Exelixis (EXEL) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 24, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	000-30235
Entity Registrant Name	EXELIXIS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3257395
Entity Address, Address Line One	1851 Harbor Bay Parkway
Entity Address, City or Town	Alameda,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94502
City Area Code	650
Local Phone Number	837-7000
Title of 12(b) Security	Common Stock $.001 Par Value per Share
Trading Symbol	EXEL
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 (in shares)		322,561,418
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000939767
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 675,286	$ 647,169
Short-term investments	871,706	819,905
Trade receivables, net	215,015	282,650
Inventory	26,711	27,493
Prepaid expenses and other current assets	52,903	57,530
Total current assets	1,841,621	1,834,747
Long-term investments	551,735	371,112
Property and equipment, net	107,909	104,031
Deferred tax assets, net	116,415	111,663
Goodwill	63,684	63,684
Other long-term assets	280,008	131,002
Total assets	2,961,372	2,616,239
Current liabilities:
Accounts payable	30,572	24,258
Accrued compensation and benefits	66,927	61,969
Accrued clinical trial liabilities	62,057	77,544
Rebates and fees due to customers	43,791	33,700
Accrued collaboration liabilities	18,277	86,753
Other current liabilities	80,109	53,366
Total current liabilities	301,733	337,590
Long-term portion of deferred revenues	6,491	8,739
Long-term portion of operating lease liabilities	159,838	51,272
Other long-term liabilities	1,908	8,023
Total liabilities	469,970	405,624
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares issued	0	0
Common stock, $0.001 par value; 400,000 shares authorized; issued and outstanding: 322,541 and 318,842 at September 30, 2022, and December 31, 2021, respectively	323	319
Additional paid-in capital	2,512,669	2,427,561
Accumulated other comprehensive loss	(17,538)	(758)
Accumulated deficit	(4,052)	(216,507)
Total stockholders' equity	2,491,402	2,210,615
Total liabilities and stockholders' equity	$ 2,961,372	$ 2,616,239

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Preferred stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	10,000,000	10,000,000
Shares issued (in shares)	0	0
Common stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	400,000,000	400,000,000
Shares issued (in shares)	322,541,000	318,842,000
Shares outstanding (in shares)	322,541,000	318,842,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Revenues:
Total revenues	$ 411,738	$ 328,423	$ 1,187,145	$ 983,830
Operating expenses:
Cost of goods sold	15,305	11,874	41,989	39,956
Research and development	198,837	163,370	554,989	471,448
Selling, general and administrative	114,983	101,558	340,605	302,404
Total operating expenses	329,125	276,802	937,583	813,808
Income from operations	82,613	51,621	249,562	170,022
Interest income	9,498	1,658	16,077	6,231
Other income (expense), net	(69)	(19)	140	(120)
Income before income taxes	92,042	53,260	265,779	176,133
Provision for income taxes	18,832	15,056	53,324	40,236
Net income	$ 73,210	$ 38,204	$ 212,455	$ 135,897
Net income per share:
Basic (in dollars per share)	$ 0.23	$ 0.12	$ 0.66	$ 0.43
Diluted (in dollars per share)	$ 0.23	$ 0.12	$ 0.65	$ 0.42
Weighted-average common shares outstanding:
Basic (in shares)	322,148	315,380	320,949	313,990
Diluted (in shares)	325,066	322,022	324,420	322,084
Net product revenues
Revenues:
Total revenues	$ 366,482	$ 263,117	$ 1,023,824	$ 774,577
License revenues
Revenues:
Total revenues	34,384	49,694	123,977	116,862
Collaboration services revenues
Revenues:
Total revenues	$ 10,872	$ 15,612	$ 39,344	$ 92,391

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 73,210	$ 38,204	$ 212,455	$ 135,897
Other comprehensive loss:
Net unrealized losses on available-for-sale debt securities, net of tax impact of $2,457, $193, $4,752 and $949, respectively	(8,621)	(504)	(16,780)	(2,995)
Comprehensive income	$ 64,589	$ 37,700	$ 195,675	$ 132,902

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Statement of Comprehensive Income [Abstract]
Net unrealized gains (losses) on available-for-sale debt securities, net of tax impact	$ 2,457	$ 193	$ 4,752	$ 949

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Jan. 01, 2021		311,627
Beginning balance at Jan. 01, 2021	$ 1,879,113	$ 312	$ 2,321,895	$ 4,476	$ (447,570)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	135,897				135,897
Other comprehensive loss	(2,995)			(2,995)
Issuance of common stock under equity incentive plans and stock purchase plan (in shares)		4,678
Issuance of common stock under equity incentive plans and stock purchase plan	18,792	$ 4	18,788
Stock transactions associated with taxes withheld on equity awards	(15,371)		(15,371)
Stock-based compensation	97,011		97,011
Ending balance (in shares) at Oct. 01, 2021		316,305
Ending balance at Oct. 01, 2021	2,112,447	$ 316	2,422,323	1,481	(311,673)
Beginning balance (in shares) at Jul. 02, 2021		314,822
Beginning balance at Jul. 02, 2021	2,043,077	$ 315	2,390,654	1,985	(349,877)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38,204				38,204
Other comprehensive loss	(504)			(504)
Issuance of common stock under equity incentive plans and stock purchase plan (in shares)		1,483
Issuance of common stock under equity incentive plans and stock purchase plan	3,305	$ 1	3,304
Stock transactions associated with taxes withheld on equity awards	(5,958)		(5,958)
Stock-based compensation	34,323		34,323
Ending balance (in shares) at Oct. 01, 2021		316,305
Ending balance at Oct. 01, 2021	$ 2,112,447	$ 316	2,422,323	1,481	(311,673)
Beginning balance (in shares) at Dec. 31, 2021	318,842	318,842
Beginning balance at Dec. 31, 2021	$ 2,210,615	$ 319	2,427,561	(758)	(216,507)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	212,455				212,455
Other comprehensive loss	(16,780)			(16,780)
Issuance of common stock under equity incentive plans and stock purchase plan (in shares)		3,699
Issuance of common stock under equity incentive plans and stock purchase plan	18,680	$ 4	18,676
Stock transactions associated with taxes withheld on equity awards	(16,091)		(16,091)
Stock-based compensation	$ 82,523		82,523
Ending balance (in shares) at Sep. 30, 2022	322,541	322,541
Ending balance at Sep. 30, 2022	$ 2,491,402	$ 323	2,512,669	(17,538)	(4,052)
Beginning balance (in shares) at Jul. 01, 2022		321,800
Beginning balance at Jul. 01, 2022	2,391,260	$ 322	2,477,117	(8,917)	(77,262)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73,210				73,210
Other comprehensive loss	(8,621)			(8,621)
Issuance of common stock under equity incentive plans and stock purchase plan (in shares)		741
Issuance of common stock under equity incentive plans and stock purchase plan	2,848	$ 1	2,847
Stock transactions associated with taxes withheld on equity awards	(4,906)		(4,906)
Stock-based compensation	$ 37,611		37,611
Ending balance (in shares) at Sep. 30, 2022	322,541	322,541
Ending balance at Sep. 30, 2022	$ 2,491,402	$ 323	$ 2,512,669	$ (17,538)	$ (4,052)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021
Statement of Cash Flows [Abstract]
Net income	$ 212,455	$ 135,897
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,929	11,699
Stock-based compensation	81,718	96,654
Non-cash lease expense	11,931	3,952
Deferred taxes	0	32,365
Other, net	7,390	35,871
Changes in operating assets and liabilities:
Trade receivables, net	66,890	(20,124)
Inventory	(9,836)	(26,956)
Prepaid expenses and other assets	(35,166)	(24,252)
Deferred revenue	(3,130)	11,434
Accrued collaboration liabilities	(64,976)	13,947
Accounts payable and other liabilities	6,715	33,865
Net cash provided by operating activities	288,920	304,352
Cash flows from investing activities:
Purchases of property, equipment and other	(25,989)	(48,265)
Purchases of investments	(1,079,411)	(1,077,377)
Proceeds from maturities and sales of investments	826,768	1,095,813
Net cash used in investing activities	(278,632)	(29,829)
Cash flows from financing activities:
Proceeds from issuance of common stock under equity incentive plans	18,680	18,242
Taxes paid related to net share settlement of equity awards	(16,091)	(15,049)
Net cash provided by financing activities	2,589	3,193
Net increase in cash, cash equivalents, and restricted cash equivalents	12,877	277,716
Cash, cash equivalents and restricted cash equivalents at beginning of period	663,891	320,772
Cash, cash equivalents and restricted cash equivalents at end of period	676,768	598,488
Non-cash operating activities:
Right-of-use assets obtained in exchange for lease obligations	121,958	4,893
Non-cash investing activities:
Unpaid liabilities incurred for purchases of property and equipment	1,643	5,143
Unpaid liabilities incurred in asset acquisition	$ 500	$ 9,000

