United Therapeutics (UTHR) 10-Q 28 Oct 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 21, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	0-26301
Entity Registrant Name	United Therapeutics Corporation
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001082554
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1984749
Entity Address, Address Line One	1040 Spring Street,
Entity Address, City or Town	Silver Spring,
Entity Address, State or Province	MD
City Area Code	(301)
Local Phone Number	608-9292
Entity Address, Postal Zip Code	20910
Security 12b Title	Common Stock, par value $0.01 per share
Trading Symbol	UTHR
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		44,440,534

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 670.2	$ 738.4
Marketable investments	910.3	747.5
Accounts receivable, no allowance for 2020 and 2019	152.3	151.4
Inventories, net	87.9	93.4
Other current assets	47.5	133.8
Total current assets	1,868.2	1,864.5
Marketable investments	1,227.5	767.5
Goodwill and other intangible assets, net	158.2	158.3
Property, plant, and equipment, net	736.4	738.5
Deferred tax assets, net	255.5	230
Other non-current assets	165.4	154.6
Total assets	4,411.2	3,913.4
Current liabilities:
Accounts payable and accrued expenses	177.1	148.4
Line of credit (current)	0	250
Share tracking awards plan	32.2	25
Other current liabilities	49.6	39.6
Total current liabilities	258.9	463
Line of credit (non-current)	800	600
Other non-current liabilities	69.2	70
Total liabilities	1,128.1	1,133
Stockholders’ equity:
Preferred stock, par value $.01, 10,000,000 shares authorized, no shares issued	0	0
Common stock, par value $.01, 245,000,000 shares authorized, 71,059,151 and 70,503,775 shares issued, and 44,439,935 and 43,884,559 shares outstanding at September 30, 2020 and December 31, 2019, respectively	0.7	0.7
Additional paid-in capital	2,125.7	2,047.9
Accumulated other comprehensive loss	(4.5)	(14.2)
Treasury stock, 26,619,216 shares at September 30, 2020 and December 31, 2019	(2,579.2)	(2,579.2)
Retained earnings	3,740.4	3,325.2
Total stockholders’ equity	3,283.1	2,780.4
Total liabilities and stockholders’ equity	$ 4,411.2	$ 3,913.4

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 0	$ 0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	245,000,000	245,000,000
Common stock, shares issued	71,059,151	70,503,775
Common stock, shares outstanding	44,439,935	43,884,559
Treasury stock (in shares)	26,619,216	26,619,216

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 380.1	$ 401.5	$ 1,098.4	$ 1,137.7
Operating expenses:
Cost of product sales	24	33	73.3	88.8
Research and development	68.7	85.7	231.6	1,069
Selling, general, and administrative	66.3	99.4	265.2	231
Total operating expenses	159	218.1	570.1	1,388.8
Operating income (loss)	221.1	183.4	528.3	(251.1)
Interest income	6.4	12.1	23.6	32.7
Interest expense	(4.9)	(11.7)	(18.7)	(34.2)
Other (expense) income, net	(0.1)	(16.9)	0.4	19.3
Impairments of investments in privately-held companies	(3.5)	0	(9.1)	0
Total other (expense) income, net	(2.1)	(16.5)	(3.8)	17.8
Income (loss) before income taxes	219	166.9	524.5	(233.3)
Income tax (expense) benefit	(47.8)	(34.5)	(108.5)	76.2
Net income (loss)	$ 171.2	$ 132.4	$ 416	$ (157.1)
Net income (loss) per common share:
Basic (in dollars per share)	$ 3.86	$ 3.02	$ 9.43	$ (3.59)
Diluted (in dollars per share)	$ 3.84	$ 3.01	$ 9.37	$ (3.59)
Weighted average number of common shares outstanding:
Basic (in shares)	44.4	43.9	44.1	43.8
Diluted (in shares)	44.6	44	44.4	43.8
Net product sales
Revenues:
Total revenues	$ 380.1	$ 401.5	$ 1,098.4	$ 1,137.7

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Comprehensive income:
Net income (loss)	$ 171.2	$ 132.4	$ 416	$ (157.1)
Defined benefit pension plan:
Actuarial gain (loss) arising during period, net of tax	0	0	0.2	(0.6)
Amortization of actuarial gain and prior service cost included in net periodic pension cost, net of tax	0.3	(0.1)	0.9	(1.6)
Total defined benefit pension plan, net of tax	0.3	(0.1)	1.1	(2.2)
Unrealized (loss) gain on available-for-sale securities, net of tax	(2.7)	1	8.6	6
Other comprehensive (loss) income, net of tax	(2.4)	0.9	9.7	3.8
Comprehensive income (loss)	$ 168.8	$ 133.3	$ 425.7	$ (153.3)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Treasury Stock	Retained Earnings	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings
Balance at Dec. 31, 2018	$ 2,788.6	$ 0.7	$ 1,940.2	$ (7.9)	$ (2,579.2)	$ 3,434.8	$ (5.1)	$ (5.1)
Balance (in shares) at Dec. 31, 2018		70.2
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(157.1)					(157.1)
Unrealized (losses) gains on available-for-sale securities	6			6
Defined benefit pension plan	(2.2)			(2.2)
Shares issued under employee stock purchase plan	4.1		4.1
Restricted stock units withheld for taxes	(2.1)		(2.1)
Common stock issued for RSUs vested (in shares)		0.1
Exercise of stock options	9.9		9.9
Exercise of stock options (in shares)		0.2
Share-based compensation	63		63
Reclassification from temporary equity to permanent equity	10.8		10.8
Deconsolidation of variable interest entity	(0.1)		(0.1)
Balance at Sep. 30, 2019	2,715.8	$ 0.7	2,025.8	(4.1)	(2,579.2)	3,272.6
Balance (in shares) at Sep. 30, 2019		70.5
Balance at Jun. 30, 2019	2,558.4	$ 0.7	2,001.7	(5)	(2,579.2)	3,140.2
Balance (in shares) at Jun. 30, 2019		70.5
Increase (Decrease) in Stockholders' Equity
Net income (loss)	132.4					132.4
Unrealized (losses) gains on available-for-sale securities	1			1
Defined benefit pension plan	(0.1)			(0.1)
Shares issued under employee stock purchase plan	1.9		1.9
Restricted stock units withheld for taxes	(0.2)		(0.2)
Share-based compensation	22.5		22.5
Deconsolidation of variable interest entity	(0.1)		(0.1)
Balance at Sep. 30, 2019	2,715.8	$ 0.7	2,025.8	(4.1)	(2,579.2)	3,272.6
Balance (in shares) at Sep. 30, 2019		70.5
Balance at Dec. 31, 2019	2,780.4	$ 0.7	2,047.9	(14.2)	(2,579.2)	3,325.2	$ (0.8)	$ (0.8)
Balance (in shares) at Dec. 31, 2019		70.5
Increase (Decrease) in Stockholders' Equity
Net income (loss)	416					416
Unrealized (losses) gains on available-for-sale securities	8.6			8.6
Defined benefit pension plan	1.1			1.1
Shares issued under employee stock purchase plan	4.7		4.7
Shares issued under employee stock purchase plan (in shares)		0.1
Restricted stock units withheld for taxes	(3.6)		(3.6)
Common stock issued for RSUs vested (in shares)		0.1
Exercise of stock options	25.9		25.9
Exercise of stock options (in shares)		0.4
Share-based compensation	50.8		50.8
Balance at Sep. 30, 2020	3,283.1	$ 0.7	2,125.7	(4.5)	(2,579.2)	3,740.4
Balance (in shares) at Sep. 30, 2020		71.1
Balance at Jun. 30, 2020	3,093.7	$ 0.7	2,105.1	(2.1)	(2,579.2)	3,569.2
Balance (in shares) at Jun. 30, 2020		71
Increase (Decrease) in Stockholders' Equity
Net income (loss)	171.2					171.2
Unrealized (losses) gains on available-for-sale securities	(2.7)			(2.7)
Defined benefit pension plan	0.3			0.3
Shares issued under employee stock purchase plan	2.2		2.2
Shares issued under employee stock purchase plan (in shares)		0.1
Restricted stock units withheld for taxes	(0.1)		(0.1)
Exercise of stock options	3.5		3.5
Share-based compensation	15		15
Balance at Sep. 30, 2020	$ 3,283.1	$ 0.7	$ 2,125.7	$ (4.5)	$ (2,579.2)	$ 3,740.4
Balance (in shares) at Sep. 30, 2020		71.1

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ 416	$ (157.1)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	36.8	33.4
Share-based compensation expense	70.1	15.9
Impairments of investments in privately-held companies	9.1	0
Deconsolidation of variable interest entity	0	2
Intangible asset impairment charges	0	8.8
Impairments of property, plant, and equipment	5.4	8.4
Other	(6.8)	(27.9)
Changes in operating assets and liabilities:
Accounts receivable	(0.9)	(7.8)
Inventories	11.1	10.5
Accounts payable and accrued expenses	27.9	(4.9)
Other assets and liabilities	60.8	(190.4)
Net cash provided by (used in) operating activities	629.5	(309.1)
Cash flows from investing activities:
Purchases of property, plant, and equipment	(47)	(59)
Proceeds from sale of property, plant, and equipment	2.4	0
Decrease in cash due to deconsolidation of variable interest entity	0	(12.5)
Deposits	0	(5.6)
Sales/maturities of held-to-maturity investments	0	39.7
Purchases of available-for-sale investments	(1,698.8)	(974.7)
Sales/maturities of available-for-sale investments	1,041.4	618.5
Sales of investments in equity securities	27.3	0
Purchase of investments in privately-held companies	0	(8)
Net cash used in investing activities	(674.7)	(401.6)
Cash flows from financing activities:
Proceeds from line of credit	0	800
Repayment of line of credit	(50)	(50)
Payments of debt issuance costs	0	(0.7)
Proceeds from the exercise of stock options	25.9	9.9
Proceeds from the issuance of stock under employee stock purchase plan	4.7	4.1
Restricted stock units withheld for taxes	(3.6)	(2.1)
Net cash (used in) provided by financing activities	(23)	761.2
Net (decrease) increase in cash and cash equivalents	(68.2)	50.5
Cash and cash equivalents, beginning of period	738.4	669.2
Cash and cash equivalents, end of period	670.2	719.7
Supplemental cash flow information:
Cash paid for interest	16.6	31.7
Cash paid for income taxes	62.3	94.4
Non-cash investing and financing activities:
Non-cash additions to property, plant, and equipment	$ 4.4	$ 3.9

