Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 22, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 0-27756 | |
Entity Registrant Name | ALEXION PHARMACEUTICALS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3648318 | |
Entity Address, Address Line One | 121 Seaport Boulevard | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02210 | |
City Area Code | 475 | |
Local Phone Number | 230-2596 | |
Title of 12(b) Security | Common Stock $0.0001 par value | |
Trading Symbol | ALXN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000899866 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 224,226,878 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 1,984.2 | $ 1,365.5 |
Marketable securities | 105.4 | 198.3 |
Trade accounts receivable, net | 1,123.6 | 922.3 |
Inventories | 494.6 | 472.5 |
Prepaid expenses and other current assets | 460.7 | 426.4 |
Total current assets | 4,168.5 | 3,385 |
Property, plant and equipment, net | 1,123.5 | 1,471.5 |
Intangible assets, net | 3,487.6 | 3,641.3 |
Goodwill | 5,037.4 | 5,037.4 |
Right of use operating assets | 209.5 | 0 |
Other assets | 541.2 | 396.7 |
Total assets | 14,567.7 | 13,931.9 |
Liabilities and Stockholders' Equity | ||
Accounts Payable and Accrued Liabilities, Current | 728.7 | 698.2 |
Revolving credit facility | 0 | 250 |
Current portion of long-term debt | 126.6 | 93.8 |
Current portion of contingent consideration | 100 | 97.6 |
Other current liabilities | 76.2 | 34.4 |
Total current liabilities | 1,031.5 | 1,174 |
Long-term debt, less current portion | 2,438.3 | 2,501.7 |
Contingent consideration | 158.2 | 183.2 |
Facility lease obligation | 0 | 361 |
Deferred tax liabilities | 341.2 | 391.1 |
Noncurrent operating lease liabilities | 165.5 | 0 |
Other liabilities | 269.5 | 155.6 |
Total liabilities | 4,404.2 | 4,766.6 |
Commitments and contingencies (Note 18) | ||
Stockholders' Equity: | ||
Common stock, $0.0001 par value; 290 shares authorized; 237.3 and 236.2 shares issued at June 30, 2019 and December 31, 2018, respectively | 0 | 0 |
Additional paid-in capital | 8,677 | 8,539.1 |
Treasury stock, at cost, 13.1 and 12.7 shares at June 30, 2019 and December 31, 2018, respectively | (1,738.8) | (1,689.9) |
Accumulated other comprehensive loss | (57.9) | (9.7) |
Retained earnings | 3,283.2 | 2,325.8 |
Total stockholders' equity | 10,163.5 | 9,165.3 |
Total liabilities and stockholders' equity | $ 14,567.7 | $ 13,931.9 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 290 | 290 |
Common stock, shares issued | 237.3 | 236.2 |
Treasury Stock, Shares | 13.1 | 12.7 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,203.3 | $ 1,045 | $ 2,343.7 | $ 1,975.9 |
Cost of Goods and Services Sold | 99.2 | 95.3 | 185 | 186.9 |
Operating expenses: | ||||
Research and development | 187.6 | 173.4 | 383.5 | 350 |
Selling, general and administrative | 299.3 | 277.3 | 580.8 | 534.4 |
Acquired in-process research and development | (4.1) | 803.7 | (4.1) | 803.7 |
Amortization of purchased intangible assets | 80.1 | 80.1 | 160.1 | 160.1 |
Change in fair value of contingent consideration | 6.1 | 4.7 | (22.6) | 57.4 |
Restructuring expenses | 2.5 | 10.6 | 11.6 | 16.1 |
Total operating expenses | 571.5 | 1,349.8 | 1,109.3 | 1,921.7 |
Operating income (loss) | 532.6 | (400.1) | 1,049.4 | (132.7) |
Other income and expense: | ||||
Investment (expense) income | (14.9) | 7.7 | 27.6 | 113.5 |
Interest expense | (18.3) | (25) | (38.2) | (49.1) |
Other income and (expense) | 0.1 | (1.2) | 2.5 | 1.3 |
Income (loss) before income taxes | 499.5 | (418.6) | 1,041.3 | (67) |
Income tax (benefit) expense | 39.7 | 38.8 | (6.4) | 141.3 |
Net income (loss) | $ 459.8 | $ (457.4) | $ 1,047.7 | $ (208.3) |
Earnings (loss) per common share | ||||
Basic | $ 2.05 | $ (2.05) | $ 4.68 | $ (0.94) |
Diluted | $ 2.04 | $ (2.05) | $ 4.64 | $ (0.94) |
Shares used in computing earnings (loss) per common share | ||||
Basic | 224.2 | 222.6 | 224 | 222.3 |
Diluted | 225.6 | 222.6 | 225.7 | 222.3 |
Net Product Sales [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,202.5 | $ 1,044.7 | $ 2,342.7 | $ 1,975.1 |
Other Revenue [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0.8 | $ 0.3 | $ 1 | $ 0.8 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) | $ 459.8 | $ (457.4) | $ 1,047.7 | $ (208.3) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 1.5 | (8.1) | (0.5) | (4.3) |
Unrealized gains (losses) on debt securities | 0 | 0 | 0.2 | (0.4) |
Unrealized gains on pension obligation | 0 | 0 | 0 | 0.7 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | (38.9) | 50.9 | (47.9) | 35.5 |
Other comprehensive income (loss), net of tax | (37.4) | 42.8 | (48.2) | 31.5 |
Comprehensive income (loss) | $ 422.4 | $ (414.6) | $ 999.5 | $ (176.8) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Unrealized losses on hedging activities - tax effect | $ (12.1) | $ 15.4 | $ (14.3) | $ 10.5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholder's Equity Statement - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] |
Common Stock, Shares, Outstanding at Dec. 31, 2017 | 234.3 | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2017 | $ 8,893.1 | $ 0 | $ 8,290.3 | $ (1,604.9) | $ (34.4) | $ 2,242.1 |
Treasury Stock, Shares at Dec. 31, 2017 | 12 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares, Acquired | 0.7 | 0.7 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ (85) | $ (85) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0.3 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 24.6 | 24.6 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0.9 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 105.3 | 105.3 | ||||
Net income (loss) | (208.3) | (208.3) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 31.5 | 31.5 | ||||
Treasury Stock, Shares at Jun. 30, 2018 | 12.7 | |||||
Stockholders' Equity Attributable to Parent at Jun. 30, 2018 | 8,767.4 | $ 0 | 8,420.2 | $ (1,689.9) | (2.9) | 2,040 |
Common Stock, Shares, Outstanding at Jun. 30, 2018 | 235.5 | |||||
Common Stock, Shares, Outstanding at Mar. 31, 2018 | 235.2 | |||||