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Exelixis, Inc. (Exelixis, we, our or us) is an oncology-focused biotechnology company that strives to accelerate the discovery, development and commercialization of new medicines for patients with difficult-to-treat cancers. Using our considerable drug discovery, development and commercialization resources and capabilities, we have invented and brought to market innovative therapies that appropriately balance patient benefits and risks; we will continue to build on this foundation as we strive to provide cancer patients with new treatment options that improve upon current standards of care. Today, four products that originated in Exelixis laboratories are available to be prescribed to patients. Sales related to our flagship molecule, cabozantinib, account for the large majority of our revenues. Cabozantinib is an inhibitor of multiple tyrosine kinases including MET, AXL, VEGF receptors and RET and has been approved by the U.S. Food and Drug Administration (FDA) and in 62 other countries as: CABOMETYX® (cabozantinib) tablets approved for advanced renal cell carcinoma (RCC), both alone and in combination with Bristol-Myers Squibb Company’s (BMS) OPDIVO® (nivolumab), for previously treated hepatocellular carcinoma (HCC) and, currently by the FDA and European Commission (EC), for previously treated, radioactive iodine (RAI)-refractory differentiated thyroid cancer (DTC); and COMETRIQ® (cabozantinib) capsules approved for progressive, metastatic medullary thyroid cancer (MTC). For physicians treating these types of cancer, cabozantinib has become or is becoming an important medicine in their selection of effective therapies. The other two products resulting from our discovery efforts are: COTELLIC® (cobimetinib), an inhibitor of MEK approved as part of multiple combination regimens to treat specific forms of advanced melanoma and marketed under a collaboration with Genentech, Inc. a member of the Roche Group (Genentech); and MINNEBRO® (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor approved for the treatment of hypertension in Japan and licensed to Daiichi Sankyo Company, Limited (Daiichi Sankyo). Basis of Presentation The accompanying Condensed Consolidated Financial Statements include the accounts of Exelixis and those of our wholly owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial statements for the periods presented have been included. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any future period. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with our Consolidated Financial Statements and Notes included in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 18, 2022 (Fiscal 2021 Form 10-K). We have adopted a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31 st . Fiscal year 2022, which is a 52-week fiscal year, will end on December 30, 2022 and fiscal year 2021, which was a 52-week fiscal year, ended on December 31, 2021. For convenience, references in this report as of and for the fiscal period ended October 1, 2021, and as of and for the fiscal year ending December 30, 2022 are indicated as being as of and for the period ended September 30, 2021, and the year ending December 31, 2022, respectively. Segment Information We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our Chief Executive Officer uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. All of our long-lived assets are located in the U.S. See “Note 2. Revenues” for enterprise-wide disclosures about product sales, revenues from major customers and revenues by geographic region. Use of Estimates The preparation of the accompanying Condensed Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. On an ongoing basis, we evaluate our significant estimates. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. Reclassifications Certain prior period amounts in the accompanying Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. Such reclassifications did not impact previously reported total revenues, income from operations, net income, total assets, total liabilities or total stockholders’ equity. Significant Accounting Policies There have been no material changes to our significant accounting policies during the nine months ended September 30, 2022, compared to the significant accounting policies disclosed in “Note 1. Organization and Summary of Significant Accounting Policies” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2021 Form 10-K. Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted by us since the filing of our Fiscal 2021 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted There were no new accounting pronouncements issued since the filing of our Fiscal 2021 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Revenues consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Product revenues: Gross product revenues $ 496,141 $ 357,462 $ 1,427,451 $ 1,051,871 Discounts and allowances (129,659) (94,345) (403,627) (277,294) Net product revenues 366,482 263,117 1,023,824 774,577 Collaboration revenues: License revenues 34,384 49,694 123,977 116,862 Collaboration services revenues 10,872 15,612 39,344 92,391 Total collaboration revenues 45,256 65,306 163,321 209,253 Total revenues $ 411,738 $ 328,423 $ 1,187,145 $ 983,830 The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Affiliates of McKesson Corporation 18 % 15 % 18 % 15 % Affiliates of CVS Health Corporation 19 % 16 % 17 % 15 % Affiliates of AmerisourceBergen Corporation 18 % 16 % 16 % 14 % Ipsen Pharma SAS 8 % 12 % 11 % 17 % Accredo Health, Incorporated 11 % 9 % 10 % 8 % The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows: September 30, 2022 December 31, 2021 Affiliates of McKesson Corporation 23 % 10 % Ipsen Pharma SAS 21 % 50 % Affiliates of AmerisourceBergen Corporation 20 % 11 % Affiliates of CVS Health Corporation 15 % 9 % Revenues by geographic region were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S. $ 369,480 $ 266,436 $ 1,033,160 $ 783,583 Europe 34,818 38,095 131,585 162,822 Japan 7,440 23,892 22,400 37,425 Total revenues $ 411,738 $ 328,423 $ 1,187,145 $ 983,830 Total revenues include net product revenues attributed to geographic regions based on the ship-to location and license and collaboration services revenues attributed to geographic regions based on the location of our collaboration partners’ headquarters. Net product revenues and license revenues are recorded in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). License revenues include the recognition of the portion of milestone payments allocated to the transfer of intellectual property licenses for which it had become probable in the current period that the milestone would be achieved and a significant reversal of revenues would not occur, as well as royalty revenues and our share of profits under our collaboration agreement with Genentech. Collaboration services revenues were recorded in accordance with ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 and by analogy to Topic 606. Collaboration services revenues include the recognition of deferred revenues for the portion of upfront and milestone payments allocated to our research and development services performance obligations, development cost reimbursements earned under our collaboration agreements, product supply revenues, net of product supply costs, and the royalties we paid on sales of products containing cabozantinib by our collaboration partners. Net product revenues by product were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 CABOMETYX $ 361,385 $ 259,791 $ 1,003,356 $ 759,000 COMETRIQ 5,097 3,326 20,468 15,577 Net product revenues $ 366,482 $ 263,117 $ 1,023,824 $ 774,577 Product Sales Discounts and Allowances The activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows (in thousands): Chargebacks, Discounts for Prompt Payment and Other Other Customer Credits/Fees and Co-pay Assistance Rebates Total Balance at December 31, 2021 $ 14,625 $ 8,875 $ 24,825 $ 48,325 Provision related to sales made in: Current period 261,143 36,847 105,280 403,270 Prior periods 632 (169) (106) 357 Payments and customer credits issued (255,002) (32,765) (98,996) (386,763) Balance at September 30, 2022 $ 21,398 $ 12,788 $ 31,003 $ 65,189 The allowance for chargebacks, discounts for prompt payment and other are recorded as a reduction of trade receivables, net, and the remaining reserves are recorded as rebates and fees due to customers in the accompanying Condensed Consolidated Balance Sheets. Contract Assets and Liabilities We receive payments from our collaboration partners based on billing schedules established in each contract. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We may also recognize revenue in advance of the contractual billing schedule, and such amounts are recorded as a contract asset when recognized. We may be required to defer recognition of revenue for upfront and milestone payments until we perform our obligations under these arrangements, and such amounts are recorded as deferred revenue upon receipt or when due. For those contracts that have multiple performance obligations, contract assets and liabilities are reported on a net basis at the contract level. Contract assets are primarily related to Ipsen Pharma SAS (Ipsen) and contract liabilities are primarily related to deferred revenues from Takeda Pharmaceutical Company Limited (Takeda). Contract assets and liabilities were as follows (in thousands): September 30, 2022 December 31, 2021 Contract assets (1) $ 364 $ 1,665 Contract liabilities: Current portion (2) $ 6,932 $ 7,814 Long-term portion (3) 6,491 8,739 Total contract liabilities $ 13,423 $ 16,553 ____________________ (1) Presented in other long-term assets in the accompanying Condensed Consolidated Balance Sheets. (2) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets. (3) Presented in the long-term portion of deferred revenues in the accompanying Condensed Consolidated Balance Sheets During the nine months ended September 30, 2022 and 2021, we recognized $6.6 million and $6.8 million, respectively, in revenues that were included in the beginning deferred revenues balance for those periods. During the three and nine months ended September 30, 2022, we recognized $33.9 million and $125.0 million, respectively, in revenues for performance obligations satisfied in previous periods, as compared to $48.4 million and $116.2 million for the corresponding prior year periods. Such revenues were primarily related to royalty payments allocated to the license performance obligations for our collaborations with Ipsen, Takeda, Daiichi Sankyo and Genentech and the recognition of license revenue for the achievement of milestones during the second quarter of 2022, allocated to the license performance obligations for our collaboration with Ipsen. As of September 30, 2022, $83.1 million of t he co mbined transaction prices for our Ipsen a nd Takeda collaborations were allocated to our research and development services performance obligations that had not yet been satisfied. See “Note 3. Collaboration Agreements and Business Development Activities” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2021 Form 10-K for additional information about the expected timing to satisfy these performance obligations.