Organization and Business Descr

Organization and Business Description	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Description	Organization and Business Description United Therapeutics Corporation is a biotechnology company focused on the development and commercialization of innovative products to address the unmet medical needs of patients with chronic and life-threatening conditions. We have approval from the U.S. Food and Drug Administration (FDA) to market the following therapies: Remodulin ® (treprostinil) Injection (Remodulin), Tyvaso ® (treprostinil) Inhalation Solution (Tyvaso), Orenitram ® (treprostinil) Extended-Release Tablets (Orenitram), Unituxin ® (dinutuximab) Injection (Unituxin), and Adcirca ® (tadalafil) Tablets (Adcirca). Our only significant revenues outside the United States are derived from sales of Remodulin in Europe. As used in these notes to our consolidated financial statements, unless the context otherwise requires, the terms “we”, “us”, “our”, and similar terms refer to United Therapeutics Corporation and its consolidated subsidiaries.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Basis of Presentation
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles (GAAP) for complete financial statements. These consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the accompanying notes to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 26, 2020. In our management’s opinion, the accompanying consolidated financial statements contain all adjustments, including normal, recurring adjustments, necessary to fairly present our financial position as of September 30, 2020 and December 31, 2019, our statements of operations, comprehensive income, and stockholders’ equity for the three- and nine-month periods ended September 30, 2020 and 2019, and statements of cash flows for the nine-month periods ended September 30, 2020 and 2019. Interim results are not necessarily indicative of results for an entire year. Recently Issued Accounting Standards Accounting Standards Adopted During the Period In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which introduces new guidance for estimating credit losses on certain types of financial instruments based on expected losses and the timing of the recognition of such losses. ASU 2016-13 In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment (ASU 2017-04), which simplifies how an entity is required to test goodwill for impairment. ASU 2017-04 requires that a goodwill impairment be measured by the amount by which a reporting unit’s carrying value exceeds its fair value, with the amount of impairment not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, and must be adopted on a prospective basis. We adopted the new standard on January 1, 2020, with no material impact on our financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which eliminates, adds, and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. We adopted the new standard on January 1, 2020, with no material impact on our financial statements. Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14). The standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (ASU 2019-12) , which simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, Income Taxes, and also improves consistency of application by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this guidance on our financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (ASU 2020-01), which addresses the accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04), which provides optional expedients and exceptions to lessen the burden of accounting for contract modifications and hedging relationships that reference LIBOR or other reference rates that could be discontinued due to reference rate reform. ASU 2020-04 is effective immediately and may be applied through December 31, 2022. We are currently evaluating the impact of the expedients and exceptions of this new standard on our accounting for our credit agreement, which references LIBOR.

Investments

Investments	9 Months Ended
	Sep. 30, 2020
Investments [Abstract]
Investments	Investments Marketable Investments Available-for-Sale Debt Securities Available-for-sale debt securities are recorded at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive income in stockholders’ equity, until realized. Available-for-sale debt securities consisted of the following (in millions): As of September 30, 2020 Amortized Gross Gross Fair U.S. government and agency securities $ 1,806.1 $ 11.9 $ (0.2) $ 1,817.8 Corporate debt securities 298.4 3.8 — 302.2 Total $ 2,104.5 $ 15.7 $ (0.2) $ 2,120.0 Reported under the following captions on our consolidated balance sheets: Current marketable investments 892.5 Non-current marketable investments 1,227.5 Total $ 2,120.0 As of December 31, 2019 Amortized Gross Gross Fair U.S. government and agency securities $ 1,225.2 $ 2.9 $ (0.2) $ 1,227.9 Corporate debt securities 222.4 1.7 — 224.1 Total $ 1,447.6 $ 4.6 $ (0.2) $ 1,452.0 Reported under the following captions on our consolidated balance sheets: Current marketable investments 684.5 Non-current marketable investments 767.5 Total $ 1,452.0 The following table summarizes the contractual maturities of available-for-sale marketable investments (in millions). Actual maturities may differ from contractual maturities because the issuers of certain of these debt securities have the right to call the securities or prepay their obligations under the securities with or without penalties. As of September 30, 2020 Amortized Fair Due within one year $ 889.7 $ 892.5 Due in one to three years 1,214.8 1,227.5 Total $ 2,104.5 $ 2,120.0 As of December 31, 2019 Amortized Fair Due within one year $ 683.3 $ 684.5 Due in one to three years 764.3 767.5 Total $ 1,447.6 $ 1,452.0 Investments in Equity Securities with Readily Determinable Fair Values We held investments in equity securities with readily determinable fair values of $17.7 million and $63.0 million as of September 30, 2020 and December 31, 2019, respectively, which are included in current marketable investments on our consolidated balance sheets. Changes in the fair value of publicly traded equity securities are recorded on our consolidated statements of operations within “other (expense) income, net”. Refer to Note 4 —Fair Value Measurements . During the nine months ended September 30, 2020, we received $27.3 million in cash from the sale of these equity securities. Investments in Privately-Held Companies As of September 30, 2020 and December 31, 2019, we maintained non-controlling equity investments in privately-held companies of $101.7 million and $86.0 million, respectively, in the aggregate. We measure these investments using the measurement alternative because the fair values of these investments are not readily determinable. Under this alternative, the investments are measured at cost, less any impairment, and adjusted for any observable price changes. We include our investments in privately-held companies within other non-current assets on our consolidated balance sheets. These investments are subject to a periodic impairment review and, if impaired, the investment is measured and recorded at fair value in accordance with ASC 820, Fair Value Measurements . During the first quarter and third quarter of 2020, two of the privately-held companies in which we invested raised additional capital by issuing equity securities similar to ours at an increased valuation, which resulted in an increase of $22.5 million and $2.3 million, respectively, in the values of our investments. These gains were recorded within “other (expense) income, net” on our consolidated statements of operations.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We account for certain assets and liabilities at fair value and classify these assets and liabilities within the fair value hierarchy (Level 1, Level 2, or Level 3). Our other current assets and other current liabilities have fair values that approximate their carrying values. Assets and liabilities subject to fair value measurements are as follows (in millions): As of September 30, 2020 Level 1 Level 2 Level 3 Balance Assets Money market funds (1) $ 248.6 $ — $ — $ 248.6 Time deposits (2) — 88.1 — 88.1 U.S. government and agency securities (3) — 1,817.8 — 1,817.8 Corporate debt securities (3) — 302.2 — 302.2 Equity securities (4) 17.7 — — 17.7 Total assets $ 266.3 $ 2,208.1 $ — $ 2,474.4 Liabilities Contingent consideration (5) — — 13.6 13.6 Total liabilities $ — $ — $ 13.6 $ 13.6 As of December 31, 2019 Level 1 Level 2 Level 3 Balance Assets Money market funds (1) $ 270.0 $ — $ — $ 270.0 Time deposits (2) — 87.3 — 87.3 U.S. government and agency securities (3) — 1,227.9 — 1,227.9 Corporate debt securities (3) — 224.1 — 224.1 Equity securities (4) 63.0 — — 63.0 Total assets $ 333.0 $ 1,539.3 $ — $ 1,872.3 Liabilities Contingent consideration (5) — — 13.4 13.4 Total liabilities $ — $ — $ 13.4 $ 13.4 ________________________ (1) Included in cash and cash equivalents on our consolidated balance sheets. (2) Included in cash and cash equivalents and current marketable investments on our consolidated balance sheets. The fair value of these securities is principally measured or corroborated by trade data for identical securities in which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded. (3) Included in cash and cash equivalents and current and non-current marketable investments on our consolidated balance sheets. Refer to Note 3 —Investments—Available-for-Sale Debt Securities for further information. The fair value of these securities is principally measured or corroborated by trade data for identical securities for which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded. (4) Included in current marketable investments on our consolidated balance sheets. The fair value of these securities is based on quoted market prices for identical instruments in active markets. During the three and nine months ended September 30, 2020, we recognized $3.0 million and $18.0 million of net unrealized and realized losses on these securities. During the three and nine months ended September 30, 2019, we recognized $13.0 million of net unrealized losses and $19.5 million of net unrealized gains, respectively, on these securities. We recorded these gains and losses on our consolidated statements of operations within “other (expense) income, net”. Refer to Note 3 —Investments—Investments in Equity Securities with Readily Determinable Fair Values. (5) Included in non-current liabilities on our consolidated balance sheets. The fair value of our contingent consideration obligations has been estimated using probability-weighted discounted cash flow models (DCFs). The DCFs incorporate Level 3 inputs including estimated discount rates that we believe market participants would consider relevant in pricing and the projected timing and amount of cash flows, which are estimated and developed, in part, based on the requirements specific to each acquisition agreement. The change in the fair value of our contingent consideration obligations for the three and nine months ended September 30, 2020 was not material. Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value because of their short maturities. The fair values of our marketable investments and contingent consideration are reported above within the fair value hierarchy. Refer to Note 3 —Investments. The carrying value of our debt is a reasonable estimate of the fair value of the outstanding debt based on the variable interest rate of the debt.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consist of the following, net of reserves (in millions): September 30, December 31, Raw materials $ 19.9 $ 21.1 Work-in-progress 30.0 29.1 Finished goods 38.0 43.2 Total inventories $ 87.9 $ 93.4

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and other intangible assets comprise the following (in millions): As of September 30, 2020 As of December 31, 2019 Gross Accumulated Net Gross Accumulated Net Goodwill $ 28.0 $ — $ 28.0 $ 28.0 $ — $ 28.0 Other intangible assets: Technology, patents, and trade names 6.7 (5.4) 1.3 6.7 (5.3) 1.4 In-process research and development (1) 128.9 — 128.9 128.9 — 128.9 Total $ 163.6 $ (5.4) $ 158.2 $ 163.6 $ (5.3) $ 158.3 (1) In April 2020, the FDA issued a complete response letter related to our Trevyent ®