Stockholders' Equity Attributable to Parent at Mar. 31, 2018 | 9,112.7 | $ 0 | 8,350.9 | $ (1,689.9) | (45.7) | 2,497.4 |
Treasury Stock, Shares at Mar. 31, 2018 | 12.7 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares, Acquired | 0 | |||||
Treasury Stock, Value, Acquired, Cost Method | 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0.2 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 15.1 | 15.1 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0.1 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0.3 | 0.3 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 53.9 | 53.9 | ||||
Net income (loss) | (457.4) | (457.4) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 42.8 | (48.2) | ||||
Treasury Stock, Shares at Jun. 30, 2018 | 12.7 | |||||
Stockholders' Equity Attributable to Parent at Jun. 30, 2018 | 8,767.4 | $ 0 | 8,420.2 | $ (1,689.9) | (2.9) | 2,040 |
Common Stock, Shares, Outstanding at Jun. 30, 2018 | 235.5 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 6.2 | 6.2 | ||||
Common Stock, Shares, Outstanding at Dec. 31, 2018 | 236.2 | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2018 | $ 9,165.3 | $ 0 | 8,539.1 | $ (1,689.9) | (9.7) | 2,325.8 |
Treasury Stock, Shares at Dec. 31, 2018 | 12.7 | 12.7 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares, Acquired | 0.4 | 0.4 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ (48.9) | $ (48.9) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0.2 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 21.3 | 21.3 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0.9 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | 0 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 116.6 | 116.6 | ||||
Net income (loss) | 1,047.7 | 1,047.7 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (48.2) | |||||
Treasury Stock, Shares at Jun. 30, 2019 | 13.1 | 13.1 | ||||
Stockholders' Equity Attributable to Parent at Jun. 30, 2019 | $ 10,163.5 | $ 0 | 8,677 | $ (1,738.8) | (57.9) | 3,283.2 |
Common Stock, Shares, Outstanding at Jun. 30, 2019 | 237.3 | |||||
Common Stock, Shares, Outstanding at Mar. 31, 2019 | 237 | |||||
Stockholders' Equity Attributable to Parent at Mar. 31, 2019 | $ 9,706.6 | $ 0 | 8,604.9 | $ (1,701.2) | (20.5) | 2,823.4 |
Treasury Stock, Shares at Mar. 31, 2019 | 12.8 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares, Acquired | 0.3 | 0.3 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ (37.6) | $ (37.6) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0.1 | |||||
Stock Issued During Period, Value, Stock Options Exercised | 11.2 | 11.2 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0.2 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | 0 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 60.9 | 60.9 | ||||
Net income (loss) | 459.8 | 459.8 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (37.4) | (37.4) | ||||
Treasury Stock, Shares at Jun. 30, 2019 | 13.1 | 13.1 | ||||
Stockholders' Equity Attributable to Parent at Jun. 30, 2019 | $ 10,163.5 | $ 0 | $ 8,677 | $ (1,738.8) | $ (57.9) | 3,283.2 |
Common Stock, Shares, Outstanding at Jun. 30, 2019 | 237.3 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (90.3) | $ (90.3) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,047.7 | $ (208.3) |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation and amortization | 193.7 | 202 |
Change in fair value of contingent consideration | (22.6) | 57.4 |
Share-based compensation expense | 117.6 | 105.2 |
Research and Development in Process | 0 | 86.6 |
Deferred taxes | (40.8) | 111.5 |
Unrealized foreign currency loss (gain) | (4.1) | 12.7 |
Unrealized loss (gain) on forward contracts | 11.3 | 3.1 |
Unrealized gain on strategic equity investments | (8.6) | (100.5) |
Other | (2.3) | 13.2 |
Changes in operating assets and liabilities | ||
Accounts receivable | (196.4) | (137) |
Inventories | (24) | (4.1) |
Prepaid expenses and other assets | (126.8) | (55.7) |
Accounts payable, accrued expenses, lease liabilities and other liabilities | 23.6 | (130.6) |
Net cash provided by operating activities | 968.3 | (44.5) |
Cash flows from investing activities: | ||
Payments to Acquire Debt Securities, Available-for-sale | (41.1) | (612.8) |
Proceeds from maturity or sale of available-for-sale debt securities | 139.3 | 1,054.8 |
Purchases of mutual funds related to nonqualified deferred compensation plan | (10.9) | (7.5) |
Proceeds from sale of mutual funds related to nonqualified deferred compensation plan | 9 | 5.9 |
Purchases of property, plant and equipment | (82.8) | (129.4) |
Purchases of strategic investments | (43.8) | 0 |
Payments to Acquire Intangible Assets | (8) | 0 |
Payments for (Proceeds from) Other Investing Activities | 0.2 | 2.6 |
Net cash provided by (used in) investing activities | (38.1) | 313.6 |
Cash flows from financing activities: | ||
Debt issuance costs | 0 | (7.6) |
Proceeds from Lines of Credit | 0 | 250 |
Payments on term loan facility | (32.7) | (293.8) |
Repayments of Lines of Credit | (250) | 0 |
Repurchases of common stock | (48.9) | (85) |
Net proceeds from issuance of common stock under share-based compensation arrangements | 20.5 | 24.6 |
Other | (2.4) | (4.7) |
Net cash used in financing activities | (313.5) | (116.5) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 0.7 | (6.1) |
Net change in cash and cash equivalents and restricted cash | 617.4 | 146.5 |
Cash and cash equivalents and restricted cash at beginning of period | 1,367.3 | 586.3 |
Cash and cash equivalents and restricted cash at end of period | 1,984.7 | 732.8 |
Supplemental cash flow disclosures from investing and financing activities: | ||
Fair value of contingent liability related to strategic investment and purchase option | 27.4 | 0 |
Operating ROU lease assets obtained in exchange for operating lease liabilities | 20.7 | 0 |
Capitalization of construction costs related to facility lease obligations | 0 | 33.2 |
Accounts payable and accrued expenses for purchases of property, plant and equipment and intangible assets | $ 14.3 | $ 15.8 |
Business
Business | 6 Months Ended |
Jun. 30, 2019 | |
Business [Abstract] | |