Collaboration Agreements And Bu

Collaboration Agreements And Business Development Activities	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COLLABORATION AGREEMENTS AND BUSINESS DEVELOPMENT ACTIVITIES	COLLABORATION AGREEMENTS AND BUSINESS DEVELOPMENT ACTIVITIES We have established multiple collaborations with leading pharmaceutical companies for the commercialization and further development of our cabozantinib franchise. Additionally, we have entered into several research collaborations, in-licensing arrangements and other strategic transactions to further enhance our early-stage pipeline and expand our ability to discover, develop and commercialize novel therapies with the goal of providing new treatment options for cancer patients and their physicians. Historically, we also entered into other collaborations with leading pharmaceutical companies pursuant to which we out-licensed other compounds and programs in our portfolio. See “Note 3. Collaboration Agreements and Business Development Activities” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2021 Form 10-K, as further described below, for additional information on certain of our collaboration agreements and in-licensing arrangements. Cabozantinib Commercial Collaborations Ipsen Collaboration In February 2016, we entered into a collaboration agreement with Ipsen for the commercialization and further development of cabozantinib. Under the terms of the collaboration agreement, as amended, Ipsen received exclusive commercialization rights for current and potential future cabozantinib indications outside of the U.S. and Japan. We have also agreed to collaborate with Ipsen on the development of cabozantinib for current and potential future indications. The parties’ efforts are governed through a joint steering committee and appropriate subcommittees established to guide and oversee the collaboration’s operation and strategic direction; provided, however, that we retain final decision-making authority with respect to cabozantinib’s ongoing development. Revenues under the collaboration agreement with Ipsen were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 License revenues $ 27,607 $ 25,139 $ 103,389 $ 81,246 Collaboration services revenues 7,211 12,956 28,196 81,576 Total $ 34,818 $ 38,095 $ 131,585 $ 162,822 During the nine months ended September 30, 2022, we recognized $25.8 million in revenues in connection with two regulatory milestones totaling $27.0 million upon approval by the European Commission and Health Canada, of cabozantinib as monotherapy for the treatment of adult patients with locally advanced or metastatic differentiated thyroid carcinoma (DTC), refractory or not eligible to RAI who have progressed during or after prior systemic therapy. As of September 30, 2022, $49.3 million of the transaction price for this collaboration was allocated to our research and development services performance obligations that have not yet been satisfied. Takeda Collaboration In January 2017, we entered into a collaboration and license agreement with Takeda for the commercialization and further development of cabozantinib. Pursuant to this collaboration and license agreement, as amended, Takeda has exclusive commercialization rights for current and potential future cabozantinib indications in Japan, and the parties have agreed to collaborate on the clinical development of cabozantinib in Japan. The operation and strategic direction of the parties’ collaboration is governed through a joint executive committee and appropriate subcommittees. Revenues under the collaboration agreement with Takeda were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 License revenues $ 2,690 $ 20,078 $ 7,755 $ 23,476 Collaboration services revenues 3,661 2,656 11,148 10,815 Total $ 6,351 $ 22,734 $ 18,903 $ 34,291 As of September 30, 2022 , $33.8 million of the transaction price for this collaboration was allocated to our research and development services performance obligations that have not yet been satisfied. Royalty Pharma In October 2002, we established a product development and commercialization collaboration agreement with GlaxoSmithKline (GSK), that required us to pay a 3% royalty to GSK on the worldwide net sales of any product incorporating cabozantinib sold by us and our collaboration partners. Effective January 1, 2021, Royalty Pharma plc (Royalty Pharma) acquired from GSK all rights, title and interest in royalties on net product sales containing cabozantinib for non-U.S. markets for the full term of the royalty and for U.S. market through September 2026, after which time U.S. royalties will revert back to GSK. Royalties earned by Royalty Pharma in connection with our sales of cabozantinib are included in cost of goods sold and in connection with sales by our collaboration partners are included as a reduction of collaboration services revenues. Such royalties were $14.9 million and $42.6 million during the three and nine months ended September 30, 2022, respectively, as compared to $11.5 million and $33.7 million for the corresponding prior year periods. Other Commercial Collaborations Genentech Collaboration In December 2006, we out-licensed the development and commercialization of cobimetinib to Genentech under a worldwide collaboration agreement. In November 2015, the FDA approved cobimetinib, under the brand name COTELLIC, in combination with Genentech’s ZELBORAF® (vemurafenib) for the treatment of patients with BRAF V600E or V600K mutation-positive advanced melanoma. COTELLIC in combination with ZELBORAF has also been approved in the European Union and multiple additional countries for use in the same indication. In July 2020, the FDA also approved COTELLIC for use in combination with ZELBORAF and TECENTRIQ® (atezolizumab) for the treatment of patients with BRAF V600 mutation-positive advanced melanoma in previously untreated patients. License revenues under the collaboration agreement with Genentech were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Profits on U.S. commercialization $ 1,504 $ 1,743 $ 5,325 $ 5,697 Royalty revenues on ex-U.S. sales $ 1,494 $ 1,576 $ 4,011 $ 3,309 Research Collaborations, In-Licensing Arrangements and Other Business Development Activities Our research collaborations, in-licensing arrangements and other strategic transactions include upfront payments, which are generally paid upon the closing of the transaction, and also milestone payments (in connection with development, regulatory or commercial achievements) and royalty payments, which are contingent upon the occurrence of certain future events linked to the success of the asset in development. Certain of our research collaborations and in-licensing arrangements provide us exclusive options that give us the right to license programs developed under the research collaborations for further discovery and development. When we decide to exercise an option, we are required to pay an exercise fee and then, in most instances, we will assume the responsibilities for all subsequent clinical development, manufacturing and commercialization of the licensed asset. In June 2022, we entered into an exclusive option and license agreement with BioInvent International AB (BioInvent), upon which we paid an upfront payment of $25.0 million. Upon option exercise, we will pay BioInvent an option exercise fee, and BioInvent will be eligible for additional payments from us for future development and commercial milestones, as well as royalties on our future net product sales. In July 2022, we entered into an exclusive license agreement with Ryvu Therapeutics S.A. (Ryvu) and paid an upfront payment of $3.0 million. Ryvu is eligible for potential future development and commercial milestones as well as royalties on future net product sales. As of September 30, 2022, in conjunction with each of our research collaborations and in-licensing arrangements, and an asset purchase agreement entered into in 2021, we are subject to contingent payments for potential future development milestones of up to $364.7 million, regulatory milestones of up to $453.4 million and commercial milestones of up to $2,443.4 million, each in the aggregate per product or target, as well as royalties on future net product sales.

Cash and Investments

Cash and Investments	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
CASH AND INVESTMENTS	CASH AND INVESTMENTS Cash, Cash Equivalents and Restricted Cash Equivalents A reconciliation of cash, cash equivalents, and restricted cash equivalents reported in the accompanying Condensed Consolidated Balance Sheets to the amount reported within the accompanying Condensed Consolidated Statements of Cash Flows was as follows (in thousands): September 30, 2022 December 31, 2021 Cash and cash equivalents $ 675,286 $ 647,169 Restricted cash equivalents included in other long-term assets 1,482 16,722 Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows $ 676,768 $ 663,891 Restricted cash equivalents are used to collateralize letters of credit and consist of money-market funds and certificates of deposit with original maturities of 90 days or less. The restricted cash equivalents are classified as other long-term assets based upon the remaining term of the underlying restriction. The standby letter of credit entered in January 2021, as a guarantee of our obligation to fund our portion of the tenant improvements related to our Alameda build-to-suit lease was terminated and the related collateral was returned in the third quarter of 2022, following the substantial completion of the building and the commencement of the lease. Cash, Cash Equivalents, Restricted Cash Equivalents and Investments Cash, cash equivalents, restricted cash equivalents and investments consisted of the following (in thousands): September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available-for-sale: Commercial paper $ 874,220 $ — $ (364) $ 873,856 Corporate bonds 633,617 — (15,495) 618,122 U.S. Treasury and government-sponsored enterprises 307,494 — (6,157) 301,337 Municipal bonds 16,565 — (312) 16,253 Total debt securities available-for-sale 1,831,896 — (22,328) 1,809,568 Cash 113,492 — — 113,492 Money market funds 62,968 — — 62,968 Certificates of deposit 114,181 — — 114,181 Total cash, cash equivalents, restricted cash equivalents and investments $ 2,122,537 $ — $ (22,328) $ 2,100,209 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available-for-sale: Commercial paper $ 945,801 $ 42 $ (2) $ 945,841 Corporate bonds 541,774 876 (1,672) 540,978 U.S. Treasury and government-sponsored enterprises 33,965 1 (21) 33,945 Municipal bonds 12,924 15 (35) 12,904 Total debt securities available-for-sale 1,534,464 934 (1,730) 1,533,668 Cash 135,653 — — 135,653 Money market funds 66,531 — — 66,531 Certificates of deposit 119,056 — — 119,056 Total cash, cash equivalents, restricted cash equivalents and investments $ 1,855,704 $ 934 $ (1,730) $ 1,854,908 Interest receivable was $4.8 million and $2.9 million as of September 30, 2022 and December 31, 2021, respectively, and is included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets. Realized gains and losses on the sales of investments were insignificant during the three and nine months ended September 30, 2022 and 2021. We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and limits the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands): September 30, 2022 Fair Value Gross Unrealized Losses Corporate bonds $ 613,122 $ (15,495) U.S. Treasury and government-sponsored enterprises 301,337 (6,157) Commercial paper 36,636 (364) Municipal bonds 16,073 (312) Total $ 967,168 $ (22,328) December 31, 2021 Fair Value Gross Unrealized Losses Corporate bonds $ 385,053 $ (1,672) Commercial paper 43,290 (2) U.S. Treasury and government-sponsored enterprises 18,962 (21) Municipal bonds 7,475 (35) Total $ 454,780 $ (1,730) There were 276 and 133 investments in an unrealized loss position as of September 30, 2022 and December 31, 2021, respectively. All securities presented above have been in an unrealized loss position for less than twelve months except for 25 corporate bond securities and 1 municipal bond security with an aggregate fair value of $64.0 million and an aggregate $2.4 million unrealized loss as of September 30, 2022 . During the nine months ended September 30, 2022 and 2021, we did not record an allowance for credit losses or other impairment charges on our investment securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our investments, we determined that it was more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis. The fair value of debt securities available-for-sale by contractual maturity was as follows (in thousands): September 30, 2022 December 31, 2021 Maturing in one year or less $ 1,260,834 $ 1,168,256 Maturing after one year through five years 548,734 365,412 Total debt securities available-for-sale $ 1,809,568 $ 1,533,668

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels: • Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities; • Level 2 - inputs other than level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets; and • Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement. The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands): September 30, 2022 Level 1 Level 2 Total Commercial paper $ — $ 873,856 $ 873,856 Corporate bonds — 618,122 618,122 U.S. Treasury and government-sponsored enterprises — 301,337 301,337 Municipal bonds — 16,253 16,253 Total debt securities available-for-sale — 1,809,568 1,809,568 Money market funds 62,968 — 62,968 Certificates of deposit — 114,181 114,181 Total financial assets carried at fair value $ 62,968 $ 1,923,749 $ 1,986,717 December 31, 2021 Level 1 Level 2 Total Commercial paper $ — $ 945,841 $ 945,841 Corporate bonds — 540,978 540,978 U.S. Treasury and government-sponsored enterprises — 33,945 33,945 Municipal bonds — 12,904 12,904 Total debt securities available-for-sale — 1,533,668 1,533,668 Money market funds 66,531 — 66,531 Certificates of deposit — 119,056 119,056 Total financial assets carried at fair value $ 66,531 $ 1,652,724 $ 1,719,255 When available, we value investments based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining investments are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing, which is a Level 2 input. The carrying amount of our remaining financial assets and liabilities, which include cash, receivables and payables, approximate their fair values due to their short-term nature. Forward Foreign Currency Contracts We have entered into forward contracts to hedge certain operational exposures for the changes in foreign currency exchanges rates associated with assets or liabilities denominated in foreign currencies, primarily the Euro. As of September 30, 2022 , we had one forward contract outstanding to sell €10.0 million. The forward contract with a maturity of three months is recorded at fair value and is included in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The unrealized loss on the forward contract is not material as of September 30, 2022. The forward contract is considered a Level 2 in the fair value hierarchy of our fair value measurements. For the nine months period ended September 30, 2022, and 2021, we recognized $1.5 million and $0.5 million, respectively, of net gains on the maturity of our forward contracts, which is included in other income (expense), net on our Condensed Consolidated Statements of Income.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY Inventory consisted of the following (in thousands): September 30, 2022 December 31, 2021 Raw materials $ 9,447 $ 8,867 Work in process 39,380 27,717 Finished goods 11,325 12,927 Total $ 60,152 $ 49,511 Balance Sheet classification: Current portion included in inventory $ 26,711 $ 27,493 Long-term portion included in other long-term assets 33,441 22,018 Total $ 60,152 $ 49,511

