Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 22, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 000-26727 | |
Entity Registrant Name | BioMarin Pharmaceutical Inc | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 68-0397820 | |
Entity Address, Address Line One | 770 Lindaro Street | |
Entity Address, City or Town | San Rafael | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94901 | |
City Area Code | 415 | |
Local Phone Number | 506-6700 | |
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | BMRN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 179,462,759 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001048477 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 307,577 | $ 493,982 | |
Short-term investments | 423,526 | 590,326 | |
Accounts receivable, net | 377,150 | 342,633 | |
Inventory | 578,736 | 530,871 | |
Other current assets | 119,779 | 98,403 | |
Total current assets | 1,806,768 | 2,056,215 | |
Noncurrent assets: | |||
Long-term investments | 374,965 | 235,864 | |
Property, plant and equipment, net | 962,970 | 948,682 | |
Intangible assets, net | 476,632 | 491,808 | |
Goodwill | 197,039 | 197,039 | |
Deferred tax assets | 475,554 | 460,952 | |
Other assets | 99,456 | 36,568 | |
Total assets | 4,393,384 | 4,427,128 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 429,502 | 437,290 | |
Short-term contingent consideration | 9,926 | 85,951 | |
Total current liabilities | 439,428 | 523,241 | |
Noncurrent liabilities: | |||
Long-term convertible debt, net | 839,165 | 830,417 | |
Long-term contingent consideration | 50,151 | 46,883 | |
Other long-term liabilities | 103,686 | 58,647 | |
Total liabilities | 1,432,430 | 1,459,188 | |
Stockholders’ equity: | |||
Common stock, $0.001 par value: 500,000,000 shares authorized; 179,433,316 and 178,252,954 shares issued and outstanding, respectively. | 179 | 178 | |
Additional paid-in capital | 4,744,316 | 4,669,926 | |
Company common stock held by Nonqualified Deferred Compensation Plan (the NQDC) | (10,211) | (13,301) | |
Accumulated other comprehensive income | 17,439 | 5,271 | |
Accumulated deficit | (1,790,769) | (1,694,134) | |
Total stockholders’ equity | 2,960,954 | 2,967,940 | [2] |
Total liabilities and stockholders’ equity | $ 4,393,384 | $ 4,427,128 | |
[1] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. | ||
[2] | The beginning balances for the six month periods were derived from the audited Consolidated Financial Statements included in Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , filed with the SEC on February 28, 2019. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 179,433,316 | 178,252,954 |
Common stock, shares outstanding (in shares) | 179,433,316 | 178,252,954 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
REVENUES: | ||||
Total revenues | $ 387,763 | $ 372,845 | $ 788,508 | $ 746,292 |
OPERATING EXPENSES: | ||||
Cost of sales | 77,436 | 79,019 | 166,618 | 161,352 |
Research and development | 185,641 | 175,582 | 369,232 | 359,530 |
Selling, general and administrative | 160,754 | 153,280 | 322,912 | 291,616 |
Intangible asset amortization and contingent consideration | 20,286 | 10,227 | 40,051 | 23,429 |
Gain on sale of intangible assets | (15,000) | (20,000) | (15,000) | (20,000) |
Total operating expenses | 429,117 | 398,108 | 883,813 | 815,927 |
LOSS FROM OPERATIONS | (41,354) | (25,263) | (95,305) | (69,635) |
Equity in the loss of BioMarin/Genzyme LLC | (44) | (107) | (229) | (39) |
Interest income | 5,899 | 5,569 | 12,197 | 10,803 |
Interest expense | (6,866) | (12,225) | (13,593) | (23,787) |
Other income, net | 470 | 2,849 | 2,078 | 2,677 |
LOSS BEFORE INCOME TAXES | (41,895) | (29,177) | (94,852) | (79,981) |
Benefit from income taxes | (4,460) | (12,385) | (944) | (19,040) |
NET LOSS | $ (37,435) | $ (16,792) | $ (93,908) | $ (60,941) |
Earnings Per Share, Basic and Diluted (in dollars per share) | $ (0.21) | $ (0.09) | $ (0.53) | $ (0.35) |
Weighted average common shares outstanding, basic (in shares) | 179,048 | 176,873 | 178,662 | 176,405 |
COMPREHENSIVE (LOSS)/INCOME | $ (39,790) | $ 10,624 | $ (81,740) | $ (38,523) |
Net product revenues | ||||
REVENUES: | ||||
Total revenues | 379,075 | 367,786 | 773,558 | 736,885 |
Royalty and other revenues | ||||
REVENUES: | ||||
Total revenues | $ 8,688 | $ 5,059 | $ 14,950 | $ 9,407 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Company Stock Held By NQDC | Accumulated other comprehensive income (loss) | Accumulated Deficit | ||
Beginning balance (in shares) at Dec. 31, 2017 | [1] | 175,844,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuances under equity incentive plans (in shares) | 1,664,000 | |||||||
Ending balance (in shares) at Jun. 30, 2018 | 177,508,000 | |||||||
Beginning Balance at Dec. 31, 2017 | [1] | $ 2,808,663 | $ 176 | $ 4,483,220 | $ (14,224) | $ (22,961) | $ (1,637,548) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuances under equity incentive plans, net of tax | 2 | 16,310 | ||||||
Stock-based compensation | 77,770 | |||||||
Common stock held by the NQDC | 834 | |||||||
Accounting impact of NQDC Plan change | 0 | 0 | ||||||
Other comprehensive income (loss) | 22,418 | |||||||
Net loss | (60,941) | (60,941) | ||||||
Ending Balance at Jun. 30, 2018 | 2,885,104 | $ 178 | 4,577,300 | (13,390) | (1,129) | (1,677,855) | ||
Beginning balance (in shares) at Mar. 31, 2018 | [1] | 176,653,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuances under equity incentive plans (in shares) | 855,000 | |||||||
Ending balance (in shares) at Jun. 30, 2018 | 177,508,000 | |||||||
Beginning Balance at Mar. 31, 2018 | [1] | 2,808,663 | $ 177 | 4,510,451 | (14,017) | (28,545) | (1,661,063) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuances under equity incentive plans, net of tax | 1 | 26,076 | ||||||
Stock-based compensation | 40,773 | |||||||
Common stock held by the NQDC | 0 | 627 | ||||||
Accounting impact of NQDC Plan change | 0 | 0 | ||||||
Other comprehensive income (loss) | 27,416 | |||||||
Net loss | (16,792) | (16,792) | ||||||
Ending Balance at Jun. 30, 2018 | 2,885,104 | $ 178 | 4,577,300 | (13,390) | (1,129) | (1,677,855) | ||
Beginning balance (in shares) at Dec. 31, 2018 | [1] | 178,253,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuances under equity incentive plans (in shares) | 1,180,000 | |||||||
Ending balance (in shares) at Jun. 30, 2019 | 179,433,000 | |||||||
Beginning Balance at Dec. 31, 2018 | [1] | 2,967,940 | [2] | $ 178 | 4,669,926 | (13,301) | 5,271 | (1,694,134) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuances under equity incentive plans, net of tax | 1 | (17,889) | ||||||
Stock-based compensation | 82,068 | |||||||
Common stock held by the NQDC | (442) | 442 | ||||||
Accounting impact of NQDC Plan change | 10,653 | 2,648 | ||||||
Other comprehensive income (loss) | 12,168 | |||||||
Net loss | (93,908) | (93,908) | ||||||
Ending Balance at Jun. 30, 2019 | 2,960,954 | $ 179 | 4,744,316 | (10,211) | 17,439 | (1,790,769) | ||
Beginning balance (in shares) at Mar. 31, 2019 | [1] | 179,033,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuances under equity incentive plans (in shares) | 400,000 | |||||||
Ending balance (in shares) at Jun. 30, 2019 | 179,433,000 | |||||||
Beginning Balance at Mar. 31, 2019 | [1] | 2,967,940 | $ 179 | 4,682,900 | (12,912) | 19,794 | (1,753,334) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuances under equity incentive plans, net of tax | 0 | 10,843 | ||||||
Stock-based compensation | 40,362 | |||||||
Common stock held by the NQDC | (442) | 53 | ||||||
Accounting impact of NQDC Plan change | 10,653 | 2,648 | ||||||
Other comprehensive income (loss) | (2,355) | |||||||
Net loss | (37,435) | (37,435) | ||||||
Ending Balance at Jun. 30, 2019 | $ 2,960,954 | $ 179 | $ 4,744,316 | $ (10,211) | $ 17,439 | $ (1,790,769) | ||
[1] | The beginning balances for the six month periods were derived from the audited Consolidated Financial Statements included in Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , filed with the SEC on February 28, 2019. | |||||||
[2] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (93,908) | $ (60,941) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 48,771 | 44,610 | |
Non-cash interest expense | 8,870 | 17,300 | |
Accretion of discount on investments | (1,510) | (41) | |
Stock-based compensation | 82,590 | 75,214 | |
Gain on sale of intangible assets | (15,000) | (20,000) | |
Deferred income taxes | (10,083) | (29,681) | |
Unrealized foreign exchange (gain) loss | 799 | (5,693) | |
Non-cash changes in the fair value of contingent consideration | 4,891 | 1,828 | |
Other | (3,603) | 1,772 | |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (31,030) | (77,416) | |
Inventory | (33,119) | 15,493 | |
Other current assets | (4,989) | (2,037) | |
Other assets | (4,593) | (6,448) | |
Accounts payable and accrued liabilities | (37,571) | (32,989) | |
Other long-term liabilities | 10,279 | 2,663 | |
Net cash used in operating activities | (79,206) | (76,366) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (61,387) | (52,682) | |
Maturities and sales of investments | 423,477 | 311,969 | |
Purchases of available-for-sale securities | (386,320) | (345,458) | |
Proceeds from sale of intangible asset | 0 | 20,000 | |
Purchase of intangible assets | (5,770) | 0 | |
Proceeds from sale of intangible asset | (808) | (841) | |
Net cash used in investing activities | (30,808) | (67,012) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercises of awards under equity incentive plans | 19,013 | 44,926 | |
Taxes paid related to net share settlement of equity awards | (36,900) | (28,614) | |
Payment of contingent acquisition consideration | (57,507) | (43,108) | |
Other | (1,347) | 0 | |
Net cash used in financing activities | (76,741) | (26,796) | |
Effect of exchange rate changes on cash | 350 | (443) | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (186,405) | (170,617) | |
Cash and cash equivalents: | |||
Beginning of period | 493,982 | [1] | 598,028 |
End of period | 307,577 | 427,411 | |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | |||
Cash paid for income taxes | 3,933 | 14,858 | |
Cash paid for interest | 4,295 | 5,831 | |
SUPPLEMENTAL CASH FLOW DISCLOSURES FOR NON CASH INVESTING AND FINANCING ACTIVITIES: | |||
Decrease in accounts payable and accrued liabilities related to fixed assets | $ (3,467) | $ (7,734) | |
[1] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS | NATURE OF OPERATIONS BioMarin Pharmaceutical Inc. (the Company) is a global biotechnology company that develops and commercializes innovative therapies for people with serious and life-threatening rare diseases and medical conditions. The Company selects product candidates for diseases and conditions that represent a significant unmet medical need, have well-understood biology and provide an opportunity to be first-to-market or offer a significant benefit over existing products. The Company’s portfolio consists of several commercial therapies and multiple clinical and preclinical product candidates. The Company expects to continue to finance future cash needs that exceed its operating activities primarily through its current cash, cash equivalents and investments and through proceeds from debt or equity offerings, commercial borrowing, or through collaborative agreements with corporate partners. If the Company elects to increase its spending on development programs significantly above current long-term plans or enters into potential licenses and other acquisitions of complementary technologies, products or companies, the Company may need additional capital. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying Condensed Consolidated Financial Statements have been prepared pursuant to United States (U.S.) generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, although the Company believes that the disclosures herein are adequate to ensure that the information presented is not misleading. The Condensed Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2019 or any other period. On January 1, 2019, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 842, Leases (ASC Topic 842) using the modified retrospective method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under ASC Topic 842, while prior period amounts were not adjusted and continue to be presented in accordance with the Company’s historical accounting under ASC Topic 840, Leases . ASC Topic 842 had a material impact on the Company’s Condensed Consolidated Balance Sheet but did not have a significant impact on the Company’s consolidated net loss. The Company elected to use the practical expedient allowing the use-of-hindsight and reassessed the lease term for all unexpired leases that commenced before the effective date of ASC Topic 842. For leases that commenced and expired before the effective date of ASC Topic 842, the Company elected not to reassess the expired leases. The Company also elected not to include leases with initial terms of twelve months or less in the recognized right-of-use (ROU) assets and lease liabilities. As a result of the cumulative impact of adopting ASC Topic 842, the Company recorded lease ROU assets of $55.9 million and lease liabilities of $59.0 million as of January 1, 2019, primarily related to real estate and equipment, based on the present value of future lease payments on the date of adoption. The difference between the ROU assets and lease liabilities was recorded as an adjustment to Accumulated Deficit. Refer to Note 11 for additional disclosures required by ASC Topic 842. On January 1, 2019, the Company adopted Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12), using the modified retrospective method. This ASU provides new guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. Results for reporting periods beginning January 1, 2019 are presented under ASU 2017-12, while prior period amounts were not adjusted and continue to be presented in accordance with the Company’s historical accounting. The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements. See Note 10 for additional disclosures required by ASU 2017-12. U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods. Management performed an evaluation of the Company’s activities through the date of filing of this Quarterly Report on Form 10-Q, and has concluded that there were no subsequent events or transactions that occurred subsequent to the balance sheet date prior to filing this Quarterly Report on Form 10-Q that would require recognition or disclosure in the Condensed Consolidated Financial Statements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the three and six months ended June 30, 2019 , as compared to the significant accounting policies disclosed in Note 3 – Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Leases The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, ROU assets represent the Company’s right to use the underlying asset for the term of the lease and the lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date of the underlying lease arrangement to determine the present value of lease payments. The ROU asset also includes any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while expense for financing leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. When an arrangement requires payments for lease and non-lease components, the Company has elected to account for lease and non-lease components separately. Lease expense for leases with a term of twelve months or less is recognized on a straight-line basis. Derivatives and Hedging Activities The Company accounts for its derivative instruments as either assets or liabilities on the balance sheet and measures them at fair value, which is estimated using current exchange rates and interest rates, and takes into consideration the current creditworthiness of the counterparties or the Company, as applicable. For derivatives designated as hedging instruments, the entire change in the fair value of qualifying derivative instruments is recorded in Accumulated Other Comprehensive Income (AOCI) and amounts deferred in AOCI will be reclassified to earnings in the same line item in which the earnings effect of the hedged item is reported. Derivatives not designated as hedging instruments are adjusted to fair value through earnings in Operating Expenses in the Consolidated Statements of Comprehensive Loss. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Except as described in Note 2 – Basis of Presentation and below, there have been no new accounting pronouncements adopted by the Company or new accounting pronouncements issued by the FASB during the six months ended June 30, 2019 , as compared to the recent accounting pronouncements described in Note 4 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , that the Company believes are of significance or potential significance to the Company. Accounting Pronouncements Not Yet Adopted Effective January 1, 2020, the Company will adopt ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13), as amended, using a modified retrospective approach, with certain exceptions allowed. The standard amends the guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the incurred-loss model with an expected-loss model. This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than by reducing the carrying amount under the current, other-than-temporary-impairment model. The Company is evaluating the impact of the adoption of ASU 2016-13 on its Condensed Consolidated Financial Statements. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS All marketable securities were classified as available-for-sale at June 30, 2019 and December 31, 2018 . The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of June 30, 2019 and December 31, 2018 , respectively: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Cash and Cash Equivalents Short-term Marketable Securities (1) Long-term Marketable Securities (2) Level 1: Cash $ 226,959 $ — $ — $ 226,959 $ 226,959 $ — $ — Level 2: Money market instruments 68,648 — — 68,648 68,648 — — Corporate debt securities 564,624 3,270 (216 ) 567,678 — 279,033 288,645 Commercial paper 16,972 — — 16,972 8,981 7,991 — U.S. government agency securities 224,071 1,185 (141 ) 225,115 2,989 136,502 85,624 Foreign and other 550 147 (1 ) 696 — — 696 Subtotal 874,865 4,602 (358 ) 879,109 80,618 423,526 374,965 Total $ 1,101,824 $ 4,602 $ (358 ) $ 1,106,068 $ 307,577 $ 423,526 $ 374,965 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Cash and Cash Equivalents Short-term Marketable Securities (1) Long-term Marketable Securities (2) Level 1: Cash $ 228,809 $ — $ — $ 228,809 $ 228,809 $ — $ — Level 2: Money market instruments 205,736 — — 205,736 205,736 — — Corporate debt securities 564,852 214 (2,288 ) 562,778 2,000 376,545 184,233 Commercial paper 77,702 — — 77,702 21,964 55,738 — U.S. government agency securities 240,436 144 (697 ) 239,883 31,474 156,967 51,442 Foreign and other 5,126 139 (1 ) 5,264 3,999 1,076 189 Subtotal 1,093,852 497 (2,986 ) 1,091,363 265,173 590,326 235,864 Total $ 1,322,661 $ 497 $ (2,986 ) $ 1,320,172 $ 493,982 $ 590,326 $ 235,864 (1) The Company’s short-term marketable securities mature in one year or less. (2) The Company’s long-term marketable securities mature between one and five years. As of June 30, 2019 , the Company’s investments in an unrealized loss position were not significant, and since the Company has the ability and intent to hold all investments that have been in a continuous loss position until maturity or recovery, no other-than-temporary impairment was deemed to have occurred. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Intangible assets consisted of the following: June 30, December 31, Intangible assets: Finite-lived intangible assets $ 640,125 $ 307,995 Indefinite-lived intangible assets — 326,359 Gross intangible assets: 640,125 634,354 Less: Accumulated amortization (163,493 ) (142,546 ) Net carrying value $ 476,632 $ 491,808 During the second quarter of 2019, $326.4 million of indefinite-lived intangible assets were reclassified to definite-lived as the underlying in-process research and development was put in use with an estimated useful life of approximately nine years , resulting from the completion of Palynziq program development upon receiving European regulatory approval. During the second quarter of 2019, the Company recorded $15.0 million of gain on sale of intangible assets in the Consolidated Statements of Comprehensive Loss due to a third party's achievement of a commercial sales milestone related to a previously sold intangible asset. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | (7) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consisted of the following: June 30, December 31, Building and improvements $ 701,060 $ 694,447 Manufacturing and laboratory equipment 357,049 345,947 Computer hardware and software 162,696 157,787 Leasehold improvements 50,502 41,188 Furniture and equipment 36,229 33,234 Land improvements 7,253 6,551 Land 77,994 77,993 Construction-in-progress 85,189 64,170 1,477,972 1,421,317 Accumulated depreciation (515,002 ) (472,635 ) Total property, plant and equipment, net $ 962,970 $ 948,682 The construction-in-progress balance primarily included costs related to significant in-process projects at the Company's facilities in Marin County, California, and Shanbally, Ireland. Depreciation expense for the three and six months ended June 30, 2019 was $21.5 million and $43.0 million , respectively, of which $8.6 million and $15.1 million , respectively, was capitalized into inventory. Depreciation expense for the three and six months ended June 30, 2018 was $20.1 million and $40.1 million , respectively, of which $6.6 million and $10.5 million , respectively, was capitalized into inventory. |
SUPPLEMENTAL BALANCE SHEET INFO
SUPPLEMENTAL BALANCE SHEET INFORMATION | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTAL BALANCE SHEET INFORMATION | SUPPLEMENTAL BALANCE SHEET INFORMATION Inventory consisted of the following: June 30, December 31, Raw materials $ 67,397 $ 74,616 Work-in-process 303,231 231,064 Finished goods 208,108 225,191 Total inventory $ 578,736 $ 530,871 Inventory as of June 30, 2019 , included manufacturing-related costs for the commercial production of valoctocogene roxaparvovec inventory totaling $1.9 million . Valoctocogene roxaparvovec is an investigational gene therapy product candidate to treat severe hemophilia A. The Company must receive marketing approval from the applicable regulators before the valoctocogene roxaparvovec inventory can be sold commercially. The Company believes that all material uncertainties related to the ultimate regulatory approval of valoctocogene roxaparvovec for commercial sale have been significantly reduced. A number of factors were taken into consideration, including the current status in the drug development process, pivotal clinical trial results for the underlying product candidate, results from meetings with the relevant regulatory authorities prior to the filing of regulatory applications, historical experience, as well as potential impediments to the approval process such as product safety or efficacy, as well as commercialization and marketplace trends. If regulatory approval is not obtained, the manufacturing-related costs for the commercial production of valoctocogene roxaparvovec will be expensed. Accounts Payable and Accrued Liabilities consisted of the following: June 30, 2019 December 31, 2018 Accounts payable and accrued operating expenses $ 223,947 $ 207,620 Accrued compensation expense 101,111 149,937 Accrued rebates payable 49,183 43,116 Accrued royalties payable 23,059 19,977 Value added taxes payable 9,196 7,785 Forward foreign currency exchange contracts 6,423 4,178 Lease liability 10,165 — Other 6,418 4,677 Total accounts payable and accrued liabilities $ 429,502 $ 437,290 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value in accordance with its policy in Note 3 – Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . The following tables present the classification within the fair value hierarchy of financial assets and liabilities not disclosed elsewhere in these Condensed Consolidated Financial Statements that are remeasured on a recurring basis. There were no financial assets or liabilities that were remeasured using a quoted price in active markets for identical assets (Level 1) as of June 30, 2019 . Fair Value Measurements at June 30, 2019 Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Other current assets: NQDC Plan assets $ 1,116 $ — $ 1,116 Other assets: NQDC Plan assets 15,003 — 15,003 Restricted investments (1) 2,713 — 2,713 Total other assets 17,716 — 17,716 Total assets $ 18,832 $ — $ 18,832 Liabilities: Current liabilities: NQDC Plan liability (2) $ 1,116 $ — $ 1,116 Contingent consideration — 9,926 9,926 Total current liabilities 1,116 9,926 11,042 Other long-term liabilities: NQDC Plan liability (2) 15,003 — 15,003 Contingent consideration — 50,151 50,151 Total other long-term liabilities 15,003 50,151 65,154 Total liabilities $ 16,119 $ 60,077 $ 76,196 Fair Value Measurements at December 31, 2018 Quoted Price in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Other current assets: NQDC Plan assets $ — $ 370 $ — $ 370 Restricted investments (1) — 9,581 — 9,581 Total other current assets — 9,951 — 9,951 Other assets: NQDC Plan assets — 12,828 — 12,828 Restricted investments (1) — 2,450 — 2,450 Strategic investments (3) 942 — — 942 Total other assets 942 15,278 — 16,220 Total assets $ 942 $ 25,229 $ — $ 26,171 Liabilities: Current liabilities: NQDC Plan liability $ 55 $ 370 $ — $ 425 Contingent consideration — — 85,951 85,951 Total current liabilities 55 370 85,951 86,376 Other long-term liabilities: NQDC Plan liability 17,598 12,828 — 30,426 Contingent consideration — — 46,883 46,883 Total other long-term liabilities 17,598 12,828 46,883 77,309 Total liabilities $ 17,653 $ 13,198 $ 132,834 $ 163,685 (1) The restricted investments at June 30, 2019 and December 31, 2018 secure the Company's irrevocable standby letters of credit obtained in connection with certain commercial agreements. (2) The Company’s NQDC Plan was amended during the second quarter of 2019, which resulted in a change to the classification of the obligation associated with the Company's common stock held in the NQDC Plan. The obligation was previously classified as a liability recorded at fair value and has been reclassified into equity and recorded at the shares' respective grant date fair values at June 30, 2019. The change to the NQDC Plan related to the prohibition of participants to diversify investments for deferrals of Company stock contributed into other types of investments. The NQDC Plan liabilities classified as Level 2 represent investments held in plan assets excluding shares of the Company's common stock. (3) The Company had investments in marketable equity securities measured using quoted prices in an active market that were considered strategic investments and were included in Other Assets on the Company's Condensed Consolidated Balance Sheets. During the second quarter of 2019, all shares were sold and an immaterial gain was realized. There were no transfers between levels during the three and six months ended June 30, 2019 . Liabilities measured at fair value on a recurring basis using Level 3 inputs includes contingent consideration. The following table represents a roll-forward of contingent consideration. Contingent consideration at December 31, 2018 $ 132,834 Changes in fair value of other contingent consideration 19,161 Milestone payments to Ares Trading S.A. (Merck Serono) (83,472 ) Milestone payments to former LEAD Therapeutics, Inc. shareholders (5,987 ) Realized gain on settlement of contingent consideration (1,928 ) Foreign exchange remeasurement of Euro denominated contingent consideration (531 ) Contingent consideration at June 30, 2019 $ 60,077 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES | DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES The Company uses forward foreign currency exchange contracts (forward contracts) to hedge certain operational exposures resulting from potential changes in foreign currency exchange rates. Such exposures result from portions of the Company’s forecasted product revenues and operating expenses being denominated in currencies other than the U.S. Dollar (USD), primarily the Euro. The Company designates certain of these forward contracts as hedging instruments and also uses forward contracts for economic hedging purposes which are not designated as hedging instruments. Whether designated or undesignated, these forward contracts protect against the reduction in value of forecasted foreign currency cash flows resulting from net product revenues, operating expenses and asset or liability positions designated in currencies other than the USD. To receive hedge accounting treatment, derivatives that hedge cash flows must be highly effective at offsetting changes to expected future cash flows on hedged transactions. The Company does not hold or issue derivative instruments for trading or speculative purposes. The following table summarizes the Company’s derivatives designated as hedging instruments outstanding as of June 30, 2019 (notional amounts in millions): Foreign Exchange Contracts Number of Contracts Aggregate Notional Amount in Foreign Currency Maturity Australian Dollars – Sell 12 5.6 July 2019 - Dec. 2019 Brazilian Reais – Sell 3 40.4 Aug 2019 Canadian Dollars – Sell 12 17.9 July 2019 - Dec. 2019 Colombian Pesos – Sell 12 98,000.0 July 2019 - June 2020 Euros – Purchase 154 194.0 July 2019 - June 2022 Euros – Sell 466 572.6 July 2019 - June 2022 Norwegian Krone – Sell 6 23.4 July 2019 - Dec. 2019 Total 665 The following table summarizes the Company’s derivatives not designated as hedging instruments outstanding as of June 30, 2019 (notional amounts in millions): Foreign Exchange Contracts Number of Contracts Aggregate Notional Amount in Foreign Currency Maturity Colombian Pesos – Sell 2 69,000.0 July 2019 - Aug. 2019 Euros – Purchase 2 35.7 July 2019 - Aug. 2019 Euros - Sell 2 5.4 July 2019 Great British Pounds - Purchase 2 18.2 July 2019 - Aug. 2019 Great British Pounds - Sell 1 7.6 July 2019 Rubles – Sell 2 2,010.0 July 2019 - Aug. 2019 Total 11 The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows: Balance Sheet Location June 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Asset Derivatives - Level 2 (1) Other current assets $ 15,577 $ 12,686 Other assets 13,214 10,324 Subtotal $ 28,791 $ 23,010 Liability Derivatives - Level 2 (1) Accounts payable and accrued liabilities $ 5,250 $ 4,036 Other long-term liabilities 4,988 3,653 Subtotal $ 10,238 $ 7,689 Derivatives not designated as hedging instruments: Asset Derivatives - Level 2 (1) Other current assets $ 614 $ 168 Other assets — — Subtotal $ 614 $ 168 Liability Derivatives - Level 2 (1) Accounts payable and accrued liabilities $ 1,173 $ 142 Other long-term liabilities — — Subtotal $ 1,173 $ 142 Total Derivatives Asset $ 29,405 $ 23,178 Total Derivatives Liabilities $ 11,411 $ 7,831 (1) For additional discussion of fair value measurements, see Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . The following tables summarize the impact of gains and losses from the Company's derivatives on its Condensed Consolidated Financial Statements for the period presented. Three Months Ended Six Months Ended Derivatives Designated as Cash Flow Hedging Instruments June 30, 2019 June 30, 2019 Amount of Gain (Loss) Recognized in Other Comprehensive Income $ (1,367 ) $ 11,458 Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Derivatives Designated as Cash Flow Hedging Instruments Cash Flow Hedging Gains (Losses) Reclassified into Earnings Cash Flow Hedging Gains (Losses) Net product revenues as reported $ 379,075 $ 4,280 $ 773,558 $ 4,975 Operating expenses as reported $ 429,117 $ (768 ) $ 883,813 $ (497 ) Derivatives Not Designated as Hedging Instruments Gains (Losses) Recognized in Earnings Gains (Losses) Recognized in Earnings Operating Expenses $ (918 ) $ (3,896 ) As of June 30, 2019 , the Company expects to reclassify unrealized gains of $7.6 million from AOCI to earnings as the forecasted revenue and operating expense transactions occur over the next 12 months. The Company is exposed to counterparty credit risk on all of its derivatives. The Company has established and maintains strict counterparty credit guidelines and enters into hedging agreements with financial institutions that are investment grade or better to minimize the Company’s exposure to potential defaults. The Company is not required to pledge collateral under these agreements. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