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Unsecured Revolving Credit Facility In June 2018, we entered into a credit agreement (the Credit Agreement) with Wells Fargo Bank, National Association (Wells Fargo), as administrative agent and a swingline lender, and various other lender parties, providing for: (1) an unsecured revolving credit facility of up to $1.0 billion; and (2) a second unsecured revolving credit facility of up to $500.0 million (which facilities may, at our request, be increased by up to $300.0 million in the aggregate subject to obtaining commitments from existing or new lenders for such increase and other conditions). In accordance with the terms of the Credit Agreement, in June 2019, we extended the maturity date of the Credit Agreement by one year, to June 2024. At our option, amounts borrowed under the Credit Agreement bear interest at either the LIBOR rate or a fluctuating base rate, in each case, plus an applicable margin determined on a quarterly basis based on our consolidated ratio of total indebtedness to EBITDA (as calculated in accordance with the Credit Agreement). To date, we have elected to calculate interest on the outstanding balance at LIBOR plus an applicable margin. As of December 31, 2019, our outstanding aggregate principal balance was $850.0 million, of which $250.0 million was classified as a current liability because, as of such date, we intended to repay that amount within one year. During the nine months ended September 30, 2020, we paid down $50.0 million of our balance under the Credit Agreement. This brought our aggregate outstanding balance to $800.0 million as of September 30, 2020, all of which was classified as a non-current liability because we no longer intend to repay any portion of this amount within one year. We decided not to repay a portion of the loan within one year out of an abundance of caution given the uncertainty surrounding the current COVID-19 pandemic and its potential impact on our business. The Credit Agreement contains customary events of default and customary affirmative and negative covenants. As of September 30, 2020, we were in compliance with these covenants. Lung Biotechnology PBC is our only subsidiary that guarantees our obligations under the Credit Agreement though, from time to time, one or more of our other subsidiaries may be required to guarantee our obligations. In connection with the Credit Agreement, we capitalized debt issuance costs, which are being amortized to interest expense over the contractual term of the Credit Agreement. As of September 30, 2020, $3.4 million was recorded in other current assets and $7.2 million in other non-current assets on our consolidated balance sheets. The interest expense reported on our consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019, relates to our borrowings under the Credit Agreement.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation As of September 30, 2020, we have two shareholder-approved equity incentive plans: the United Therapeutics Corporation Amended and Restated Equity Incentive Plan (the 1999 Plan) and the United Therapeutics Corporation Amended and Restated 2015 Stock Incentive Plan (as amended to date, the 2015 Plan). The 2015 Plan provides for the issuance of up to 10,000,000 shares of our common stock pursuant to awards granted under the 2015 Plan, which includes the 500,000 shares added pursuant to an amendment and restatement of the 2015 Plan approved by our shareholders in June 2020. No further awards will be granted under the 1999 Plan. We also have one equity incentive plan, the United Therapeutics Corporation 2019 Inducement Stock Incentive Plan (the 2019 Inducement Plan), that has not been approved by our shareholders, as permitted by the Nasdaq Stock Market rules. The 2019 Inducement Plan was approved by our Board of Directors in February 2019 and provides for the issuance of up to 99,000 shares of our common stock under awards granted to newly-hired employees. Currently, we grant equity-based awards to employees and members of our Board of Directors in the form of stock options and restricted stock units under the 2015 Plan, and we grant restricted stock units to newly-hired employees under the 2019 Inducement Plan. Refer to the sections entitled Stock Options and Restricted Stock Units below. We previously issued awards under the United Therapeutics Corporation Share Tracking Awards Plan (2008 STAP) and the United Therapeutics Corporation 2011 Share Tracking Awards Plan (2011 STAP). We refer to the 2008 STAP and the 2011 STAP collectively as the “STAP” and awards outstanding under either of these plans as “STAP awards.” Refer to the section entitled Share Tracking Awards Plans below. We discontinued the issuance of STAP awards in June 2015. In 2012, our shareholders approved the United Therapeutics Corporation Employee Stock Purchase Plan (ESPP), which is structured to comply with Section 423 of the Internal Revenue Code. Refer to the section entitled Employee Stock Purchase Plan below. The following table reflects the components of share-based compensation (benefit) expense recognized in our consolidated statements of operations (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Stock options $ 9.2 $ 18.4 $ 34.8 $ 52.2 Restricted stock units 5.5 3.8 15.0 9.8 STAP awards (27.5) 1.4 19.3 (47.0) Employee stock purchase plan 0.3 0.3 1.0 0.9 Total share-based compensation (benefit) expense before tax $ (12.5) $ 23.9 $ 70.1 $ 15.9 Stock Options We estimate the fair value of stock options using the Black-Scholes-Merton valuation model, which requires us to make certain assumptions that can materially impact the estimation of fair value and related compensation expense. The assumptions used to estimate fair value include the price of our common stock, the expected volatility of our common stock, the risk-free interest rate, the expected term of stock option awards, and the expected dividend yield. The following weighted average assumptions were used in estimating the fair value of stock options granted to employees during the nine months ended September 30, 2020 and September 30, 2019: September 30, September 30, Expected term of awards (in years) 5.6 5.8 Expected volatility 33.4 % 33.8 % Risk-free interest rate 0.5 % 2.4 % Expected dividend yield — % — % A summary of the activity and status of stock options under our equity incentive plans during the nine-month period ended September 30, 2020 is presented below: Number of Weighted Weighted Aggregate Outstanding at January 1, 2020 8,088,680 $ 123.34 Granted 78,559 109.32 Exercised (401,383) 64.36 Forfeited/canceled (12,823) 137.26 Outstanding at September 30, 2020 7,753,033 $ 126.23 5.8 $ 4.5 Exercisable at September 30, 2020 4,929,642 $ 128.15 5.3 $ 4.3 Unvested at September 30, 2020 2,823,391 $ 122.88 6.8 $ 0.2 The weighted average fair value of a stock option granted during each of the nine-month periods ended September 30, 2020 and September 30, 2019, was $34.56 and $39.63, respectively. These stock options have an aggregate grant date fair value of $2.7 million and $82.5 million, respectively. The total grant date fair value of stock options that vested during the nine-month periods ended September 30, 2020 and September 30, 2019 was $73.3 million and $36.4 million, respectively. Total share-based compensation expense related to stock options is recorded as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of product sales $ — $ 0.3 $ 0.3 $ 0.7 Research and development 0.5 0.9 1.8 2.7 Selling, general, and administrative 8.7 17.2 32.7 48.8 Share-based compensation expense before taxes 9.2 18.4 34.8 52.2 Related income tax benefit (0.4) (4.2) (2.7) (11.8) Share-based compensation expense, net of taxes $ 8.8 $ 14.2 $ 32.1 $ 40.4 As of September 30, 2020, unrecognized compensation cost related to stock options was $57.8 million. Unvested outstanding stock options as of September 30, 2020 had a weighted average remaining vesting period of 2.2 years. Stock option exercise data is summarized below (dollars in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Number of options exercised 54,834 — 401,383 191,508 Cash received $ 3.5 $ — $ 25.9 $ 9.9 Total intrinsic value of options exercised $ 3.1 $ — $ 21.8 $ 11.5 Restricted Stock Units Each restricted stock unit entitles the recipient to one share of our common stock upon vesting. We measure the fair value of restricted stock units using the stock price on the date of grant. Share-based compensation expense for the restricted stock units is recorded ratably over their vesting period. A summary of the activity with respect to, and status of, restricted stock units during the nine-month period ended September 30, 2020 is presented below: Number of Weighted Weighted Aggregate Unvested at January 1, 2020 310,725 $ 112.24 Granted 283,059 94.41 Vested (130,535) 108.51 Forfeited/canceled (16,708) 103.93 Unvested at September 30, 2020 446,541 $ 102.34 9.0 $ 45.1 Total share-based compensation expense related to restricted stock units is recorded as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of product sales $ 0.3 $ 0.3 $ 1.0 $ 0.8 Research and development 1.9 1.3 5.4 3.2 Selling, general, and administrative 3.3 2.2 8.6 5.8 Share-based compensation expense before taxes 5.5 3.8 15.0 9.8 Related income tax benefit (1.3) (0.8) (3.5) (2.2) Share-based compensation expense, net of taxes $ 4.2 $ 3.0 $ 11.5 $ 7.6 As of September 30, 2020, unrecognized compensation cost related to the grant of restricted stock units was $34.1 million. Unvested outstanding restricted stock units as of September 30, 2020 had a weighted average remaining vesting period of 1.9 years. Share Tracking Awards Plans STAP awards convey the right to receive in cash an amount equal to the appreciation of our common stock, which is measured as the increase in the closing price of our common stock between the dates of grant and exercise. STAP awards expire on the tenth anniversary of the grant date. We discontinued the issuance of STAP awards in June 2015 and all outstanding STAP awards have been fully vested since June 2019. The aggregate STAP liability balance was $32.2 million and $25.0 million at September 30, 2020 and December 31, 2019, respectively, all of which was classified as a current liability on our consolidated balance sheets. Estimating the fair value of STAP awards requires the use of certain inputs that can materially impact the determination of fair value and the amount of compensation expense (benefit) we recognize. Inputs used in estimating fair value include the price of our common stock, the expected volatility of the price of our common stock, the risk-free interest rate, the expected term of STAP awards, and the expected dividend yield. The fair value of the STAP awards is measured at the end of each financial reporting period because the awards are settled in cash. The table below includes the weighted average assumptions used to measure the fair value of the outstanding STAP awards: September 30, September 30, Expected term of awards (in years) 1.8 2.1 Expected volatility 32.8 % 29.3 % Risk-free interest rate 0.1 % 1.6 % Expected dividend yield — % — % The closing price of our common stock was $101.00 and $79.75 on September 30, 2020 and September 30, 2019, respectively. The closing price of our common stock was $88.08 on December 31, 2019. A summary of the activity and status of STAP awards during the nine-month period ended September 30, 2020 is presented below: Number of Weighted Weighted Aggregate Outstanding at January 1, 2020 2,622,328 $ 109.10 Granted — — Exercised (260,338) 62.70 Forfeited/canceled (18,656) 127.18 Outstanding at September 30, 2020 2,343,334 $ 114.11 3.5 $ 35.7 Exercisable at September 30, 2020 2,333,334 $ 114.37 3.5 $ 35.2 Unvested at September 30, 2020 10,000 $ 52.57 2.2 $ 0.5 Share-based compensation (benefit) expense recognized in connection with STAP awards is as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of product sales $ (0.9) $ 0.1 $ 1.3 $ (1.9) Research and development (5.6) 0.4 5.3 (9.9) Selling, general, and administrative (21.0) 0.9 12.7 (35.2) Share-based compensation (benefit) expense before taxes (27.5) 1.4 19.3 (47.0) Related income tax expense (benefit) 4.9 (0.2) (4.2) 10.7 Share-based compensation (benefit) expense, net of taxes $ (22.6) $ 1.2 $ 15.1 $ (36.3) Cash paid to settle STAP exercises during the nine-month periods ended September 30, 2020 and September 30, 2019 was $12.2 million and $6.9 million, respectively. Employee Stock Purchase Plan The ESPP provides eligible employees with the right to purchase shares of our common stock at a discount through elective accumulated payroll deductions at the end of each offering period. Offering periods, which began in 2012, occur in consecutive six-month periods commencing on September 5th and March 5th of each year. Eligible employees may contribute up to 15 percent of their base salary, subject to certain annual limitations as defined in the ESPP. The purchase price of the shares is equal to the lower of 85 percent of the closing price of our common stock on either the first or last trading day of a given offering period. In addition, the ESPP provides that no eligible employee may purchase more than 4,000 shares during any offering period. The ESPP expires in June 2032 and limits the aggregate number of shares that can be issued under the ESPP to 3.0 million.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common ShareBasic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period, adjusted for the potential dilutive effect of our outstanding stock options, restricted stock units, and shares issuable under the ESPP, as if they were vested and exercised. The components of basic and diluted earnings (loss) per common share comprised the following (in millions, except per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income (loss) $ 171.2 $ 132.4 $ 416.0 $ (157.1) Denominator: Weighted average outstanding shares — basic 44.4 43.9 44.1 43.8 Effect of dilutive securities (1) : Stock options, restricted stock units, and employee stock purchase plan 0.2 0.1 0.3 — Weighted average shares — diluted (2) 44.6 44.0 44.4 43.8 Net income (loss) per common share: Basic $ 3.86 $ 3.02 $ 9.43 $ (3.59) Diluted $ 3.84 $ 3.01 $ 9.37 $ (3.59) Stock options and restricted stock units excluded from calculation (2) 7.5 8.0 7.4 7.1 __________________________ (1) Calculated using the treasury stock method. (2) The common shares underlying certain stock options and restricted stock units have been excluded from the computation of diluted earnings per share because their impact would be anti-dilutive for the three- and nine-month periods ended September 30, 2020 and the three-month period ended September 30, 2019. For the nine-month period ended September 30, 2019, we had a net loss, and as such, all outstanding stock options, restricted stock units, and shares issuable under the ESPP were excluded from our calculation of diluted earnings per share.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate (ETR) for the nine months ended September 30, 2020 and 2019 was 21 percent and 33 percent, respectively. For the nine months ended September 30, 2020, non-deductible compensation and state tax expense, partially offset by anticipated tax credits, increased our ETR. For the nine months ended September 30, 2019, anticipated tax credits, the foreign sales deduction, and state tax benefit, partially offset by non-deductible compensation and income tax benefit limitation, increased our ETR due to the pre-tax loss that resulted primarily from the $800.0 million upfront payment under our license agreement with Arena Pharmaceuticals, Inc. (Arena). As of September 30, 2020 and December 31, 2019, we had no unrecognized tax benefits and are unaware of any material positions for which it is reasonably possible that the total amounts would significantly increase within the next twelve months. We record interest and penalties related to uncertain tax positions as a component of income tax expense, however, as of September 30, 2020 and December 31, 2019, we have not accrued any interest expense related to uncertain tax positions. On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide certain relief as a result of the COVID-19 pandemic. The CARES Act, among other things, includes provisions related to net operating loss carryback periods, alternative minimum tax credit refunds, and modification of the net interest deduction limitations. The CARES Act did not have a material impact on our consolidated financial statements for the nine months ended September 30, 2020. We continue to monitor any effects that may result from the CARES Act.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment InformationWe operate as one operating segment with a focus on the development and commercialization of products to address the unmet needs of patients with chronic and life-threatening conditions. Our Chief Executive Officer, as our chief operating decision maker, manages and allocates resources to the operations of our company on a consolidated basis. This enables our Chief Executive Officer to assess our overall level of available resources and determine how best to deploy these resources across functions, therapeutic areas, and research and development projects in line with our long-term company-wide strategic goals. Net product sales, cost of product sales, and gross profit for each of our commercial products were as follows (in millions): Three Months Ended September 30, 2020 Remodulin Tyvaso Orenitram Unituxin Adcirca Total Net product sales $ 124.5 $ 129.5 $ 74.7 $ 37.6 $ 13.8 $ 380.1 Cost of product sales 4.9 5.0 5.1 2.9 6.1 24.0 Gross profit $ 119.6 $ 124.5 $ 69.6 $ 34.7 $ 7.7 $ 356.1 2019 Net product sales $ 168.3 $ 110.8 $ 62.0 $ 30.1 $ 30.3 $ 401.5 Cost of product sales 5.5 6.9 3.5 4.1 13.0 33.0 Gross profit $ 162.8 $ 103.9 $ 58.5 $ 26.0 $ 17.3 $ 368.5 Nine Months Ended September 30, 2020 Remodulin Tyvaso Orenitram Unituxin Adcirca Total Net product sales $ 388.8 $ 351.6 $ 219.1 $ 93.2 $ 45.7 $ 1,098.4 Cost of product sales 16.2 14.7 13.7 9.1 19.6 73.3 Gross profit $ 372.6 $ 336.9 $ 205.4 $ 84.1 $ 26.1 $ 1,025.1 2019 Net product sales $ 479.6 $ 324.2 $ 174.4 $ 80.1 $ 79.4 $ 1,137.7 Cost of product sales 16.1 14.8 12.3 11.4 34.2 88.8 Gross profit $ 463.5 $ 309.4 $ 162.1 $ 68.7 $ 45.2 $ 1,048.9 Geographic revenues are determined based on the country in which our customers (distributors) are located. Total revenues from external customers by geographic area are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 369.0 $ 359.4 $ 1,046.5 $ 1,028.4 Rest-of-World 11.1 42.1 51.9 109.3 Total $ 380.1 $ 401.5 $ 1,098.4 $ 1,137.7 We recorded revenue from two distributors in the United States that exceeded 10 percent of total revenues. Revenue from these two distributors as a percentage of total revenues is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Distributor 1 56 % 53 % 56 % 55 % Distributor 2 28 % 21 % 27 % 21 %

