.9	687.5
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	37.3	53.5
Unrealized Gain, Current	0.0	0.0
Unrealized Loss, Current	0.0	0.0
Fair Value, Current	37.3	53.5
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	531.4	382.1
Unrealized Gain, Current	1.0	0.1
Unrealized Loss, Current	(0.1)	(1.0)
Fair Value, Current	532.3	381.2
Amortized Cost, Noncurrent	488.9	483.5
Unrealized Gain, Noncurrent	6.2	2.9
Unrealized Loss, Noncurrent	(0.1)	(0.4)
Fair Value, Noncurrent	495.0	486.0
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Current	308.7	346.1
Unrealized Gain, Current	0.6	0.2
Unrealized Loss, Current	0.0	(0.5)
Fair Value, Current	309.3	345.8
Amortized Cost, Noncurrent	148.2	201.1
Unrealized Gain, Noncurrent	0.8	0.5
Unrealized Loss, Noncurrent	(0.1)	(0.1)
Fair Value, Noncurrent	$ 148.9	$ 201.5

Available-for-Sale Debt Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Debt Securities

The following table presents a summary of available-for-sale debt securities, aggregated by major security type and contractual maturity.


		September 30, 2024								December 31, 2023
(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	$	37.3	$	—	$	—	$	37.3	$	53.5	$	—	$	—	$	53.5
Corporate debt securities	0 to 1 years	531.4		1.0		(0.1)		532.3		382.1		0.1		(1.0)		381.2
Securities of government-sponsored entities	0 to 1 years	308.7		0.6		—		309.3		346.1		0.2		(0.5)		345.8
		$	877.4	$	1.6	$	(0.1)	$	878.9	$	781.7	$	0.3	$	(1.5)	$	780.5

Corporate debt securities	1 to 3 years	$	488.9	$	6.2	$	(0.1)	$	495.0	$	483.5	$	2.9	$	(0.4)	$	486.0
Securities of government-sponsored entities	1 to 3 years	148.2		0.8		(0.1)		148.9		201.1		0.5		(0.1)		201.5
		$	637.1	$	7.0	$	(0.2)	$	643.9	$	684.6	$	3.4	$	(0.5)	$	687.5

Unrealized losses on available-for-sale debt securities 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 September 30, 2024 or December 31, 2023.

The following table presents available-for-sale debt securities that were in an unrealized loss position as of September 30, 2024, 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	$	125.9	$	(0.1)	$	49.1	$	(0.1)	$	175.0	$	(0.2)
Securities of government-sponsored entities	$	84.8	$	(0.1)	$	—	$	—	$	84.8	$	(0.1)

The following table presents available-for-sale debt securities 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)

Accrued interest receivables on available-for-sale debt securities totaled $13.5 million and $11.2 million, respectively, as of September 30, 2024 and December 31, 2023. We do not measure an allowance for credit losses for accrued interest receivables. For the purposes of identifying and measuring an impairment, accrued interest is excluded from both the fair value and amortized cost basis of the debt security. Uncollectible accrued interest receivables associated with an impaired debt security are reversed against interest income upon identification of the impairment. No accrued interest receivables were written off during the first nine months of 2024 or 2023.

Goodwill and Intangible Assets - Carrying Amount of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, at beginning period	$ 5.8
Foreign currency translation adjustments	0.3
Goodwill, at ending period	$ 6.1

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Convertible Senior Notes - Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Accretion of debt discount associated with derivative liability			$ 126.6
Change in fair value of derivative liability			9.6
Loss on extinguishment of convertible senior notes			2.2
Charges associated with convertible senior notes	$ 0.0	$ 0.0	$ 138.4	$ 0.0

Available-for-Sale Debt Securities - Schedule of Gross Unrealized Losses and Fair Value Available-For-Sale Investments in Unrealized Loss Position (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	$ 125.9	$ 265.1
Less Than 12 Months, Unrealized Loss	(0.1)	(0.4)
12 Months or Longer, Fair Value	49.1	183.8
12 Months or Longer, Unrealized Loss	(0.1)	(1.0)
Total, Fair Value	175.0	448.9
Total, Unrealized Loss	(0.2)	(1.4)
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	84.8	214.6
Less Than 12 Months, Unrealized Loss	(0.1)	(0.2)
12 Months or Longer, Fair Value	0.0	16.7
12 Months or Longer, Unrealized Loss	0.0	(0.4)
Total, Fair Value	84.8	231.3
Total, Unrealized Loss	$ (0.1)	$ (0.6)

- 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 320
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+ Details

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

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 noncurrent assets in our condensed consolidated balance sheets.


(in millions)
Balance as of December 31, 2023	$	5.8
Foreign currency translation adjustments	0.3
Balance as of September 30, 2024	$	6.1

The following table presents information relating to our recognized intangible assets.