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION We allocated the stock-based compensation expense for our equity incentive plans and our Employee Stock Purchase Plan (ESPP) as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 16,438 $ 11,487 $ 34,886 $ 37,550 Selling, general and administrative 20,899 22,479 46,832 59,104 Total stock-based compensation expense $ 37,337 $ 33,966 $ 81,718 $ 96,654 Stock-based compensation for each type of award under our equity incentive plans and ESPP were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options $ 3,299 $ 4,607 $ 10,470 $ 15,203 Restricted stock units 22,233 13,721 54,234 40,802 Performance stock units 11,331 14,971 14,621 37,616 ESPP 474 667 2,393 3,033 Total stock-based compensation expense $ 37,337 $ 33,966 $ 81,718 $ 96,654 On May 25, 2022, at the 2022 Annual Meeting of Stockholders, our stockholders approved the amendment and restatement of Exelixis, Inc. 2017 Equity Incentive Plan (as amended and restated, the 2017 Plan). The amendment and restatement increased the share reserve under the 2017 Plan by 28,500,000 shares. As of September 30, 2022, 31,485,656 sh ares were available for grant under the 2017 Plan. The share reserve is reduced by 1 share for each share issued pursuant to a stock option and 2 shares for full value awards, including restricted stock units (RSUs). During the nine months ended September 30, 2022, we granted 588,862 stock options with a weighted average exercise price of $19.99 per share and a weighted average grant date fair value of $8.36 per s hare. As of September 30, 2022 , there were 11,416,151 stock options outstanding and $19.6 million of related unrecognized compensation expense. In March 2022, we awarded to certain employees an aggregate of 1,003,482 (the target amount) RSUs that are subject to a total shareholder return (TSR) market condition (the TSR-based RSUs). The TSR market condition is based on our relative TSR percentile rank compared to companies in the NASDAQ Biotechnology Index during the performance period, which is January 1, 2022 through January 3, 2025. Depending on the results relative to the TSR market condition, the holders of the TSR-based RSUs may earn up to 175% of the target amount of shares. 50% of the shares earned pursuant to the TSR-based RSU awards will vest at the end of the performance period, and the remainder will vest approximately one year later, subject to employee’s continuous service. These TSR-based RSUs will be forfeited if the market condition at or above a threshold level is not achieved at the end of the performance period on January 3, 2025. We used a Monte Carlo simulation model and the following assumptions to determine the grant date fair value of $33.17 per share for the TSR-based RSUs: Fair value of the Company’s common stock on grant date $ 20.70 Expected volatility 46.85 % Risk-free interest rate 1.59 % Dividend yield — % The Monte Carlo simulation model also assumed correlations of returns of the stock prices of the Company’s common stock and the common stock of a peer group of companies and historical stock price volatility of the peer group of companies. The valuation model also used terms based on the length of the performance period and compound annual growth rate goals for total stockholder return based on the provisions of the award. During the nine months ended September 30, 2022, we granted 5,292,088 service-based RSUs with a weighted average grant date fair value of $20.56 per share. As of September 30, 2022 , there were 11,864,173 RSUs outstanding, including the TSR-based RSUs, and $193.8 million of related unrecognized compensation expense. Stock options and service-based RSUs granted to employees during the nine months ended September 30, 2022 have vesting conditions and contractual lives of a similar nature to those described in “Note 8. Employee Benefit Plans” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of our Fiscal 2021 Form 10-K. As of September 30, 2022 , there were 5,367,906 performance-based restricted stock units (PSUs) outstanding and $101.0 million of related unrecognized stock-based compensation expense. Expense recognition for PSUs commences when it is determined that achievement of the performance target is probable. During the three months ended September 30, 2022, we achieved a performance condition for threshold achievement for 495,886 PSUs granted during 2020 (the 2020 PSUs) and have recognized $9.7 million of stock-based compensation expense related to the 2020 PSUs during the three

Provision For Income Taxes

Provision For Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	PROVISION FOR INCOME TAXES The effective tax rates for the three and nine months ended September 30, 2022, were 20.5% and 20.1% respectively, as compared to 28.3% and 22.8% for the corresponding periods in 2021. The effective tax rates for the three and nine months ended September 30, 2022 differed from the U.S. federal statutory tax rate of 21% primarily due to excess tax benefits related to the exercise of certain stock options during the periods and the generation of federal tax credits, which were partially offset by state taxes. The effective tax rates for the three and nine months ended September 30, 2021 differed from the U.S. federal statutory tax rate of 21% primarily due to non-deductible executive compensation, which was partially offset by excess tax benefits related to the exercise of certain stock options during the periods and the generation of federal tax credits.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE Net income per share - basic and diluted, were computed as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 73,210 $ 38,204 $ 212,455 $ 135,897 Denominator: Weighted-average common shares outstanding — basic 322,148 315,380 320,949 313,990 Dilutive securities 2,918 6,642 3,471 8,094 Weighted-average common shares outstanding — diluted 325,066 322,022 324,420 322,084 Net income per share — basic $ 0.23 $ 0.12 $ 0.66 $ 0.43 Net income per share — diluted $ 0.23 $ 0.12 $ 0.65 $ 0.42 Dilutive securities included outstanding stock options, unvested RSUs, including TSR-based RSUs, PSUs and ESPP contributions. Certain potential common shares were excluded from our calculation of weighted-average common shares outstanding — diluted because either they would have had an anti-dilutive effect on net income per share or they were related to shares from PSUs that were contingently issuable and the contingency had not been satisfied at the end of the reporting period. The weighted-average potential common shares excluded from our calculation were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Anti-dilutive securities and contingently issuable shares excluded 15,059 20,346 15,311 14,213