LEASES | LEASES The following table presents the Company’s right-of-use (ROU) assets and lease liabilities as of June 30, 2019 : Lease Classification Classification June 30, Assets: Operating Other Assets $ 51,196 Financing Other Assets 8,599 Total ROU assets $ 59,795 Liabilities: Current: Operating Accounts payable and accrued liabilities $ 7,277 Financing Accounts payable and accrued liabilities 2,888 Noncurrent: Operating Other long-term liabilities 45,921 Financing Other long-term liabilities 7,958 Total lease liabilities $ 64,044 Maturities of lease liabilities as of June 30, 2019 by fiscal year are as follows: Maturity of Lease Liabilities Operating Financing Total 2019 $ 5,418 $ 1,683 $ 7,101 2020 9,518 3,466 12,984 2021 8,533 2,866 11,399 2022 8,205 2,259 10,464 2023 6,773 1,747 8,520 Thereafter 27,942 — 27,942 Total lease payments 66,389 12,021 78,410 Less: Interest (13,191 ) (1,175 ) (14,366 ) Present value of lease liabilities $ 53,198 $ 10,846 $ 64,044 Lease Cost Classification Three Months Ended Six Months Ended Operating (1) Operating Expenses $ 3,233 $ 6,418 Financing: Amortization Operating Expenses 605 1,211 Interest expense Operating Expenses 152 313 Total lease costs $ 3,990 $ 7,942 (1) Includes short-term leases and variable lease costs, both of which were not material. Other Information June 30, Weighted average remaining lease term (in years): Operating leases 8.2 Financing leases 3.8 Weighted average discount rate: Operating leases 5.2 % Financing leases 5.4 % Additional leases not yet commenced (undiscounted): Operating lease liability to commence in the second half of 2019 $ 973 Supplemental Cash Flow Information Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Cash used in operating activities: Operating leases $ 3,712 Financing leases $ 312 Cash used in financing activities: Financing leases $ 1,346 ROU assets obtained in exchange for lease obligations: Operating leases $ 8,909 Financing leases $ 72 Lease Commitments as of December 31, 2018 Minimum lease payments for future years as of December 31, 2018 were as follows: 2019 $ 12,976 2020 12,549 2021 11,198 2022 10,574 2023 9,993 Thereafter 27,701 Total $ 84,991 Rent expense for the year ended December 31, 2018 was $12.2 million . Total deferred rent accruals at December 31, 2018 were $2.1 million , of which $0.5 million was short-term. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Convertible Notes As of June 30, 2019 , the Company had outstanding fixed-rate notes with varying maturities for an undiscounted aggregate principal amount of $870.0 million (collectively the Notes). The Notes are senior subordinated convertible obligations, and interest is payable in arrears, quarterly. The following table summarizes information regarding the Company’s convertible debt: June 30, December 31, 1.50% senior subordinated convertible notes due in October 2020 (the 2020 Notes) 374,993 374,993 Unamortized discount (19,432 ) (26,581 ) Unamortized deferred offering costs (1,684 ) (2,334 ) Convertible Notes due in 2020, net 353,877 346,078 0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) 495,000 495,000 Unamortized discount (7,240 ) (7,946 ) Unamortized deferred offering costs (2,472 ) (2,715 ) Convertible Notes due in 2024, net 485,288 484,339 Total convertible debt, net $ 839,165 $ 830,417 Fair value of fixed rate convertible debt Convertible Notes due in October 2020 (1) 420,727 419,722 Convertible Notes due in August 2024 (1) 512,582 491,626 Total fair value of fixed rate convertible debt $ 933,309 $ 911,348 (1) The fair value of the Company’s fixed-rate convertible debt is based on open market trades and is classified as Level 1 in the fair value hierarchy. For additional discussion of fair value measurements, see Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Interest expense on the Company’s convertible debt consisted of the following: Three Months Ended June 30, Six Months Ended 2019 2018 2019 2018 Coupon interest expense $ 2,254 $ 3,527 $ 4,411 $ 6,488 Amortization of debt issuance costs 508 1,006 1,015 2,010 Accretion of discount on convertible notes 3,953 7,692 7,855 15,289 Total interest expense on convertible debt $ 6,715 $ 12,225 $ 13,281 $ 23,787 See Note 12 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for additional information related to the Company’s convertible debt. Revolving Credit Facility In October 2018, the Company entered into an unsecured revolving credit facility of up to $200.0 million (the 2018 Credit Facility) and terminated the 2016 Credit Facility, which had availability of up to $100.0 million in revolving loans. The 2018 Credit Facility includes a letter of credit subfacility and a swingline loan subfacility and is intended to finance ongoing working capital needs and for other general corporate purposes. Borrowings under the 2018 Credit Facility bear interest, at the Company’s option, at a rate equal to either (a) the LIBOR rate (except that if LIBOR is less than zero it shall be deemed to be zero for purposes of the 2018 Credit Facility), or LIBOR successor rate, plus an applicable margin ranging from 1.00% to 1.95% per annum, based upon the Company’s net leverage ratio and EBITDA for each of the two most recently ended four-quarter measurement periods, or (b) the Base Rate, generally the prime lending rate, plus an applicable margin ranging from 0.00% to 0.95% , based upon the Company’s net leverage ratio and EBITDA for each of the two most recently ended four-quarter measurement periods. Commitment fees payable on the undrawn amount range from 0.15% to 0.35% per annum based upon the Company’s net leverage ratio and EBITDA for each of the two most recently ended four-quarter measurement periods. The Company’s obligations under the Credit Facility are guaranteed by its direct subsidiary, California Corporate Center Acquisition LLC, and such obligations may in the future be guaranteed from time to time by certain other material domestic subsidiaries. The 2018 Credit Facility matures on October 19, 2021 at which time all outstanding amounts become due and payable, except that if at least $100.0 million aggregate principal amount of the 2020 Notes remain outstanding on August 1, 2020 and certain other conditions have not been met, the Company may be required to repay all amounts borrowed under the 2018 Credit Facility on August 1, 2020 . The Company incurred approximately $1.0 million of issuance costs, which will be amortized to Interest Expense over the term of the 2018 Credit Facility. The 2018 Credit Facility contains financial covenants requiring the Company to maintain a minimum interest coverage ratio and a minimum liquidity requirement. As of June 30, 2019 and December 31, 2018 , there were no outstanding amounts due on nor any usage of the 2018 Credit Facility. As of June 30, 2019 , the Company and certain of its subsidiaries that served as guarantors were in compliance with all covenants. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes amounts reclassified out of AOCI and their effect on the Company’s Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2019 and 2018 . Three Months Ended Six Months Ended Condensed Consolidated Statement of Comprehensive Loss Classification 2019 2018 2019 2018 Gains (losses) on cash flow hedges: Forward contracts $ 4,280 $ (4,062 ) $ 4,975 $ (11,708 ) Net product revenues Forward contracts (768 ) 1,403 (497 ) 3,264 Operating expenses Total gain (loss) on cash flow hedges $ 3,512 $ (2,659 ) $ 4,478 $ (8,444 ) The following tables summarize changes in the accumulated balances for each component of AOCI, including current period other comprehensive income (loss) and reclassifications out of AOCI for the three and six months ended June 30, 2019 and 2018 . Three Months Ended June 30, 2019 Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available for-Sale Debt Securities Other Total AOCI balance at March 31, 2019 $ 19,060 $ 748 $ (14 ) $ 19,794 Other comprehensive income before reclassifications (1,367 ) 3,279 1 1,913 Less: net gain (loss) reclassified from AOCI 3,512 — — 3,512 Tax effect — (756 ) — (756 ) Net current-period other comprehensive income (loss) (4,879 ) 2,523 1 (2,355 ) AOCI balance at June 30, 2019 $ 14,181 $ 3,271 $ (13 ) $ 17,439 Six Months Ended June 30, 2019 Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available for-Sale Debt Securities Other Total AOCI balance at December 31, 2018 $ 7,201 $ (1,917 ) $ (13 ) $ 5,271 Other comprehensive income before reclassifications 11,458 6,734 — 18,192 Less: gain (loss) reclassified from AOCI 4,478 — — 4,478 Tax effect — (1,546 ) — (1,546 ) Net current-period other comprehensive income (loss) 6,980 5,188 — 12,168 AOCI balance at June 30, 2019 $ 14,181 $ 3,271 $ (13 ) $ 17,439 Three Months Ended June 30, 2018 Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available for-Sale Debt Securities Other Total AOCI balance at March 31, 2018 $ (23,673 ) $ (4,866 ) $ (6 ) $ (28,545 ) Other comprehensive income (loss) before 23,582 1,531 (5 ) 25,108 Less: gain (loss) reclassified from AOCI (2,659 ) — — (2,659 ) Tax effect — (351 ) — (351 ) Net current-period other comprehensive income (loss) 26,241 1,180 (5 ) 27,416 AOCI balance at June 30, 2018 $ 2,568 $ (3,686 ) $ (11 ) $ (1,129 ) Six Months Ended June 30, 2018 Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available for-Sale Debt Securities Other Total AOCI balance at December 31, 2017 $ (20,232 ) $ (2,722 ) $ (7 ) $ (22,961 ) Impact of change in accounting principle — (586 ) — (586 ) AOCI balance at January 1, 2018 $ (20,232 ) $ (3,308 ) $ (7 ) $ (23,547 ) Other comprehensive income (loss) before 14,356 (490 ) (4 ) 13,862 Less: gain (loss) reclassified from AOCI (8,444 ) — — (8,444 ) Tax effect — 112 — 112 Net current-period other comprehensive income (loss) 22,800 (378 ) (4 ) 22,418 AOCI balance at June 30, 2018 $ 2,568 $ (3,686 ) $ (11 ) $ (1,129 ) |
REVENUE, CREDIT CONCENTRATIONS
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION | 6 Months Ended |
Jun. 30, 2019 | |
Concentration Risk And Geographic Information [Abstract] | |
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION | REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION The Company operates in one business segment, which primarily focuses on the development and commercialization of innovative therapies for people with serious and life-threatening rare diseases and medical conditions. The Company considers there to be revenue concentration risks for regions where Net Product Revenues exceed 10% of consolidated Net Product Revenues. The concentration of the Company’s Net Product Revenues within the regions below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective regions experience difficulties. The following table disaggregates Total Revenues from external customers and collaborative partners by geographic region. Net product revenues by geographic region are based on patient location for the Company’s commercial products, except for Aldurazyme. Although Sanofi Genzyme (Genzyme) sells Aldurazyme worldwide, the revenues earned by the Company are included in the U.S. region, as the transactions are with Genzyme whose headquarters is located in the U.S. Genzyme is the Company’s sole customer for Aldurazyme and is responsible for marketing and selling Aldurazyme to third parties. Three Months Ended Six Months Ended 2019 2018 2019 2018 Total revenues by geographic region: United States $ 169,407 $ 162,789 $ 360,343 $ 353,360 Europe 119,561 107,221 244,100 212,871 Latin America 46,494 38,152 80,333 76,555 Rest of world 52,301 64,683 103,732 103,506 Total revenues $ 387,763 $ 372,845 $ 788,508 $ 746,292 The following table disaggregates Net Product Revenues by product. Three Months Ended Six Months Ended 2019 2018 2019 2018 Net product revenues by product: Aldurazyme $ 5,826 $ 24,003 $ 51,093 $ 90,059 Brineura 14,795 10,890 26,975 17,807 Firdapse 5,482 5,177 10,594 10,103 Kuvan 113,323 109,045 220,247 208,160 Naglazyme 98,127 91,086 185,054 166,082 Palynziq 18,836 — 31,108 — Vimizim 122,686 127,585 248,487 244,674 Total net product revenues $ 379,075 $ 367,786 $ 773,558 $ 736,885 The table below disaggregates total Net Product Revenues based on patient location for products sold directly by the Company, and global sales of Aldurazyme, which is marketed by Genzyme, the Company’s sole customer for Aldurazyme. Three Months Ended Six Months Ended 2019 2018 2019 2018 United States $ 160,918 $ 138,411 $ 305,203 $ 262,552 Europe 113,593 102,621 236,678 207,419 Latin America 46,493 48,844 80,333 76,555 Rest of world 52,245 53,907 100,251 100,300 Total net product revenues marketed by the Company 373,249 343,783 722,465 646,826 Aldurazyme net product revenues marketed by Genzyme 5,826 24,003 51,093 90,059 Total net product revenues $ 379,075 $ 367,786 $ 773,558 $ 736,885 The following table illustrates the percentage of the Company’s total Net Product Revenues attributed to the Company’s largest customers for the periods presented. Three Months Ended Six Months Ended 2019 2018 2019 2018 Customer A 16 % 18 % 17 % 18 % Customer B 13 % 12 % 12 % 12 % Customer C 12 % 10 % 11 % 9 % Customer D 2 % 7 % 7 % 12 % Total 43 % 47 % 47 % 51 % On a consolidated basis, two customers accounted for 25% and 12% of the June 30, 2019 accounts receivable balance, respectively, compared to December 31, 2018 , when two customers accounted for 30% and 16% of the accounts receivable balance, respectively. As of June 30, 2019 and December 31, 2018 , the accounts receivable balance for Genzyme included $69.9 million and $73.9 million , respectively, of unbilled accounts receivable, which become payable to the Company when the product is sold through by Genzyme. The Company does not require collateral from its customers, but does perform periodic credit evaluations of its customers’ financial condition and requires immediate payment in certain circumstances. The Company sells its products in countries that face economic volatility and weakness. Although the Company has historically collected receivables from customers in such countries, sustained weakness or further deterioration of the local economies and currencies may cause customers in those countries to be unable to pay for the Company’s products. The Company has not historically experienced a significant level of uncollected receivables and has received continued payments from its more aged accounts in these countries. The Company believes that the allowances for doubtful accounts related to these countries, if any, is adequate based on its analysis of the specific business circumstances and expectations of collection for each of the underlying accounts in these countries. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Compensation expense included in the Company’s Condensed Consolidated Statements of Comprehensive Loss for all stock-based compensation arrangements was as follows: Three Months Ended June 30, Six Months Ended 2019 2018 2019 2018 Cost of sales $ 3,717 $ 3,246 $ 8,536 $ 6,386 R&D 14,943 15,573 28,776 28,842 Selling, general and administrative 21,169 19,787 45,278 39,986 Total stock-based compensation expense $ 39,829 $ 38,606 $ 82,590 $ 75,214 Stock-based compensation of $4.3 million and $8.1 million was capitalized into inventory for the three and six months ended June 30, 2019 , respectively, compared to $5.4 million and $9.0 million for the three and six months ended June 30, 2018 , respectively. Capitalized stock-based compensation is recognized as cost of sales when the related product is sold. Equity Awards with Service-Based Vesting Conditions During the six months ended June 30, 2019 , the Company granted 1,748,488 RSUs with service-based vesting conditions with a weighted-average fair value of $92.69 per share. During the six months ended June 30, 2019 , the Company granted options to purchase 610,250 shares of common stock with a weighted-average fair value of $36.84 per share. The assumptions used to estimate the per share fair value of stock options granted during the periods presented were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Expected volatility 37.1 – 37.2% 38.4% 37.1 – 37.4% 37.8 – 38.4% Dividend yield 0.0% 0.0% 0.0% 0.0% Expected life (in years) 5.8 5.7 4.6 – 5.8 4.6 – 5.7 Risk-free interest rate 2.2 – 2.4% 2.7% 2.2 – 3.0% 2.3 – 2.7% The Company issued 107,473 new stock purchase rights under the Employee Stock Purchase Plan during the six months ended June 30, 2019 . Restricted Stock Unit Awards with Performance Conditions In March 2019, the Compensation Committee and Board of Directors (Board) approved the grant of 99,010 RSUs with performance-based vesting conditions (base RSUs) and a grant date fair value of $94.53 . This award is contingent upon the achievement of a 2019 revenue target and the awarded RSUs, if any, vest ratably over a three -year service period. The Company evaluated the 2019 revenue target in the context of its current 2019 revenue forecast, and related confidence level in the forecast, and determined that attainment of the revenue target was probable for accounting purposes commencing in the first quarter of 2019 . The number of shares that may be earned range between 0% and 200% of the base RSUs, dependent on the percentage of 2019 “managed revenues” (defined as the Company’s net product revenues, excluding net revenues attributable to Aldurazyme, and determined using fixed foreign currency exchange rates) achieved against the target managed revenues, with a threshold achievement level of 75% of target and a ceiling achievement level of 125% of target. Restricted Stock Unit Awards with Market Conditions In March 2019, the Compensation Committee and Board approved the grant of 99,010 RSUs with market-based vesting conditions (base TSR-RSUs) to certain executives. These RSUs, if any, vest in full following a three -year service period only if certain total shareholder return (TSR) results relative to the Nasdaq Biotechnology Index comparative companies are achieved. The number of shares that may be earned range between 0% and 200% of the base TSR-RSUs with a ceiling achievement level of 100% of the base TSR-RSUs in the event that the Company’s absolute TSR multiplier is above the 50 th percentile but the Company’s TSR multiplier is negative on an absolute basis. The Company utilized a Monte Carlo simulation model to determine the grant date fair value of $143.92 . Compensation expense for awards with market conditions is recognized over the service period using the straight-line method and is not reversed if the market condition is not met. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using tax rates expected to be in effect in the years in which the differences are expected to reverse. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company’s Dutch subsidiary had a full valuation allowance against a deferred tax asset of $29.6 million at December 31, 2018. Historical earnings, future taxable income and ongoing prudent and feasible tax planning strategies have been considered in assessing the need for the valuation allowance. Based on projected income and other key operating factors, the Company concluded in the second quarter of 2019 that it is more likely than not that the benefit of these deferred tax assets would be realized. As a result, the amount of the valuation allowance related to the deferred tax assets that are expected to be realized was reversed, resulting in a net tax benefit of $27.1 million |
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
NET LOSS PER COMMON SHARE | NET LOSS PER COMMON SHARE Potentially issuable shares of common stock include shares issuable upon the exercise of outstanding employee stock option awards, common stock issuable under the Company’s ESPP, unvested RSUs and contingent issuances of common stock related to convertible debt. The table below presents potential shares of common stock that were excluded from the computation of diluted earnings per common share as they were anti-dilutive using the if-converted or treasury stock method (in thousands of common shares): Three and Six Months Ended 2019 2018 Options to purchase common stock 7,494 7,829 Common stock issuable under the 2018 Notes — 3,983 Common stock issuable under the 2020 Notes 3,983 3,983 Common stock issuable under the 2024 Notes 3,970 3,970 Unvested restricted stock units 4,108 3,544 Common stock potentially issuable for ESPP purchases 482 433 Common stock held by the NQDC 211 208 Total number of potentially issuable shares 20,248 23,950 The potential effect of the capped call transactions with respect to the 2020 Notes was excluded from the diluted net loss per share as of June 30, 2019 as the Company’s closing stock prices on June 28, 2019 (the last trading day before June 30, 2019) did not exceed the conversion price of $94.15 per share. Although the Company’s stock price on June 29, 2018 (the last trading day before June 30, 2018) exceeded the conversion price, the potential effect of the capped call transactions and potential shares issuable under the Company’s 0.75% senior subordinated convertible notes due in 2018 and the 2020 Notes were excluded from the calculation of diluted loss per share in the three and six months ended June 30, 2018 as they were anti-dilutive using the if-converted method. There is no similar capped call transaction associated with the 2024 Notes. See Note 12 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for additional information related to the Company’s convertible debt and capped call transaction. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Contingencies From time to time the Company is involved in legal actions arising in the normal course of its business. The process of resolving matters through litigation or other means is inherently uncertain and it is possible that an unfavorable resolution of these matters could adversely affect the Company, its results of operations, financial condition and cash flows. The Company’s general practice is to expense legal fees as services are rendered in connection with legal matters, and to accrue for liabilities when losses are probable and reasonably estimable. Contingent Payments As of June 30, 2019 , the Company was subject to contingent payments totaling approximately $391.1 million upon achievement of certain development and regulatory activities and commercial sales and licensing milestones if they occur before certain dates in the future. Of this amount, $68.2 million relates to the acquisition of certain rights and other assets with respect to Kuvan and Palynziq from a third party and $241.1 million relates to programs that are no longer being developed. As of June 30, 2019 , the Company recorded a total of $70.3 million of contingent liabilities, of which $20.1 million was short-term. See Note 9 to these Condensed Consolidated Financial Statements for further information regarding the fair value of the Company’s contingent consideration. Other Commitments In the normal course of business, the Company enters into various firm purchase commitments primarily related to active pharmaceutical ingredients and certain other inventory-related items. As of June 30, 2019 , such commitments and other minimum contractual obligations for clinical and post-marketing services were estimated at approximately $118.3 million . |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying Condensed Consolidated Financial Statements have been prepared pursuant to United States (U.S.) generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, although the Company believes that the disclosures herein are adequate to ensure that the information presented is not misleading. The Condensed Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2019 or any other period. On January 1, 2019, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 842, Leases (ASC Topic 842) using the modified retrospective method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under ASC Topic 842, while prior period amounts were not adjusted and continue to be presented in accordance with the Company’s historical accounting under ASC Topic 840, Leases . ASC Topic 842 had a material impact on the Company’s Condensed Consolidated Balance Sheet but did not have a significant impact on the Company’s consolidated net loss. The Company elected to use the practical expedient allowing the use-of-hindsight and reassessed the lease term for all unexpired leases that commenced before the effective date of ASC Topic 842. For leases that commenced and expired before the effective date of ASC Topic 842, the Company elected not to reassess the expired leases. The Company also elected not to include leases with initial terms of twelve months or less in the recognized right-of-use (ROU) assets and lease liabilities. As a result of the cumulative impact of adopting ASC Topic 842, the Company recorded lease ROU assets of $55.9 million and lease liabilities of $59.0 million as of January 1, 2019, primarily related to real estate and equipment, based on the present value of future lease payments on the date of adoption. The difference between the ROU assets and lease liabilities was recorded as an adjustment to Accumulated Deficit. Refer to Note 11 for additional disclosures required by ASC Topic 842. On January 1, 2019, the Company adopted Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12), using the modified retrospective method. This ASU provides new guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. Results for reporting periods beginning January 1, 2019 are presented under ASU 2017-12, while prior period amounts were not adjusted and continue to be presented in accordance with the Company’s historical accounting. The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Financial Statements. See Note 10 for additional disclosures required by ASU 2017-12. U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods. Management performed an evaluation of the Company’s activities through the date of filing of this Quarterly Report on Form 10-Q, and has concluded that there were no subsequent events or transactions that occurred subsequent to the balance sheet date prior to filing this Quarterly Report on Form 10-Q that would require recognition or disclosure in the Condensed Consolidated Financial Statements. |
Leases | Leases The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, ROU assets represent the Company’s right to use the underlying asset for the term of the lease and the lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date of the underlying lease arrangement to determine the present value of lease payments. The ROU asset also includes any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company accounts for its derivative instruments as either assets or liabilities on the balance sheet and measures them at fair value, which is estimated using current exchange rates and interest rates, and takes into consideration the current creditworthiness of the counterparties or the Company, as applicable. For derivatives designated as hedging instruments, the entire change in the fair value of qualifying derivative instruments is recorded in Accumulated Other Comprehensive Income (AOCI) and amounts deferred in AOCI will be reclassified to earnings in the same line item in which the earnings effect of the hedged item is reported. Derivatives not designated as hedging instruments are adjusted to fair value through earnings in Operating Expenses in the Consolidated Statements of Comprehensive Loss. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Pronouncements Not Yet Adopted Effective January 1, 2020, the Company will adopt ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13), as amended, using a modified retrospective approach, with certain exceptions allowed. The standard amends the guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the incurred-loss model with an expected-loss model. This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than by reducing the carrying amount under the current, other-than-temporary-impairment model. The Company is evaluating the impact of the adoption of ASU 2016-13 on its Condensed Consolidated Financial Statements. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cash, Cash Equivalents and Available-for-Sale Securities by Significant Investment Category | The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of June 30, 2019 and December 31, 2018 , respectively: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Cash and Cash Equivalents Short-term Marketable Securities (1) Long-term Marketable Securities (2) Level 1: Cash $ 226,959 $ — $ — $ 226,959 $ 226,959 $ — $ — Level 2: Money market instruments 68,648 — — 68,648 68,648 — — Corporate debt securities 564,624 3,270 (216 ) 567,678 — 279,033 288,645 Commercial paper 16,972 — — 16,972 8,981 7,991 — U.S. government agency securities 224,071 1,185 (141 ) 225,115 2,989 136,502 85,624 Foreign and other 550 147 (1 ) 696 — — 696 Subtotal 874,865 4,602 (358 ) 879,109 80,618 423,526 374,965 Total $ 1,101,824 $ 4,602 $ (358 ) $ 1,106,068 $ 307,577 $ 423,526 $ 374,965 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Fair Value Cash and Cash Equivalents Short-term Marketable Securities (1) Long-term Marketable Securities (2) Level 1: Cash $ 228,809 $ — $ — $ 228,809 $ 228,809 $ — $ — Level 2: Money market instruments 205,736 — — 205,736 205,736 — — Corporate debt securities 564,852 214 (2,288 ) 562,778 2,000 376,545 184,233 Commercial paper 77,702 — — 77,702 21,964 55,738 — U.S. government agency securities 240,436 144 (697 ) 239,883 31,474 156,967 51,442 Foreign and other 5,126 139 (1 ) 5,264 3,999 1,076 189 Subtotal 1,093,852 497 (2,986 ) 1,091,363 265,173 590,326 235,864 Total $ 1,322,661 $ 497 $ (2,986 ) $ 1,320,172 $ 493,982 $ 590,326 $ 235,864 (1) The Company’s short-term marketable securities mature in one year or less. (2) The Company’s long-term marketable securities mature between one and five years. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following: June 30, December 31, Intangible assets: Finite-lived intangible assets $ 640,125 $ 307,995 Indefinite-lived intangible assets — 326,359 Gross intangible assets: 640,125 634,354 Less: Accumulated amortization (163,493 ) (142,546 ) Net carrying value $ 476,632 $ 491,808 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment Net | Property, plant and equipment, net consisted of the following: June 30, December 31, Building and improvements $ 701,060 $ 694,447 Manufacturing and laboratory equipment 357,049 345,947 Computer hardware and software 162,696 157,787 Leasehold improvements 50,502 41,188 Furniture and equipment 36,229 33,234 Land improvements 7,253 6,551 Land 77,994 77,993 Construction-in-progress 85,189 64,170 1,477,972 1,421,317 Accumulated depreciation (515,002 ) (472,635 ) Total property, plant and equipment, net $ 962,970 $ 948,682 |
SUPPLEMENTAL BALANCE SHEET IN_2
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory | Inventory consisted of the following: June 30, December 31, Raw materials $ 67,397 $ 74,616 Work-in-process 303,231 231,064 Finished goods 208,108 225,191 Total inventory $ 578,736 $ 530,871 |