Business | Business Alexion Pharmaceuticals, Inc. (Alexion, the Company, we, our or us) is a global biopharmaceutical company focused on serving patients and families affected by rare diseases through the innovation, development and commercialization of life-changing therapies. We are the global leader in complement inhibition and have developed and commercialize two approved complement inhibitors to treat patients with paroxysmal nocturnal hemoglobinuria (PNH), as well as the first approved complement inhibitor to treat atypical hemolytic uremic syndrome (aHUS), anti-acetylcholine receptor (AChR) antibody-positive generalized myasthenia gravis (gMG) and anti-AQP4 antibody-positive neuromyelitis optica spectrum disorder (NMOSD). In addition, Alexion has two highly innovative enzyme replacement therapies and the first and only approved therapies for patients with life-threatening and ultra-rare metabolic disorders, hypophosphatasia (HPP) and lysosomal acid lipase deficiency (LAL-D). In addition to our marketed therapies, we have a diverse pipeline resulting from internal innovation and business development with strategic focus in hematology and nephrology, neurology, metabolics and neonatal Fc receptor (FcRn). We were incorporated in 1992 under the laws of the State of Delaware. |
Basis of Presentation and Princ
Basis of Presentation and Principles Of Consolidation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These accounting principles were applied on a basis consistent with those of the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 . In our opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our financial statements for interim periods presented in accordance with accounting principles generally accepted in the United States. The condensed consolidated balance sheet as of December 31, 2018 was derived from audited annual financial statements but does not include all disclosures required by accounting principles generally accepted in the United States. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018 included in our Annual Report on Form 10-K for the year ended December 31, 2018 . The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year or any other future periods. The financial statements of our subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities, historical exchange rates for stockholders' equity and weighted average exchange rates for operating results. Translation gains and losses are included in accumulated other comprehensive income (loss), net of tax, in stockholders' equity. Foreign currency transaction gains and losses are included in the results of operations in other income and expense. The accompanying unaudited condensed consolidated financial statements include the accounts of Alexion Pharmaceuticals, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Our significant accounting policies are described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 . Updates to our accounting policies, including impacts from the adoption of new accounting standards, are discussed below in this Note 2 and within Note 17, Leases. Reclassifications Certain items in the prior period’s condensed consolidated financial statements have been reclassified to conform to the current presentation. New Accounting Pronouncements Accounting Standards Update (ASU) 2016-13, "Measurement of Credit Losses on Financial Instruments": In June 2016, the Financial Accounting Standards Board (FASB) issued a new standard intended to improve reporting requirements specific to loans, receivables and other financial instruments. The new standard requires that credit losses be reported based on expected losses compared to the current incurred loss model. The new standard also requires enhanced disclosure of credit risk associated with respective assets. The standard is effective for interim and annual periods beginning after December 15, 2019 with early adoption permitted. We are currently assessing the impact of this standard on our consolidated financial statements. ASU 2018-15, "Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract": In August 2018, the FASB issued a new standard on a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement (CCA). Under the new guidance, customers will assess if a CCA includes a software license and if a CCA does include a software license, implementation and set-up costs will be accounted for consistent with existing internal-use software implementation guidance. Implementation costs associated with a CCA that do not include a software license would be expensed to operating expenses. The standard also provides classification guidance on these implementation costs as well as additional quantitative and qualitative disclosures. The standard is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. Entities can choose to adopt the new guidance prospectively or retrospectively. We are currently assessing the impact this standard will have on our consolidated financial statements. Recently Adopted Accounting Pronouncements ASU 2016-02, "Leases": In February 2016, the FASB issued a new standard that requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right of use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as financing or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. We adopted the new standard on January 1, 2019 using the modified retrospective approach. We have elected to apply the transition method that allows companies to continue applying the guidance under the lease standard in effect at that time in the comparative periods presented in the consolidated financial statements and recognize a cumulative-effect adjustment to the opening balance of retained earnings on the date of adoption. We also elected the “package of practical expedients”, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. Results for reporting periods beginning after January 1, 2019 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. Upon adoption of the new lease standard, on January 1, 2019, we derecognized $472.8 of property, plant and equipment and other assets and $372.2 of facility lease obligations associated with previously existing build-to-suit arrangements. We capitalized ROU assets of $326.1 , inclusive of opening adjustments of $70.8 primarily related to prepaid rent existing at transition, and $255.3 of lease liabilities, within our condensed consolidated balance sheets upon adoption. At transition we recorded a decrease of $90.3 to retained earnings, net of tax, primarily related to our derecognition of previously recorded build-to-suit arrangements. ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income": In February 2018, the FASB issued a new standard that permits entities to make a one-time reclassification from accumulated other comprehensive income (AOCI) to retained earnings for the stranded tax effects resulting from the newly enacted corporate tax rates under the Tax Cuts and Jobs Act (the Tax Act), that was effective for the year ended December 31, 2017. We adopted the new standard on January 1, 2019 and elected not to reclassify the income tax effects of the Tax Act from AOCI to retained earnings. We continue to release disproportionate income tax effects from AOCI based on the aggregate portfolio approach. The adoption of this standard did not have an impact on our condensed consolidated financial statements. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Asset Acquisitions [Abstract] | |
Acquisitions | Acquisitions Wilson Therapeutics AB On May 25, 2018, we completed the acquisition of Wilson Therapeutics AB (publ), a biopharmaceutical company based in Stockholm, Sweden (Wilson Therapeutics) that developed a novel therapy for patients with rare copper-mediated disorders, pursuant to a recommended public cash offer of SEK 232 for each share of stock of Wilson Therapeutics. As a result of the acquisition, we added WTX101 (ALXN1840), a highly innovative drug candidate that is currently in Phase III clinical trials for the treatment of patients with Wilson disease, to our clinical pipeline. The acquisition of Wilson Therapeutics was accounted for as an asset acquisition, as substantially all of the fair value of the gross assets acquired was concentrated in a single asset, WTX101. The following table summarizes the total consideration for the acquisition and the value of assets acquired and liabilities assumed: Consideration Cash paid for acquisition of Wilson Therapeutics outstanding shares $ 749.3 Transaction costs 15.1 Total consideration $ 764.4 Assets Acquired and Liabilities Assumed Cash $ 45.1 In-process research & development 803.7 Employee related liabilities (71.4 ) Other assets and liabilities (13.0 ) Total net assets acquired $ 764.4 The acquired in-process research and development asset relates to WTX101. Due to the stage of development of this asset at the date of acquisition, significant risk remained and it was not yet probable that there was future economic benefit from this asset. Absent successful clinical results and regulatory approval for the asset, there was no alternative future use associated with WTX101. Accordingly, the value of this asset was expensed during the second quarter of 2018. Employee related liabilities include the value of outstanding employee equity incentive awards that were accelerated in connection with the Wilson Therapeutics acquisition that have been settled in cash. Also included in this amount were employer tax obligations associated with the employee equity incentive awards. In connection with rights to WTX101 that were previously acquired by Wilson Therapeutics from third parties, we could be required to pay up to approximately $19.0 if certain development, regulatory and commercial milestones are met over time, as well as royalties on commercial sales. Syntimmune, Inc. In September 2018, we entered into a definitive agreement to acquire Syntimmune, Inc. (Syntimmune), a clinical-stage biotechnology company developing an antibody therapy targeting the FcRn. Syntimmune’s lead candidate, SYNT001 (ALXN1830), is a monoclonal antibody that is designed to inhibit the interaction of FcRn with Immunoglobulin G (IgG) and IgG immune complexes, that is being studied for the treatment of IgG-mediated autoimmune diseases. The acquisition of Syntimmune closed in November 2018. Under the terms of the acquisition agreement, Alexion acquired Syntimmune for an upfront cash payment of $400.0 , with the potential for additional milestone-dependent payments of up to $800.0 , for a total potential value of up to $1,200.0 . The acquisition of Syntimmune was accounted for as an asset acquisition, as substantially all of the fair value of the gross assets acquired was concentrated in a single in-process research and development asset, SYNT001. 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 . The following table summarizes the total consideration for the acquisition and the value of the assets acquired and liabilities assumed: Consideration Upfront payment for acquisition of Syntimmune outstanding shares $ 400.0 Cash acquired 4.2 Working capital adjustment 2.3 Transaction costs 0.9 Total consideration $ 407.4 Assets Acquired and Liabilities Assumed Cash $ 4.2 In-process research & development 375.2 Deferred tax assets 25.1 Other assets and liabilities 2.9 Total net assets acquired $ 407.4 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory, Net [Abstract] | |