Litigation

Litigation	9 Months Ended
	Sep. 30, 2020
Litigation
Litigation	Litigation Sandoz Antitrust Litigation On April 16, 2019, Sandoz Inc. (Sandoz) and its commercialization collaborator, RareGen, LLC, filed a complaint in the U.S. District Court for the District of New Jersey against us and Smiths Medical ASD, Inc. (Smiths Medical), alleging that we and Smiths Medical engaged in anticompetitive conduct in connection with plaintiffs’ efforts to launch their generic version of Remodulin. In particular, the complaint alleges that we and Smiths Medical unlawfully impeded competition by entering into an agreement to produce CADD-MS ® 3 cartridges specifically for the delivery of subcutaneous Remodulin, without making these cartridges available for the delivery of Sandoz’s generic version of Remodulin. The parties completed expedited discovery in anticipation of a motion filed by the plaintiffs on October 4, 2019, seeking preliminary injunctive relief. We and Smiths Medical filed a motion to dismiss the complaint, and we filed our opposition to plaintiffs’ motion for a preliminary injunction on October 25, 2019. On January 29, 2020, the Court issued a decision denying the request for preliminary injunction sought by Sandoz and RareGen. According to the Court, “[Sandoz and RareGen] have not met their burden of demonstrating a reasonable probability of eventual success in the litigation.” The Court also denied our and Smiths Medical’s motion to dismiss the entire action. Plaintiffs declined to appeal the Court’s denial of their motion for preliminary injunction. The parties are currently engaged in discovery, and we do not anticipate a trial before late 2021 at the earliest. On March 30, 2020, the plaintiffs filed an amended complaint in which Sandoz added a count alleging that we breached our earlier patent settlement agreement with Sandoz by refusing to grant Sandoz access to cartridges. We filed a motion to dismiss that count on April 17, 2020. We believe plaintiffs’ claims to be meritless and intend to vigorously defend the litigation. However, due to the uncertainty inherent in any litigation, we cannot guarantee that an adverse outcome will not result. Any litigation of this nature could involve substantial cost, and an adverse outcome could result in substantial monetary damages and/or injunctive relief adverse to our business. We currently are not able to reasonably estimate a range of potential losses due to the early stage of the litigation. Patent Litigation with Liquidia Technologies, Inc. On March 30, 2020, Liquidia Technologies, Inc. (Liquidia) filed two petitions for inter partes review (IPR) with the Patent Trial and Appeal Board (PTAB) of the U.S. Patent and Trademark Office (USPTO). In its petitions, Liquidia seeks to invalidate U.S. Patent Nos. 9,604,901 (the ’901 patent) and 9,593,066 (the ’066 patent), both of which relate to a method of making treprostinil, the active pharmaceutical ingredient in our Remodulin, Tyvaso, and Orenitram products. These patents were issued in March 2017 and are listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations publication, also known as the Orange Book, for Remodulin, Tyvaso, and Orenitram. In mid-July, 2020 we filed preliminary responses to the petitions. On October 13, 2020, the PTAB declined to institute IPR proceedings on the ’066 patent because Liquidia failed to establish a reasonable likelihood of success on prevailing on any claim relating to the ’066 patent. Also on October 13, 2020, the PTAB instituted IPR proceedings on the ‘901 patent, finding that Liquidia had established a reasonable likelihood of success on prevailing on some of the claims of the ’901 patent. We expect the PTAB will issue a final written decision regarding the ’901 patent IPR, following additional submissions by the parties, around October 2021. Any appeals of the PTAB’s final written decision would delay any final outcome. In January 2020, Liquidia submitted an NDA to the FDA for approval of LIQ861, a dry powder inhalation formulation of treprostinil. This NDA was submitted under the 505(b)(2) regulatory pathway with Tyvaso as the reference listed drug. On April 8, 2020, Liquidia announced that the FDA had accepted its NDA and set a Prescription Drug User Fee Act (PDUFA) target action date of November 24, 2020. In April 2020, we received a Paragraph IV Certification Notice Letter (Notice Letter) from Liquidia, stating that it intends to market LIQ861 before the expiration of all patents currently listed in the Orange Book for Tyvaso. The Notice Letter states that Liquidia’s NDA for LIQ861 contains a Paragraph IV certification alleging that these patents are not valid, not enforceable, and/or will not be infringed by the commercial manufacture, use or sale of LIQ861. On June 4, 2020, we filed a lawsuit in the U.S. District Court for the District of Delaware against Liquidia for infringement of the ’901 patent and the ’066 patent, both of which expire in December 2028. We filed our lawsuit within 45 days of receipt of notice from Liquidia of its NDA filing. As a result, under the Hatch-Waxman Act, the FDA is precluded by regulation from approving Liquidia’s NDA for up to 30 months or until the resolution of the litigation, whichever occurs first. On July 16, 2020, Liquidia filed an answer to our complaint that included counterclaims alleging, among other things, that the patents at issue in the litigation are not valid and will not be infringed by the commercial manufacture, use or sale of LIQ861. On July 21, 2020, the USPTO issued a new patent to us related to Tyvaso. The new patent, U.S. Patent No. 10,716,793 (the ’793 patent), expires May 14, 2027, and is listed in the Orange Book for Tyvaso. On July 22, 2020, we filed an amended complaint against Liquidia to include a claim for infringement of the ’793 patent. The ’793 patent relates to a method of administering treprostinil via inhalation and includes claims covering the dosing regimen used to administer Tyvaso. On August 5, 2020, Liquidia filed an answer to our amended complaint that repeated its defenses and counterclaims and added new defenses and counterclaims related to the ’793 patent. On August 26, 2020, we filed a motion to dismiss Liquidia’s invalidity defenses with respect to the ’793 patent based on assignor estoppel. That motion has been briefed, and we await the district court’s decision. The district court set a schedule for the case, including a trial commencing on March 28, 2022. We plan to vigorously enforce our intellectual property rights related to Tyvaso. MSP Recovery Litigation On July 27, 2020, MSP Recovery Claims, Series LLC; MSPA Claims 1, LLC; and Series PMPI, a designated series of MAO-MSO Recovery II, LLC (Plaintiffs) filed a “Class Action Complaint” (the Complaint) against Caring Voices Coalition, Inc. (CVC) and us in the United States District Court for the District of Massachusetts. The Complaint alleges that we violated the federal Racketeer Influenced and Corrupt Organizations (RICO) act and various state laws by coordinating with CVC when making donations to a pulmonary arterial hypertension fund so that those donations would go towards copayment obligations for Medicare patients taking drugs manufactured and marketed by us. Plaintiffs claim to have received assignments from various Medicare Advantage health plans and other insurance entities that allow them to bring this lawsuit on behalf of those entities. We intend to vigorously defend against this lawsuit.