		September 30, 2024						December 31, 2023
(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	37.9	$	7.3	$	30.6	$	35.9	$	4.0	$	31.9
Acquired IPR&D	Indefinite	$	3.9	$	—	3.9		$	3.6	$	—	3.6
Total intangible assets, net						$	34.5					$	35.5

The following table presents approximate future annual amortization expense for our finite-lived intangible assets as of September 30, 2024.


(in millions)
2024 (3 months remaining)	$	0.9
2025	$	3.8
2026	$	3.8
2027	$	3.8
2028	$	3.8
Thereafter	$	14.5

Other Balance Sheet Details - Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Balance Sheet Details [Abstract]
Raw materials	$ 23.7	$ 21.5
Work in process	10.6	9.7
Finished goods	11.5	12.3
Inventory, gross	45.8	43.5
Less inventory reserves	0.0	(5.2)
Total inventory	$ 45.8	$ 38.3

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Carrying Amount of Goodwill

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


(in millions)
Balance as of December 31, 2023	$	5.8
Foreign currency translation adjustments	0.3
Balance as of September 30, 2024	$	6.1

Schedule of Information Relating to our Recognized Intangible Assets

The following table presents information relating to our recognized intangible assets.


		September 30, 2024						December 31, 2023
(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	37.9	$	7.3	$	30.6	$	35.9	$	4.0	$	31.9
Acquired IPR&D	Indefinite	$	3.9	$	—	3.9		$	3.6	$	—	3.6
Total intangible assets, net						$	34.5					$	35.5

Schedule of Information Relating to our Recognized Intangible Assets

The following table presents information relating to our recognized intangible assets.


		September 30, 2024						December 31, 2023
(dollars in millions)	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product rights	10 years	$	37.9	$	7.3	$	30.6	$	35.9	$	4.0	$	31.9
Acquired IPR&D	Indefinite	$	3.9	$	—	3.9		$	3.6	$	—	3.6
Total intangible assets, net						$	34.5					$	35.5

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

The following table presents approximate future annual amortization expense for our finite-lived intangible assets as of September 30, 2024.


(in millions)
2024 (3 months remaining)	$	0.9
2025	$	3.8
2026	$	3.8
2027	$	3.8
2028	$	3.8
Thereafter	$	14.5

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	101,200,000	98,700,000
Common stock, shares outstanding (in shares)	101,200,000	98,700,000

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 622.1	$ 498.8	$ 1,727.6	$ 1,371.9
Operating expenses:
Cost of revenues	8.0	11.2	24.7	31.2
Research and development	195.0	142.2	545.5	427.5
Acquired in-process research and development	1.0	0.0	9.5	143.9
Selling, general, and administrative	234.3	204.2	719.4	668.7
Total operating expenses	438.3	357.6	1,299.1	1,271.3
Operating income	183.8	141.2	428.5	100.6
Other income (expense):
Unrealized loss on equity investments	(16.9)	(40.1)	(35.2)	(0.6)
Charges associated with convertible senior notes	0.0	0.0	(138.4)	0.0
Investment income and other, net	23.4	14.5	68.5	33.9
Total other income (expense), net	6.5	(25.6)	(105.1)	33.3
Income before provision for income taxes	190.3	115.6	323.4	133.9
Provision for income taxes	60.5	32.5	85.2	31.9
Net income	129.8	83.1	238.2	102.0
Foreign currency translation adjustments, net of tax	2.9	(1.4)	2.5	0.7
Unrealized gain on available-for-sale debt securities, net of tax	9.1	0.8	5.0	5.5
Comprehensive income	$ 141.8	$ 82.5	$ 245.7	$ 108.2
Earnings per share:
Basic (in USD per share)	$ 1.28	$ 0.85	$ 2.37	$ 1.05
Diluted (in USD per share)	$ 1.24	$ 0.82	$ 2.29	$ 1.01
Weighted-average shares outstanding:
Basic (in shares)	101.1	97.9	100.6	97.5
Diluted (in shares)	104.3	101.1	104.0	100.6
Net product sales
Revenues:
Total revenues	$ 616.6	$ 491.8	$ 1,709.4	$ 1,353.4
Collaboration revenues
Revenues:
Total revenues	$ 5.5	$ 7.0	$ 18.2	$ 18.5

Other Balance Sheet Details - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Balance Sheet Details [Abstract]
Sales rebates and reserves	$ 138.9	$ 139.3
Accrued employee related costs	77.1	86.2
Current branded prescription drug fee	42.7	45.7
Accrued development costs	38.3	44.3
Accounts payable and other accrued liabilities	95.7	133.3
Total accounts payable and accrued liabilities	$ 392.7	$ 448.8

Goodwill and Intangible Assets - Estimated Annual Amortization Expense for Finite-Lived Intangible Assets (Details) $ in Millions	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (3 months remaining)	$ 0.9
2025	3.8
2026	3.8
2027	3.8
2028	3.8
Thereafter	$ 14.5