Inventories | Inventories The components of inventory are as follows: June 30, December 31, 2019 2018 Raw materials $ 38.2 $ 31.4 Work-in-process 116.6 90.4 Finished goods 339.8 350.7 $ 494.6 $ 472.5 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill The following table summarizes the carrying amount of our intangible assets and goodwill, net of accumulated amortization: June 30, 2019 December 31, 2018 Estimated Cost Accumulated Net Cost Accumulated Net Licensing rights 5-8 $ 47.0 $ (30.9 ) $ 16.1 $ 39.0 $ (29.3 ) $ 9.7 Patents 7 10.5 (10.5 ) — 10.5 (10.5 ) — Purchased technology 6-16 4,710.5 (1,239.2 ) 3,471.3 4,710.5 (1,079.1 ) 3,631.4 Other intangibles 5 0.4 (0.2 ) 0.2 0.4 (0.2 ) 0.2 Total $ 4,768.4 $ (1,280.8 ) $ 3,487.6 $ 4,760.4 $ (1,119.1 ) $ 3,641.3 Goodwill Indefinite $ 5,040.3 $ (2.9 ) $ 5,037.4 $ 5,040.3 $ (2.9 ) $ 5,037.4 Amortization expense for the three months ended June 30, 2019 and 2018 was $81.2 and $80.3 , respectively. Amortization expense for the six months ended June 30, 2019 and 2018 was $161.7 and $160.6 , respectively. As of June 30, 2019 , assuming no changes in the gross cost basis of intangible assets, the total estimated amortization expense for finite-lived intangible assets is $161.7 for the six months ending December 31, 2019 , and approximately $323.0 for each of the years ending December 31, 2020 through December 31, 2024 . As of June 30, 2019 , the net book value of our purchased technology includes $3,122.5 associated with the KANUMA intangible asset, which we acquired in the acquisition of Synageva BioPharma Corp. As part of our standard quarterly procedures, we reviewed the KANUMA asset as of June 30, 2019 and determined that there were no indicators of impairment. Cash flow models used in our assessments are based on our commercial experience to date with KANUMA and require the use of significant estimates, which include, but are not limited to, long-range pricing expectations and patient-related assumptions, including patient identification, conversion and retention rates. We will continue to review the related valuation and accounting of this asset as new information becomes available to us. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt [Abstract] | |
Debt | Debt On June 7, 2018, we entered into an Amended and Restated Credit Agreement (the Credit Agreement), with Bank of America, N.A. as Administrative Agent. The Credit Agreement amended and restated our credit agreement dated as of June 22, 2015 (the Prior Credit Agreement). The Credit Agreement provides for a $1,000.0 revolving credit facility and a $2,612.5 term loan facility. The revolving credit facility and the term loan facility mature on June 7, 2023. Beginning with the quarter ending June 30, 2019, we are required to make payments of 5.00% of the original principal amount of the term loan facility annually, payable in equal quarterly installments. In connection with entering into the Credit Agreement and the Prior Credit Agreement, we paid an aggregate of $53.1 in financing costs. Financing costs are amortized as interest expense over the life of the debt. Amortization expense associated with deferred financing costs for the three months ended June 30, 2019 and 2018 was $1.3 and $3.2 , respectively, and amortization expense associated with deferred financing costs for the six months ended June 30, 2019 and 2018 was $2.5 and $5.5 , respectively. Remaining unamortized deferred financing costs as of June 30, 2019 and December 31, 2018 were $18.3 and $20.8 , respectively. We made principal payments of $32.7 on the term loan during the three and six months ended June 30, 2019 and as of June 30, 2019 , we had $2,579.8 outstanding on the term loan. In January 2019, we paid the outstanding balance on the revolving credit facility of $250.0 in full and we had no outstanding borrowings under the revolving credit facility as of June 30, 2019 . As of June 30, 2019 , we had open letters of credit of $1.0 that offset our availability in the revolving facility. The fair value of our long term debt, which is measured using Level 2 inputs of the fair value hierarchy, approximates book value. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share (EPS) is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the applicable period. For purposes of calculating diluted EPS, the denominator reflects the potential dilution that could occur if stock options, unvested restricted stock units or other contracts to issue common stock were exercised or converted into common stock, using the treasury stock method. The following table summarizes the calculation of basic and diluted EPS for the three and six months ended June 30, 2019 and 2018 : Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Net income (loss) used for basic and diluted calculation $ 459.8 $ (457.4 ) $ 1,047.7 $ (208.3 ) Shares used in computing earnings (loss) per common share—basic 224.2 222.6 224.0 222.3 Weighted-average effect of dilutive securities: Stock awards 1.4 — 1.7 — Shares used in computing earnings (loss) per common share—diluted 225.6 222.6 225.7 222.3 Earnings (loss) per common share: Basic $ 2.05 $ (2.05 ) $ 4.68 $ (0.94 ) Diluted $ 2.04 $ (2.05 ) $ 4.64 $ (0.94 ) We exclude from diluted EPS the weighted-average number of securities whose effect is anti-dilutive. Excluded from the calculation of diluted EPS for the three and six months ended June 30, 2019 were 1.9 and 2.9 shares of common stock, respectively, because their effect was anti-dilutive. For the three and six months ended June 30, 2018 , we reported a net loss; therefore, no outstanding stock awards were included in the computation of diluted net loss per share since such inclusion would have been anti-dilutive. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable securities | Marketable Securities The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of available-for-sale debt securities by type of security as of June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 274.0 $ — $ — $ 274.0 Corporate bonds 28.0 — — 28.0 Other government-related obligations: U.S. 117.8 — — 117.8 Bank certificates of deposit 24.3 — — 24.3 Total available-for-sale debt securities $ 444.1 $ — $ — $ 444.1 December 31, 2018 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 52.1 $ — $ — $ 52.1 Corporate bonds 122.9 — (0.1 ) 122.8 Other government-related obligations: U.S. 17.5 — — 17.5 Bank certificates of deposit 33.2 — — 33.2 Total available-for-sale debt securities $ 225.7 $ — $ (0.1 ) $ 225.6 The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of June 30, 2019 and December 31, 2018 was $25.5 and $128.7 , respectively. We did not have any investments in a continuous unrealized loss position for more than twelve months as of June 30, 2019 and December 31, 2018 . As of June 30, 2019 , we believe that the cost basis of our available-for-sale