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Unaudited Quarterly Results (Tables)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
Summarized quarterly financial data for the years ended December 31, 2013 and 2012 are set forth in the following tables.
 
 
First Quarter Ended
March 31, 2013
 
Second Quarter Ended
June 30, 2013
 
Third Quarter Ended
September 30, 2013
 
Fourth Quarter Ended
December 31, 2013
 
 
(Unaudited)
Revenues (1)
 
$
439,664

 
$
457,642

 
$
597,027

 
$
610,412

Net income
 
$
98,874

 
$
87,376

 
$
141,306

 
$
96,806

Net income per share - basic
 
$
1.02

 
$
0.89

 
$
1.44

 
$
0.98

Net income per share - diluted
 
$
0.90

 
$
0.79

 
$
1.25

 
$
0.86

 
 
 
 
 
 
 
 
 
 
 
First Quarter Ended
March 31, 2012
 
Second Quarter Ended
June 30, 2012
 
Third Quarter Ended
September 30, 2012
 
Fourth Quarter Ended
December 31, 2012
 
 
(Unaudited)
Revenues (2)
 
$
231,789

 
$
304,399

 
$
427,687

 
$
414,602

Net income (3)
 
$
11,651

 
$
76,743

 
$
191,468

 
$
470,407

Net income per share - basic
 
$
0.12

 
$
0.81

 
$
2.02

 
$
4.92

Net income per share - diluted
 
$
0.11

 
$
0.70

 
$
1.72

 
$
4.08

(1) Revenues in the second quarter of 2013 were reduced by two $10 million up-front payments made to Sanofi to acquire full rights to antibodies to PDGF and antibodies to Ang2 in ophthalmology, as described in Note 4 above. Revenues in the third and fourth quarter of 2013 included recognition of sales and substantive development milestones of $45.0 million and $25.0 million, respectively.
(2) Revenues in the third and fourth quarter of 2012 included substantive development milestones of $65.0 million and $10.0 million, respectively.
(3) Net income for the quarter ended December 31, 2012 included an income tax benefit of $335.8 million, primarily attributable to the release of substantially all of the Company's valuation allowance against its deferred tax assets.