Schedule of Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities consisted of the following: June 30, 2019 December 31, 2018 Accounts payable and accrued operating expenses $ 223,947 $ 207,620 Accrued compensation expense 101,111 149,937 Accrued rebates payable 49,183 43,116 Accrued royalties payable 23,059 19,977 Value added taxes payable 9,196 7,785 Forward foreign currency exchange contracts 6,423 4,178 Lease liability 10,165 — Other 6,418 4,677 Total accounts payable and accrued liabilities $ 429,502 $ 437,290 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | The following tables present the classification within the fair value hierarchy of financial assets and liabilities not disclosed elsewhere in these Condensed Consolidated Financial Statements that are remeasured on a recurring basis. There were no financial assets or liabilities that were remeasured using a quoted price in active markets for identical assets (Level 1) as of June 30, 2019 . Fair Value Measurements at June 30, 2019 Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Other current assets: NQDC Plan assets $ 1,116 $ — $ 1,116 Other assets: NQDC Plan assets 15,003 — 15,003 Restricted investments (1) 2,713 — 2,713 Total other assets 17,716 — 17,716 Total assets $ 18,832 $ — $ 18,832 Liabilities: Current liabilities: NQDC Plan liability (2) $ 1,116 $ — $ 1,116 Contingent consideration — 9,926 9,926 Total current liabilities 1,116 9,926 11,042 Other long-term liabilities: NQDC Plan liability (2) 15,003 — 15,003 Contingent consideration — 50,151 50,151 Total other long-term liabilities 15,003 50,151 65,154 Total liabilities $ 16,119 $ 60,077 $ 76,196 Fair Value Measurements at December 31, 2018 Quoted Price in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Other current assets: NQDC Plan assets $ — $ 370 $ — $ 370 Restricted investments (1) — 9,581 — 9,581 Total other current assets — 9,951 — 9,951 Other assets: NQDC Plan assets — 12,828 — 12,828 Restricted investments (1) — 2,450 — 2,450 Strategic investments (3) 942 — — 942 Total other assets 942 15,278 — 16,220 Total assets $ 942 $ 25,229 $ — $ 26,171 Liabilities: Current liabilities: NQDC Plan liability $ 55 $ 370 $ — $ 425 Contingent consideration — — 85,951 85,951 Total current liabilities 55 370 85,951 86,376 Other long-term liabilities: NQDC Plan liability 17,598 12,828 — 30,426 Contingent consideration — — 46,883 46,883 Total other long-term liabilities 17,598 12,828 46,883 77,309 Total liabilities $ 17,653 $ 13,198 $ 132,834 $ 163,685 (1) The restricted investments at June 30, 2019 and December 31, 2018 secure the Company's irrevocable standby letters of credit obtained in connection with certain commercial agreements. (2) The Company’s NQDC Plan was amended during the second quarter of 2019, which resulted in a change to the classification of the obligation associated with the Company's common stock held in the NQDC Plan. The obligation was previously classified as a liability recorded at fair value and has been reclassified into equity and recorded at the shares' respective grant date fair values at June 30, 2019. The change to the NQDC Plan related to the prohibition of participants to diversify investments for deferrals of Company stock contributed into other types of investments. The NQDC Plan liabilities classified as Level 2 represent investments held in plan assets excluding shares of the Company's common stock. (3) The Company had investments in marketable equity securities measured using quoted prices in an active market that were considered strategic investments and were included in Other Assets on the Company's Condensed Consolidated Balance Sheets. During the second quarter of 2019, all shares were sold and an immaterial gain was realized. |
Liabilities Measured at Fair Value on Recurring Basis Using Level 3 Inputs | The following table represents a roll-forward of contingent consideration. Contingent consideration at December 31, 2018 $ 132,834 Changes in fair value of other contingent consideration 19,161 Milestone payments to Ares Trading S.A. (Merck Serono) (83,472 ) Milestone payments to former LEAD Therapeutics, Inc. shareholders (5,987 ) Realized gain on settlement of contingent consideration (1,928 ) Foreign exchange remeasurement of Euro denominated contingent consideration (531 ) Contingent consideration at June 30, 2019 $ 60,077 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative [Line Items] | |
Fair Value Carrying Amount of Derivatives | The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows: Balance Sheet Location June 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Asset Derivatives - Level 2 (1) Other current assets $ 15,577 $ 12,686 Other assets 13,214 10,324 Subtotal $ 28,791 $ 23,010 Liability Derivatives - Level 2 (1) Accounts payable and accrued liabilities $ 5,250 $ 4,036 Other long-term liabilities 4,988 3,653 Subtotal $ 10,238 $ 7,689 Derivatives not designated as hedging instruments: Asset Derivatives - Level 2 (1) Other current assets $ 614 $ 168 Other assets — — Subtotal $ 614 $ 168 Liability Derivatives - Level 2 (1) Accounts payable and accrued liabilities $ 1,173 $ 142 Other long-term liabilities — — Subtotal $ 1,173 $ 142 Total Derivatives Asset $ 29,405 $ 23,178 Total Derivatives Liabilities $ 11,411 $ 7,831 (1) For additional discussion of fair value measurements, see Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . |
Summary of Impact of Gains and Losses from Derivatives Designated as Hedging Instruments | The following tables summarize the impact of gains and losses from the Company's derivatives on its Condensed Consolidated Financial Statements for the period presented. Three Months Ended Six Months Ended Derivatives Designated as Cash Flow Hedging Instruments June 30, 2019 June 30, 2019 Amount of Gain (Loss) Recognized in Other Comprehensive Income $ (1,367 ) $ 11,458 Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Derivatives Designated as Cash Flow Hedging Instruments Cash Flow Hedging Gains (Losses) Reclassified into Earnings Cash Flow Hedging Gains (Losses) Net product revenues as reported $ 379,075 $ 4,280 $ 773,558 $ 4,975 Operating expenses as reported $ 429,117 $ (768 ) $ 883,813 $ (497 ) Derivatives Not Designated as Hedging Instruments Gains (Losses) Recognized in Earnings Gains (Losses) Recognized in Earnings Operating Expenses $ (918 ) $ (3,896 ) |
Derivatives Designated As Hedging Instruments | |
Derivative [Line Items] | |
Summary of Derivatives Designated as Hedging Instruments Outstanding | The following table summarizes the Company’s derivatives designated as hedging instruments outstanding as of June 30, 2019 (notional amounts in millions): Foreign Exchange Contracts Number of Contracts Aggregate Notional Amount in Foreign Currency Maturity Australian Dollars – Sell 12 5.6 July 2019 - Dec. 2019 Brazilian Reais – Sell 3 40.4 Aug 2019 Canadian Dollars – Sell 12 17.9 July 2019 - Dec. 2019 Colombian Pesos – Sell 12 98,000.0 July 2019 - June 2020 Euros – Purchase 154 194.0 July 2019 - June 2022 Euros – Sell 466 572.6 July 2019 - June 2022 Norwegian Krone – Sell 6 23.4 July 2019 - Dec. 2019 Total 665 |
Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Summary of Derivatives Designated as Hedging Instruments Outstanding | The following table summarizes the Company’s derivatives not designated as hedging instruments outstanding as of June 30, 2019 (notional amounts in millions): Foreign Exchange Contracts Number of Contracts Aggregate Notional Amount in Foreign Currency Maturity Colombian Pesos – Sell 2 69,000.0 July 2019 - Aug. 2019 Euros – Purchase 2 35.7 July 2019 - Aug. 2019 Euros - Sell 2 5.4 July 2019 Great British Pounds - Purchase 2 18.2 July 2019 - Aug. 2019 Great British Pounds - Sell 1 7.6 July 2019 Rubles – Sell 2 2,010.0 July 2019 - Aug. 2019 Total 11 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of ROU Assets and Lease Liabilities | The following table presents the Company’s right-of-use (ROU) assets and lease liabilities as of June 30, 2019 : Lease Classification Classification June 30, Assets: Operating Other Assets $ 51,196 Financing Other Assets 8,599 Total ROU assets $ 59,795 Liabilities: Current: Operating Accounts payable and accrued liabilities $ 7,277 Financing Accounts payable and accrued liabilities 2,888 Noncurrent: Operating Other long-term liabilities 45,921 Financing Other long-term liabilities 7,958 Total lease liabilities $ 64,044 |
Schedule of Maturities of Operating Lease Liabilities | Maturities of lease liabilities as of June 30, 2019 by fiscal year are as follows: Maturity of Lease Liabilities Operating Financing Total 2019 $ 5,418 $ 1,683 $ 7,101 2020 9,518 3,466 12,984 2021 8,533 2,866 11,399 2022 8,205 2,259 10,464 2023 6,773 1,747 8,520 Thereafter 27,942 — 27,942 Total lease payments 66,389 12,021 78,410 Less: Interest (13,191 ) (1,175 ) (14,366 ) Present value of lease liabilities $ 53,198 $ 10,846 $ 64,044 |
Schedule of Maturities of Finance Lease Liabilities | Maturities of lease liabilities as of June 30, 2019 by fiscal year are as follows: Maturity of Lease Liabilities Operating Financing Total 2019 $ 5,418 $ 1,683 $ 7,101 2020 9,518 3,466 12,984 2021 8,533 2,866 11,399 2022 8,205 2,259 10,464 2023 6,773 1,747 8,520 Thereafter 27,942 — 27,942 Total lease payments 66,389 12,021 78,410 Less: Interest (13,191 ) (1,175 ) (14,366 ) Present value of lease liabilities $ 53,198 $ 10,846 $ 64,044 |
Schedule of Lease Cost | Lease Cost Classification Three Months Ended Six Months Ended Operating (1) Operating Expenses $ 3,233 $ 6,418 Financing: Amortization Operating Expenses 605 1,211 Interest expense Operating Expenses 152 313 Total lease costs $ 3,990 $ 7,942 (1) Includes short-term leases and variable lease costs, both of which were not material. Supplemental Cash Flow Information Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Cash used in operating activities: Operating leases $ 3,712 Financing leases $ 312 Cash used in financing activities: Financing leases $ 1,346 ROU assets obtained in exchange for lease obligations: Operating leases $ 8,909 Financing leases $ 72 |
Schedule of Other Information | Other Information June 30, Weighted average remaining lease term (in years): Operating leases 8.2 Financing leases 3.8 Weighted average discount rate: Operating leases 5.2 % Financing leases 5.4 % Additional leases not yet commenced (undiscounted): Operating lease liability to commence in the second half of 2019 $ 973 |
Schedule of Minimum Lease Payments for Future Years | Minimum lease payments for future years as of December 31, 2018 were as follows: 2019 $ 12,976 2020 12,549 2021 11,198 2022 10,574 2023 9,993 Thereafter 27,701 Total $ 84,991 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Debt | The following table summarizes information regarding the Company’s convertible debt: June 30, December 31, 1.50% senior subordinated convertible notes due in October 2020 (the 2020 Notes) 374,993 374,993 Unamortized discount (19,432 ) (26,581 ) Unamortized deferred offering costs (1,684 ) (2,334 ) Convertible Notes due in 2020, net 353,877 346,078 0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) 495,000 495,000 Unamortized discount (7,240 ) (7,946 ) Unamortized deferred offering costs (2,472 ) (2,715 ) Convertible Notes due in 2024, net 485,288 484,339 Total convertible debt, net $ 839,165 $ 830,417 Fair value of fixed rate convertible debt Convertible Notes due in October 2020 (1) 420,727 419,722 Convertible Notes due in August 2024 (1) 512,582 491,626 Total fair value of fixed rate convertible debt $ 933,309 $ 911,348 (1) The fair value of the Company’s fixed-rate convertible debt is based on open market trades and is classified as Level 1 in the fair value hierarchy. For additional discussion of fair value measurements, see Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . |
Summary of Interest Expense on Debt | Interest expense on the Company’s convertible debt consisted of the following: Three Months Ended June 30, Six Months Ended 2019 2018 2019 2018 Coupon interest expense $ 2,254 $ 3,527 $ 4,411 $ 6,488 Amortization of debt issuance costs 508 1,006 1,015 2,010 Accretion of discount on convertible notes 3,953 7,692 7,855 15,289 Total interest expense on convertible debt $ 6,715 $ 12,225 $ 13,281 $ 23,787 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Summary of Amounts Reclassified out of Accumulated Other Comprehensive Income | The following table summarizes amounts reclassified out of AOCI and their effect on the Company’s Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2019 and 2018 . Three Months Ended Six Months Ended Condensed Consolidated Statement of Comprehensive Loss Classification 2019 2018 2019 2018 Gains (losses) on cash flow hedges: Forward contracts $ 4,280 $ (4,062 ) $ 4,975 $ (11,708 ) Net product revenues Forward contracts (768 ) 1,403 (497 ) 3,264 Operating expenses Total gain (loss) on cash flow hedges $ 3,512 $ (2,659 ) $ 4,478 $ (8,444 ) |
Summary of Changes in Accumulated Balances of AOCI Including Current Period Other Comprehensive Income (Loss) and Reclassifications Out of AOCI | The following tables summarize changes in the accumulated balances for each component of AOCI, including current period other comprehensive income (loss) and reclassifications out of AOCI for the three and six months ended June 30, 2019 and 2018 . Three Months Ended June 30, 2019 Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available for-Sale Debt Securities Other Total AOCI balance at March 31, 2019 $ 19,060 $ 748 $ (14 ) $ 19,794 Other comprehensive income before reclassifications (1,367 ) 3,279 1 1,913 Less: net gain (loss) reclassified from AOCI 3,512 — — 3,512 Tax effect — (756 ) — (756 ) Net current-period other comprehensive income (loss) (4,879 ) 2,523 1 (2,355 ) AOCI balance at June 30, 2019 $ 14,181 $ 3,271 $ (13 ) $ 17,439 Six Months Ended June 30, 2019 Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available for-Sale Debt Securities Other Total AOCI balance at December 31, 2018 $ 7,201 $ (1,917 ) $ (13 ) $ 5,271 Other comprehensive income before reclassifications 11,458 6,734 — 18,192 Less: gain (loss) reclassified from AOCI 4,478 — — 4,478 Tax effect — (1,546 ) — (1,546 ) Net current-period other comprehensive income (loss) 6,980 5,188 — 12,168 AOCI balance at June 30, 2019 $ 14,181 $ 3,271 $ (13 ) $ 17,439 Three Months Ended June 30, 2018 Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available for-Sale Debt Securities Other Total AOCI balance at March 31, 2018 $ (23,673 ) $ (4,866 ) $ (6 ) $ (28,545 ) Other comprehensive income (loss) before 23,582 1,531 (5 ) 25,108 Less: gain (loss) reclassified from AOCI (2,659 ) — — (2,659 ) Tax effect — (351 ) — (351 ) Net current-period other comprehensive income (loss) 26,241 1,180 (5 ) 27,416 AOCI balance at June 30, 2018 $ 2,568 $ (3,686 ) $ (11 ) $ (1,129 ) Six Months Ended June 30, 2018 Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available for-Sale Debt Securities Other Total AOCI balance at December 31, 2017 $ (20,232 ) $ (2,722 ) $ (7 ) $ (22,961 ) Impact of change in accounting principle — (586 ) — (586 ) AOCI balance at January 1, 2018 $ (20,232 ) $ (3,308 ) $ (7 ) $ (23,547 ) Other comprehensive income (loss) before 14,356 (490 ) (4 ) 13,862 Less: gain (loss) reclassified from AOCI (8,444 ) — — (8,444 ) Tax effect — 112 — 112 Net current-period other comprehensive income (loss) 22,800 (378 ) (4 ) 22,418 AOCI balance at June 30, 2018 $ 2,568 $ (3,686 ) $ (11 ) $ (1,129 ) |
REVENUE, CREDIT CONCENTRATION_2
REVENUE, CREDIT CONCENTRATIONS AND GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Concentration Risk And Geographic Information [Abstract] | |
Schedule of Total Revenues from External Customers and Collaborative Partners by Geographic Region | The following table disaggregates Total Revenues from external customers and collaborative partners by geographic region. Net product revenues by geographic region are based on patient location for the Company’s commercial products, except for Aldurazyme. Although Sanofi Genzyme (Genzyme) sells Aldurazyme worldwide, the revenues earned by the Company are included in the U.S. region, as the transactions are with Genzyme whose headquarters is located in the U.S. Genzyme is the Company’s sole customer for Aldurazyme and is responsible for marketing and selling Aldurazyme to third parties. Three Months Ended Six Months Ended 2019 2018 2019 2018 Total revenues by geographic region: United States $ 169,407 $ 162,789 $ 360,343 $ 353,360 Europe 119,561 107,221 244,100 212,871 Latin America 46,494 38,152 80,333 76,555 Rest of world 52,301 64,683 103,732 103,506 Total revenues $ 387,763 $ 372,845 $ 788,508 $ 746,292 |
