Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Condensed Quarterly Financial Information

The following condensed quarterly financial information is for the years ended December 31, 2019 and 2018:

	March 31			June 30			September 30		December 31
2019:
Total revenues	$	1,140.4		$	1,203.3		$	1,263.1	$	1,384.3
Cost of sales	85.8			99.2			95.2		114.3
Gross profit (A)	1,054.6			1,104.1			1,167.9		1,270.0
Operating expenses	537.8			571.5			637.9		729.0
Operating income	516.8			532.6			530.0		541.0
Net income	$	587.9	(1)	$	459.8		$	467.6	$	889.0		(2)
Earnings per common share
Basic	$	2.63		$	2.05		$	2.09	$	4.02
Diluted	$	2.61		$	2.04		$	2.08	$	4.00
	March 31			June 30			September 30		December 31
2018:
Total revenues	$	930.9		$	1,045.0		$	1,026.5	$	1,128.8
Cost of sales	91.6			95.3			90.6		96.8
Gross profit (A)	839.3			949.7			935.9		1,032.0
Operating expenses	571.9			1,349.8			577.3		988.3			(3)
Operating income (loss)	267.4			(400.1		)	358.6		43.7
Net income (loss)	$	249.1		$	(457.4	)	$	330.9	$	(45.0	)	(4)
Earnings (loss) per common share
Basic	$	1.12		$	(2.05	)	$	1.48	$	(0.20	)
Diluted	$	1.11		$	(2.05	)	$	1.47	$	(0.20	)

^{(A)  Gross profit is calculated as total revenues less cost of sales} 

(1)    During the first quarter of 2019, we recognized one time tax benefits of $95.7 and $30.3 associated with a tax election made with respect to intellectual property of Wilson Therapeutics AB and a release of an existing valuation allowance, respectively. See Note 12, Income Taxes for additional information.

(2)    During the fourth quarter of 2019, we recognized a one-time tax benefit of $382.2 related to an intra-entity asset transfer of certain intellectual property within our captive foreign partnership. See Note 12, Income Taxes for additional information.

(3)    Included within operating expenses for the second and fourth quarter of 2018, we recognized $803.7 and $379.3, respectively, of acquired in-process research and development expense related to our Wilson and Syntimmune acquisitions, respectively. In connection with the agreement of the final working capital adjustment for the Syntimmune acquisition, we recognized a benefit of $4.1 associated with previously acquired in-process research and development in the second quarter 2019. See Note 2, Acquisitions for additional information.

(4)     We recognized a tax benefit of $56.5 in 2018 as a result of the Tax Cuts and Jobs Act. In 2017, we recorded certain impacts of the Tax Act on a provisional basis. As of December 22, 2018, our accounting for the impact of the Tax Act was complete. See Note 12, Income Taxes for additional information.