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	6027 Edgewood Bend Court
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	(858)
Local Phone Number	617-7600
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	NBIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		101,246,911
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000914475
Current Fiscal Year End Date	--12-31

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

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


	September 30, 2024						December 31, 2023
	Fair Value		Leveling				Fair Value		Leveling
(in millions)			Level 1		Level 2				Level 1		Level 2
Cash and cash equivalents	$	349.1	$	349.1	$	—	$	251.1	$	251.1	$	—
Available-for-sale debt securities	1,522.8		—		1,522.8		1,468.0		—		1,468.0
Equity investments	126.7		126.7		—		161.9		161.9		—
	$	1,998.6	$	475.8	$	1,522.8	$	1,881.0	$	413.0	$	1,468.0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 129.8	$ 83.1	$ 238.2	$ 102.0

- Definition

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

+ References

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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Operating Lease

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


	Nine Months Ended September 30,
(in millions, except weighted average data)	2024			2023
Operating lease cost	$	27.9		$	12.3
Sublease income	(1.3)			(0.3)
Net operating lease cost	$	26.6		$	12.0
Cash paid for amounts included in the measurement of operating lease liabilities	$	24.0		$	13.4

	September 30, 2024			September 30, 2023
Weighted average remaining lease term	10.3 years			7.2 years
Weighted average discount rate	5.0		%	5.4		%
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 September 30, 2024.


(in millions)	Operating Leases (1)		Sublease Income
2024 (3 months remaining)	$	9.0	$	(0.8)
2025	35.4		(3.5)
2026	34.9		(3.5)
2027	35.8		(3.5)
2028	36.6		(3.5)
Thereafter	220.4		(8.8)
Total operating lease payments (sublease income)	372.1		$	(23.6)
Less accreted interest	85.9
Total operating lease liabilities	286.2
Less current operating lease liabilities included in other current liabilities	34.8
Noncurrent operating lease liabilities	$	251.4

_________________________

(1) Amounts presented in the table above exclude $5.6 million for 2025, $22.6 million for 2026, $23.3 million for 2027, $24.0 million for 2028 and $214.4 million thereafter of approximate non-cancelable future minimum lease payments under an operating lease related to our new campus facility that has not yet commenced.

Organization and Significant Accounting Policies	9 Months Ended
Organization and Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of Neurocrine Biosciences and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in our Annual Report on Form 10-K, or the 2023 Form 10-K, filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or the full year. The condensed consolidated balance sheet as of December 31, 2023, has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. There were no significant changes to our significant accounting policies as disclosed in the 2023 Form 10-K. Recently Issued Accounting Pronouncements Not Yet Adopted. In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and for interim reporting periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2023-07 will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact that adoption of ASU 2023-09 will have on our financial statement disclosures.

Goodwill and Intangible Assets - Intangible Assets Amortized Over Estimated Useful Lives (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets [Line Items]
Net Carrying Amount	$ 34.5	$ 35.5
Acquired IPR&D
Intangible Assets [Line Items]
Net Carrying Amount	$ 3.9	3.6
Developed product rights
Intangible Assets [Line Items]
Useful Life	10 years
Gross Carrying Amount	$ 37.9	35.9
Accumulated Amortization	7.3	4.0
Net Carrying Amount	$ 30.6	$ 31.9

Other Balance Sheet Details - Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Balance Sheet Details [Abstract]
Noncurrent income taxes payable	$ 134.9	$ 96.0
Other noncurrent liabilities	0.1	10.3
Total other noncurrent liabilities	$ 135.0	$ 106.3

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 349.1	$ 251.1
Available-for-sale debt securities	878.9	780.5
Accounts receivable	481.1	439.3
Inventory	45.8	38.3
Other current assets	121.7	97.8
Total current assets	1,876.6	1,607.0
Deferred tax assets	454.4	362.6
Available-for-sale debt securities	643.9	687.5
Right-of-use assets	257.3	276.5
Equity investments	126.7	161.9
Property and equipment, net	80.0	70.8
Intangible assets, net	34.5	35.5
Other noncurrent assets	61.6	49.6
Total assets	3,535.0	3,251.4
Current liabilities:
Accounts payable and accrued liabilities	392.7	448.8
Convertible senior notes	0.0	170.1
Other current liabilities	37.0	35.9
Total current liabilities	429.7	654.8
Noncurrent operating lease liabilities	251.4	258.3
Other noncurrent liabilities	135.0	106.3
Total liabilities	816.1	1,019.4
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; 101.2 and 98.7 shares issued and outstanding, respectively	0.1	0.1
Additional paid-in capital	2,623.2	2,382.0
Accumulated other comprehensive income	14.5	7.0
Retained earnings (accumulated deficit)	81.1	(157.1)
Total stockholders’ equity	2,718.9	2,232.0
Total liabilities and stockholders’ equity	$ 3,535.0	$ 3,251.4