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Build-to-Suit Lease and Headquarters Lease In April 2022, the office building (New Premises) associated with our October 2019 build-to-suit lease agreement (Build-to-Suit Lease) was substantially completed. The New Premises is 220,517 square feet and is in Alameda, California, adjacent to our existing corporate headquarters. The Build-to-Suit Lease term is 242 months, includes two five-year options to extend the term of the lease and a one-time option to terminate the lease after 180 months. In addition to the monthly lease payments, currently estimated at $0.7 million, subject to an annual increase of 3% during the Term, we are also responsible for paying operating expenses related to the New Premises. On April 15, 2022, the lease commenced for the New Premises. We determined the classification of the lease was an operating lease. Upon commencement of the lease, we recognized a right-of-use asset of $160.9 million inclusive of $44.9 million for the cost of the tenant improvements in excess of the allowance provided by the lessor and an operating lease liability of $116.0 million discounted over 180 months using our estimated incremental borrowing rate of 4.9%. In May 2022, we entered into the seventh amendment to the lease for our corporate headquarters located on Harbor Bay Parkway, Alameda, California (the Alameda Lease). The May 2022 amendment to the Alameda Lease (the Seventh Lease Amendment) provides, among other things, for the expansion of the premises under the Alameda Lease by 34,745 square feet of office facilities located at 1751 Harbor Bay Parkway, Alameda, California (the 1751 Expansion Space). The term for the 1751 Expansion Space will run coterminous with the term of the Alameda Lease for the existing space. In connection with the Seventh Lease Amendment, we remeasured our lease components under the Alameda Lease relating to the existing premises using an incremental borrowing rate of 5.0%. As of June 1, 2022, we have taken possession of the 1751 Expansion Space, and accordingly we have adjusted our right-of-use asset and liability by $4.3 million. Legal Proceedings MSN I ANDA Litigation In September 2019, we received a notice letter regarding an Abbreviated New Drug Application (ANDA) submitted to the FDA by MSN Pharmaceuticals, Inc. (individually and collectively with certain of its affiliates, including MSN Laboratories Private Limited, referred to as MSN), requesting approval to market a generic version of CABOMETYX tablets. MSN’s initial notice letter included a Paragraph IV certification with respect to our U.S. Patents No. 8,877,776 (salt and polymorphic forms), 9,724,342 (formulations), 10,034,873 (methods of treatment) and 10,039,757 (methods of treatment), which are listed in the Approved Drug Products with Therapeutic Equivalence Evaluations, also referred to as the Orange Book, for CABOMETYX. MSN’s initial notice letter did not provide a Paragraph IV certification against U.S. Patents No. 7,579,473 (composition of matter) or 8,497,284 (methods of treatment), each of which is listed in the Orange Book. On October 29, 2019, we filed a complaint in the United States District Court for the District of Delaware (the Delaware District Court) for patent infringement against MSN asserting infringement of U.S. Patent No. 8,877,776 arising from MSN’s ANDA filing with the FDA. On November 20, 2019, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patent No. 8,877,776 are invalid and not infringed. On May 5, 2020, we received notice from MSN that it had amended its ANDA to include additional Paragraph IV certifications. In particular, the May 5, 2020 amended ANDA requested approval to market a generic version of CABOMETYX tablets prior to expiration of two previously unasserted CABOMETYX patents: U.S. Patents No. 7,579,473 and 8,497,284. On May 11, 2020, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of U.S. Patents No. 7,579,473 and 8,497,284 arising from MSN’s amended ANDA filing with the FDA. Neither of our complaints have alleged infringement of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757. On May 22, 2020, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patents No. 7,579,473 and 8,497,284 are invalid and not infringed. On March 23, 2021, MSN filed its First Amended Answer and Counterclaims (amending its prior filing from May 22, 2020), seeking, among other things, a declaratory judgment that U.S. Patent No. 9,809,549 (salt and polymorphic forms) is invalid and would not be infringed by MSN if its generic version of CABOMETYX tablets were approved by the FDA. U.S. Patent No. 9,809,549 is not listed in the Orange Book. On April 7, 2021, we filed our response to MSN’s First Amended Answer and Counterclaims, denying, among other things, that U.S. Patent No. 9,809,549 is invalid or would not be infringed. The two lawsuits comprising this litigation (collectively referred to as MSN I), numbered Civil Action Nos. 19-02017 and 20-00633, were consolidated in April 2021. On October 1, 2021, pursuant to a stipulation between us and MSN, the Delaware District Court entered an order that (i) MSN’s submission of its ANDA constitutes infringement of certain claims relating to U.S. Patents No. 7,579,473 and 8,497,284, if those claims are not found to be invalid, and (ii) upon approval, MSN’s commercial manufacture, use, sale or offer for sale within the U.S., and importation into the U.S., of MSN’s ANDA product prior to the expiration of U.S. Patents No. 7,579,473 and 8,497,284 would also infringe certain claims of each patent, if those claims are not found to be invalid. Then, on October 12, 2021, pursuant to a separate stipulation between us and MSN, the Delaware District Court entered an order dismissing MSN’s counterclaims with respect to U.S. Patent No. 9,809,549. In our MSN I complaints, we are seeking, among other relief, an order that the effective date of any FDA approval of MSN’s ANDA be a date no earlier than the expiration of all of U.S. Patents No. 7,579,473, 8,497,284 and 8,877,776, the latest of which expires on October 8, 2030, and equitable relief enjoining MSN from infringing these patents. In an effort to streamline the case, the parties have narrowed their assertions. On April 8, 2022, MSN withdrew its validity challenge to U.S. Patent No. 8,877,776. On April 14, 2022, we agreed not to assert U.S. Patent No. 8,497,284 at trial and MSN has, correspondingly, agreed to withdraw its validity challenges to U.S. Patent No. 8,497,284, as well as claims 1-4 and 6-7 of U.S. Patent No. 7,579,473. As a result of this narrowing, the trial addressed two issues: (1) infringement of claim 1 of the U.S. Patent No. 8,877,776; and (2) validity of claim 5 of the U.S. Patent No. 7,579,473. A bench trial for MSN I occurred in May 2022, and a judgment is expected during the fourth quarter of 2022. MSN II ANDA Litigation On January 11, 2022, we received notice from MSN that it had further amended its ANDA to assert additional Paragraph IV certifications. In particular, the January 11, 2022 amended ANDA requested approval to market a generic version of CABOMETYX tablets prior to expiration of three previously-unasserted CABOMETYX patents that are now listed in the Orange Book: U.S. Patents No. 11,091,439 (crystalline salt forms), 11,091,440 (pharmaceutical composition) and 11,098,015 (methods of treatment). On February 23, 2022, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 arising from MSN’s further amendment of its ANDA filing with the FDA. On February 25, 2022, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 are invalid and not infringed. On June 7, 2022, we received notice from MSN that it had further amended its ANDA to assert an additional Paragraph IV certification. As currently amended, MSN’s ANDA now requests approval to market a generic version of CABOMETYX tablets prior to expiration of a previously-unasserted CABOMETYX patent that is now listed in the Orange Book: U.S. Patent No. 11,298,349 (pharmaceutical composition). On July 18, 2022, we filed a complaint in the Delaware District Court for patent infringement against MSN asserting infringement of U.S. Patent No. 11,298,349 arising from MSN’s further amendment of its ANDA Filing with the FDA. On August 9, 2022, MSN filed its response to the complaint, alleging that the asserted claims of U.S. Patent No. 11,298,349 are invalid and not infringed. The two lawsuits comprising this litigation (collectively referred to as MSN II), numbered Civil Action Nos. 22-00228 and 22-00945, were consolidated in October 2022 and involve Exelixis patents that are different from those asserted in the MSN I litigation described above. On June 21, 2022, pursuant to a stipulation between us and MSN, the Delaware District Court entered an order that (i) MSN’s submission of its ANDA constitutes infringement of certain claims relating to U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 , if those claims are not found to be invalid, and (ii) upon approval, MSN’s commercial manufacture, use, sale or offer for sale within the U.S., and importation into the U.S., of MSN’s ANDA product prior to the expiration of U.S. Patents No. 11,091,439, 11,091,440 and 11,098,015 would also infringe certain claims of each patent, if those claims are not found to be invalid. In our MSN II complaints, we are seeking, among other remedies, equitable relief enjoining MSN from infringing this patent, as well as an order that the effective date of any FDA approval of MSN’s ANDA would be a date no earlier than the expiration of all of U.S. Patents No. 11,091,439, 11,091,440, 11,098,015 and 11,298,349, the latest of which expires on February 10, 2032. A bench trial for MSN II has been scheduled for October 2023. Teva ANDA Litigation In May 2021, we received notice letters from Teva Pharmaceutical Industries Limited, Teva Pharmaceuticals Development, Inc. and Teva Pharmaceuticals USA, Inc. (individually and collectively referred to as Teva) regarding an ANDA Teva submitted to the FDA, requesting approval to market a generic version of CABOMETYX tablets. Teva’s notice letters included a Paragraph IV certification with respect to our U.S. Patents No. 9,724,342 (formulations), 10,034,873 (methods of treatment) and 10,039,757 (methods of treatment), which are listed in the Orange Book. Teva’s notice letters did not provide a Paragraph IV certification against any additional CABOMETYX patents. On June 17, 2021, we filed a complaint in the Delaware District Court for patent infringement against Teva asserting infringement of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757 arising from Teva’s ANDA filing with the FDA. On August 27, 2021, Teva filed its answer and counterclaims to the complaint, alleging that the asserted claims of U.S. Patents No. 9,724,342, 10,034,873 and 10,039,757 are invalid and not infringed. On September 17, 2021, we filed an answer to Teva’s counterclaims. On July 29, 2022, we received notice from Teva that it had amended its ANDA to assert an additional Paragraph IV certification. As amended, Teva’s ANDA now requests approval to market a generic version of CABOMETYX tablets prior to expiration of a previously-unasserted CABOMETYX patent that is now listed in the Orange Book: U.S. Patent No. 11,298,349 (pharmaceutical composition). On September 2, 2022, we filed a complaint in the Delaware District Court for patent infringement against Teva, asserting infringement of U.S. Patent No. 11,298,349 arising from Teva’s amended ANDA filing with the FDA. We are seeking, among other relief, an order that the effective date of any FDA approval of Teva’s ANDA be a date no earlier than the expiration of all of U.S. Patents No. 9,724,342, 10,034,873, 10,039,757 and 11,298,349, the latest of which expires on July 9, 2033, and equitable relief enjoining Teva from infringing these patents. On September 30, 2022, the parties filed a stipulation to consolidate the two lawsuits, numbered Civil Action Nos. 21-00871 and 22-01168, and to stay all proceedings, which was granted by the Delaware District Court on October 3, 2022. Following a similar order granted by the Delaware District Court on February 9, 2022 to stay all proceedings with respect to Civil Action No. 21-00871, this case remained administratively closed, and Civil Action No. 22-01168 was administratively closed on October 3, 2022. The sale of any generic version of CABOMETYX earlier than its patent expiration could significantly decrease our revenues derived from the U.S. sales of CABOMETYX and thereby materially harm our business, financial condition and results of operations. It is not possible at this time to determine the likelihood of an unfavorable outcome or estimate of the amount or range of any potential loss. We may also from time to time become a party or subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. Some of these proceedings have involved, and may involve in the future, claims that are subject to substantial uncertainties and unascertainable damages.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In November 2022, we entered into an agreement with Cybrexa Therapeutics, LLC (Cybrexa), which provides us the right to acquire CBX-12 (alphalex™ exatecan), a clinical-stage peptide-drug conjugate (PDC) that utilizes Cybrexa’s proprietary alphalex technology to enhance delivery of exatecan to tumor cells. Under the terms of the agreement, we will pay an upfront fee of $60.0 million for a warrant entitling us to the right to acquire the Cybrexa affiliate that controls CBX-12 and related assets, and to fund certain development and manufacturing expenses incurred by Cybrexa to advance CBX-12 during the warrant period. Cybrexa will continue the development of CBX-12 according to an agreed development plan, including phase 1 studies, and may be eligible to receive up to $65.0 million in additional development milestone payments, during the warrant period. We may exercise the warrant for up to $300.0 million based upon our evaluation of a pre-specified clinical data package to be delivered by Cybrexa. Following exercise of the warrant, Cybrexa would be eligible to receive up to $277.5 million in additional payments upon achievement of further development, regulatory and commercial milestones. Sairopa, B.V. (Sairopa) In November 2022, we entered into an exclusive option and license agreement with Sairopa, B.V. (Sairopa). Under the terms of the agreement, we will make an upfront payment of $40.0 million for an option to obtain an exclusive, worldwide license to develop and commercialize ADU-1805 and other anti-SIRPα antibodies, and for certain expenses to be incurred by Sairopa in conducting phase 1 clinical studies of ADU-1805. Sairopa is eligible to receive additional development milestone payments during the option period totaling up to $97.5 million. Following the completion of the clinical studies, we may exercise the option for $225.0 million based upon our evaluation of a pre-specified clinical data package to be delivered by Sairopa. Following the exercise of the option, Sairopa would be eligible to receive up to $465.0 million in additional development, commercial, and net sales milestone payments, as well as tiered royalties on future net sales of products.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	The accompanying Condensed Consolidated Financial Statements include the accounts of Exelixis and those of our wholly owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated.
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial statements for the periods presented have been included. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any future period. The accompanying Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with our Consolidated Financial Statements and Notes included in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 18, 2022 (Fiscal 2021 Form 10-K).
Fiscal Period	We have adopted a 52- or 53-week fiscal year policy that generally ends on the Friday closest to December 31 st
Segment Information	We operate in one business segment that focuses on the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Our Chief Executive Officer, as the chief operating decision-maker, manages and allocates resources to our operations on a total consolidated basis. Consistent with this decision-making process, our Chief Executive Officer uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets.
Use of Estimates	The preparation of the accompanying Condensed Consolidated Financial Statements conforms to accounting principles generally accepted in the U.S., which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. On an ongoing basis, we evaluate our significant estimates. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Reclassifications	Certain prior period amounts in the accompanying Condensed Consolidated Financial Statements have been reclassified to conform to the current period presentation. Such reclassifications did not impact previously reported total revenues, income from operations, net income, total assets, total liabilities or total stockholders’ equity.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted by us since the filing of our Fiscal 2021 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted There were no new accounting pronouncements issued since the filing of our Fiscal 2021 Form 10-K, which could have a significant effect on our Condensed Consolidated Financial Statements.
Revenues	Total revenues include net product revenues attributed to geographic regions based on the ship-to location and license and collaboration services revenues attributed to geographic regions based on the location of our collaboration partners’ headquarters. Net product revenues and license revenues are recorded in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). License revenues include the recognition of the portion of milestone payments allocated to the transfer of intellectual property licenses for which it had become probable in the current period that the milestone would be achieved and a significant reversal of revenues would not occur, as well as royalty revenues and our share of profits under our collaboration agreement with Genentech. Collaboration services revenues were recorded in accordance with ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 and by analogy to Topic 606. Collaboration services revenues include the recognition of deferred revenues for the portion of upfront and milestone payments allocated to our research and development services performance obligations, development cost reimbursements earned under our collaboration agreements, product supply revenues, net of product supply costs, and the royalties we paid on sales of products containing cabozantinib by our collaboration partners. The allowance for chargebacks, discounts for prompt payment and other are recorded as a reduction of trade receivables, net, and the remaining reserves are recorded as rebates and fees due to customers in the accompanying Condensed Consolidated Balance Sheets. Contract Assets and Liabilities We receive payments from our collaboration partners based on billing schedules established in each contract. Amounts are recorded as accounts receivable when our right to consideration is unconditional. We may also recognize revenue in advance of the contractual billing schedule, and such amounts are recorded as a contract asset when recognized. We may be required to defer recognition of revenue for upfront and milestone payments until we perform our obligations under these arrangements, and such amounts are recorded as deferred revenue upon receipt or when due. For those contracts that have multiple performance obligations, contract assets and liabilities are reported on a net basis at the contract level. Contract assets are primarily related to Ipsen Pharma SAS (Ipsen) and contract liabilities are primarily related to deferred revenues from Takeda Pharmaceutical Company Limited (Takeda).

