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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Total revenues $ 446.5 $ 362.0 $ 825.6 $ 718.3
Revenue from contract with customer, product and service Net product sales Net product sales Net product sales Net product sales
Operating expenses:        
Cost of product sales $ 37.2 $ 25.9 $ 60.2 $ 49.3
Cost, product and service Net product sales Net product sales Net product sales Net product sales
Research and development $ 74.3 $ 89.7 $ 378.0 $ 162.9
Selling, general, and administrative 112.8 105.9 230.0 198.9
Total operating expenses 224.3 221.5 668.2 411.1
Operating income 222.2 140.5 157.4 307.2
Interest income 4.0 7.2 8.7 17.2
Interest expense (4.7) (5.6) (9.3) (13.8)
Other (expense) income, net (2.7) (8.2) 94.5 0.5
Impairments of investments in privately-held companies (2.3) 0.0 (2.3) (5.6)
Total other (expense) income, net (5.7) (6.6) 91.6 (1.7)
Income before income taxes 216.5 133.9 249.0 305.5
Income tax expense (43.9) (26.8) (48.1) (60.7)
Net income $ 172.6 $ 107.1 $ 200.9 $ 244.8
Net income per common share:        
Basic (in dollars per share) $ 3.85 $ 2.43 $ 4.49 $ 5.56
Diluted (in dollars per share) $ 3.65 $ 2.41 $ 4.28 $ 5.53
Weighted average number of common shares outstanding:        
Basic (in shares) 44.8 44.1 44.7 44.0
Diluted (in shares) 47.3 44.4 46.9 44.3
Net product sales        
Revenues:        
Total revenues $ 446.5 $ 362.0 $ 825.6 $ 718.3