Earnings per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income - basic	$ 129.8	$ 83.1	$ 238.2	$ 102.0
Net income - diluted	$ 129.8	$ 83.1	$ 238.2	$ 102.0
Weighted-average common shares outstanding:
Basic (in shares)	101.1	97.9	100.6	97.5
Effect of dilutive securities (in shares)	3.2	3.2	3.4	3.1
Diluted (in shares)	104.3	101.1	104.0	100.6
Earnings per share:
Earnings per share, basic (in USD per share)	$ 1.28	$ 0.85	$ 2.37	$ 1.05
Earnings per share, diluted (in USD per share)	$ 1.24	$ 0.82	$ 2.29	$ 1.01
Shares excluded from diluted per share amounts because their effect would have been anti-dilutive (in shares)	1.7	4.4	1.9	5.2

Leases - Supplemental Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 27.9	$ 12.3
Sublease income	(1.3)	(0.3)
Net operating lease cost	26.6	12.0
Cash paid for amounts included in the measurement of operating lease liabilities	$ 24.0	$ 13.4
Weighted average remaining lease term	10 years 3 months 18 days	7 years 2 months 12 days
Weighted average discount rate	5.00%	5.40%
Restricted cash related to letters of credit issued in lieu of cash security deposits	$ 8.0	$ 8.0
Letter of Credit
Lessee, Lease, Description [Line Items]
Restricted cash related to letters of credit issued in lieu of cash security deposits	$ 7.8	$ 7.8

Leases

9 Months Ended

Sep. 30, 2024

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 right-of-use (ROU) assets or operating lease liabilities.

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


	Nine Months Ended September 30,
(in millions, except weighted average data)	2024			2023
Operating lease cost	$	27.9		$	12.3
Sublease income	(1.3)			(0.3)
Net operating lease cost	$	26.6		$	12.0
Cash paid for amounts included in the measurement of operating lease liabilities	$	24.0		$	13.4

	September 30, 2024			September 30, 2023
Weighted average remaining lease term	10.3 years			7.2 years
Weighted average discount rate	5.0		%	5.4		%
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 September 30, 2024.


(in millions)	Operating Leases (1)		Sublease Income
2024 (3 months remaining)	$	9.0	$	(0.8)
2025	35.4		(3.5)
2026	34.9		(3.5)
2027	35.8		(3.5)
2028	36.6		(3.5)
Thereafter	220.4		(8.8)
Total operating lease payments (sublease income)	372.1		$	(23.6)
Less accreted interest	85.9
Total operating lease liabilities	286.2
Less current operating lease liabilities included in other current liabilities	34.8
Noncurrent operating lease liabilities	$	251.4

_________________________

New Campus Facility. On February 8, 2022, we entered into a lease agreement for a four-building campus facility currently under construction 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, now serves as our corporate headquarters.

The construction of the campus facility is phased. The first phase of construction, consisting of two buildings relating to office space, was completed in December 2023 and resulted in the recognition of ROU assets and operating lease liabilities totaling $199.0 million and $189.8 million, respectively. The second phase of construction, consisting of two buildings relating to laboratory space, is scheduled for completion by the end of 2024.

As we continue to occupy our new campus facility, certain of our existing leased properties will be marketed for sublease 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.

Impairment of ROU Assets. ROU assets are reviewed for impairment when indicators of impairment are present. ROU assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities.

Corporate ROU assets that are actively being marketed for sublease in connection with excess leased capacity are tested for impairment individually when the cash flows related to the ROU asset are determined to be independent from the cash flows of other assets and liabilities. Corporate ROU assets are otherwise tested for impairment on a consolidated level with consideration given to all cash flows of the company as corporate functions do not generate cash flows and are funded by revenue-producing activities at lower levels of the entity.

In the second quarter of 2024, we reassessed the asset groupings for corporate ROU assets that are actively being marketed for sublease in connection with leased office space that has been vacated as we continue to occupy our new campus facility. For asset groups where impairment was triggered, we used discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups and recognized corresponding impairment charges totaling $14.0 million in the second quarter of 2024, of which $11.3 million and $2.7 million, respectively, was related to the ROU assets and tenant improvements associated with the underlying leased properties. The significant assumptions used in the discounted cash flows models included projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflected a market participant's assumptions in valuing the asset groups.

