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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 29, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
QUARTERLY FINANCIAL DATA (UNAUDITED)
The unaudited quarterly financial data for the last two fiscal years was as follows (in thousands, except per share data): 
 
Quarter Ended
 
December 31,
 
September 30,
 
June 30,
 
March 31,
2017:
 
 
 
 
 
 
 
Total revenues
$
120,072

 
$
152,510

 
$
99,008

 
$
80,887

Gross profit (1)
$
91,520

 
$
91,758

 
$
84,990

 
$
65,674

Income from operations
$
37,431

 
$
81,180

 
$
27,113

 
$
20,186

Net income
$
38,489

 
$
81,382

 
$
17,656

 
$
16,700

Net income per share, basic
$
0.13

 
$
0.28

 
$
0.06

 
$
0.06

Net income per share, diluted
$
0.12

 
$
0.26

 
$
0.06

 
$
0.05

2016:
 
 
 
 
 
 
 
Total revenues
$
77,581

 
$
62,194

 
$
36,252

 
$
15,427

Gross profit (1)
$
50,064

 
$
40,287

 
$
30,058

 
$
8,414

Income (loss) from operations
$
38,883

 
$
7,264

 
$
(25,136
)
 
$
(49,135
)
Net income (loss)
$
35,123

 
$
(11,284
)
 
$
(34,838
)
 
$
(59,223
)
Net income (loss) per share, basic
$
0.12

 
$
(0.04
)
 
$
(0.15
)
 
$
(0.26
)
Net income (loss) per share, diluted
$
0.12

 
$
(0.04
)
 
$
(0.15
)
 
$
(0.26
)

____________________
(1)
Gross profit is computed as Net product revenues less Cost of goods sold.
In December 2016 Genentech stated that it changed, both retroactively and prospectively, the manner in which it allocates promotional expenses of the COTELLIC plus Zelboraf combination therapy. As a result of Genentech’s decision to change its cost allocation approach, we were relieved of our obligation to pay $18.7 million of disputed costs that had been accrued by us as of September 30, 2016; we were also able to invoice Genentech for certain expenses, with interest, that we had previously paid. Accordingly, during the quarter ended December 31, 2016, we offset Selling, general and administrative expenses for a $23.1 million recovery of net losses which had been recorded from 2013 through September 30, 2016, which included $9.8 million of losses that we had recognized and recorded during the three quarters ended September 30, 2016.