filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The selected financial data set forth below for the years ended December 31, 2020, 2019, and 2018 and as of December 31, 2020 and 2019 are derived from and should be read in conjunction with our audited financial statements, including the notes thereto, included elsewhere in this report. Certain prior year amounts have been reclassified to conform to the current year's presentation, including revisions related to the change in presentation for certain amounts received from collaborators who are not deemed to be our customers; see Note 1 to our Consolidated Financial Statements for further details.
| Year Ended December 31, | ||||||||||||||||||||||||||||||||
| (In millions, except per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Statement of Operations Data: | ||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Net product sales | $ | 5,567.6 | $ | 4,834.4 | $ | 4,106.2 | $ | 3,718.5 | $ | 3,338.4 | ||||||||||||||||||||||
| Sanofi and Bayer collaboration revenue | 2,372.5 | 1,549.2 | 910.4 | 456.3 | 223.9 | |||||||||||||||||||||||||||
| Other revenue | 557.0 | 174.0 | 129.0 | 82.7 | 68.3 | |||||||||||||||||||||||||||
| 8,497.1 | 6,557.6 | 5,145.6 | 4,257.5 | 3,630.6 | ||||||||||||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||||||||
| Research and development(1) | 2,735.0 | 2,450.0 | 1,468.8 | 1,180.5 | 1,297.4 | |||||||||||||||||||||||||||
| Selling, general, and administrative | 1,346.0 | 1,341.9 | 1,127.2 | 940.0 | 860.9 | |||||||||||||||||||||||||||
| Cost of goods sold | 491.9 | 362.3 | 180.0 | 202.5 | 194.6 | |||||||||||||||||||||||||||
| Cost of collaboration and contract manufacturing | 628.0 | 402.8 | 237.5 | 169.4 | 82.6 | |||||||||||||||||||||||||||
| Other operating (income) expense, net | (280.4) | (209.2) | (402.3) | (314.5) | (135.6) | |||||||||||||||||||||||||||
| 4,920.5 | 4,347.8 | 2,611.2 | 2,177.9 | 2,299.9 | ||||||||||||||||||||||||||||
| Income from operations | 3,576.6 | 2,209.8 | 2,534.4 | 2,079.6 | 1,330.7 | |||||||||||||||||||||||||||
| Other income (expense), net | 233.8 | 219.3 | 19.1 | (1.1) | (0.9) | |||||||||||||||||||||||||||
| Income before income taxes | 3,810.4 | 2,429.1 | 2,553.5 | 2,078.5 | 1,329.8 | |||||||||||||||||||||||||||
| Income tax expense(2) | 297.2 | 313.3 | 109.1 | 880.0 | 434.3 | |||||||||||||||||||||||||||
| Net income | $ | 3,513.2 | $ | 2,115.8 | $ | 2,444.4 | $ | 1,198.5 | $ | 895.5 | ||||||||||||||||||||||
| Net income per share - basic | $ | 32.65 | $ | 19.38 | $ | 22.65 | $ | 11.27 | $ | 8.55 | ||||||||||||||||||||||
| Net income per share - diluted | $ | 30.52 | $ | 18.46 | $ | 21.29 | $ | 10.34 | $ | 7.70 | ||||||||||||||||||||||
| As of December 31, | ||||||||||||||||||||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Balance Sheet Data: | ||||||||||||||||||||||||||||||||
| Cash, cash equivalents, and marketable securities (current and non-current) | $ | 6,722.6 | $ | 6,471.1 | $ | 4,564.9 | $ | 2,896.0 | $ | 1,902.9 | ||||||||||||||||||||||
| Total assets | $ | 17,163.3 | $ | 14,805.2 | $ | 11,734.5 | $ | 8,764.3 | $ | 6,973.5 | ||||||||||||||||||||||
| Long-term debt(3) | $ | 1,978.5 | — | — | — | — | ||||||||||||||||||||||||||
| Finance lease liabilities | $ | 717.2 | $ | 713.9 | $ | 708.5 | $ | 703.5 | $ | 481.1 | ||||||||||||||||||||||
| Stockholders' equity | $ | 11,025.3 | $ | 11,089.7 | $ | 8,757.3 | $ | 6,144.1 | $ | 4,449.2 | ||||||||||||||||||||||
| (1) Research and development expenses for the year ended December 31, 2019 includes a $400.0 million up-front payment to Alnylam in connection with our collaboration agreement. See Part I, Item 1. "Collaboration, License, and Other Agreements - Alnylam") for further details. | ||||||||||||||||||||||||||||||||
| (2) As a result of the Tax Cuts and Jobs Act being signed into law in December 2017, income taxes for the year ended December 31, 2017 included a charge of $326.2 million related to the re-measurement of our U.S. net deferred tax assets at the lower enacted corporate tax rate. See Note 14 to our Consolidated Financial Statements for further details. | ||||||||||||||||||||||||||||||||
| (3) In 2020, the Company issued and sold senior unsecured notes. See Item 7. "Liquidity and Capital Resources - Issuance of Senior Notes" for further details. |
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