Collaboration and License Agreements (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) geneTherapyProgram $ / shares shares	Sep. 30, 2024 USD ($) non-clinicalStageCompound	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) preclinicalCandidate undisclosedProgram $ / shares shares	Jun. 30, 2025 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development	$ 1.0			$ 0.0		$ 9.5	$ 143.9
Total revenues	622.1			498.8		1,727.6	1,371.9
Collaborative Arrangement \| Common Stock \| Voyager
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Beneficial ownership (as a percent)					19.90%
Nxera \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development	35.0	$ 15.0
Potential milestone payments	2,600.0					$ 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
Nxera \| Collaborative Arrangement \| Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments											$ 15.0
Takeda \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development		7.5
Potential milestone payments	1,900.0					$ 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						3
Idorsia \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	1,700.0					$ 1,700.0
Agreement termination, minimal contractual time (in days)						90 days
Agreement termination, due to material breach (in days)						90 days
Xenon \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	1,700.0					$ 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 fair value (Level 3)									$ 4.6	$ 14.1
Equity securities fair value (Level 1)								$ 7.7
Xenon \| Collaborative Arrangement \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares) \| shares								0.3	0.3	1.4
Voyager \| Collaborative Arrangement \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock (in shares) \| shares					4.4					4.2
Transfer, beneficial ownership, and voting restrictions period (in years)					3 years
2019 Voyager Agreement \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development			$ 5.0
Potential milestone payments	1,300.0					$ 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 fair value (Level 3)										$ 54.7
Number of undisclosed programs \| undisclosedProgram										2
2023 Voyager Agreement \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development	3.0	$ 3.0
Potential milestone payments	6,100.0					$ 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 fair value (Level 1)					$ 31.3
Number of gene therapy programs \| geneTherapyProgram					3
Upfront payment					$ 175.0
Board of directors maximum duration term (in years)					10 years
Acquired in-process research and development					$ 143.9
MTPC \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement termination, contractual time threshold (in days)						180 days
Potential milestone payment receipts	30.0					$ 30.0
MTPC \| Collaborative Arrangement \| Minimum \| Patents
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Patent term (in years)						10 years
AbbVie \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement termination, contractual time threshold (in days)						180 days
Potential milestone payment receipts	366.0					$ 366.0
AbbVie \| Collaborative Arrangement \| Royalty
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 3.3			$ 4.2		$ 9.8	$ 12.0
AbbVie \| Collaborative Arrangement \| Minimum \| Patents
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Patent term (in years)						10 years

Leases - Schedule of Operating Lease Liability Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (3 months remaining)	$ 9.0
2025	35.4
2026	34.9
2027	35.8
2028	36.6
Thereafter	220.4
Total operating lease payments (sublease income)	372.1
Less accreted interest	85.9
Total operating lease liabilities	$ 286.2
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Less current operating lease liabilities included in other current liabilities	$ 34.8
Noncurrent operating lease liabilities	251.4	$ 258.3
Sublease Income
2024 (3 months remaining)	(0.8)
2025	(3.5)
2026	(3.5)
2027	(3.5)
2028	(3.5)
Thereafter	(8.8)
Total operating lease payments (sublease income)	(23.6)
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2025	5.6
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2026	22.6
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2027	23.3
Non-cancelable future minimum lease payments under operating leases not yet commenced for 2028	24.0
Non-cancelable future minimum lease payments under operating leases not yet commenced for thereafter	$ 214.4

Leases - Additional Information (Details) $ in Millions		3 Months Ended
Leases - Additional Information (Details) $ in Millions	Feb. 08, 2022	Jun. 30, 2024 USD ($)	Dec. 31, 2024 numberOfBuilding	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) numberOfBuilding
Lessee, Lease, Description [Line Items]
Right-of-use assets				$ 257.3	$ 276.5
Operating lease, liability				$ 286.2
Operating lease, impairment loss		$ 14.0
Building
Lessee, Lease, Description [Line Items]
Lessee option term for construction of fifth building	6 years
Number of buildings \| numberOfBuilding					2
Right-of-use assets					$ 199.0
Operating lease, liability					$ 189.8
Operating lease, impairment loss		11.3
Building \| Forecast
Lessee, Lease, Description [Line Items]
Number of buildings \| numberOfBuilding			2
Tenant improvements
Lessee, Lease, Description [Line Items]
Operating lease, impairment loss		$ 2.7