Arena License Agreement

Arena License Agreement	9 Months Ended
	Sep. 30, 2020
Arena License Agreement
Arena License Agreement	Arena License AgreementOn November 15, 2018, we entered into an exclusive license agreement with Arena related to ralinepag, a next-generation, oral, selective, and potent prostacyclin receptor agonist being developed for the treatment of PAH. On January 24, 2019, in connection with the closing of the transactions contemplated by the license agreement: (1) Arena granted to us perpetual, irrevocable, and exclusive rights throughout the universe to develop, manufacture, and commercialize ralinepag; (2) Arena transferred to us certain other assets related to ralinepag, including, among others, related domain names and trademarks, permits, certain contracts, inventory, regulatory documentation, Investigational New Drug (IND) Application No. 109021 (related to ralinepag), and nonclinical, preclinical, and clinical trial data; (3) we assumed certain limited liabilities from Arena, including, among others, all obligations arising after the closing under the assumed contracts and the IND described above; and (4) we paid Arena an upfront payment of $800.0 million, which was expensed as acquired in-process research and development and included within research and development expenses on our consolidated statements of operations in the first quarter of 2019. We will also pay Arena: (1) a one-time payment of $250.0 million for the first, if any, marketing approval we receive in the United States for an inhaled version of ralinepag to treat PAH; (2) a one-time payment of $150.0 million for the first, if any, marketing approval we receive in any of Japan, France, Italy, the United Kingdom, Spain, or Germany for an oral version of ralinepag to treat any indication; and (3) low double-digit, tiered royalties on net sales of any pharmaceutical product containing ralinepag as an active ingredient, subject to certain adjustments for third party license payments.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Basis of Presentation
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting Standards Adopted During the Period In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which introduces new guidance for estimating credit losses on certain types of financial instruments based on expected losses and the timing of the recognition of such losses. ASU 2016-13 In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment (ASU 2017-04), which simplifies how an entity is required to test goodwill for impairment. ASU 2017-04 requires that a goodwill impairment be measured by the amount by which a reporting unit’s carrying value exceeds its fair value, with the amount of impairment not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, and must be adopted on a prospective basis. We adopted the new standard on January 1, 2020, with no material impact on our financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which eliminates, adds, and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. We adopted the new standard on January 1, 2020, with no material impact on our financial statements. Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14). The standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (ASU 2019-12) , which simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, Income Taxes, and also improves consistency of application by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this guidance on our financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (ASU 2020-01), which addresses the accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We do not expect the adoption of this guidance to have a material impact on our financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04), which provides optional expedients and exceptions to lessen the burden of accounting for contract modifications and hedging relationships that reference LIBOR or other reference rates that could be discontinued due to reference rate reform. ASU 2020-04 is effective immediately and may be applied through December 31, 2022. We are currently evaluating the impact of the expedients and exceptions of this new standard on our accounting for our credit agreement, which references LIBOR.

Investments (Tables)

Investments (Tables) - Available-for-Sale Debt Securities	9 Months Ended
	Sep. 30, 2020
Investments
Schedule of available-for-sale debt securities	Available-for-sale debt securities are recorded at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive income in stockholders’ equity, until realized. Available-for-sale debt securities consisted of the following (in millions): As of September 30, 2020 Amortized Gross Gross Fair U.S. government and agency securities $ 1,806.1 $ 11.9 $ (0.2) $ 1,817.8 Corporate debt securities 298.4 3.8 — 302.2 Total $ 2,104.5 $ 15.7 $ (0.2) $ 2,120.0 Reported under the following captions on our consolidated balance sheets: Current marketable investments 892.5 Non-current marketable investments 1,227.5 Total $ 2,120.0 As of December 31, 2019 Amortized Gross Gross Fair U.S. government and agency securities $ 1,225.2 $ 2.9 $ (0.2) $ 1,227.9 Corporate debt securities 222.4 1.7 — 224.1 Total $ 1,447.6 $ 4.6 $ (0.2) $ 1,452.0 Reported under the following captions on our consolidated balance sheets: Current marketable investments 684.5 Non-current marketable investments 767.5 Total $ 1,452.0
Summary of the contractual maturities	The following table summarizes the contractual maturities of available-for-sale marketable investments (in millions). Actual maturities may differ from contractual maturities because the issuers of certain of these debt securities have the right to call the securities or prepay their obligations under the securities with or without penalties. As of September 30, 2020 Amortized Fair Due within one year $ 889.7 $ 892.5 Due in one to three years 1,214.8 1,227.5 Total $ 2,104.5 $ 2,120.0 As of December 31, 2019 Amortized Fair Due within one year $ 683.3 $ 684.5 Due in one to three years 764.3 767.5 Total $ 1,447.6 $ 1,452.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities subject to fair value measurements	Assets and liabilities subject to fair value measurements are as follows (in millions): As of September 30, 2020 Level 1 Level 2 Level 3 Balance Assets Money market funds (1) $ 248.6 $ — $ — $ 248.6 Time deposits (2) — 88.1 — 88.1 U.S. government and agency securities (3) — 1,817.8 — 1,817.8 Corporate debt securities (3) — 302.2 — 302.2 Equity securities (4) 17.7 — — 17.7 Total assets $ 266.3 $ 2,208.1 $ — $ 2,474.4 Liabilities Contingent consideration (5) — — 13.6 13.6 Total liabilities $ — $ — $ 13.6 $ 13.6 As of December 31, 2019 Level 1 Level 2 Level 3 Balance Assets Money market funds (1) $ 270.0 $ — $ — $ 270.0 Time deposits (2) — 87.3 — 87.3 U.S. government and agency securities (3) — 1,227.9 — 1,227.9 Corporate debt securities (3) — 224.1 — 224.1 Equity securities (4) 63.0 — — 63.0 Total assets $ 333.0 $ 1,539.3 $ — $ 1,872.3 Liabilities Contingent consideration (5) — — 13.4 13.4 Total liabilities $ — $ — $ 13.4 $ 13.4 ________________________ (1) Included in cash and cash equivalents on our consolidated balance sheets. (2) Included in cash and cash equivalents and current marketable investments on our consolidated balance sheets. The fair value of these securities is principally measured or corroborated by trade data for identical securities in which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded. (3) Included in cash and cash equivalents and current and non-current marketable investments on our consolidated balance sheets. Refer to Note 3 —Investments—Available-for-Sale Debt Securities for further information. The fair value of these securities is principally measured or corroborated by trade data for identical securities for which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded. (4) Included in current marketable investments on our consolidated balance sheets. The fair value of these securities is based on quoted market prices for identical instruments in active markets. During the three and nine months ended September 30, 2020, we recognized $3.0 million and $18.0 million of net unrealized and realized losses on these securities. During the three and nine months ended September 30, 2019, we recognized $13.0 million of net unrealized losses and $19.5 million of net unrealized gains, respectively, on these securities. We recorded these gains and losses on our consolidated statements of operations within “other (expense) income, net”. Refer to Note 3 —Investments—Investments in Equity Securities with Readily Determinable Fair Values. (5) Included in non-current liabilities on our consolidated balance sheets. The fair value of our contingent consideration obligations has been estimated using probability-weighted discounted cash flow models (DCFs). The DCFs incorporate Level 3 inputs including estimated discount rates that we believe market participants would consider relevant in pricing and the projected timing and amount of cash flows, which are estimated and developed, in part, based on the requirements specific to each acquisition agreement. The change in the fair value of our contingent consideration obligations for the three and nine months ended September 30, 2020 was not material.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of inventories, net of reserves	Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consist of the following, net of reserves (in millions): September 30, December 31, Raw materials $ 19.9 $ 21.1 Work-in-progress 30.0 29.1 Finished goods 38.0 43.2 Total inventories $ 87.9 $ 93.4

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill and other intangible assets	Goodwill and other intangible assets comprise the following (in millions): As of September 30, 2020 As of December 31, 2019 Gross Accumulated Net Gross Accumulated Net Goodwill $ 28.0 $ — $ 28.0 $ 28.0 $ — $ 28.0 Other intangible assets: Technology, patents, and trade names 6.7 (5.4) 1.3 6.7 (5.3) 1.4 In-process research and development (1) 128.9 — 128.9 128.9 — 128.9 Total $ 163.6 $ (5.4) $ 158.2 $ 163.6 $ (5.3) $ 158.3 (1) In April 2020, the FDA issued a complete response letter related to our Trevyent ®