Schedule of Net Product Revenues by Product | The following table disaggregates Net Product Revenues by product. Three Months Ended Six Months Ended 2019 2018 2019 2018 Net product revenues by product: Aldurazyme $ 5,826 $ 24,003 $ 51,093 $ 90,059 Brineura 14,795 10,890 26,975 17,807 Firdapse 5,482 5,177 10,594 10,103 Kuvan 113,323 109,045 220,247 208,160 Naglazyme 98,127 91,086 185,054 166,082 Palynziq 18,836 — 31,108 — Vimizim 122,686 127,585 248,487 244,674 Total net product revenues $ 379,075 $ 367,786 $ 773,558 $ 736,885 |
Schedule of Total Net Product Revenues Based on Patient Location | The table below disaggregates total Net Product Revenues based on patient location for products sold directly by the Company, and global sales of Aldurazyme, which is marketed by Genzyme, the Company’s sole customer for Aldurazyme. Three Months Ended Six Months Ended 2019 2018 2019 2018 United States $ 160,918 $ 138,411 $ 305,203 $ 262,552 Europe 113,593 102,621 236,678 207,419 Latin America 46,493 48,844 80,333 76,555 Rest of world 52,245 53,907 100,251 100,300 Total net product revenues marketed by the Company 373,249 343,783 722,465 646,826 Aldurazyme net product revenues marketed by Genzyme 5,826 24,003 51,093 90,059 Total net product revenues $ 379,075 $ 367,786 $ 773,558 $ 736,885 |
Schedule of Net Product Revenue Concentrations Attributed to Largest Customers | The following table illustrates the percentage of the Company’s total Net Product Revenues attributed to the Company’s largest customers for the periods presented. Three Months Ended Six Months Ended 2019 2018 2019 2018 Customer A 16 % 18 % 17 % 18 % Customer B 13 % 12 % 12 % 12 % Customer C 12 % 10 % 11 % 9 % Customer D 2 % 7 % 7 % 12 % Total 43 % 47 % 47 % 51 % |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | Compensation expense included in the Company’s Condensed Consolidated Statements of Comprehensive Loss for all stock-based compensation arrangements was as follows: Three Months Ended June 30, Six Months Ended 2019 2018 2019 2018 Cost of sales $ 3,717 $ 3,246 $ 8,536 $ 6,386 R&D 14,943 15,573 28,776 28,842 Selling, general and administrative 21,169 19,787 45,278 39,986 Total stock-based compensation expense $ 39,829 $ 38,606 $ 82,590 $ 75,214 |
Schedule of Stock Option Valuation Assumptions | The assumptions used to estimate the per share fair value of stock options granted during the periods presented were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Expected volatility 37.1 – 37.2% 38.4% 37.1 – 37.4% 37.8 – 38.4% Dividend yield 0.0% 0.0% 0.0% 0.0% Expected life (in years) 5.8 5.7 4.6 – 5.8 4.6 – 5.7 Risk-free interest rate 2.2 – 2.4% 2.7% 2.2 – 3.0% 2.3 – 2.7% |
NET LOSS PER COMMON SHARE (Tabl
NET LOSS PER COMMON SHARE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule Of Anti-Dilutive Common Stock Excluded From Computation of Diluted Net Loss Per Share | The table below presents potential shares of common stock that were excluded from the computation of diluted earnings per common share as they were anti-dilutive using the if-converted or treasury stock method (in thousands of common shares): Three and Six Months Ended 2019 2018 Options to purchase common stock 7,494 7,829 Common stock issuable under the 2018 Notes — 3,983 Common stock issuable under the 2020 Notes 3,983 3,983 Common stock issuable under the 2024 Notes 3,970 3,970 Unvested restricted stock units 4,108 3,544 Common stock potentially issuable for ESPP purchases 482 433 Common stock held by the NQDC 211 208 Total number of potentially issuable shares 20,248 23,950 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Significant Accounting Policies [Line Items] | ||
Lease ROU assets | $ 59,795 | |
Lease liabilities | $ 64,044 | |
ASC Topic 842 | ||
Significant Accounting Policies [Line Items] | ||
Lease ROU assets | $ 55,900 | |
Lease liabilities | $ 59,000 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Cash, Cash Equivalents and Available-for-Sale Securities by Significant Investment Category (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | ||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | $ 1,101,824 | $ 1,322,661 | |||
Gross Unrealized Gains | 4,602 | 497 | |||
Gross Unrealized Losses | (358) | (2,986) | |||
Aggregate Fair Value | 1,106,068 | 1,320,172 | |||
Cash and Cash Equivalents | 307,577 | 493,982 | [1] | $ 427,411 | $ 598,028 |
Short-term Marketable Securities | 423,526 | 590,326 | [1] | ||
Long-term Marketable Securities | 374,965 | 235,864 | [1] | ||
Level 1: | Cash | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cash | 226,959 | 228,809 | |||
Gross Unrealized Gains | 0 | 0 | |||
Gross Unrealized Losses | 0 | 0 | |||
Aggregate Fair Value | 226,959 | 228,809 | |||
Cash and Cash Equivalents | 226,959 | 228,809 | |||
Short-term Marketable Securities | 0 | 0 | |||
Long-term Marketable Securities | 0 | 0 | |||
Level 2: | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 874,865 | 1,093,852 | |||
Gross Unrealized Gains | 4,602 | 497 | |||
Gross Unrealized Losses | (358) | (2,986) | |||
Aggregate Fair Value | 879,109 | 1,091,363 | |||
Cash and Cash Equivalents | 80,618 | 265,173 | |||
Short-term Marketable Securities | 423,526 | 590,326 | |||
Long-term Marketable Securities | 374,965 | 235,864 | |||
Level 2: | Money market instruments | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 68,648 | 205,736 | |||
Gross Unrealized Gains | 0 | 0 | |||
Gross Unrealized Losses | 0 | 0 | |||
Aggregate Fair Value | 68,648 | 205,736 | |||
Cash and Cash Equivalents | 68,648 | 205,736 | |||
Short-term Marketable Securities | 0 | 0 | |||
Long-term Marketable Securities | 0 | 0 | |||
Level 2: | Corporate debt securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 564,624 | 564,852 | |||
Gross Unrealized Gains | 3,270 | 214 | |||
Gross Unrealized Losses | (216) | (2,288) | |||
Aggregate Fair Value | 567,678 | 562,778 | |||
Cash and Cash Equivalents | 0 | 2,000 | |||
Short-term Marketable Securities | 279,033 | 376,545 | |||
Long-term Marketable Securities | 288,645 | 184,233 | |||
Level 2: | Commercial paper | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 16,972 | 77,702 | |||
Gross Unrealized Gains | 0 | 0 | |||
Gross Unrealized Losses | 0 | ||||
Aggregate Fair Value | 16,972 | 77,702 | |||
Cash and Cash Equivalents | 8,981 | 21,964 | |||
Short-term Marketable Securities | 7,991 | 55,738 | |||
Long-term Marketable Securities | 0 | ||||
Level 2: | U.S. government agency securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 224,071 | 240,436 | |||
Gross Unrealized Gains | 1,185 | 144 | |||
Gross Unrealized Losses | (141) | (697) | |||
Aggregate Fair Value | 225,115 | 239,883 | |||
Cash and Cash Equivalents | 2,989 | 31,474 | |||
Short-term Marketable Securities | 136,502 | 156,967 | |||
Long-term Marketable Securities | 85,624 | 51,442 | |||
Level 2: | Foreign and other | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 550 | 5,126 | |||
Gross Unrealized Gains | 147 | 139 | |||
Gross Unrealized Losses | (1) | (1) | |||
Aggregate Fair Value | 696 | 5,264 | |||
Cash and Cash Equivalents | 0 | 3,999 | |||
Short-term Marketable Securities | 0 | 1,076 | |||
Long-term Marketable Securities | $ 696 | $ 189 | |||
Minimum | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Long term marketable securities maturity period | 1 year | 1 year | |||
Maximum | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Long term marketable securities maturity period | 5 years | 5 years | |||
Short term marketable securities maturity period | 1 year | 1 year | |||
[1] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Other- than- temporary impairment | $ 0 |
Intangible Assets (Detail)
Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Finite-Lived Intangible Assets [Line Items] | ||||||
Definite-lived asset useful life | 9 years | |||||
Gain on sale of intangible assets | $ 15,000 | $ 20,000 | $ 15,000 | $ 20,000 | ||
Intangible assets: | ||||||
Finite-lived intangible assets | 640,125 | 640,125 | $ 307,995 | |||
Indefinite-lived intangible assets | 0 | 0 | 326,359 | |||
Gross intangible assets: | 640,125 | 640,125 | 634,354 | |||
Less: Accumulated amortization | (163,493) | (163,493) | (142,546) | |||
Net carrying value | 476,632 | 476,632 | $ 491,808 | [1] | ||
Restatement Adjustment | ||||||
Intangible assets: | ||||||
Finite-lived intangible assets | 326,400 | 326,400 | ||||
Indefinite-lived intangible assets | $ (326,400) | $ (326,400) | ||||
[1] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. |
Property Plant and Equipment -
Property Plant and Equipment - Schedule of Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,477,972 | $ 1,421,317 | |
Accumulated depreciation | (515,002) | (472,635) | |
Total property, plant and equipment, net | 962,970 | 948,682 | [1] |
Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 701,060 | 694,447 | |
Manufacturing and laboratory equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 357,049 | 345,947 | |
Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 162,696 | 157,787 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 50,502 | 41,188 | |
Furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 36,229 | 33,234 | |
Land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 7,253 | 6,551 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 77,994 | 77,993 | |
Construction-in-progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 85,189 | $ 64,170 | |
[1] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. |
Property Plant and Equipment -
Property Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 21.5 | $ 20.1 | $ 43 | $ 40.1 |
Depreciation capitalized into inventory | $ 8.6 | $ 6.6 | $ 15.1 | $ 10.5 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Inventory [Line Items] | |||
Raw materials | $ 67,397 | $ 74,616 | |
Work-in-process | 303,231 | 231,064 | |
Finished goods | 208,108 | 225,191 | |
Total inventory | 578,736 | $ 530,871 | [1] |
Pre-Launch Valoctocogene Roxaparvovec | |||
Inventory [Line Items] | |||
Total inventory | $ 1,900 | ||
[1] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accounts payable and accrued operating expenses | $ 223,947 | $ 207,620 | |
Accrued compensation expense | 101,111 | 149,937 | |
Accrued rebates payable | 49,183 | 43,116 | |
Accrued royalties payable | 23,059 | 19,977 | |
Value added taxes payable | 9,196 | 7,785 | |
Forward foreign currency exchange contracts | 6,423 | 4,178 | |
Lease liability | 10,165 | 0 | |
Other | 6,418 | 4,677 | |
Total accounts payable and accrued liabilities | $ 429,502 | $ 437,290 | [1] |
[1] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Quoted Price in Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets remeasured | $ 0 | |
Liabilities remeasured | 0 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | $ 9,951,000 | |
Fair value of other non-current assets | 17,716,000 | 16,220,000 |
Fair value of financial assets, Total | 18,832,000 | 26,171,000 |
Fair value of other current liabilities | 11,042,000 | 86,376,000 |
Fair value of other non-current liabilities | 65,154,000 | 77,309,000 |
Fair value of financial liabilities, Total | 76,196,000 | 163,685,000 |
Fair Value, Measurements, Recurring | NQDC Plan liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current liabilities | 1,116,000 | 425,000 |
Fair value of other non-current liabilities | 15,003,000 | 30,426,000 |
Fair Value, Measurements, Recurring | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current liabilities | 9,926,000 | 85,951,000 |
Fair value of other non-current liabilities | 50,151,000 | 46,883,000 |
Fair Value, Measurements, Recurring | Quoted Price in Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 0 | |
Fair value of other non-current assets | 942,000 | |
Fair value of financial assets, Total | 942,000 | |
Fair value of other current liabilities | 55,000 | |
Fair value of other non-current liabilities | 17,598,000 | |
Fair value of financial liabilities, Total | 17,653,000 | |
Fair Value, Measurements, Recurring | Quoted Price in Active Markets For Identical Assets (Level 1) | NQDC Plan liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current liabilities | 55,000 | |
Fair value of other non-current liabilities | 17,598,000 | |
Fair Value, Measurements, Recurring | Quoted Price in Active Markets For Identical Assets (Level 1) | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current liabilities | 0 | |
Fair value of other non-current liabilities | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 9,951,000 | |
Fair value of other non-current assets | 17,716,000 | 15,278,000 |
Fair value of financial assets, Total | 18,832,000 | 25,229,000 |
Fair value of other current liabilities | 1,116,000 | 370,000 |
Fair value of other non-current liabilities | 15,003,000 | 12,828,000 |
Fair value of financial liabilities, Total | 16,119,000 | 13,198,000 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | NQDC Plan liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current liabilities | 1,116,000 | 370,000 |
Fair value of other non-current liabilities | 15,003,000 | 12,828,000 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current liabilities | 0 | 0 |
Fair value of other non-current liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 0 | |
Fair value of other non-current assets | 0 | 0 |
Fair value of financial assets, Total | 0 | 0 |
Fair value of other current liabilities | 9,926,000 | 85,951,000 |
Fair value of other non-current liabilities | 50,151,000 | 46,883,000 |
Fair value of financial liabilities, Total | 60,077,000 | 132,834,000 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | NQDC Plan liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current liabilities | 0 | 0 |
Fair value of other non-current liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current liabilities | 9,926,000 | 85,951,000 |
Fair value of other non-current liabilities | 50,151,000 | 46,883,000 |
Fair Value, Measurements, Recurring | NQDC Plan assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 1,116,000 | 370,000 |
Fair value of other non-current assets | 15,003,000 | 12,828,000 |
Fair Value, Measurements, Recurring | NQDC Plan assets | Quoted Price in Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 0 | |
Fair value of other non-current assets | 0 | |
Fair Value, Measurements, Recurring | NQDC Plan assets | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 1,116,000 | 370,000 |
Fair value of other non-current assets | 15,003,000 | 12,828,000 |
Fair Value, Measurements, Recurring | NQDC Plan assets | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 0 | 0 |
Fair value of other non-current assets | 0 | 0 |
Fair Value, Measurements, Recurring | Restricted Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 9,581,000 | |
Fair value of other non-current assets | 2,713,000 | 2,450,000 |
Fair Value, Measurements, Recurring | Restricted Investments | Quoted Price in Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 0 | |
Fair value of other non-current assets | 0 | |
Fair Value, Measurements, Recurring | Restricted Investments | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 9,581,000 | |
Fair value of other non-current assets | 2,713,000 | 2,450,000 |
Fair Value, Measurements, Recurring | Restricted Investments | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other current assets | 0 | |
Fair value of other non-current assets | $ 0 | 0 |
Fair Value, Measurements, Recurring | Strategic Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other non-current assets | 942,000 | |
Fair Value, Measurements, Recurring | Strategic Investments | Quoted Price in Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other non-current assets | 942,000 | |
Fair Value, Measurements, Recurring | Strategic Investments | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other non-current assets | 0 | |
Fair Value, Measurements, Recurring | Strategic Investments | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of other non-current assets | $ 0 |
Fair Value Measurements - Liabi
Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis Using Level 3 Inputs (Detail) - Contingent Payment $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Contingent consideration at December 31, 2018 | $ 132,834 |