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenues consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Product revenues: Gross product revenues $ 496,141 $ 357,462 $ 1,427,451 $ 1,051,871 Discounts and allowances (129,659) (94,345) (403,627) (277,294) Net product revenues 366,482 263,117 1,023,824 774,577 Collaboration revenues: License revenues 34,384 49,694 123,977 116,862 Collaboration services revenues 10,872 15,612 39,344 92,391 Total collaboration revenues 45,256 65,306 163,321 209,253 Total revenues $ 411,738 $ 328,423 $ 1,187,145 $ 983,830 Net product revenues by product were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 CABOMETYX $ 361,385 $ 259,791 $ 1,003,356 $ 759,000 COMETRIQ 5,097 3,326 20,468 15,577 Net product revenues $ 366,482 $ 263,117 $ 1,023,824 $ 774,577
Schedule of Concentration Risks	The percentage of total revenues by customer who individually accounted for 10% or more of our total revenues were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Affiliates of McKesson Corporation 18 % 15 % 18 % 15 % Affiliates of CVS Health Corporation 19 % 16 % 17 % 15 % Affiliates of AmerisourceBergen Corporation 18 % 16 % 16 % 14 % Ipsen Pharma SAS 8 % 12 % 11 % 17 % Accredo Health, Incorporated 11 % 9 % 10 % 8 % The percentage of trade receivables by customer who individually accounted for 10% or more of our trade receivables were as follows: September 30, 2022 December 31, 2021 Affiliates of McKesson Corporation 23 % 10 % Ipsen Pharma SAS 21 % 50 % Affiliates of AmerisourceBergen Corporation 20 % 11 % Affiliates of CVS Health Corporation 15 % 9 %
Schedule of Revenues Disaggregated by Geographic Region	Revenues by geographic region were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S. $ 369,480 $ 266,436 $ 1,033,160 $ 783,583 Europe 34,818 38,095 131,585 162,822 Japan 7,440 23,892 22,400 37,425 Total revenues $ 411,738 $ 328,423 $ 1,187,145 $ 983,830
Schedule of Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances	The activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows (in thousands): Chargebacks, Discounts for Prompt Payment and Other Other Customer Credits/Fees and Co-pay Assistance Rebates Total Balance at December 31, 2021 $ 14,625 $ 8,875 $ 24,825 $ 48,325 Provision related to sales made in: Current period 261,143 36,847 105,280 403,270 Prior periods 632 (169) (106) 357 Payments and customer credits issued (255,002) (32,765) (98,996) (386,763) Balance at September 30, 2022 $ 21,398 $ 12,788 $ 31,003 $ 65,189
Schedule of Other Assets and Other Liabilities	Contract assets and liabilities were as follows (in thousands): September 30, 2022 December 31, 2021 Contract assets (1) $ 364 $ 1,665 Contract liabilities: Current portion (2) $ 6,932 $ 7,814 Long-term portion (3) 6,491 8,739 Total contract liabilities $ 13,423 $ 16,553 ____________________ (1) Presented in other long-term assets in the accompanying Condensed Consolidated Balance Sheets. (2) Presented in other current liabilities in the accompanying Condensed Consolidated Balance Sheets. (3) Presented in the long-term portion of deferred revenues in the accompanying Condensed Consolidated Balance Sheets

Collaboration Agreements And _2

Collaboration Agreements And Business Development Activities (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Collaborative Revenues Under Collaboration Agreement	Revenues under the collaboration agreement with Ipsen were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 License revenues $ 27,607 $ 25,139 $ 103,389 $ 81,246 Collaboration services revenues 7,211 12,956 28,196 81,576 Total $ 34,818 $ 38,095 $ 131,585 $ 162,822 Revenues under the collaboration agreement with Takeda were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 License revenues $ 2,690 $ 20,078 $ 7,755 $ 23,476 Collaboration services revenues 3,661 2,656 11,148 10,815 Total $ 6,351 $ 22,734 $ 18,903 $ 34,291 License revenues under the collaboration agreement with Genentech were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Profits on U.S. commercialization $ 1,504 $ 1,743 $ 5,325 $ 5,697 Royalty revenues on ex-U.S. sales $ 1,494 $ 1,576 $ 4,011 $ 3,309

Cash and Investments (Tables)

Cash and Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash	A reconciliation of cash, cash equivalents, and restricted cash equivalents reported in the accompanying Condensed Consolidated Balance Sheets to the amount reported within the accompanying Condensed Consolidated Statements of Cash Flows was as follows (in thousands): September 30, 2022 December 31, 2021 Cash and cash equivalents $ 675,286 $ 647,169 Restricted cash equivalents included in other long-term assets 1,482 16,722 Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows $ 676,768 $ 663,891
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash	A reconciliation of cash, cash equivalents, and restricted cash equivalents reported in the accompanying Condensed Consolidated Balance Sheets to the amount reported within the accompanying Condensed Consolidated Statements of Cash Flows was as follows (in thousands): September 30, 2022 December 31, 2021 Cash and cash equivalents $ 675,286 $ 647,169 Restricted cash equivalents included in other long-term assets 1,482 16,722 Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows $ 676,768 $ 663,891
Schedule of Investments by Security Type	Cash, cash equivalents, restricted cash equivalents and investments consisted of the following (in thousands): September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available-for-sale: Commercial paper $ 874,220 $ — $ (364) $ 873,856 Corporate bonds 633,617 — (15,495) 618,122 U.S. Treasury and government-sponsored enterprises 307,494 — (6,157) 301,337 Municipal bonds 16,565 — (312) 16,253 Total debt securities available-for-sale 1,831,896 — (22,328) 1,809,568 Cash 113,492 — — 113,492 Money market funds 62,968 — — 62,968 Certificates of deposit 114,181 — — 114,181 Total cash, cash equivalents, restricted cash equivalents and investments $ 2,122,537 $ — $ (22,328) $ 2,100,209 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available-for-sale: Commercial paper $ 945,801 $ 42 $ (2) $ 945,841 Corporate bonds 541,774 876 (1,672) 540,978 U.S. Treasury and government-sponsored enterprises 33,965 1 (21) 33,945 Municipal bonds 12,924 15 (35) 12,904 Total debt securities available-for-sale 1,534,464 934 (1,730) 1,533,668 Cash 135,653 — — 135,653 Money market funds 66,531 — — 66,531 Certificates of deposit 119,056 — — 119,056 Total cash, cash equivalents, restricted cash equivalents and investments $ 1,855,704 $ 934 $ (1,730) $ 1,854,908
Schedule of Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position	The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands): September 30, 2022 Fair Value Gross Unrealized Losses Corporate bonds $ 613,122 $ (15,495) U.S. Treasury and government-sponsored enterprises 301,337 (6,157) Commercial paper 36,636 (364) Municipal bonds 16,073 (312) Total $ 967,168 $ (22,328) December 31, 2021 Fair Value Gross Unrealized Losses Corporate bonds $ 385,053 $ (1,672) Commercial paper 43,290 (2) U.S. Treasury and government-sponsored enterprises 18,962 (21) Municipal bonds 7,475 (35) Total $ 454,780 $ (1,730)
Schedule of Fair Value of Cash Equivalents and Investments by Contractual Maturity	The fair value of debt securities available-for-sale by contractual maturity was as follows (in thousands): September 30, 2022 December 31, 2021 Maturing in one year or less $ 1,260,834 $ 1,168,256 Maturing after one year through five years 548,734 365,412 Total debt securities available-for-sale $ 1,809,568 $ 1,533,668

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets Measured on a Recurring Basis	The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands): September 30, 2022 Level 1 Level 2 Total Commercial paper $ — $ 873,856 $ 873,856 Corporate bonds — 618,122 618,122 U.S. Treasury and government-sponsored enterprises — 301,337 301,337 Municipal bonds — 16,253 16,253 Total debt securities available-for-sale — 1,809,568 1,809,568 Money market funds 62,968 — 62,968 Certificates of deposit — 114,181 114,181 Total financial assets carried at fair value $ 62,968 $ 1,923,749 $ 1,986,717 December 31, 2021 Level 1 Level 2 Total Commercial paper $ — $ 945,841 $ 945,841 Corporate bonds — 540,978 540,978 U.S. Treasury and government-sponsored enterprises — 33,945 33,945 Municipal bonds — 12,904 12,904 Total debt securities available-for-sale — 1,533,668 1,533,668 Money market funds 66,531 — 66,531 Certificates of deposit — 119,056 119,056 Total financial assets carried at fair value $ 66,531 $ 1,652,724 $ 1,719,255

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): September 30, 2022 December 31, 2021 Raw materials $ 9,447 $ 8,867 Work in process 39,380 27,717 Finished goods 11,325 12,927 Total $ 60,152 $ 49,511 Balance Sheet classification: Current portion included in inventory $ 26,711 $ 27,493 Long-term portion included in other long-term assets 33,441 22,018 Total $ 60,152 $ 49,511