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Stock options
Share-Based Compensation
Schedule of components of share-based compensation expense recognized	The following table reflects the components of share-based compensation (benefit) expense recognized in our consolidated statements of operations (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Stock options $ 9.2 $ 18.4 $ 34.8 $ 52.2 Restricted stock units 5.5 3.8 15.0 9.8 STAP awards (27.5) 1.4 19.3 (47.0) Employee stock purchase plan 0.3 0.3 1.0 0.9 Total share-based compensation (benefit) expense before tax $ (12.5) $ 23.9 $ 70.1 $ 15.9
Summary of weighted-average assumptions to measure the fair value of stock options	The following weighted average assumptions were used in estimating the fair value of stock options granted to employees during the nine months ended September 30, 2020 and September 30, 2019: September 30, September 30, Expected term of awards (in years) 5.6 5.8 Expected volatility 33.4 % 33.8 % Risk-free interest rate 0.5 % 2.4 % Expected dividend yield — % — %
Schedule of activity and status of stock options	A summary of the activity and status of stock options under our equity incentive plans during the nine-month period ended September 30, 2020 is presented below: Number of Weighted Weighted Aggregate Outstanding at January 1, 2020 8,088,680 $ 123.34 Granted 78,559 109.32 Exercised (401,383) 64.36 Forfeited/canceled (12,823) 137.26 Outstanding at September 30, 2020 7,753,033 $ 126.23 5.8 $ 4.5 Exercisable at September 30, 2020 4,929,642 $ 128.15 5.3 $ 4.3 Unvested at September 30, 2020 2,823,391 $ 122.88 6.8 $ 0.2
Schedule of share-based compensation expense (benefit) recognized	Total share-based compensation expense related to stock options is recorded as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of product sales $ — $ 0.3 $ 0.3 $ 0.7 Research and development 0.5 0.9 1.8 2.7 Selling, general, and administrative 8.7 17.2 32.7 48.8 Share-based compensation expense before taxes 9.2 18.4 34.8 52.2 Related income tax benefit (0.4) (4.2) (2.7) (11.8) Share-based compensation expense, net of taxes $ 8.8 $ 14.2 $ 32.1 $ 40.4
Summary of stock option exercise data	Stock option exercise data is summarized below (dollars in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Number of options exercised 54,834 — 401,383 191,508 Cash received $ 3.5 $ — $ 25.9 $ 9.9 Total intrinsic value of options exercised $ 3.1 $ — $ 21.8 $ 11.5
Restricted stock units
Share-Based Compensation
Schedule of share-based compensation expense (benefit) recognized	Total share-based compensation expense related to restricted stock units is recorded as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of product sales $ 0.3 $ 0.3 $ 1.0 $ 0.8 Research and development 1.9 1.3 5.4 3.2 Selling, general, and administrative 3.3 2.2 8.6 5.8 Share-based compensation expense before taxes 5.5 3.8 15.0 9.8 Related income tax benefit (1.3) (0.8) (3.5) (2.2) Share-based compensation expense, net of taxes $ 4.2 $ 3.0 $ 11.5 $ 7.6
Schedule of restricted stock units activity	A summary of the activity with respect to, and status of, restricted stock units during the nine-month period ended September 30, 2020 is presented below: Number of Weighted Weighted Aggregate Unvested at January 1, 2020 310,725 $ 112.24 Granted 283,059 94.41 Vested (130,535) 108.51 Forfeited/canceled (16,708) 103.93 Unvested at September 30, 2020 446,541 $ 102.34 9.0 $ 45.1
STAP awards
Share-Based Compensation
Schedule of share-based compensation expense (benefit) recognized	Share-based compensation (benefit) expense recognized in connection with STAP awards is as follows (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of product sales $ (0.9) $ 0.1 $ 1.3 $ (1.9) Research and development (5.6) 0.4 5.3 (9.9) Selling, general, and administrative (21.0) 0.9 12.7 (35.2) Share-based compensation (benefit) expense before taxes (27.5) 1.4 19.3 (47.0) Related income tax expense (benefit) 4.9 (0.2) (4.2) 10.7 Share-based compensation (benefit) expense, net of taxes $ (22.6) $ 1.2 $ 15.1 $ (36.3)
Schedule of weighted-average assumptions to measure the fair value of outstanding STAP awards	The table below includes the weighted average assumptions used to measure the fair value of the outstanding STAP awards: September 30, September 30, Expected term of awards (in years) 1.8 2.1 Expected volatility 32.8 % 29.3 % Risk-free interest rate 0.1 % 1.6 % Expected dividend yield — % — %
Summary of the activity and status of STAP awards	A summary of the activity and status of STAP awards during the nine-month period ended September 30, 2020 is presented below: Number of Weighted Weighted Aggregate Outstanding at January 1, 2020 2,622,328 $ 109.10 Granted — — Exercised (260,338) 62.70 Forfeited/canceled (18,656) 127.18 Outstanding at September 30, 2020 2,343,334 $ 114.11 3.5 $ 35.7 Exercisable at September 30, 2020 2,333,334 $ 114.37 3.5 $ 35.2 Unvested at September 30, 2020 10,000 $ 52.57 2.2 $ 0.5

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Common Share
Schedule of components of basic and diluted earnings (loss) per common share	The components of basic and diluted earnings (loss) per common share comprised the following (in millions, except per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income (loss) $ 171.2 $ 132.4 $ 416.0 $ (157.1) Denominator: Weighted average outstanding shares — basic 44.4 43.9 44.1 43.8 Effect of dilutive securities (1) : Stock options, restricted stock units, and employee stock purchase plan 0.2 0.1 0.3 — Weighted average shares — diluted (2) 44.6 44.0 44.4 43.8 Net income (loss) per common share: Basic $ 3.86 $ 3.02 $ 9.43 $ (3.59) Diluted $ 3.84 $ 3.01 $ 9.37 $ (3.59) Stock options and restricted stock units excluded from calculation (2) 7.5 8.0 7.4 7.1 __________________________ (1) Calculated using the treasury stock method. (2) The common shares underlying certain stock options and restricted stock units have been excluded from the computation of diluted earnings per share because their impact would be anti-dilutive for the three- and nine-month periods ended September 30, 2020 and the three-month period ended September 30, 2019. For the nine-month period ended September 30, 2019, we had a net loss, and as such, all outstanding stock options, restricted stock units, and shares issuable under the ESPP were excluded from our calculation of diluted earnings per share.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of net product sales, cost of product sales and gross profit for each commercial products	Net product sales, cost of product sales, and gross profit for each of our commercial products were as follows (in millions): Three Months Ended September 30, 2020 Remodulin Tyvaso Orenitram Unituxin Adcirca Total Net product sales $ 124.5 $ 129.5 $ 74.7 $ 37.6 $ 13.8 $ 380.1 Cost of product sales 4.9 5.0 5.1 2.9 6.1 24.0 Gross profit $ 119.6 $ 124.5 $ 69.6 $ 34.7 $ 7.7 $ 356.1 2019 Net product sales $ 168.3 $ 110.8 $ 62.0 $ 30.1 $ 30.3 $ 401.5 Cost of product sales 5.5 6.9 3.5 4.1 13.0 33.0 Gross profit $ 162.8 $ 103.9 $ 58.5 $ 26.0 $ 17.3 $ 368.5 Nine Months Ended September 30, 2020 Remodulin Tyvaso Orenitram Unituxin Adcirca Total Net product sales $ 388.8 $ 351.6 $ 219.1 $ 93.2 $ 45.7 $ 1,098.4 Cost of product sales 16.2 14.7 13.7 9.1 19.6 73.3 Gross profit $ 372.6 $ 336.9 $ 205.4 $ 84.1 $ 26.1 $ 1,025.1 2019 Net product sales $ 479.6 $ 324.2 $ 174.4 $ 80.1 $ 79.4 $ 1,137.7 Cost of product sales 16.1 14.8 12.3 11.4 34.2 88.8 Gross profit $ 463.5 $ 309.4 $ 162.1 $ 68.7 $ 45.2 $ 1,048.9
Schedule of net revenues from external customers by geographic area	Geographic revenues are determined based on the country in which our customers (distributors) are located. Total revenues from external customers by geographic area are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 369.0 $ 359.4 $ 1,046.5 $ 1,028.4 Rest-of-World 11.1 42.1 51.9 109.3 Total $ 380.1 $ 401.5 $ 1,098.4 $ 1,137.7
Schedule of revenue from two specialty pharmaceutical distributors in the United States as a percentage of total revenue	We recorded revenue from two distributors in the United States that exceeded 10 percent of total revenues. Revenue from these two distributors as a percentage of total revenues is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Distributor 1 56 % 53 % 56 % 55 % Distributor 2 28 % 21 % 27 % 21 %

Basis of Presentation - Recentl

Basis of Presentation - Recently Issued Accounting Standards (Details) - USD ($) $ in Millions	Jan. 01, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018
Recently Issued Accounting Standards
Accounting standards update					us-gaap:AccountingStandardsUpdate201613Member
Decrease to retained earnings			$ (3,283.1)	$ (2,715.8)	$ (2,780.4)	$ (3,093.7)	$ (2,558.4)	$ (2,788.6)
Impairment charges			$ 5.4	$ 8.4
ASU 2016-13
Recently Issued Accounting Standards
Allowance for credit losses	$ 1.1
Impairment charges		$ 1.5
Cumulative Effect, Period of Adoption, Adjustment
Recently Issued Accounting Standards
Decrease to retained earnings					0.8			$ 5.1
Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-13
Recently Issued Accounting Standards
Decrease to retained earnings					$ 0.8

Investments - Available-for-Sal

Investments - Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Marketable investments classified as available-for-sale debt securities:
Amortized Cost	$ 2,104.5	$ 1,447.6
Gross Unrealized Gains	15.7	4.6
Gross Unrealized Losses	(0.2)	(0.2)
Fair Value	2,120	1,452
U.S. government and agency securities
Marketable investments classified as available-for-sale debt securities:
Amortized Cost	1,806.1	1,225.2
Gross Unrealized Gains	11.9	2.9
Gross Unrealized Losses	(0.2)	(0.2)
Fair Value	1,817.8	1,227.9
Corporate debt securities
Marketable investments classified as available-for-sale debt securities:
Amortized Cost	298.4	222.4
Gross Unrealized Gains	3.8	1.7
Gross Unrealized Losses	0	0
Fair Value	$ 302.2	$ 224.1