Changes in fair value of other contingent consideration | 19,161 |
Milestone payments to Ares Trading S.A. (Merck Serono) | (83,472) |
Milestone payments to former LEAD Therapeutics, Inc. shareholders | (5,987) |
Realized gain on settlement of contingent consideration | (1,928) |
Foreign exchange remeasurement of Euro denominated contingent consideration | (531) |
Contingent consideration at June 30, 2019 | $ 60,077 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Strategies - Summary of Derivatives Designated as Hedging Instruments Outstanding (Detail) - Derivatives Designated As Hedging Instruments - Foreign exchange contracts € in Millions, kr in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions | 6 Months Ended | |||||
Jun. 30, 2019NOK (kr)Derivative | Jun. 30, 2019EUR (€)Derivative | Jun. 30, 2019BRL (R$)Derivative | Jun. 30, 2019COP ($)Derivative | Jun. 30, 2019AUD ($)Derivative | Jun. 30, 2019CAD ($)Derivative | |
Derivative [Line Items] | ||||||
Number of Contracts | 665 | 665 | 665 | 665 | 665 | 665 |
Australian Dollars | Sell | ||||||
Derivative [Line Items] | ||||||
Number of Contracts | 12 | 12 | 12 | 12 | 12 | 12 |
Aggregate Notional Amount in Foreign Currency | $ | $ 5.6 | |||||
Australian Dollars | Minimum | Sell | ||||||
Derivative [Line Items] | ||||||
Maturity | Jul. 31, 2019 | |||||
Australian Dollars | Maximum | Sell | ||||||
Derivative [Line Items] | ||||||
Maturity | Dec. 31, 2019 | |||||
Brazilian Reais | Sell | ||||||
Derivative [Line Items] | ||||||
Number of Contracts | 3 | 3 | 3 | 3 | 3 | 3 |
Aggregate Notional Amount in Foreign Currency | R$ | R$ 40.4 | |||||
Maturity | Aug. 31, 2019 | |||||
Canadian Dollars | Sell | ||||||
Derivative [Line Items] | ||||||
Number of Contracts | 12 | 12 | 12 | 12 | 12 | 12 |
Aggregate Notional Amount in Foreign Currency | $ | $ 17.9 | |||||
Canadian Dollars | Minimum | Sell | ||||||
Derivative [Line Items] | ||||||
Maturity | Jul. 31, 2019 | |||||
Canadian Dollars | Maximum | Sell | ||||||
Derivative [Line Items] | ||||||
Maturity | Dec. 31, 2019 | |||||
Colombian Pesos | Sell | ||||||
Derivative [Line Items] | ||||||
Number of Contracts | 12 | 12 | 12 | 12 | 12 | 12 |
Aggregate Notional Amount in Foreign Currency | $ | $ 98,000 | |||||
Colombian Pesos | Minimum | Sell | ||||||
Derivative [Line Items] | ||||||
Maturity | Jul. 31, 2019 | |||||
Colombian Pesos | Maximum | Sell | ||||||
Derivative [Line Items] | ||||||
Maturity | Jun. 30, 2020 | |||||
Euros | Sell | ||||||
Derivative [Line Items] | ||||||
Number of Contracts | 466 | 466 | 466 | 466 | 466 | 466 |
Aggregate Notional Amount in Foreign Currency | € | € 572.6 | |||||
Euros | Purchase | ||||||
Derivative [Line Items] | ||||||
Number of Contracts | 154 | 154 | 154 | 154 | 154 | 154 |
Aggregate Notional Amount in Foreign Currency | € | € 194 | |||||
Euros | Minimum | Sell | ||||||
Derivative [Line Items] | ||||||
Maturity | Jul. 31, 2019 | |||||
Euros | Minimum | Purchase | ||||||
Derivative [Line Items] | ||||||
Maturity | Jul. 31, 2019 | |||||
Euros | Maximum | Sell | ||||||
Derivative [Line Items] | ||||||
Maturity | Jun. 30, 2022 | |||||
Euros | Maximum | Purchase | ||||||
Derivative [Line Items] | ||||||
Maturity | Jun. 30, 2022 | |||||
Norwegian Krone | Sell | ||||||
Derivative [Line Items] | ||||||
Number of Contracts | 6 | 6 | 6 | 6 | 6 | 6 |
Aggregate Notional Amount in Foreign Currency | kr | kr 23.4 | |||||
Norwegian Krone | Minimum | Sell | ||||||
Derivative [Line Items] | ||||||
Maturity | Jul. 31, 2019 | |||||
Norwegian Krone | Maximum | Sell | ||||||
Derivative [Line Items] | ||||||
Maturity | Dec. 31, 2019 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Strategies - Summary of Derivatives Not Designated as Hedging Instruments Outstanding (Detail) - Not Designated as Hedging Instrument ₽ in Millions, € in Millions, £ in Millions, R$ in Millions, $ in Millions | 6 Months Ended | ||||
Jun. 30, 2019RUB (₽)Derivative | Jun. 30, 2019EUR (€)Derivative | Jun. 30, 2019GBP (£)Derivative | Jun. 30, 2019BRL (R$)Derivative | Jun. 30, 2019COP ($)Derivative | |
Derivative [Line Items] | |||||
Number of Contracts | 11 | 11 | 11 | 11 | 11 |
Colombian Pesos | Foreign exchange contracts | Sell | |||||
Derivative [Line Items] | |||||
Number of Contracts | 2 | 2 | 2 | 2 | 2 |
Aggregate Notional Amount in Foreign Currency | R$ | R$ 69000.0 | ||||
Colombian Pesos | Minimum | Foreign exchange contracts | Sell | |||||
Derivative [Line Items] | |||||
Maturity | Jul. 31, 2019 | ||||
Colombian Pesos | Maximum | Foreign exchange contracts | Sell | |||||
Derivative [Line Items] | |||||
Maturity | Aug. 31, 2019 | ||||
Euros | Foreign exchange contracts | Purchase | |||||
Derivative [Line Items] | |||||
Number of Contracts | 2 | 2 | 2 | 2 | 2 |
Aggregate Notional Amount in Foreign Currency | $ | $ 35.7 | ||||
Euros | Foreign exchange contracts | Sell | |||||
Derivative [Line Items] | |||||
Number of Contracts | 2 | 2 | 2 | 2 | 2 |
Aggregate Notional Amount in Foreign Currency | € | € 5.4 | ||||
Maturity | Jul. 31, 2019 | ||||
Euros | Minimum | Foreign exchange contracts | Purchase | |||||
Derivative [Line Items] | |||||
Maturity | Jul. 31, 2019 | ||||
Euros | Maximum | Foreign exchange contracts | Purchase | |||||
Derivative [Line Items] | |||||
Maturity | Aug. 31, 2019 | ||||
Great British Pounds | Foreign exchange contracts | Purchase | |||||
Derivative [Line Items] | |||||
Number of Contracts | 2 | 2 | 2 | 2 | 2 |
Aggregate Notional Amount in Foreign Currency | € | € 18.2 | ||||
Great British Pounds | Foreign exchange contracts | Sell | |||||
Derivative [Line Items] | |||||
Number of Contracts | 1 | 1 | 1 | 1 | 1 |
Aggregate Notional Amount in Foreign Currency | £ | £ 7.6 | ||||
Maturity | Jul. 31, 2019 | ||||
Great British Pounds | Minimum | Foreign exchange contracts | Purchase | |||||
Derivative [Line Items] | |||||
Maturity | Jul. 31, 2019 | ||||
Great British Pounds | Maximum | Foreign exchange contracts | Purchase | |||||
Derivative [Line Items] | |||||
Maturity | Aug. 31, 2019 | ||||
Rubles | Foreign exchange contracts | Sell | |||||
Derivative [Line Items] | |||||
Number of Contracts | 2 | 2 | 2 | 2 | 2 |
Aggregate Notional Amount in Foreign Currency | ₽ | ₽ 2,010 | ||||
Rubles | Minimum | Foreign exchange contracts | Sell | |||||
Derivative [Line Items] | |||||
Maturity | Jul. 31, 2019 | ||||
Rubles | Maximum | Foreign exchange contracts | Sell | |||||
Derivative [Line Items] | |||||
Maturity | Aug. 31, 2019 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Strategies - Fair Value Carrying Amount of Derivatives (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value | $ 29,405 | $ 23,178 |
Derivative Liability, Fair Value | 11,411 | 7,831 |
Level 2: | Derivatives Designated As Hedging Instruments | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 28,791 | 23,010 |
Derivative Liability, Fair Value | 10,238 | 7,689 |
Level 2: | Derivatives Designated As Hedging Instruments | Other current assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 15,577 | 12,686 |
Level 2: | Derivatives Designated As Hedging Instruments | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 13,214 | 10,324 |
Level 2: | Derivatives Designated As Hedging Instruments | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value | 5,250 | 4,036 |
Level 2: | Derivatives Designated As Hedging Instruments | Other long-term liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value | 4,988 | 3,653 |
Level 2: | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 614 | 168 |
Derivative Liability, Fair Value | 1,173 | 142 |
Level 2: | Not Designated as Hedging Instrument | Other current assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 614 | 168 |
Level 2: | Not Designated as Hedging Instrument | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Level 2: | Not Designated as Hedging Instrument | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value | 1,173 | 142 |
Level 2: | Not Designated as Hedging Instrument | Other long-term liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value | $ 0 | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Strategies - Summary of Impact of Gains and Losses from Derivatives Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net product revenues | $ 387,763 | $ 372,845 | $ 788,508 | $ 746,292 |
Operating expenses as reported | 429,117 | 398,108 | 883,813 | 815,927 |
Derivatives Designated As Hedging Instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income | (1,367) | 11,458 | ||
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) Recognized in Earnings | (918) | (3,896) | ||
Operating Expense | Derivatives Designated As Hedging Instruments | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash Flow Hedging Gains (Losses) Reclassified into Earnings | (768) | (497) | ||
Net product revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net product revenues | 379,075 | $ 367,786 | 773,558 | $ 736,885 |
Net product revenues | Derivatives Designated As Hedging Instruments | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash Flow Hedging Gains (Losses) Reclassified into Earnings | $ 4,280 | $ 4,975 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Strategies - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Amount reclassified from AOCI to earnings as related to forecasted revenue and operating expense transactions | $ 7.6 |
Leases - Schedule of ROU Assets
Leases - Schedule of ROU Assets and Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Assets: | |
Operating | $ 51,196 |
Financing | 8,599 |
Total ROU assets | 59,795 |
Liabilities: | |
Operating, Current | 7,277 |
Financing, Current | 2,888 |
Operating, Noncurrent | 45,921 |
Financing, Noncurrent | 7,958 |
Total lease liabilities | $ 64,044 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating | |
2019 | $ 5,418 |
2020 | 9,518 |
2021 | 8,533 |
2022 | 8,205 |
2023 | 6,773 |
Thereafter | 27,942 |
Total lease payments | 66,389 |
Less: Interest | (13,191) |
Present value of lease liabilities | 53,198 |
Financing | |
2019 | 1,683 |
2020 | 3,466 |
2021 | 2,866 |
2022 | 2,259 |
2023 | 1,747 |
Thereafter | 0 |
Total lease payments | 12,021 |
Less: Interest | (1,175) |
Present value of lease liabilities | 10,846 |
Total | |
2019 | 7,101 |
2020 | 12,984 |
2021 | 11,399 |
2022 | 10,464 |
2023 | 8,520 |
Thereafter | 27,942 |
Total lease payments | 78,410 |
Less: Interest | (14,366) |
Present value of lease liabilities | $ 64,044 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lease Cost | ||
Total lease costs | $ 3,990 | $ 7,942 |
Operating Expenses | ||
Lease Cost | ||
Operating | 3,233 | 6,418 |
Amortization | 605 | 1,211 |
Interest expense | $ 152 | $ 313 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Weighted average remaining lease term (in years): | |
Operating leases | 8 years 2 months 12 days |
Financing leases | 3 years 9 months 18 days |
Weighted average discount rate: | |
Operating leases | 5.20% |
Financing leases | 5.40% |
Additional leases not yet commenced (undiscounted): | |
Operating lease liability to commence in the second half of 2019 | $ 973 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash used in operating activities: | |
Operating leases | $ 3,712 |
Financing leases | 312 |
Cash used in financing activities: | |
Financing leases | 1,346 |
ROU assets obtained in exchange for lease obligations: | |
Operating leases | 8,909 |
Financing leases | $ 72 |
Leases - Schedule of Minimum Le
Leases - Schedule of Minimum Lease Payments for Future Years (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 12,976 |
2020 | 12,549 |
2021 | 11,198 |
2022 | 10,574 |
2023 | 9,993 |
Thereafter | 27,701 |
Total | $ 84,991 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Leases [Abstract] | |
Rent expense | $ 12.2 |
Deferred rent accruals | 2.1 |
Deferred rent accruals, current | $ 0.5 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Nov. 30, 2016 | |
Debt Instrument [Line Items] | ||||
Carrying value of equity component | $ 870,000,000 | |||
The 2018 Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 200,000,000 | |||
Maturity date of convertible debt | Oct. 19, 2021 | |||
To repay early, minimum required amount outstanding with certain other conditions have not been met | $ 100,000,000 | |||
Maturity date of credit facility, if certain other conditions have not been met | Aug. 1, 2020 | |||
Debt issuance costs | $ 1,000,000 | |||
Outstanding amount | $ 0 | $ 0 | ||
The 2018 Credit Facility | LIBOR Rate | ||||
Debt Instrument [Line Items] | ||||
Interest rate on deemed loan description | the LIBOR rate (except that if LIBOR is less than zero it shall be deemed to be zero for purposes of the 2018 Credit Facility) | |||
The 2018 Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Percentage of commitment fees payable on undrawn amount | 0.15% | |||
The 2018 Credit Facility | Minimum | LIBOR Rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate percentage | 1.00% | |||
The 2018 Credit Facility | Minimum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate percentage | 0.00% | |||
The 2018 Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Percentage of commitment fees payable on undrawn amount | 0.35% | |||
The 2018 Credit Facility | Maximum | LIBOR Rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate percentage | 1.95% | |||
The 2018 Credit Facility | Maximum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate percentage | 0.95% | |||
The 2016 Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 100,000,000 |
Debt - Summary of Convertible D
Debt - Summary of Convertible Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Convertible Notes | $ 870,000 | ||
Convertible Notes, net of unamortized discount and deferred offering costs | 839,165 | $ 830,417 | [1] |
Total convertible debt, net | 839,165 | 830,417 | |
Total fair value of fixed rate convertible debt | $ 933,309 | $ 911,348 | |
1.50% Senior Subordinated Convertible Notes Due in October 2020 | |||
Debt Instrument [Line Items] | |||
Convertible notes stated rate | 1.50% | 1.50% | |
Convertible Notes | $ 374,993 | $ 374,993 | |
Convertible debt, unamortized discount | (19,432) | (26,581) | |
Convertible debt, Unamortized deferred offering costs | (1,684) | (2,334) | |
Convertible Notes, net of unamortized discount and deferred offering costs | 353,877 | 346,078 | |
Total fair value of fixed rate convertible debt | $ 420,727 | $ 419,722 | |
0.599% Senior Subordinated Convertible Notes Due in August 2024 | |||
Debt Instrument [Line Items] | |||
Convertible notes stated rate | 0.599% | 0.599% | |
Convertible Notes | $ 495,000 | $ 495,000 | |
Convertible debt, unamortized discount | (7,240) | (7,946) | |
Convertible debt, Unamortized deferred offering costs | (2,472) | (2,715) | |
Convertible Notes, net of unamortized discount and deferred offering costs | 485,288 | 484,339 | |
Total fair value of fixed rate convertible debt | $ 512,582 | $ 491,626 | |
[1] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. |
Debt - Summary of Interest Expe
Debt - Summary of Interest Expense on Convertible Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule Of Interest Expenses [Line Items] | ||||
Total interest expense on convertible debt | $ 6,866 | $ 12,225 | $ 13,593 | $ 23,787 |
Convertible Senior Notes | ||||
Schedule Of Interest Expenses [Line Items] | ||||
Coupon interest expense | 2,254 | 3,527 | 4,411 | 6,488 |
Amortization of debt issuance costs | 508 | 1,006 | 1,015 | 2,010 |
Accretion of discount on convertible notes | 3,953 | 7,692 | 7,855 | 15,289 |
Total interest expense on convertible debt | $ 6,715 | $ 12,225 | $ 13,281 | $ 23,787 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Amounts Reclassified out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net product revenues | $ 387,763 | $ 372,845 | $ 788,508 | $ 746,292 |
Total gain (loss) on cash flow hedges | (41,354) | (25,263) | (95,305) | (69,635) |
Net product revenues | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net product revenues | 379,075 | 367,786 | 773,558 | 736,885 |
Amount Reclassified from AOCI Gain (Loss) | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total gain (loss) on cash flow hedges | 3,512 | (2,659) | 4,478 | (8,444) |