debt securities is recoverable. The fair values of available-for-sale debt securities by classification in the condensed consolidated balance sheets were as follows: June 30, 2019 December 31, 2018 Cash and cash equivalents $ 359.4 $ 43.8 Marketable securities 84.7 181.8 $ 444.1 $ 225.6 The fair values of available-for-sale debt securities at June 30, 2019 , by contractual maturity, are summarized as follows: June 30, 2019 Due in one year or less $ 438.3 Due after one year through three years 5.8 $ 444.1 We sponsor a nonqualified deferred compensation plan which allows certain highly-compensated employees to elect to defer income to future periods. Participants in the plan earn a return on their deferrals based on several investment options, which mirror returns on underlying mutual fund investments. We choose to invest in the underlying mutual fund investments to offset the liability associated with our nonqualified deferred compensation plan. These mutual fund investments are valued at net asset value per share and are carried at fair value with gains and losses included in investment income. The changes in the underlying liability to the employee are recorded in operating expenses. As of June 30, 2019 and December 31, 2018 , the fair value of these investments was $20.7 and $16.5 , respectively. We utilize the specific identification method in computing realized gains and losses. Realized gains and losses on our marketable securities were not material for the three and six months ended June 30, 2019 and 2018 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We operate internationally and, in the normal course of business, are exposed to fluctuations in foreign currency exchange rates. The exposures result from portions of our revenues, as well as the related receivables, and expenses that are denominated in currencies other than the U.S. dollar, primarily the Euro and Japanese Yen. We are also exposed to fluctuations in interest rates on outstanding borrowings under our revolving credit facility, if any, and term loan facility. We manage these exposures within specified guidelines through the use of derivatives. All of our derivative instruments are utilized for risk management purposes, and we do not use derivatives for speculative trading purposes. We enter into foreign exchange forward contracts, with durations of up to 60 months, to hedge exposures resulting from portions of our forecasted revenues, including intercompany revenues, and certain forecasted expenses that are denominated in currencies other than the U.S. dollar. The purpose of these hedges is to reduce the volatility of exchange rate fluctuations on our operating results. These hedges are designated as cash flow hedges upon contract inception. As of June 30, 2019 , we had open revenue related foreign exchange forward contracts with notional amounts totaling $1,136.1 that qualified for hedge accounting with current contract maturities through December 2020. As of June 30, 2019 , we had open expense related foreign exchange forward contracts with notional amounts totaling $17.1 that qualified for hedge accounting with contract maturities through September 2022. To achieve a desired mix of floating and fixed interest rates on our term loan, we enter into interest rate swap agreements that qualify for and are designated as cash flow hedges. These contracts convert the floating interest rate on a portion of our debt to a fixed rate, plus a borrowing spread. The following table summarizes the total interest rate swap contracts executed as of June 30, 2019 : Type of Interest Rate Swap Notional Amount Effective Date Termination Date Fixed Interest Rate or Rate Range Floating to Fixed 1,531.3 December 2016 - January 2018 December 2019 0.98% - 1.62% Floating to Fixed 450.0 December 2018 December 2022 2.60% - 2.79% Floating to Fixed 300.0 January 2019 December 2019 2.08% Floating to Fixed 1,300.0 December 2019 December 2022 2.37% - 2.83% The amount of gains and (losses) recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 from foreign exchange and interest rate swap contracts that qualified as cash flow hedges were as follows: Three months ended Three months ended June 30, 2019 June 30, 2018 Financial Statement Line Item in which the Effects of Cash Flow Hedges are Recorded Net Product Sales Interest Expense Net Product Sales Interest Expense Total amount presented in the Condensed Consolidated Statements of Operations $ 1,202.5 $ (18.3 ) $ 1,044.7 $ (25.0 ) Impact of cash flow hedging relationships: Foreign exchange forward contracts $ 9.1 $ — $ (1.7 ) $ — Interest rate swap contracts $ — $ 4.5 $ — $ 3.1 Six months ended Six months ended June 30, 2019 June 30, 2018 Financial Statement Line Item in which the Effects of Cash Flow Hedges are Recorded Net Product Sales Interest Expense Net Product Sales Interest Expense Total amount presented in the Condensed Consolidated Statements of Operations $ 2,342.7 $ (38.2 ) $ 1,975.1 $ (49.1 ) Impact of cash flow hedging relationships: Foreign exchange forward contracts $ 16.1 $ — $ (14.8 ) $ — Interest rate swap contracts $ — $ 9.1 $ — $ 4.5 The impact on AOCI from foreign exchange and interest rate swap contracts that qualified as cash flow hedges, for the three and six months ended June 30, 2019 and 2018 were as follows: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Foreign Exchange Forward Contracts: Gain (loss) recognized in AOCI, net of tax $ (3.9 ) $ 49.0 $ 10.3 $ 16.5 Gain (loss) reclassified from AOCI to net product sales, net of tax $ 7.0 $ (1.3 ) $ 12.4 $ (11.4 ) Interest Rate Contracts: Gain (loss) recognized in AOCI, net of tax $ (24.6 ) $ 3.1 $ (38.8 ) $ 11.2 Gain (loss) reclassified from AOCI to interest expense, net of tax $ 3.4 $ 2.5 $ 7.0 $ 3.6 Assuming no change in foreign exchange rates from market rates at June 30, 2019 , $4.8 of gains recognized in AOCI will be reclassified to revenue over the next 12 months. Assuming no change in LIBOR-based interest rates from market rates at June 30, 2019 , $5.2 of losses recognized in AOCI will be reclassified to interest expense over the next 