Unaudited Quarterly Results

12 Months Ended

Dec. 31, 2019

Summarized quarterly financial data (unaudited) for the years ended December 31, 2019 and 2018 are set forth in the following tables.



	First Quarter Ended March 31, 2019		Second Quarter Ended June 30, 2019⁽¹⁾		Third Quarter Ended September 30, 2019		Fourth Quarter Ended December 31, 2019
Revenues	$	1,711.8	$	1,933.7	$	2,048.4	$	2,169.5
Operating expenses	$	1,231.8	$	1,618.1	$	1,309.9	$	1,493.8
Net income	$	461.1	$	193.1	$	669.6	$	792.0
Net income per share - basic	$	4.23	$	1.77	$	6.12	$	7.25
Net income per share - diluted	$	3.99	$	1.68	$	5.86	$	6.93


	First Quarter Ended March 31, 2018		Second Quarter Ended June 30, 2018		Third Quarter Ended September 30, 2018		Fourth Quarter Ended December 31, 2018⁽²⁾⁽³⁾
Revenues	$	1,511.5	$	1,608.0	$	1,663.5	$	1,927.8
Operating expenses	$	944.3	$	985.8	$	1,036.6	$	1,209.7
Net income	$	478.0	$	551.4	$	594.7	$	820.4
Net income per share - basic	$	4.44	$	5.12	$	5.50	$	7.58
Net income per share - diluted	$	4.16	$	4.82	$	5.17	$	7.15

⁽¹⁾Included in research and development expenses was a $400.0 million up-front payment in connection with the Alnylam collaboration agreement. See Note 3.
⁽²⁾ Includes impact of a cumulative catch-up adjustment recorded to revenue upon termination of the 2015 IO Discovery Agreement. See Note 3.
⁽³⁾ Includes tax impact of the sale of non-inventory related assets between foreign subsidiaries completed during the fourth quarter of 2018. See Note 15.