Investments - Current and Non-c

Investments - Current and Non-current of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Reported under the following captions on our consolidated balance sheet:
Total	$ 2,120	$ 1,452
Current marketable investments
Reported under the following captions on our consolidated balance sheet:
Total	892.5	684.5
Non-current marketable investments
Reported under the following captions on our consolidated balance sheet:
Total	$ 1,227.5	$ 767.5

Investments - Contractual Matur

Investments - Contractual Maturities of Available-for-Sale Marketable Investments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Amortized Cost
Due within one year	$ 889.7	$ 683.3
Due in one to three years	1,214.8	764.3
Total	2,104.5	1,447.6
Fair Value
Due within one year	892.5	684.5
Due in one to three years	1,227.5	767.5
Total	$ 2,120	$ 1,452

Investments - Investments in Eq

Investments - Investments in Equity Securities with Readily Determinable Fair Values (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Investments in Equity Securities with Readily Determinable Fair Values
Sales of investments in equity securities	$ 27.3	$ 0
Equity securities
Investments in Equity Securities with Readily Determinable Fair Values
Investments in equity securities with readily determinable fair value	$ 17.7		$ 63

Investments - Investments in Pr

Investments - Investments in Privately-Held Companies (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Investments in Privately-Held Companies and Investments in Equity Securities with Readily Determinable Fair Values
Impairments of investments in privately-held companies	$ 3.5	$ 5.6	$ 0	$ 9.1	$ 0
Privately-held Companies
Investments in Privately-Held Companies and Investments in Equity Securities with Readily Determinable Fair Values
Investments in privately-held companies	101.7			101.7		$ 86
Increase in the value of investment	$ 2.3	$ 22.5		$ 2.3

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring fair value measurements - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Equity securities | Other income (expense), net
Liabilities
Net unrealized and realized (losses) gains on securities	$ (3)	$ (13)	$ (18)	$ 19.5
Level 1
Assets
Total assets	266.3		266.3		$ 333
Liabilities
Contingent consideration	0		0		0
Total liabilities	0		0		0
Level 1 | Money market funds
Assets
Total assets	248.6		248.6		270
Level 1 | Time deposits
Assets
Total assets	0		0		0
Level 1 | U.S. government and agency securities
Assets
Total assets	0		0		0
Level 1 | Corporate debt securities
Assets
Total assets	0		0		0
Level 1 | Equity securities
Assets
Total assets	17.7		17.7		63
Level 2
Assets
Total assets	2,208.1		2,208.1		1,539.3
Liabilities
Contingent consideration	0		0		0
Total liabilities	0		0		0
Level 2 | Money market funds
Assets
Total assets	0		0		0
Level 2 | Time deposits
Assets
Total assets	88.1		88.1		87.3
Level 2 | U.S. government and agency securities
Assets
Total assets	1,817.8		1,817.8		1,227.9
Level 2 | Corporate debt securities
Assets
Total assets	302.2		302.2		224.1
Level 2 | Equity securities
Assets
Total assets	0		0		0
Level 3
Assets
Total assets	0		0		0
Liabilities
Contingent consideration	13.6		13.6		13.4
Total liabilities	13.6		13.6		13.4
Level 3 | Money market funds
Assets
Total assets	0		0		0
Level 3 | Time deposits
Assets
Total assets	0		0		0
Level 3 | U.S. government and agency securities
Assets
Total assets	0		0		0
Level 3 | Corporate debt securities
Assets
Total assets	0		0		0
Level 3 | Equity securities
Assets
Total assets	0		0		0
Balance
Assets
Total assets	2,474.4		2,474.4		1,872.3
Liabilities
Contingent consideration	13.6		13.6		13.4
Total liabilities	13.6		13.6		13.4
Balance | Money market funds
Assets
Total assets	248.6		248.6		270
Balance | Time deposits
Assets
Total assets	88.1		88.1		87.3
Balance | U.S. government and agency securities
Assets
Total assets	1,817.8		1,817.8		1,227.9
Balance | Corporate debt securities
Assets
Total assets	302.2		302.2		224.1
Balance | Equity securities
Assets
Total assets	$ 17.7		$ 17.7		$ 63

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventories
Raw materials	$ 19.9	$ 21.1
Work-in-progress	30	29.1
Finished goods	38	43.2
Total inventories	$ 87.9	$ 93.4

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Goodwill and Other Intangible Assets
Goodwill, gross		$ 28,000,000	$ 28,000,000
Goodwill, net		28,000,000	28,000,000
Finite-Lived Intangible Assets, Net
Other intangible assets, accumulated amortization		(5,400,000)	(5,300,000)
Intangible Assets, Net (Including Goodwill)
Total goodwill and other intangible assets, gross		163,600,000	163,600,000
Total goodwill and other intangible assets, net		158,200,000	158,300,000
Technology, patents, and trade names
Finite-Lived Intangible Assets, Net
Other intangible assets, gross		6,700,000	6,700,000
Other intangible assets, accumulated amortization		(5,400,000)	(5,300,000)
Other intangible assets, net		1,300,000	1,400,000
In-process research and development
Finite-Lived Intangible Assets, Net
Other intangible assets, gross		128,900,000	128,900,000
Other intangible assets, accumulated amortization		0	0
Other intangible assets, net		$ 128,900,000	$ 128,900,000
Intangible Assets, Net (Including Goodwill)
Carrying value of Trevyent intangible asset	$ 107,300,000
Finite-lived intangible asset impairment	$ 0

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2020	Dec. 31, 2019
Debt
Line of credit (current)			$ 0	$ 250,000,000
Credit Agreement
Debt
Debt, maturity term	1 year
Outstanding aggregate principal balance				$ 850,000,000
Repayment term			1 year	1 year
Line of credit repaid during the period			$ 50,000,000
Credit Agreement | Current liabilities
Debt
Line of credit (current)				$ 250,000,000
Credit Agreement | Non-current liabilities
Debt
Outstanding aggregate principal balance			800,000,000
First unsecured revolving credit facility
Debt
Borrowing		$ 1,000,000,000
Second unsecured revolving credit facility
Debt
Borrowing		500,000,000
Increase in borrowing capacity		$ 300,000,000
2018 Credit Agreement | Other current assets
Debt
Debt issuance costs capitalized			3,400,000
2018 Credit Agreement | Other non-current assets
Debt
Debt issuance costs capitalized			$ 7,200,000

Share-Based Compensation - Gene

Share-Based Compensation - General (Details)	1 Months Ended	9 Months Ended
	Feb. 28, 2019shares	Sep. 30, 2020planshares
Share-Based Compensation
Number of equity incentive plans | plan		2
2015 Plan
Share-Based Compensation
Maximum number of shares authorized to be issued		10,000,000
Additional number of shares authorized to be issued		500,000
2019 Inducement Plan | Newly-hired employees
Share-Based Compensation
Number of equity incentive plans | plan		1
Granted (in shares)	99,000
Amended and Restated Equity Incentive Plan (The 1999 Plan)
Share-Based Compensation
Granted (in shares)		0

Share-Based Compensation - Allo

Share-Based Compensation - Allocation of Compensation Expense by Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-Based Compensation
Total share-based compensation (benefit) expense before tax	$ (12.5)	$ 23.9	$ 70.1	$ 15.9
Stock options
Share-Based Compensation
Total share-based compensation (benefit) expense before tax	9.2	18.4	34.8	52.2
Restricted stock units
Share-Based Compensation
Total share-based compensation (benefit) expense before tax	5.5	3.8	15	9.8
STAP awards
Share-Based Compensation
Total share-based compensation (benefit) expense before tax	(27.5)	1.4	19.3	(47)
Employee stock purchase plan
Share-Based Compensation
Total share-based compensation (benefit) expense before tax	$ 0.3	$ 0.3	$ 1	$ 0.9

Share-Based Compensation - Assu

Share-Based Compensation - Assumptions For Stock Options (Details) - Stock options	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Method and assumptions on valuation of stock options
Expected term of awards (in years)	5 years 7 months 6 days	5 years 9 months 18 days
Expected volatility	33.40%	33.80%
Risk-free interest rate	0.50%	2.40%
Expected dividend yield	0.00%	0.00%

Share-Based Compensation - Stoc

Share-Based Compensation - Stock and Status (Details) - Stock options - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Number of Options
Outstanding at beginning of the period (in shares)			8,088,680
Granted (in shares)			78,559
Exercised (in shares)	(54,834)	0	(401,383)	(191,508)
Forfeited/canceled (in shares)			(12,823)
Outstanding at the end of the period (in shares)	7,753,033		7,753,033
Exercisable at the end of the period (in shares)	4,929,642		4,929,642
Unvested at the end of the period (in shares)	2,823,391		2,823,391
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share)			$ 123.34
Granted (in dollars per share)			109.32
Exercised (in dollars per share)			64.36
Forfeited (in dollars per share)			137.26
Outstanding at the end of the period (in dollars per share)	$ 126.23		126.23
Exercisable at the end of the period (in dollars per share)	128.15		128.15
Unvested at the end of the period (in dollars per share)	$ 122.88		$ 122.88
Weighted Average Remaining Contractual Term (in Years)
Outstanding at the end of the period (in Years)			5 years 9 months 18 days
Exercisable at the end of the period (in Years)			5 years 3 months 18 days
Unvested at the end of the period (in Years)			6 years 9 months 18 days
Aggregate Intrinsic Value (in millions)
Outstanding at the end of the period	$ 4.5		$ 4.5
Exercisable at the end of the period	4.3		4.3
Unvested at the end of the period	$ 0.2		$ 0.2
Weighted average grant date fair value of stock options (in dollars per share)			$ 34.56	$ 39.63
Aggregate grant date fair value			$ 2.7	$ 82.5
Total grant date fair value of employee stock options that vested			$ 73.3	$ 36.4

