Unaudited Quarterly Results

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summarized quarterly financial data (unaudited) for the years ended December 31, 2020 and 2019 are set forth in the following tables. Certain revisions have been made to the previously reported 2019 quarterly amounts below in connection with changing the presentation of certain amounts earned from collaborators (see Note 1 for further details).


	First Quarter Ended March 31, 2020		Second Quarter Ended June 30, 2020(1)		Third Quarter Ended September 30, 2020		Fourth Quarter Ended December 31, 2020(2)
Revenues	$	1,828.2	$	1,952.0	$	2,294.0	$	2,422.9
Operating expenses	$	1,128.1	$	1,295.6	$	1,240.9	$	1,255.9
Net income	$	624.6	$	897.3	$	842.1	$	1,149.2
Net income per share - basic	$	5.69	$	8.19	$	7.98	$	10.90
Net income per share - diluted	$	5.43	$	7.61	$	7.39	$	10.24


	First Quarter Ended March 31, 2019		Second Quarter Ended June 30, 2019(3)		Third Quarter Ended September 30, 2019		Fourth Quarter Ended December 31, 2019
Revenues	$	1,372.6	$	1,577.8	$	1,743.7	$	1,863.5
Operating expenses	$	892.6	$	1,262.2	$	1,005.2	$	1,187.8
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

(1) Included in operating expenses (specifically, research and development expenses) were $85.0 million in up-front payments in connection with our collaboration agreement with Intellia. See Note 3.
(2) Included in operating expenses was (i) the recognition of cumulative catch-up adjustments of $99.8 million, net, in other operating income related to updates to estimates of the total research and development costs expected to be incurred for certain collaboration agreements (see Note 3), as well as (ii) a reversal of $95.0 million within selling, general, and administrative expenses for litigation-related loss contingency accruals in connection with proceedings for Praluent outside the United States (see Note 15).
(3) Included in operating expenses (specifically, research and development expenses) was a $400.0 million up-front payment in connection with our collaboration agreement with Alnylam. See Note 3.