Selected quarterly financial data (unaudited)

12 Months Ended

Dec. 31, 2016

Selected quarterly financial data (unaudited)

19. Selected quarterly financial data (unaudited)

Summarized quarterly financial data for the years ended December 31, 2016 and 2015, are set forth in the following tables:


	March 31			June 30			September 30			December 31
	(In thousands, except per share data)
2016
Net revenues	$	—		$	—		$	162,354		$	12,404

Net income (loss)	$	(24,873	)	$	(29,959	)	$	126,520			53,976

Net income (loss) per share — basic	$	(0.29	)	$	(0.33	)	$	1.32		$	0.56

Net income (loss) per share — diluted	$	(0.29	)	$	(0.33	)	$	1.31		$	0.56

Weighted average common shares used to compute basic net income (loss) per share		85,771			91,061			95,627			95,676

Weighted average common shares used to compute diluted net income (loss) per share		85,771			91,061			96,548			96,510

2015
Net loss	$	(30,658	)	$	(28,910	)	$	(31,857	)	$	(277,020	)

Net loss per share — basic and diluted	$	(0.38	)	$	(0.36	)	$	(0.39	)	$	(3.30	)

Weighted average common shares used to compute basic and diluted net loss per share		79,783			80,203			81,039			83,862

Impairment charges of $242.7 million were recorded in the fourth quarter of 2015 related to long-lived assets, inventory and loss on purchase commitments.

In the third quarter of 2016, the Company recognized net revenue-collaboration of $161.8 million attributable to collaboration with Sanofi (See Note 8 — Collaboration Arrangements).

In the fourth quarter of 2016, the Company recognized net revenue-collaboration of $10.2 million attributable to collaboration with Sanofi and $72.0 million gain on extinguishment of debt (See Note 8 — Collaboration Arrangements)