Collaboration and License Agreements	9 Months Ended
Collaboration and License Agreements	Sep. 30, 2024
Business Combinations [Abstract]
Collaboration and License Agreements	Collaboration and License Agreements Nxera Pharma UK Limited, or Nxera. In 2021, we entered into a collaboration and license agreement with Nxera (formerly Sosei Heptares) to develop and commercialize certain compounds containing sub-type selective muscarinic M1, M4, or dual M1/M4 receptor agonists, which we have the exclusive rights to develop, manufacture and commercialize worldwide, excluding in Japan, where Nxera 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 Nxera, we retain the rights to opt in to profit sharing arrangements, pursuant to which we and Nxera 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 Nxera 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 successful completion of a long-term toxicity program for NBI-1117568 in April 2024, we paid Nxera a milestone of $15.0 million, which was expensed as research and development (R&D) in the second quarter of 2024. In connection with the successful completion of the Phase 2 clinical study for NBI-1117568 in August 2024, we paid Nxera a milestone of $35.0 million, which was expensed as R&D in the third quarter of 2024. We expect to advance NBI-1117568 into Phase 3 development in the first half of 2025, which would trigger a milestone of $15.0 million payable to Nxera upon initiation of the Phase 3 clinical study. Under the terms of the agreement, Nxera 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 Nxera during the research collaboration term and upon 90 days’ written notice to Nxera following the expiration of the research collaboration term. Following the expiration of the research collaboration term, Nxera 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-1070770, NBI-1065845, NBI-1065846 and three non-clinical stage compounds. In the third quarter of 2024, we provided Takeda with written notice of termination of the license agreement to develop and commercialize luvadaxistat and NBI-1065846. The termination is anticipated to be effective in April 2025. NBI-1070770 and the three non-clinical stage compounds have each been designated as a royalty-bearing product. We are responsible for all manufacturing, development and commercialization costs of any royalty-bearing product. NBI-1065845 is currently designated as a profit-share product, meaning we and Takeda will equally share in the operating profits and losses. Takeda retains the right to opt-out of the profit-sharing arrangement, pursuant to which Takeda would be entitled to receive potential future payments upon the achievement of certain event-based milestones with respect to NBI-1065845 and receive royalties on the future net sales of NBI-1065845 (in lieu of equally sharing in the operating profits and losses). Takeda may elect to exercise the opt-out right for NBI-1065845 immediately following the completion of a second Phase 2 clinical study for NBI-1065845, or, under certain circumstances related to the development and commercialization activities to be performed by us, before the initiation of a Phase 3 clinical study for NBI-1065845. In connection with the initiation of a Phase 2 clinical study for NBI-1070770 as a potential treatment for major depressive disorder in April 2024, we paid Takeda a milestone of $7.5 million, which was expensed as R&D in the second quarter of 2024. Under the terms of the agreement, Takeda may be entitled to receive potential future payments of up to $1.9 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any royalty-bearing product. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the date on which, (i) for any royalty-bearing product, the royalty term has expired in such country; and (ii) for any profit-share product, for so long as we continue to develop, manufacture, or commercialize such licensed product. On a licensed product-by-licensed product and country-by-country basis, royalty payments would commence on the first commercial sale of a royalty-bearing product and terminate on the later of (i) the expiration of the last patent covering such royalty-bearing product in such country, (ii) a number of years from the first commercial sale of such royalty-bearing product in such country and (iii) the expiration of regulatory exclusivity for such royalty-bearing product in such country. We may terminate the agreement in its entirety or in one or more (but not all) of the United States, Japan, the European Union and the United Kingdom, or, collectively, the major markets, upon six months’ written notice to Takeda (i) with respect to all licensed products prior to the first commercial sale of the first licensed product for which first commercial sale occurs, or (ii) with respect to all licensed products in one or more given target classes, as defined in the agreement, prior to the first commercial sale of the first licensed product in such target class for which first commercial sale occurs. We may terminate the agreement in its entirety or in one or more (but not all) of the major markets upon 12 months’ written notice to Takeda (i) with respect to all licensed products following the first commercial sale of the first licensed product for which first commercial sale occurs, or (ii) with respect to all licensed products in one or more given target classes following the first commercial sale of the first licensed product in such target class for which first commercial sale occurs. Takeda may terminate the agreement, subject to specified conditions, (i) if we challenge the validity or enforceability of certain Takeda intellectual property rights or (ii) on a target class-by-target class basis, in the event that we do not conduct any material development or commercialization activities with respect to any licensed product within such target class for a specified continuous period. Subject to a cure period, either party may terminate the agreement in the event of any material breach, solely with respect to the target class of a licensed product to which such material breach relates, or in its entirety in the event of any material breach that relates to all licensed products. Idorsia Pharmaceuticals Ltd., or Idorsia. In 2020, we entered into a collaboration and license agreement with Idorsia, pursuant to which we acquired the exclusive rights to develop and commercialize NBI-827104, a potent, selective, orally active and brain penetrating T-type calcium channel blocker in clinical development for the treatment of a rare pediatric epilepsy and other potential indications, including essential tremor. We are responsible for all manufacturing, development and commercialization costs of any collaboration product. In the fourth quarter of 2024, we provided Idorsia with written notice of termination of the license agreement to develop and commercialize NBI-827104. The termination is anticipated to be effective in January 2025. 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 entering the agreement in 2019, we purchased approximately 1.4 million shares (at $14.196 per share) of Xenon common stock (the 2019 Xenon Shares). The 2019 Xenon 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 achievement of a development milestone in 2021, we purchased approximately 0.3 million shares (at $19.9755 per share) of Xenon common stock (the 2021 Xenon Shares). The 2021 Xenon 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. In connection with the achievement of a development milestone in 2022, we purchased approximately 0.3 million shares (at $31.855 per share) of Xenon common stock (the 2022 Xenon Shares). The 2022 Xenon Shares were recorded at a fair value of $7.7 million after considering Xenon’s stock price on the measurement date. Under the terms of the agreement, Xenon may be entitled to receive potential future payments of up to $1.7 billion upon the achievement of certain event-based milestones and would be entitled to receive royalties on the future net sales of any collaboration product. Xenon retains the right to elect to co-develop one product in a major indication, pursuant to which Xenon would receive a mid-single digit percentage increase in royalties earned on the future net sales of such product in the United States and we and Xenon would equally share in the development costs of such product in the applicable indication, except where such development costs relate solely to the regulatory approval of such product outside the United States. Unless earlier terminated, the agreement will continue on a licensed product-by-licensed product and country-by-country basis until the expiration of the royalty term for such product in such country. Upon the expiration of the royalty term for a particular licensed product and country, the license obtained by us with respect to such product and country will become fully paid, royalty free, perpetual and irrevocable. We may terminate the agreement upon 90 days’ written notice to Xenon, provided that such unilateral termination will not be effective for certain products until we have used commercially reasonable efforts to complete certain specified clinical studies. Either party may terminate the agreement in the event of a material breach in whole or in part, subject to specified conditions. Voyager Therapeutics, Inc., or Voyager. 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 (FA) 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 Voyager 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 Voyager 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. In connection with the selection of a development candidate under the FA program pursuant to our collaboration with Voyager, we expensed a milestone of $5.0 million as R&D in the first quarter of 2024. 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 clinical trial Parkinson’s disease. However, if we and Voyager elect to focus on an indication other than Parkinson’s disease prior to Voyager’s receipt of top-line data from a first clinical trial for Parkinson’s disease, then Voyager may elect to exercise such co-development and co-commercialization rights after the later of: (i) Voyager’s receipt of top-line data from the first clinical trial of a product that is the subject of the GBA1 Program or (ii) the date we and Voyager decide not to pursue Parkinson’s disease as an indication for development under the GBA1 Program. 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 Voyager 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. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business. In addition, as part of the collaboration, Jude Onyia, Ph.D., Chief Scientific Officer of Neurocrine Biosciences, was appointed to Voyager's board of directors. Dr. 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 equity investment in Voyager became subject to the equity method of accounting, and Voyager became a related party, following our purchase of the 2023 Voyager Shares, after which, together with the 2019 Voyager Shares, we owned approximately 19.9% of the voting stock of Voyager. We elected the fair value option to account for our equity investment in Voyager as we believe it creates greater transparency regarding the investment's fair value at future reporting dates. The 2023 Voyager 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 in-process research and development in the first quarter of 2023 as the license had no foreseeable alternative future use. In connection with the selection of development candidates under the GBA1 program pursuant to our collaboration with Voyager, we expensed milestones of $3.0 million as R&D in both the second and third quarters of 2024. 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. Mitsubishi Tanabe Pharma Corporation, or MTPC. In 2015, we out-licensed the rights to valbenazine in Japan and other select Asian markets to MTPC. 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. 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. In 2010, we out-licensed the global rights to elagolix to AbbVie. 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 $3.3 million and $4.2 million, respectively, for the third quarter of 2024 and 2023 and $9.8 million and $12.0 million, respectively, for the first nine months of 2024 and 2023. 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.