12 months. Amounts recognized in AOCI for expense related foreign exchange forward contracts was immaterial at June 30, 2019 . We enter into foreign exchange forward contracts, with durations of up to 8 months , designed to limit the balance sheet exposure of monetary assets and liabilities. We enter into these hedges to reduce the impact of fluctuating exchange rates on our operating results. Hedge accounting is not applied to these derivative instruments as gains and losses on these hedge transactions are designed to offset gains and losses on underlying balance sheet exposures. As of June 30, 2019 , the notional amount of foreign exchange contracts where hedge accounting is not applied was $1,963.0 . We recognized a gain (loss) of $(5.8) and $18.4 , in other income and (expense) for the three months ended June 30, 2019 and 2018 , respectively, associated with the foreign exchange contracts not designated as hedging instruments. We recognized a gain (loss) of $(2.6) and $10.3 , in other income and (expense) for the six months ended June 30, 2019 and 2018 , respectively, associated with the foreign exchange contracts not designated as hedging instruments. These amounts were partially offset by gains or losses on monetary assets and liabilities. The following tables summarize the fair value of outstanding derivatives as of June 30, 2019 and December 31, 2018 : June 30, 2019 Derivative Assets Derivative Liabilities Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets $ 12.4 Other current liabilities $ 7.6 Foreign exchange forward contracts Other assets 1.1 Other liabilities 1.8 Interest rate contracts Prepaid expenses and other current assets 5.6 Other current liabilities 10.8 Interest rate contracts Other assets — Other liabilities 52.2 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets 16.1 Other current liabilities 15.4 Total fair value of derivative instruments $ 35.2 $ 87.8 December 31, 2018 Derivative Assets Derivative Liabilities Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets $ 16.9 Other current liabilities $ 7.3 Foreign exchange forward contracts Other assets 0.3 Other liabilities 3.1 Interest rate contracts Prepaid expenses and other current assets 20.1 Other current liabilities 0.8 Interest rate contracts Other assets — Other liabilities 17.3 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets 23.6 Other current liabilities 11.5 Total fair value of derivative instruments $ 60.9 $ 40.0 Although we do not offset derivative assets and liabilities within our condensed consolidated balance sheets, our International Swap and Derivatives Association agreements provide for net settlement of transactions that are due to or from the same counterparty upon early termination of the agreement due to an event of default or other termination event. The following tables summarize the potential effect on our condensed consolidated balance sheets of offsetting our foreign exchange forward contracts and interest rate contracts subject to such provisions: June 30, 2019 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Description Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet Derivative Financial Instruments Cash Collateral Received (Pledged) Net Amount Derivative assets $ 35.2 $ — $ 35.2 $ (24.4 ) $ — $ 10.8 Derivative liabilities (87.8 ) — (87.8 ) 24.4 — (63.4 ) December 31, 2018 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Description Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet Derivative Financial Instruments Cash Collateral Received (Pledged) Net Amount Derivative assets $ 60.9 $ — $ 60.9 $ (30.2 ) $ — $ 30.7 Derivative liabilities (40.0 ) — (40.0 ) 30.2 — (9.8 ) |
Other Investments
Other Investments | 6 Months Ended |
Jun. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Other Investments | Other Investments Other investments include strategic investments in equity securities of certain biotechnology companies which we acquired in connection with license agreements. These investments are included in other assets in our condensed consolidated balance sheets. Moderna During 2014, we purchased $37.5 of preferred stock of Moderna Therapeutics, Inc. (Moderna), a privately held biotechnology company, which was recorded at cost. During the first quarter 2018, Moderna announced the completion of a new round of financing. As a result, we recognized an unrealized gain of $100.8 in investment income during the first quarter 2018 to adjust our investment in Moderna to fair value as of the date of the observable price change, based on the per share price in Moderna's new round of financing. There were no observable price changes during the second quarter 2018. On December 6, 2018, Moderna completed its initial public offering (IPO) and shares of Moderna began trading on the Nasdaq Global Select Market under the symbol “MRNA.” As part of the IPO, our preferred stock was converted into Moderna common stock and subject to a one year lock-up period. As our equity investment in Moderna common stock now has a readily determinable fair value, we are recording the investment at fair value, with the effects of the holding period restriction estimated using an option pricing valuation model. During the three and six months ended June 30, 2019 , we recognized an unrealized (loss) gain of $(29.0) and $0.8 , respectively, in investment income to adjust our investment in Moderna to fair value as of June 30, 2019 . The fair value of this investment was $82.7 and $81.9 as of June 30, 2019 and December 31, 2018 , respectively. Dicerna In October 2018, we purchased $10.3 of Dicerna Pharmaceuticals Inc. (Dicerna) common stock in connection with an agreement that we entered into with Dicerna, a publicly-traded biopharmaceutical company. As our equity investment in Dicerna common stock has a readily determinable fair value, we are recording the investment at fair value. During the three and six months ended June 30, 2019 , we recognized an unrealized gain of $0.9 and $4.2 , respectively, in investment income to adjust our equity investment in Dicerna to fair value as of June 30, 2019 . The fair