Selected Quarterly Data (Unaudited) (Notes)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Data (Unaudited)

Selected Quarterly Data (unaudited)

2017	Fourth			Third		Second		First
Revenue	$	6,160.7		$	5,658.0	$	5,824.3	$	5,228.3
Cost of sales	1,624.8			1,566.1		1,551.6		1,327.7
Operating expenses(1)	3,253.7			2,874.9		2,958.3		2,783.0
Acquired in-process research and development(2)	50.0			205.0		—		857.6
Asset impairment, restructuring, and other special charges(3)	1,003.2			406.5		50.0		213.9
Income before income taxes	284.1			591.6		1,260.5		61.2
Income taxes(4)	1,941.0			36.0		252.5		172.0
Net income (loss)	(1,656.9		)	555.6		1,008.0		(110.8		)
Earnings (loss) per share—basic	(1.58		)	0.53		0.96		(0.10		)
Earnings (loss) per share—diluted	(1.58		)	0.53		0.95		(0.10		)
Dividends paid per share	0.52			0.52		0.52		0.52
Common stock closing prices:
High	87.89			85.54		86.25		85.88
Low	81.94			77.07		76.98		74.58
2016	Fourth			Third		Second		First
Revenue	$	5,760.5		$	5,191.7	$	5,404.8	$	4,865.1
Cost of sales	1,466.0			1,400.9		1,465.0		1,323.0
Operating expenses(1)	3,240.7			2,801.8		2,958.5		2,694.9
Acquired in-process research and development	30.0			—		—		—
Asset impairment, restructuring, and other special charges	147.6			45.5		58.0		131.4
Income before income taxes	892.0			970.7		944.5		566.8
Income taxes	120.2			192.7		196.8		126.7
Net income	771.8			778.0		747.7		440.1
Earnings per share—basic	0.73			0.74		0.71		0.42
Earnings per share—diluted	0.73			0.73		0.71		0.41
Dividends paid per share	0.51			0.51		0.51		0.51
Common stock closing prices:
High	83.06			83.40		78.75		84.11
Low	65.97			76.85		72.57		69.06

⁽¹⁾ Includes research and development and marketing, selling, and administrative expenses.

⁽²⁾ Acquired IPR&D charges in the first quarter were due to the CoLucid acquisition. See Note 3 for further discussion.

⁽³⁾ Asset impairment, restructuring, and other special charges in the third quarter were primarily from asset impairments related to lower projected revenue for Posilac (rbST). In the fourth quarter, restructuring charges were primarily due to severance costs resulting from the U.S. voluntary early retirement program. See Note 5 for further discussion.

⁽⁴⁾ Income taxes in the fourth quarter were due to the provisional charge resulting from the 2017 Tax Act. See Note 13 for further discussion.

Our common stock is listed on the New York Stock Exchange (NYSE) and the NYSE Euronext.