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Allocated Employee Stock-Based Compensation Expense	We allocated the stock-based compensation expense for our equity incentive plans and our Employee Stock Purchase Plan (ESPP) as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 16,438 $ 11,487 $ 34,886 $ 37,550 Selling, general and administrative 20,899 22,479 46,832 59,104 Total stock-based compensation expense $ 37,337 $ 33,966 $ 81,718 $ 96,654 Stock-based compensation for each type of award under our equity incentive plans and ESPP were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options $ 3,299 $ 4,607 $ 10,470 $ 15,203 Restricted stock units 22,233 13,721 54,234 40,802 Performance stock units 11,331 14,971 14,621 37,616 ESPP 474 667 2,393 3,033 Total stock-based compensation expense $ 37,337 $ 33,966 $ 81,718 $ 96,654
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions	We used a Monte Carlo simulation model and the following assumptions to determine the grant date fair value of $33.17 per share for the TSR-based RSUs: Fair value of the Company’s common stock on grant date $ 20.70 Expected volatility 46.85 % Risk-free interest rate 1.59 % Dividend yield — %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Income Per Share	Net income per share - basic and diluted, were computed as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 73,210 $ 38,204 $ 212,455 $ 135,897 Denominator: Weighted-average common shares outstanding — basic 322,148 315,380 320,949 313,990 Dilutive securities 2,918 6,642 3,471 8,094 Weighted-average common shares outstanding — diluted 325,066 322,022 324,420 322,084 Net income per share — basic $ 0.23 $ 0.12 $ 0.66 $ 0.43 Net income per share — diluted $ 0.23 $ 0.12 $ 0.65 $ 0.42
Schedule of Potential Shares of Common Stock Not Included in the Computation of Diluted Net Income Per Share	The weighted-average potential common shares excluded from our calculation were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Anti-dilutive securities and contingently issuable shares excluded 15,059 20,346 15,311 14,213

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2022 country product segment
Organization And Summary Of Significant Policies [Line Items]
Number of countries with drug approval, excluding the u.s. | country	62
Number of business segments | segment	1
Resulting from discovery efforts
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace	4
Products derived from other compounds
Organization And Summary Of Significant Policies [Line Items]
Number of products that entered in the commercial marketplace	2

Revenues - Revenues by Disaggre

Revenues - Revenues by Disaggregated Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 411,738	$ 328,423	$ 1,187,145	$ 983,830
Gross product revenues
Disaggregation of Revenue [Line Items]
Total revenues	496,141	357,462	1,427,451	1,051,871
Discounts and allowances
Disaggregation of Revenue [Line Items]
Total revenues	(129,659)	(94,345)	(403,627)	(277,294)
Net product revenues
Disaggregation of Revenue [Line Items]
Total revenues	366,482	263,117	1,023,824	774,577
License revenues
Disaggregation of Revenue [Line Items]
Total revenues	34,384	49,694	123,977	116,862
Collaboration services revenues
Disaggregation of Revenue [Line Items]
Total revenues	10,872	15,612	39,344	92,391
Total collaboration revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 45,256	$ 65,306	$ 163,321	$ 209,253

Revenues - Revenues Disaggregat

Revenues - Revenues Disaggregated by Concentration Risks (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021	Dec. 31, 2021
Affiliates of McKesson Corporation | Revenue
Concentration Risk [Line Items]
Percent of total revenues	18%	15%	18%	15%
Affiliates of McKesson Corporation | Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			23%		10%
Affiliates of CVS Health Corporation | Revenue
Concentration Risk [Line Items]
Percent of total revenues	19%	16%	17%	15%
Affiliates of CVS Health Corporation | Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			15%		9%
Affiliates of AmerisourceBergen Corporation | Revenue
Concentration Risk [Line Items]
Percent of total revenues	18%	16%	16%	14%
Affiliates of AmerisourceBergen Corporation | Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			20%		11%
Ipsen Pharma SAS | Revenue
Concentration Risk [Line Items]
Percent of total revenues	8%	12%	11%	17%
Ipsen Pharma SAS | Accounts Receivable
Concentration Risk [Line Items]
Percent of total revenues			21%		50%
Accredo Health, Incorporated | Revenue
Concentration Risk [Line Items]
Percent of total revenues	11%	9%	10%	8%

Revenues - Revenues Disaggreg_2

Revenues - Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 411,738	$ 328,423	$ 1,187,145	$ 983,830
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	369,480	266,436	1,033,160	783,583
Europe
Disaggregation of Revenue [Line Items]
Total revenues	34,818	38,095	131,585	162,822
Japan
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,440	$ 23,892	$ 22,400	$ 37,425

Revenues - Net Product Revenues

Revenues - Net Product Revenues Disaggregated by Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Disaggregation of Revenue [Line Items]
Net product revenues	$ 411,738	$ 328,423	$ 1,187,145	$ 983,830
Net product revenues
Disaggregation of Revenue [Line Items]
Net product revenues	366,482	263,117	1,023,824	774,577
CABOMETYX
Disaggregation of Revenue [Line Items]
Net product revenues	361,385	259,791	1,003,356	759,000
COMETRIQ
Disaggregation of Revenue [Line Items]
Net product revenues	$ 5,097	$ 3,326	$ 20,468	$ 15,577

Revenues - Activities and Endin

Revenues - Activities and Ending Reserve Balances for Significant Categories of Discounts and Allowances (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2021	$ 48,325
Provision related to sales made in:
Current period	403,270
Prior periods	357
Payments and customer credits issued	(386,763)
Balance at September 30, 2022	65,189
Chargebacks, Discounts for Prompt Payment and Other
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2021	14,625
Provision related to sales made in:
Current period	261,143
Prior periods	632
Payments and customer credits issued	(255,002)
Balance at September 30, 2022	21,398
Other Customer Credits/Fees and Co-pay Assistance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2021	8,875
Provision related to sales made in:
Current period	36,847
Prior periods	(169)
Payments and customer credits issued	(32,765)
Balance at September 30, 2022	12,788
Rebates
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at December 31, 2021	24,825
Provision related to sales made in:
Current period	105,280
Prior periods	(106)
Payments and customer credits issued	(98,996)
Balance at September 30, 2022	$ 31,003

Revenues - Contract Assets and

Revenues - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021	Dec. 31, 2021
Contract assets:
Contract assets	$ 364		$ 364		$ 1,665
Contract liabilities:
Current portion	6,932		6,932		7,814
Long-term portion	6,491		6,491		8,739
Total contract liabilities	13,423		13,423		$ 16,553
Contract revenue recognized, including revenue from deferred revenue beginning balance			6,600	$ 6,800
Revenues recognized for performance obligations satisfied in previous periods	33,900	$ 48,400	125,000	$ 116,200
Takeda and Ispen
Contract liabilities:
Remaining performance obligation	$ 83,100		$ 83,100

Collaboration Agreements And _3

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Ipsen (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 411,738	$ 328,423	$ 1,187,145	$ 983,830
Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	34,818	38,095	131,585	162,822
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	34,384	49,694	123,977	116,862
License revenues | Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	27,607	25,139	103,389	81,246
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	10,872	15,612	39,344	92,391
Collaboration services revenues | Collaborative Arrangement with Ipsen
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 7,211	$ 12,956	$ 28,196	$ 81,576

Collaboration Agreements And _4

Collaboration Agreements And Business Development Activities - Ipsen Collaboration Narrative (Details) - Collaborative Arrangement with Ipsen $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount of revenues recognized included in the beginning contract liability balance	$ 25.8
Number of regulatory milestone | milestone	2
Milestone revenue recognized	$ 27
Remaining performance obligation	$ 49.3

Collaboration Agreements And _5

Collaboration Agreements And Business Development Activities - Collaboration Revenues under the Collaboration Agreement with Takeda (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 411,738	$ 328,423	$ 1,187,145	$ 983,830
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	6,351	22,734	18,903	34,291
License revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	34,384	49,694	123,977	116,862
License revenues | Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	2,690	20,078	7,755	23,476
Collaboration services revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	10,872	15,612	39,344	92,391
Collaboration services revenues | Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 3,661	$ 2,656	$ 11,148	$ 10,815

Collaboration Agreements And _6

Collaboration Agreements And Business Development Activities - Takeda Collaboration Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
Collaborative Arrangement with Takeda
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation	$ 33.8

Collaboration Agreements And _7

Collaboration Agreements And Business Development Activities - GSK Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Collaboration Agreement with GlaxoSmithKline
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of royalty on net sale			3%
Royal Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty expense	$ 14.9	$ 11.5	$ 42.6	$ 33.7

Collaboration Agreements And _8

Collaboration Agreements And Business Development Activities- Royalty Revenues under the Collaboration Agreement with Genentech (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty revenues on ex-U.S. sales	$ 411,738	$ 328,423	$ 1,187,145	$ 983,830
Collaborative Arrangement with Genentech | Cotellic
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Profits on U.S. commercialization	1,504	1,743	5,325	5,697
Royalty revenues on ex-U.S. sales	$ 1,494	$ 1,576	$ 4,011	$ 3,309

Collaboration Agreements And _9

Collaboration Agreements And Business Development Activities - Research Collaborations and In-Licensing Arrangements Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Sep. 30, 2022
Collaboration Agreement With BioInvent International AB (BioInvent)
Asset Acquisition [Line Items]
Collaborative arrangement, upfront payment		$ 25
Collaboration Agreement With Ryvu Therapeutics S.A. (Ryvu)
Asset Acquisition [Line Items]
Collaborative arrangement, upfront payment	$ 3
Research Collaborations, In-Licensing Arrangements and Other Business Development Activities
Asset Acquisition [Line Items]
Collaborative arrangement, maximum aggregate development milestone payments			$ 364.7
Collaborative arrangement, maximum aggregate regulatory milestone payments			453.4
Collaborative arrangement, rights and obligations, maximum aggregate commercial milestone payments			$ 2,443.4

Cash and Investments - Reconcil

Cash and Investments - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Oct. 01, 2021	Jan. 01, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 675,286	$ 647,169
Restricted cash equivalents included in other long-term assets	1,482	16,722
Cash, cash equivalents, and restricted cash equivalents as reported in the accompanying Condensed Consolidated Statements of Cash Flows	$ 676,768	$ 663,891	$ 598,488	$ 320,772