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

Earnings per share were calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2024		2023		2024		2023
Net income - basic and diluted	$	129.8	$	83.1	$	238.2	$	102.0
Weighted-average common shares outstanding:
Basic	101.1		97.9		100.6		97.5
Effect of dilutive securities	3.2		3.2		3.4		3.1
Diluted	104.3		101.1		104.0		100.6
Earnings per share:
Basic	$	1.28	$	0.85	$	2.37	$	1.05
Diluted	$	1.24	$	0.82	$	2.29	$	1.01

Shares excluded from diluted per share amounts because their effect would have been anti-dilutive	1.7		4.4		1.9		5.2

Available-for-Sale Debt Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Available-For-Sale Debt Securities

The following table presents a summary of available-for-sale debt securities, aggregated by major security type and contractual maturity.


		September 30, 2024								December 31, 2023
(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	$	37.3	$	—	$	—	$	37.3	$	53.5	$	—	$	—	$	53.5
Corporate debt securities	0 to 1 years	531.4		1.0		(0.1)		532.3		382.1		0.1		(1.0)		381.2
Securities of government-sponsored entities	0 to 1 years	308.7		0.6		—		309.3		346.1		0.2		(0.5)		345.8
		$	877.4	$	1.6	$	(0.1)	$	878.9	$	781.7	$	0.3	$	(1.5)	$	780.5

Corporate debt securities	1 to 3 years	$	488.9	$	6.2	$	(0.1)	$	495.0	$	483.5	$	2.9	$	(0.4)	$	486.0
Securities of government-sponsored entities	1 to 3 years	148.2		0.8		(0.1)		148.9		201.1		0.5		(0.1)		201.5
		$	637.1	$	7.0	$	(0.2)	$	643.9	$	684.6	$	3.4	$	(0.5)	$	687.5