Amount Reclassified from AOCI Gain (Loss) | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Forward contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Operating expenses | (768) | 1,403 | (497) | 3,264 |
Amount Reclassified from AOCI Gain (Loss) | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Net product revenues | Forward contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net product revenues | $ 4,280 | $ (4,062) | $ 4,975 | $ (11,708) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Balances of AOCI Including Current Period Other Comprehensive Income (Loss) and Reclassifications Out of AOCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | [1] | $ 2,967,940 | $ 2,808,663 | $ 2,967,940 | [2] | $ 2,808,663 | ||
Beginning Balance | (23,547) | |||||||
Other comprehensive income (loss) before reclassifications | 1,913 | 25,108 | 18,192 | 13,862 | ||||
Less: gain (loss) reclassified from AOCI | 3,512 | (2,659) | 4,478 | (8,444) | ||||
Tax effect | (756) | (351) | (1,546) | 112 | ||||
Net current-period other comprehensive income (loss) | (2,355) | 27,416 | 12,168 | 22,418 | ||||
Ending Balance | 2,960,954 | 2,885,104 | 2,960,954 | 2,885,104 | ||||
ASU 2018-02 | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Impact of change in accounting principle | $ (586) | |||||||
Unrealized Gains (Losses) on Cash Flow Hedges | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 19,060 | (23,673) | 7,201 | (20,232) | ||||
Beginning Balance | (20,232) | |||||||
Other comprehensive income (loss) before reclassifications | (1,367) | 23,582 | 11,458 | 14,356 | ||||
Less: gain (loss) reclassified from AOCI | 3,512 | (2,659) | 4,478 | (8,444) | ||||
Tax effect | 0 | 0 | 0 | 0 | ||||
Net current-period other comprehensive income (loss) | (4,879) | 26,241 | 6,980 | 22,800 | ||||
Ending Balance | 14,181 | 2,568 | 14,181 | 2,568 | ||||
Unrealized Gains (Losses) on Cash Flow Hedges | ASU 2018-02 | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Impact of change in accounting principle | 0 | |||||||
Unrealized Gains (Losses) on Available for-Sale Debt Securities | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 748 | (4,866) | (1,917) | (2,722) | ||||
Beginning Balance | (3,308) | |||||||
Other comprehensive income (loss) before reclassifications | 3,279 | 1,531 | 6,734 | (490) | ||||
Less: gain (loss) reclassified from AOCI | 0 | 0 | 0 | 0 | ||||
Tax effect | (756) | (351) | (1,546) | 112 | ||||
Net current-period other comprehensive income (loss) | 2,523 | 1,180 | 5,188 | (378) | ||||
Ending Balance | 3,271 | (3,686) | 3,271 | (3,686) | ||||
Unrealized Gains (Losses) on Available for-Sale Debt Securities | ASU 2018-02 | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Impact of change in accounting principle | (586) | |||||||
Other | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | (14) | (6) | (13) | (7) | ||||
Beginning Balance | (7) | |||||||
Other comprehensive income (loss) before reclassifications | 1 | (5) | 0 | (4) | ||||
Less: gain (loss) reclassified from AOCI | 0 | 0 | 0 | 0 | ||||
Tax effect | 0 | 0 | 0 | 0 | ||||
Net current-period other comprehensive income (loss) | 1 | (5) | 0 | (4) | ||||
Ending Balance | (13) | (11) | (13) | (11) | ||||
Other | ASU 2018-02 | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Impact of change in accounting principle | $ 0 | |||||||
Total | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | [1] | 19,794 | (28,545) | 5,271 | (22,961) | |||
Impact of change in accounting principle | $ (586) | |||||||
Ending Balance | $ 17,439 | $ (1,129) | $ 17,439 | $ (1,129) | ||||
[1] | The beginning balances for the six month periods were derived from the audited Consolidated Financial Statements included in Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , filed with the SEC on February 28, 2019. | |||||||
[2] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. |
Revenue, Credit Concentration_3
Revenue, Credit Concentrations and Geographic Information - Additional Information (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($)Segment | Dec. 31, 2018USD ($) | ||
Concentration Risk And Geographic Information [Line Items] | |||
Number of operating business segment | Segment | 1 | ||
Accounts receivable, net | $ 377,150 | $ 342,633 | [1] |
Customers | |||
Concentration Risk And Geographic Information [Line Items] | |||
Accounts receivable, net | $ 69,900 | $ 73,900 | |
Credit Concentration Risk | Accounts Receivable | Customer One | |||
Concentration Risk And Geographic Information [Line Items] | |||
Concentration risk, percentage | 25.00% | 30.00% | |
Credit Concentration Risk | Accounts Receivable | Customer Two | |||
Concentration Risk And Geographic Information [Line Items] | |||
Concentration risk, percentage | 12.00% | 16.00% | |
[1] | December 31, 2018 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. |
Revenue, Credit Concentration_4
Revenue, Credit Concentrations and Geographic Information - Disaggregates of Total Revenues from External Customers and Collaborative Partners by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue from External Customer [Line Items] | ||||
Total revenues | $ 387,763 | $ 372,845 | $ 788,508 | $ 746,292 |
United States | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 169,407 | 162,789 | 360,343 | 353,360 |
Europe | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 119,561 | 107,221 | 244,100 | 212,871 |
Latin America | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | 46,494 | 38,152 | 80,333 | 76,555 |
Rest of world | ||||
Revenue from External Customer [Line Items] | ||||
Total revenues | $ 52,301 | $ 64,683 | $ 103,732 | $ 103,506 |
Revenue, Credit Concentration_5
Revenue, Credit Concentrations and Geographic Information - Disaggregates of Net Product Revenues by Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue from External Customer [Line Items] | ||||
Net product revenues | $ 387,763 | $ 372,845 | $ 788,508 | $ 746,292 |
Aldurazyme | ||||
Revenue from External Customer [Line Items] | ||||
Net product revenues | 5,826 | 24,003 | 51,093 | 90,059 |
Brineura | ||||
Revenue from External Customer [Line Items] | ||||
Net product revenues | 14,795 | 10,890 | 26,975 | 17,807 |
Firdapse | ||||
Revenue from External Customer [Line Items] | ||||
Net product revenues | 5,482 | 5,177 | 10,594 | 10,103 |
Kuvan | ||||
Revenue from External Customer [Line Items] | ||||
Net product revenues | 113,323 | 109,045 | 220,247 | 208,160 |
Naglazyme | ||||
Revenue from External Customer [Line Items] | ||||
Net product revenues | 98,127 | 91,086 | 185,054 | 166,082 |
Palynziq | ||||
Revenue from External Customer [Line Items] | ||||
Net product revenues | 18,836 | 0 | 31,108 | 0 |
Vimizim | ||||
Revenue from External Customer [Line Items] | ||||
Net product revenues | 122,686 | 127,585 | 248,487 | 244,674 |
Total net product revenues | ||||
Revenue from External Customer [Line Items] | ||||
Net product revenues | $ 379,075 | $ 367,786 | $ 773,558 | $ 736,885 |
Revenue, Credit Concentration_6
Revenue, Credit Concentrations and Geographic Information - Disaggregates of Total Net Product Revenues Based on Patient Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | $ 387,763 | $ 372,845 | $ 788,508 | $ 746,292 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 169,407 | 162,789 | 360,343 | 353,360 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 119,561 | 107,221 | 244,100 | 212,871 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 46,494 | 38,152 | 80,333 | 76,555 |
Rest of world | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 52,301 | 64,683 | 103,732 | 103,506 |
Aldurazyme | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 5,826 | 24,003 | 51,093 | 90,059 |
Total net product revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 379,075 | 367,786 | 773,558 | 736,885 |
Marketed by Company | Brineura, Firdapse, Kuvan, Naglazyme, and Vimizim | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 373,249 | 343,783 | 722,465 | 646,826 |
Marketed by Company | Brineura, Firdapse, Kuvan, Naglazyme, and Vimizim | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 160,918 | 138,411 | 305,203 | 262,552 |
Marketed by Company | Brineura, Firdapse, Kuvan, Naglazyme, and Vimizim | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 113,593 | 102,621 | 236,678 | 207,419 |
Marketed by Company | Brineura, Firdapse, Kuvan, Naglazyme, and Vimizim | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 46,493 | 48,844 | 80,333 | 76,555 |
Marketed by Company | Brineura, Firdapse, Kuvan, Naglazyme, and Vimizim | Rest of world | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | 52,245 | 53,907 | 100,251 | 100,300 |
Marketed by Genzyme | Aldurazyme | ||||
Disaggregation of Revenue [Line Items] | ||||
Net product revenues | $ 5,826 | $ 24,003 | $ 51,093 | $ 90,059 |
Revenue, Credit Concentration_7
Revenue, Credit Concentrations and Geographic Information - Total Net Product Revenue Concentrations Attributed to Largest Customers (Detail) - Customer Concentration Risk - Net Product Revenue | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 43.00% | 47.00% | 47.00% | 51.00% |
Customer A | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 16.00% | 18.00% | 17.00% | 18.00% |
Customer B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 13.00% | 12.00% | 12.00% | 12.00% |
Customer C | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 12.00% | 10.00% | 11.00% | 9.00% |
Customer D | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 2.00% | 7.00% | 7.00% | 12.00% |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 39,829 | $ 38,606 | $ 82,590 | $ 75,214 |
Cost of sales | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 3,717 | 3,246 | 8,536 | 6,386 |
R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 14,943 | 15,573 | 28,776 | 28,842 |
Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 21,169 | $ 19,787 | $ 45,278 | $ 39,986 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense capitalized to inventory | $ 4.3 | $ 5.4 | $ 8.1 | $ 9 | ||
Shares, granted (in shares) | 1,578,618 | |||||
Weighted-average fair value per share granted (in dollars per share) | $ 94.55 | |||||
Shares issued under Employee Stock Purchase Plan (in shares) | 107,473 | |||||
Restricted Stock With Service Based Vesting Conditions | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, granted (in shares) | 1,748,488 | |||||
Weighted-average fair value per share granted (in dollars per share) | $ 92.69 | |||||
Shares, granted (in shares) | 610,250 | 598,950 | ||||
Weighted-average fair value per RSU granted (in dollars per share) | $ 36.84 | $ 36.88 | ||||
March 2019 Base Restricted Stock Unit Awards with Performance Conditions | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average fair value per RSU granted (in dollars per share) | $ 94.53 | |||||
Granted restricted stock units | 99,010 | |||||
Award vesting service period | 3 years | |||||
Percentage of annual threshold target | 75.00% | |||||
Percentage of annual ceiling achievement | 125.00% | |||||
March 2019 Base Restricted Stock Unit Awards with Performance Conditions | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual percentage of shares earned, performance metric | 0.00% | |||||
March 2019 Base Restricted Stock Unit Awards with Performance Conditions | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual percentage of shares earned, performance metric | 200.00% | |||||
March 2019 Base Restricted Stock Unit Awards with Market Conditions | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average fair value per RSU granted (in dollars per share) | $ 143.92 | |||||
Granted restricted stock units | 99,010 | |||||
Award vesting service period | 3 years | |||||
Base percentage of annual target ceiling | 100.00% | |||||
March 2019 Base Restricted Stock Unit Awards with Market Conditions | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual percentage of shares earned, performance metric | 0.00% | |||||
Percentage of Annual TSR multiplier on absolute basis | 50.00% | |||||
March 2019 Base Restricted Stock Unit Awards with Market Conditions | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual percentage of shares earned, performance metric | 200.00% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Valuation Assumptions (Detail) - Options to purchase common stock | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 38.40% | |||
Expected volatility, minimum | 37.10% | 37.10% | 37.80% | |
Expected volatility, maximum | 37.20% | 37.40% | 38.40% | |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected life (in years) | 5 years 9 months 18 days | 5 years 8 months 12 days | ||
Risk-free interest rate | 2.70% | |||
Risk-free interest rate, minimum | 2.20% | 2.20% | 2.30% | |
Risk-free interest rate, maximum | 2.40% | 3.00% | 2.70% | |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life (in years) | 4 years 7 months 6 days | 4 years 7 months 6 days | ||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life (in years) | 5 years 9 months 18 days | 5 years 8 months 12 days |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Valuation allowance against a deferred tax asset | $ 29,600 | |||
Net tax expense (benefit) | $ (27,100) | $ (10,083) | $ (29,681) |
Net Loss Per Common Share - Sch
Net Loss Per Common Share - Schedule Of Anti-Dilutive Common Stock Excluded From Computation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total number of potentially issuable shares (in shares) | 20,248 | 23,950 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total number of potentially issuable shares (in shares) | 7,494 | 7,829 |
Common stock issuable under the 2018 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total number of potentially issuable shares (in shares) | 0 | 3,983 |
Common stock issuable under the 2020 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total number of potentially issuable shares (in shares) | 3,983 | 3,983 |
Common stock issuable under the 2024 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total number of potentially issuable shares (in shares) | 3,970 | 3,970 |
Unvested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total number of potentially issuable shares (in shares) | 4,108 | 3,544 |
Common stock potentially issuable for ESPP purchases | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total number of potentially issuable shares (in shares) | 482 | 433 |
Common stock held by the NQDC | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total number of potentially issuable shares (in shares) | 211 | 208 |
Net Loss Per Common Share - Add
Net Loss Per Common Share - Additional Information (Detail) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
Convertible Notes due 2020 | ||
Earnings Per Share [Line Items] | ||
Debt instrument, convertible, conversion price, per share (in dollars per share) | $ 94.15 | |
Convertible Notes due 2018 | ||
Earnings Per Share [Line Items] | ||
Debt instrument, interest rate, stated percentage, per annum | 0.75% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Commitments And Contingencies [Line Items] | |
Contingent payments upon achievement of certain development and regulatory activities and commercial sales and licensing milestones | $ 391.1 |
Contingent liabilities | 70.3 |
Contingent liabilities short-term | 20.1 |
Clinical and Post Marketing Services | |
Commitments And Contingencies [Line Items] | |
Purchase commitments and other minimum contractual obligations | 118.3 |
Third Party | |
Commitments And Contingencies [Line Items] | |
Contingent payments upon achievement of certain development and regulatory activities and commercial sales and licensing milestones | 68.2 |
Completed Programs | Third Party | |
Commitments And Contingencies [Line Items] | |
Contingent payments upon achievement of certain development and regulatory activities and commercial sales and licensing milestones | $ 241.1 |
Uncategorized Items - bmrn-30ju
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 20,634,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,727,000) |