Cash and Investments - Narrativ

Cash and Investments - Narrative (Details)	Sep. 30, 2022 USD ($) bond investment	Dec. 31, 2021 USD ($) investment	Oct. 01, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Interest receivable	$ 4,800,000	$ 2,900,000
Number of investments in an unrealized loss position | investment	276	133
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	$ 64,000,000
Accumulated loss	2,400,000
Allowance for credit losses	$ 0		$ 0
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Number of bond securities | bond	25
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Number of bond securities | bond	1

Cash and Investments - Investme

Cash and Investments - Investments by Security Type (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt securities available-for-sale:
Amortized Cost	$ 1,831,896	$ 1,534,464
Gross Unrealized Gains	0	934
Gross Unrealized Losses	(22,328)	(1,730)
Fair Value	1,809,568	1,533,668
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	2,122,537	1,855,704
Gross Unrealized Gains	0	934
Gross Unrealized Losses	(22,328)	(1,730)
Fair Value	2,100,209	1,854,908
Commercial paper
Debt securities available-for-sale:
Amortized Cost	874,220	945,801
Gross Unrealized Gains	0	42
Gross Unrealized Losses	(364)	(2)
Fair Value	873,856	945,841
Corporate bonds
Debt securities available-for-sale:
Amortized Cost	633,617	541,774
Gross Unrealized Gains	0	876
Gross Unrealized Losses	(15,495)	(1,672)
Fair Value	618,122	540,978
U.S. Treasury and government-sponsored enterprises
Debt securities available-for-sale:
Amortized Cost	307,494	33,965
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(6,157)	(21)
Fair Value	301,337	33,945
Municipal bonds
Debt securities available-for-sale:
Amortized Cost	16,565	12,924
Gross Unrealized Gains	0	15
Gross Unrealized Losses	(312)	(35)
Fair Value	16,253	12,904
Cash
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	113,492	135,653
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	113,492	135,653
Money market funds
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	62,968	66,531
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	62,968	66,531
Certificates of deposit
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Amortized Cost	114,181	119,056
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 114,181	$ 119,056

Cash and Investments - Fair Val

Cash and Investments - Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	$ 967,168	$ 454,780
Gross Unrealized Losses	(22,328)	(1,730)
Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	613,122	385,053
Gross Unrealized Losses	(15,495)	(1,672)
U.S. Treasury and government-sponsored enterprises
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	301,337	18,962
Gross Unrealized Losses	(6,157)	(21)
Commercial paper
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	36,636	43,290
Gross Unrealized Losses	(364)	(2)
Municipal bonds
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Fair Value	16,073	7,475
Gross Unrealized Losses	$ (312)	$ (35)

Cash and Investments - Fair V_2

Cash and Investments - Fair Value of Cash Equivalents and Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 1,260,834	$ 1,168,256
Maturing after one year through five years	548,734	365,412
Total debt securities available-for-sale	$ 1,809,568	$ 1,533,668

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	$ 1,809,568	$ 1,533,668
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,809,568	1,533,668
Total financial assets carried at fair value	1,986,717	1,719,255
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Total financial assets carried at fair value	62,968	66,531
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	1,809,568	1,533,668
Total financial assets carried at fair value	1,923,749	1,652,724
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	873,856	945,841
Commercial paper | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	873,856	945,841
Commercial paper | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Commercial paper | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	873,856	945,841
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	618,122	540,978
Corporate bonds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	618,122	540,978
Corporate bonds | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Corporate bonds | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	618,122	540,978
U.S. Treasury and government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	301,337	33,945
U.S. Treasury and government-sponsored enterprises | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	301,337	33,945
U.S. Treasury and government-sponsored enterprises | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
U.S. Treasury and government-sponsored enterprises | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	301,337	33,945
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	16,253	12,904
Municipal bonds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	16,253	12,904
Municipal bonds | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	0	0
Municipal bonds | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt securities available-for-sale	16,253	12,904
Money market funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	62,968	66,531
Money market funds | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	62,968	66,531
Money market funds | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Certificates of deposit | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	114,181	119,056
Certificates of deposit | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Certificates of deposit | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 114,181	$ 119,056

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - Foreign Exchange Forward € in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($)	Sep. 30, 2022 EUR (€) forward_contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of contract | forward_contract			1
Derivative notional amount | €			€ 10
Derivative term of contract	3 months
Gain on derivative instruments, pretax | $	$ 1.5	$ 0.5

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Raw materials	$ 9,447	$ 8,867
Work in process	39,380	27,717
Finished goods	11,325	12,927
Total	60,152	49,511
Current portion included in inventory
Inventory [Line Items]
Total	26,711	27,493
Long-term portion included in other long-term assets
Inventory [Line Items]
Total	$ 33,441	$ 22,018

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Allocated Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 37,337	$ 33,966	$ 81,718	$ 96,654
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	16,438	11,487	34,886	37,550
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 20,899	$ 22,479	$ 46,832	$ 59,104

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Employee Service Share - Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 37,337	$ 33,966	$ 81,718	$ 96,654
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,299	4,607	10,470	15,203
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	22,233	13,721	54,234	40,802
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	11,331	14,971	14,621	37,616
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 474	$ 667	$ 2,393	$ 3,033

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	May 25, 2022	Mar. 31, 2022	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in share reserve under 2017 plan (in shares)	28,500,000
Number of shares available for grant (in shares)			31,485,656		31,485,656
Reduction in share reserve after stock option or stock appreciation award (in shares)					1
Reduction in share reserve after all other awards (in shares)					2
Options granted in the period (in shares)					588,862
Options granted in the period (in dollars per share)					$ 19.99
Weighted average grant-date fair value (in dollars per share)					$ 8.36
Options outstanding (in shares)			11,416,151		11,416,151
Unrecognized compensation expense			$ 19,600		$ 19,600
Recognized stock-based compensation expense			37,337	$ 33,966	81,718	$ 96,654
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 193,800		$ 193,800
Number of awards granted (in shares)					5,292,088
Weighted average grant date fair value, awarded (in dollars per share)					$ 20.56
Number of awards outstanding (in shares)			11,864,173		11,864,173
Recognized stock-based compensation expense			$ 22,233	13,721	$ 54,234	40,802
TSR-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)		1,003,482
Maximum potential to vest		175%
Weighted average grant date fair value, awarded (in dollars per share)					$ 33.17
TSR-Based Restricted Stock Units | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting award percentage		50%
Award vesting period		1 year
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 101,000		$ 101,000
Number of awards outstanding (in shares)			5,367,906		5,367,906
Recognized stock-based compensation expense			$ 11,331	$ 14,971	$ 14,621	$ 37,616
Performance stock units | Granted 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)			495,886
Recognized stock-based compensation expense			$ 9,700

Stock-Based Compensation - Esti

Stock-Based Compensation - Estimate Grant-Date Fair Value (Details) - TSR-Based Restricted Stock Units	9 Months Ended
	Sep. 30, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of the Company's common stock on grant date (in dollars per share)	$ 20.70
Expected volatility	46.85%
Risk-free interest rate	1.59%
Dividend yield	0%

Provision For Income Taxes (Det

Provision For Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	20.50%	28.30%	20.10%	22.80%

Net Income Per Share - Computat

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Numerator:
Net income, Basic	$ 73,210	$ 38,204	$ 212,455	$ 135,897
Net income, Diluted	$ 73,210	$ 38,204	$ 212,455	$ 135,897
Denominator:
Weighted-average common shares outstanding - basic (in shares)	322,148	315,380	320,949	313,990
Dilutive securities (in shares)	2,918	6,642	3,471	8,094
Weighted-average common shares outstanding - diluted (in shares)	325,066	322,022	324,420	322,084
Net income per share - basic (in dollars per share)	$ 0.23	$ 0.12	$ 0.66	$ 0.43
Net income per share - diluted (in dollars per share)	$ 0.23	$ 0.12	$ 0.65	$ 0.42

Net Income Per Share - Potentia

Net Income Per Share - Potential Shares of Common Stock Not Included in the Computation of Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities and contingently issuable shares excluded (in shares)	15,059	20,346	15,311	14,213

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions		1 Months Ended
	Apr. 15, 2022 USD ($)	Apr. 30, 2022 USD ($) ft² segment	Oct. 31, 2022 lawsuit	Sep. 30, 2022 lawsuit	Jun. 01, 2022 USD ($)	May 31, 2022 ft²	Apr. 30, 2021 lawsuit
Lessee, Lease, Description [Line Items]
Operating lease right of use asset					$ 4.3
Operating lease liabilities					$ 4.3
Estimate incremental borrowing rate (in percent)						5%
Number of lawsuits | lawsuit				2			2
Subsequent Event
Lessee, Lease, Description [Line Items]
Number of lawsuits | lawsuit			2
Built-To-Suit Lease And Headquarters Lease
Lessee, Lease, Description [Line Items]
Area of lease property (in square feet) | ft²		220,517
Operating lease term		242 months
Number of options to extend the lease | segment		2
Lease option to extend period		5 years
Option to terminate lease (after period)		180 months
Estimated monthly base rent		$ 0.7
Monthly base rent, lease not yet commenced, annual percentage increase		3%
Operating lease right of use asset	$ 160.9
Inclusive of operating lease liability	44.9
Tenant improvement allowance	$ 116
Operating lease liability discounted period	180 months
Estimate incremental borrowing rate (in percent)	4.90%
1751 Expansion Space
Lessee, Lease, Description [Line Items]
Area of lease property (in square feet) | ft²						34,745

Subsequent Events (Details)

Subsequent Events (Details) - Forecast $ in Millions	1 Months Ended
	Nov. 30, 2022 USD ($)
Cybrexa Therapeutics, LLC (Cybrexa)
Subsequent Event [Line Items]
Collaborative arrangement, upfront payment	$ 60
Collaborative arrangement, maximum aggregate development milestone payments	65
Maximum amount of warrant to be exercised	300
Additional development regulatory and commercial milestones payments	277.5
Sairopa, B.V. (Sairopa)
Subsequent Event [Line Items]
Collaborative arrangement, upfront payment	40
Collaborative arrangement, maximum aggregate development milestone payments	97.5
Additional development regulatory and commercial milestones payments	465
Option to exercise, amount	$ 225