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based compensation expense
Share-based compensation expense before taxes	$ (12.5)	$ 23.9	$ 70.1	$ 15.9
Stock options
Share-based compensation expense
Share-based compensation expense before taxes	9.2	18.4	34.8	52.2
Related income tax benefit	(0.4)	(4.2)	(2.7)	(11.8)
Share-based compensation expense, net of taxes	8.8	14.2	32.1	40.4
Unrecognized compensation cost	57.8		$ 57.8
Weighted average remaining vesting period			2 years 2 months 12 days
Restricted stock units
Share-based compensation expense
Share-based compensation expense before taxes	5.5	3.8	$ 15	9.8
Related income tax benefit	(1.3)	(0.8)	(3.5)	(2.2)
Share-based compensation expense, net of taxes	4.2	3	11.5	7.6
Unrecognized compensation cost	34.1		$ 34.1
Weighted average remaining vesting period			1 year 10 months 24 days
Cost of product sales | Stock options
Share-based compensation expense
Share-based compensation expense before taxes	0	0.3	$ 0.3	0.7
Cost of product sales | Restricted stock units
Share-based compensation expense
Share-based compensation expense before taxes	0.3	0.3	1	0.8
Research and development | Stock options
Share-based compensation expense
Share-based compensation expense before taxes	0.5	0.9	1.8	2.7
Research and development | Restricted stock units
Share-based compensation expense
Share-based compensation expense before taxes	1.9	1.3	5.4	3.2
Selling, general, and administrative | Stock options
Share-based compensation expense
Share-based compensation expense before taxes	8.7	17.2	32.7	48.8
Selling, general, and administrative | Restricted stock units
Share-based compensation expense
Share-based compensation expense before taxes	$ 3.3	$ 2.2	$ 8.6	$ 5.8

Share-Based Compensation - St_2

Share-Based Compensation - Stock Options Exercise Data (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Summary of stock option exercise data
Cash received			$ 25.9	$ 9.9
Stock options
Summary of stock option exercise data
Number of options exercised	54,834	0	401,383	191,508
Cash received	$ 3.5	$ 0	$ 25.9	$ 9.9
Total intrinsic value of options exercised	$ 3.1	$ 0	$ 21.8	$ 11.5

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Options Activity and Status (Details) - Restricted stock units $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares
Share-Based Compensation
Number of shares of common stock entitled to recipient upon vesting	1
Number of Restricted Stock Units
Unvested at beginning of the period (in shares)	310,725
Granted (in shares)	283,059
Vested (in shares)	(130,535)
Forfeited/cancelled (in shares)	(16,708)
Unvested at the end of the period (in shares)	446,541
Weighted Average Grant Date Fair Value
Unvested at beginning of the period (in dollars per share) | $ / shares	$ 112.24
Granted (in dollars per share) | $ / shares	94.41
Vested (in dollars per share) | $ / shares	108.51
Forfeited/cancelled (in dollars per share) | $ / shares	103.93
Unvested at the end of the period (in dollars per share) | $ / shares	$ 102.34
Weighted Average Remaining Contractual Term (in Years)
Outstanding at end of the period	9 years
Aggregate Intrinsic Value (in millions)
Unvested at the end of the period (in dollars) | $	$ 45.1

Share-Based Compensation - STAP

Share-Based Compensation - STAP awards (Details) - STAP awards - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Awards granted
Grant expiration period from the grant date	4 years
Aggregate STAP liability	$ 32.2		$ 25
Weighted-average assumptions used to measure the fair value of the outstanding STAP awards:
Expected term of awards (in years)	1 year 9 months 18 days	2 years 1 month 6 days
Expected volatility	32.80%	29.30%
Risk-free interest rate (as a percent)	0.10%	1.60%
Expected dividend yield	0.00%	0.00%
Closing price of common stock (in dollars per share)	$ 101	$ 79.75	$ 88.08
Number of Awards
Outstanding at beginning of period (in shares)	2,622,328
Granted (in shares)	0
Exercised (in shares)	(260,338)
Forfeited/cancelled (in shares)	(18,656)
Outstanding at end of period (in shares)	2,343,334
Exercisable at end of period (in shares)	2,333,334
Unvested at end of period (in shares)	10,000
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 109.10
Granted (in dollars per share)	0
Exercised (in dollars per share)	62.70
Forfeited (in dollars per share)	127.18
Outstanding at end of period (in dollars per share)	114.11
Exercisable at end of period (in dollars per share)	114.37
Unvested at end of period (in dollars per share)	$ 52.57
Weighted Average Remaining Contractual Term (in Years)
Outstanding at end of the period	3 years 6 months
Exercisable at end of period	3 years 6 months
Unvested at end of period	2 years 2 months 12 days
Aggregate Intrinsic Value (in millions)
Outstanding at end of period	$ 35.7
Exercisable at end of period	35.2
Unvested at end of period	$ 0.5

Share-Based Compensation - Sh_2

Share-Based Compensation - Share Tracking Awards Plans - Benefit recognized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share based compensation (benefit) expense recognized in connection with the STAP
Total share-based compensation (benefit) expense before tax	$ (12.5)	$ 23.9	$ 70.1	$ 15.9
STAP awards
Share based compensation (benefit) expense recognized in connection with the STAP
Total share-based compensation (benefit) expense before tax	(27.5)	1.4	19.3	(47)
Related income tax expense (benefit)	4.9	(0.2)	(4.2)	10.7
Share-based compensation expense, net of taxes	(22.6)	1.2	15.1	(36.3)
Cash payments on awards exercised during the period			12.2	6.9
Cost of product sales | STAP awards
Share based compensation (benefit) expense recognized in connection with the STAP
Total share-based compensation (benefit) expense before tax	(0.9)	0.1	1.3	(1.9)
Research and development | STAP awards
Share based compensation (benefit) expense recognized in connection with the STAP
Total share-based compensation (benefit) expense before tax	(5.6)	0.4	5.3	(9.9)
Selling, general, and administrative | STAP awards
Share based compensation (benefit) expense recognized in connection with the STAP
Total share-based compensation (benefit) expense before tax	$ (21)	$ 0.9	$ 12.7	$ (35.2)

Share-Based Compensation - Empl

Share-Based Compensation - Employee Stock Purchase Plan (Details) - Employee stock purchase plan	1 Months Ended
	Jun. 30, 2012shares
Share-based compensation expense
Maximum percentage of compensation employees may contribute for ESPP	15.00%
Percentage of the lower of the fair market value of common stock on the first or last trading day of a given offering period	85.00%
Maximum number of shares each eligible employees may purchase in any given offering period (in shares)	4,000
Maximum number of shares authorized to be issued (in shares)	3,000,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income (loss)	$ 171.2	$ 132.4	$ 416	$ (157.1)
Denominator:
Weighted average outstanding shares — basic	44.4	43.9	44.1	43.8
Effect of dilutive securities:
Stock options, restricted stock units, and employee stock purchase plan (in shares)	0.2	0.1	0.3	0
Weighted average shares - diluted (in shares)	44.6	44	44.4	43.8
Net income (loss) per common share:
Basic (in dollars per share)	$ 3.86	$ 3.02	$ 9.43	$ (3.59)
Diluted (in dollars per share)	$ 3.84	$ 3.01	$ 9.37	$ (3.59)
Stock options and restricted stock units excluded from calculation (in shares)	7.5	8	7.4	7.1

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Jan. 24, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative
Effective income tax rate (as a percent)		21.00%	33.00%
Unrecognized tax benefits		$ 0		$ 0
Interest expense related to uncertain tax positions		$ 0		$ 0
Arena Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative
Upfront payment	$ 800,000,000		$ 800,000,000

Segment Information - General (

Segment Information - General (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Net product sales, cost of product sales and gross profit by product
Number of operating segments | segment			1
Net product sales	$ 380.1	$ 401.5	$ 1,098.4	$ 1,137.7
Cost of product sales	24	33	73.3	88.8
Gross profit	356.1	368.5	1,025.1	1,048.9
Remodulin
Net product sales, cost of product sales and gross profit by product
Net product sales	124.5	168.3	388.8	479.6
Cost of product sales	4.9	5.5	16.2	16.1
Gross profit	119.6	162.8	372.6	463.5
Tyvaso
Net product sales, cost of product sales and gross profit by product
Net product sales	129.5	110.8	351.6	324.2
Cost of product sales	5	6.9	14.7	14.8
Gross profit	124.5	103.9	336.9	309.4
Orenitram
Net product sales, cost of product sales and gross profit by product
Net product sales	74.7	62	219.1	174.4
Cost of product sales	5.1	3.5	13.7	12.3
Gross profit	69.6	58.5	205.4	162.1
Unituxin
Net product sales, cost of product sales and gross profit by product
Net product sales	37.6	30.1	93.2	80.1
Cost of product sales	2.9	4.1	9.1	11.4
Gross profit	34.7	26	84.1	68.7
Adcirca
Net product sales, cost of product sales and gross profit by product
Net product sales	13.8	30.3	45.7	79.4
Cost of product sales	6.1	13	19.6	34.2
Gross profit	$ 7.7	$ 17.3	$ 26.1	$ 45.2

Segment Information - Geographi

Segment Information - Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues from external customers by geographic area
Total revenues	$ 380.1	$ 401.5	$ 1,098.4	$ 1,137.7
United States
Revenues from external customers by geographic area
Total revenues	369	359.4	1,046.5	1,028.4
Rest-of-World
Revenues from external customers by geographic area
Total revenues	$ 11.1	$ 42.1	$ 51.9	$ 109.3

Segment Information - Concentra

Segment Information - Concentration Risk (Details) - distributor	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Information
Number of distributors			2
Net revenues | Customer concentration | Distributor 1
Segment Information
Concentration risk, percentage	56.00%	53.00%	56.00%	55.00%
Net revenues | Customer concentration | Distributor 2
Segment Information
Concentration risk, percentage	28.00%	21.00%	27.00%	21.00%

Litigation (Details)

Litigation (Details) - Liquidia Technologies, Inc. [Member] - petition	Mar. 30, 2020	Apr. 30, 2020
Litigation
Number of petitions	2
Time period to file a preliminary response to the petitions		45 days
Maximum period for which the FDA is automatically precluded from approving ANDA		30 months

Arena License Agreement (Detail

Arena License Agreement (Details) - Arena Pharmaceuticals, Inc. - USD ($) $ in Millions	Jan. 24, 2019	Sep. 30, 2019
Collaborative Arrangement and Arrangement Other than Collaborative
Upfront payment	$ 800	$ 800
Marketing Approval In United States | Scenario, Plan
Collaborative Arrangement and Arrangement Other than Collaborative
Milestone payment to be made upon marketing approval	250
Marketing Approval In Any Of Japan France Italy United Kingdom Spain Or Germany | Scenario, Plan
Collaborative Arrangement and Arrangement Other than Collaborative
Milestone payment to be made upon marketing approval	$ 150