filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The consolidated statements of operations data for the years ended December 31, 2018, 2017, and 2016 and the consolidated balance sheet data as of December 31, 2018 and 2017 have been derived from our audited consolidated financial statements included elsewhere in this Annual Report. The statements of operations data for the years ended December 31, 2015 and 2014 and the consolidated balance sheet data as of December 31, 2016, 2015 and 2014 have been derived from our audited financial statements not included in this Annual Report. The following selected financial data should be read in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and our financial statements and related notes in Part II, Item 8 of this Annual Report.
| Years Ended December 31, | ||||||||||||||||||||
| (In millions, except per share data) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| Consolidated Statements of Operations Data: | ||||||||||||||||||||
| Product revenue | $ | 1,031.6 | $ | 718.5 | $ | 573.3 | $ | 400.7 | $ | 257.1 | ||||||||||
| Development grant and other revenue | — | — | — | 1.3 | 2.1 | |||||||||||||||
| Total revenue | 1,031.6 | 718.5 | 573.3 | 402.0 | 259.2 | |||||||||||||||
| Product cost of sales | 367.7 | 226.4 | 194.9 | 123.6 | 82.3 | |||||||||||||||
| Development and other cost of sales | — | — | — | — | 0.6 | |||||||||||||||
| Total cost of sales | 367.7 | 226.4 | 194.9 | 123.6 | 82.9 | |||||||||||||||
| Gross profit | 663.9 | 492.1 | 378.4 | 278.4 | 176.3 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | 199.7 | 185.4 | 156.1 | 101.0 | 69.4 | |||||||||||||||
| Collaborative research and development fees(1) | 217.7 | — | — | 36.5 | — | |||||||||||||||
| Selling, general and administrative | 432.8 | 349.2 | 286.2 | 198.0 | 128.4 | |||||||||||||||
| Total operating expenses | 850.2 | 534.6 | 442.3 | 335.5 | 197.8 | |||||||||||||||
| Operating loss | (186.3 | ) | (42.5 | ) | (63.9 | ) | (57.1 | ) | (21.5 | ) | ||||||||||
| Interest expense | (22.7 | ) | (12.8 | ) | (0.7 | ) | (0.4 | ) | (0.8 | ) | ||||||||||
| Income from equity investments | 80.1 | — | — | — | — | |||||||||||||||
| Interest and other income (expense), net | 2.4 | 6.7 | (0.3 | ) | — | — | ||||||||||||||
| Loss before income taxes | (126.5 | ) | (48.6 | ) | (64.9 | ) | (57.5 | ) | (22.3 | ) | ||||||||||
| Income tax expense | 0.6 | 1.6 | 0.7 | 0.1 | 0.1 | |||||||||||||||
| Net loss | $ | (127.1 | ) | $ | (50.2 | ) | $ | (65.6 | ) | $ | (57.6 | ) | $ | (22.4 | ) | |||||
| Basic and diluted net loss per share attributable to common stockholders(2) | $ | (1.44 | ) | $ | (0.58 | ) | $ | (0.78 | ) | $ | (0.72 | ) | $ | (0.30 | ) | |||||
| Shares used to compute basic and diluted net loss per share attributable to common stockholders(2) | 88.2 | 86.3 | 83.6 | 79.8 | 75.2 | |||||||||||||||
| As of December 31, | ||||||||||||||||||||
| (In millions) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| Consolidated Balance Sheet Data: | ||||||||||||||||||||
| Cash, cash equivalents, and short-term marketable securities | $ | 1,385.6 | $ | 548.6 | $ | 123.7 | $ | 115.2 | $ | 83.6 | ||||||||||
| Working capital | 1,477.1 | 605.8 | 177.6 | 164.4 | 105.3 | |||||||||||||||
| Total assets | 1,916.0 | 904.1 | 402.8 | 292.0 | 184.6 | |||||||||||||||
| Long-term obligations | 1,030.3 | 345.8 | 16.6 | 3.9 | 3.8 | |||||||||||||||
| Total stockholders’ equity | $ | 663.3 | $ | 419.4 | $ | 283.8 | $ | 221.2 | $ | 140.2 |
| (1) | See Note 2 to the financial statements in Part II, Item 8 of this Annual Report for a description of our Restated Collaboration Agreement with Verily Life Sciences LLC and Verily Ireland Limited. |
| (2) | See Note 1 to the financial statements in Part II, Item 8 of this Annual Report for a description of the method used to compute basic and diluted net loss per share attributable to common stockholders. |
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