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


	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss

Corporate debt securities	$	125.9	$	(0.1)	$	49.1	$	(0.1)	$	175.0	$	(0.2)
Securities of government-sponsored entities	$	84.8	$	(0.1)	$	—	$	—	$	84.8	$	(0.1)


	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)

Available-for-Sale Debt Securities - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Accrued interest receivables	$ 13,500,000		$ 11,200,000
Accrued interest receivables write-off	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2022		96.5
Beginning 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	102.0				102.0
Other comprehensive income (loss), net of tax	6.2			6.2
Stock-based compensation expense	156.2		156.2
Issuances of common stock under stock plans (in shares)		1.7
Issuances of common stock under stock plans	29.9		29.9
Ending balance (in shares) at Sep. 30, 2023		98.2
Ending balance at Sep. 30, 2023	2,002.1	$ 0.1	2,308.5	(1.7)	(304.8)
Beginning balance (in shares) at Jun. 30, 2023		97.6
Beginning balance at Jun. 30, 2023	1,853.0	$ 0.1	2,241.9	(1.1)	(387.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	83.1				83.1
Other comprehensive income (loss), net of tax	(0.6)			(0.6)
Stock-based compensation expense	47.8		47.8
Issuances of common stock under stock plans (in shares)		0.6
Issuances of common stock under stock plans	18.8		18.8
Ending balance (in shares) at Sep. 30, 2023		98.2
Ending balance at Sep. 30, 2023	2,002.1	$ 0.1	2,308.5	(1.7)	(304.8)
Beginning balance (in shares) at Dec. 31, 2023		98.7
Beginning balance at Dec. 31, 2023	2,232.0	$ 0.1	2,382.0	7.0	(157.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	238.2				238.2
Other comprehensive income (loss), net of tax	7.5			7.5
Stock-based compensation expense	129.1		129.1
Issuances of common stock under stock plans (in shares)		2.5
Issuances of common stock under stock plans	112.1		112.1
Ending balance (in shares) at Sep. 30, 2024		101.2
Ending balance at Sep. 30, 2024	2,718.9	$ 0.1	2,623.2	14.5	81.1
Beginning balance (in shares) at Jun. 30, 2024		100.9
Beginning balance at Jun. 30, 2024	2,509.2	$ 0.1	2,555.3	2.5	(48.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	129.8				129.8
Other comprehensive income (loss), net of tax	12.0			12.0
Stock-based compensation expense	41.5		41.5
Issuances of common stock under stock plans (in shares)		0.3
Issuances of common stock under stock plans	26.4		26.4
Ending balance (in shares) at Sep. 30, 2024		101.2
Ending balance at Sep. 30, 2024	$ 2,718.9	$ 0.1	$ 2,623.2	$ 14.5	$ 81.1

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value hierarchy consists of the following three levels:

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

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

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

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


	September 30, 2024						December 31, 2023
	Fair Value		Leveling				Fair Value		Leveling
(in millions)			Level 1		Level 2				Level 1		Level 2
Cash and cash equivalents	$	349.1	$	349.1	$	—	$	251.1	$	251.1	$	—
Available-for-sale debt securities	1,522.8		—		1,522.8		1,468.0		—		1,468.0
Equity investments	126.7		126.7		—		161.9		161.9		—
	$	1,998.6	$	475.8	$	1,522.8	$	1,881.0	$	413.0	$	1,468.0

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Other Balance Sheet Details

9 Months Ended

Sep. 30, 2024

Other Balance Sheet Details [Abstract]

Other Balance Sheet Details

Inventory consisted of the following:


(in millions)	September 30, 2024		December 31, 2023
Raw materials	$	23.7	$	21.5
Work in process	10.6		9.7
Finished goods	11.5		12.3
	45.8		43.5
Less inventory reserves	—		(5.2)
Total inventory	$	45.8	$	38.3

Accounts payable and accrued liabilities consisted of the following:


(in millions)	September 30, 2024		December 31, 2023
Sales rebates and reserves	$	138.9	$	139.3
Accrued employee related costs	77.1		86.2
Current branded prescription drug fee	42.7		45.7
Accrued development costs	38.3		44.3

Accounts payable and other accrued liabilities	95.7		133.3
Total accounts payable and accrued liabilities	$	392.7	$	448.8

Other noncurrent liabilities consisted of the following:


(in millions)	September 30, 2024		December 31, 2023
Noncurrent income taxes payable	$	134.9	$	96.0
Other noncurrent liabilities	0.1		10.3
Total other noncurrent liabilities	$	135.0	$	106.3


(in millions)	September 30, 2024		September 30, 2023
Cash and cash equivalents	$	349.1	$	293.7
Restricted cash included in other noncurrent assets	8.0		8.0
Total cash, cash equivalents, and restricted cash	$	357.1	$	301.7