value of this investment was $13.1 and $8.9 as of June 30, 2019 and December 31, 2018 , respectively. Caelum In January 2019, we purchased $41.0 of preferred stock of Caelum Biosciences (Caelum), a privately-held biotechnology company, and a $16.1 option to acquire the remaining equity in Caelum in connection with an agreement that we entered into with Caelum, see Note 18, “Commitments and Contingencies” for additional information on the agreement. As our equity investment in Caelum and the option to acquire the remaining equity in Caelum do not have a readily determinable fair value, we are recording the assets at cost, less impairment, and adjusted for any subsequent changes resulting from an observable price change in an orderly transaction for identical or similar equity securities of the same issuer. There were no observable price changes associated with these assets during the six months ended June 30, 2019 . The carrying value of the investment and option of $41.0 and $16.1 , respectively, were not impaired as of June 30, 2019 . Zealand In March 2019, we purchased $13.8 of Zealand Pharma A/S (Zealand) common stock in connection with an agreement that we entered into with Zealand, a publicly-traded biopharmaceutical company based in Copenhagen, Denmark, see Note 18, “Commitments and Contingencies” for additional information on the agreement. As our equity investment in Zealand common stock has a readily determinable fair value, we are recording the investment at fair value. We have considered the effects of a six month holding period restriction and determined that the impact on the fair value of the investment is immaterial. During the three and six months ended June 30, 2019 , we recognized an unrealized gain of $2.9 and $3.6 , respectively, in investment income to adjust our equity investment in Zealand to fair value as of June 30, 2019 . The fair value of this investment was $17.4 as of June 30, 2019 . |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity In November 2012, our Board of Directors authorized a share repurchase program. In February 2017, our Board of Directors increased the amount that we are authorized to expend on future repurchases to $1,000.0 under the repurchase program, which superseded all prior repurchase programs. The repurchase program does not have an expiration date and we are not obligated to acquire a particular number of shares. The repurchase program may be discontinued at any time at our discretion. Under the program, we repurchased 0.3 shares of our common stock at a cost of $37.6 during the three months ended June 30, 2019 . During the six months ended June 30, 2019 and 2018 , we repurchased 0.4 and 0.7 shares of our common stock at a cost of $48.9 and $85.0 , respectively. The Company did not repurchase any shares during the three months ended June 30, 2018 . Subsequent to June 30, 2019 , we repurchased 0.1 shares of common stock under our repurchase program at a cost of $9.0 . As of July 22, 2019 , there is a total of $393.6 |
Other Comprehensive Income and
Other Comprehensive Income and Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Other Comprehensive Income and Accumulated Other Comprehensive Income | Other Comprehensive Income and Accumulated Other Comprehensive Income The following tables summarize the changes in AOCI, by component, for the six months ended June 30, 2019 and 2018 : Defined Benefit Pension Plans Unrealized Gains (Losses) from Debt Securities Unrealized Gains (Losses) from Hedging Activities Foreign Currency Translation Adjustment Total Accumulated Other Comprehensive Income (Loss) Balances, December 31, 2018 $ (2.6 ) $ (0.3 ) $ 9.6 $ (16.4 ) $ (9.7 ) Other comprehensive income (loss) before reclassifications — 0.2 (28.5 ) (0.5 ) (28.8 ) Amounts reclassified from other comprehensive income — — (19.4 ) — (19.4 ) Net other comprehensive income (loss) — 0.2 (47.9 ) (0.5 ) (48.2 ) Balances, June 30, 2019 $ (2.6 ) $ (0.1 ) $ (38.3 ) $ (16.9 ) $ (57.9 ) Defined Benefit Pension Plans Unrealized Gains (Losses) from Debt Securities Unrealized Gains (Losses) from Hedging Activities Foreign Currency Translation Adjustment Total Accumulated Other Comprehensive Income (Loss) Balances, December 31, 2017 $ (4.8 ) $ 0.2 $ (13.9 ) $ (15.9 ) $ (34.4 ) Other comprehensive income (loss) before reclassifications 1.3 0.1 27.7 (4.3 ) 24.8 Amounts reclassified from other comprehensive income (0.6 ) (0.5 ) 7.8 — 6.7 Net other comprehensive income (loss) 0.7 (0.4 ) 35.5 (4.3 ) 31.5 Balances, June 30, 2018 $ (4.1 ) $ (0.2 ) $ 21.6 $ (20.2 ) $ (2.9 ) The table below provides details regarding significant reclassifications from AOCI during the three and six months ended June 30, 2019 and 2018 : Details about Accumulated Other Comprehensive Income Components Amount Reclassified From Accumulated Other Comprehensive Income during the three months ended June 30, Amount Reclassified From Accumulated Other Comprehensive Income during the six months ended June 30, Affected Line Item in the Condensed Consolidated Statements of Operations 2019 2018 2019 2018 Unrealized Gains (Losses) on Hedging Activity Foreign exchange forward contracts $ 9.1 $ (1.7 ) $ 16.1 $ (14.8 ) Net product sales Interest rate swap contracts 4.5 3.1 9.1 4.5 Interest expense 13.6 1.4 25.2 (10.3 ) (3.2 ) (0.2 ) (5.8 ) 2.5 Income tax (benefit) expense $ 10.4 $ 1.2 $ 19.4 $ (7.8 ) |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement Authoritative guidance establishes a valuation hierarchy for disclosure of the inputs to the valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value. Fair Value Measurement at Balance Sheet Type of Instrument Total Level 1 Level 2 Level 3 Cash equivalents Money market funds $ 498.5 $ — $ 498.5 $ — Cash equivalents Commercial paper $ 240.2 $ — $ 240.2 $ — Cash equivalents Bank certificates of deposit $ 12.2 $ — $ 12.2 $ — Cash equivalents Other government-related obligations $ 107.0 $ — $ 107.0 $ — Marketable securities Mutual funds $ 20.7 $ 20.7 $ — $ — Marketable securities Commercial paper $ 33.8 $ — $ 33.8 $ — Marketable securities Corporate bonds $ 28.0 $ — $ 28.0 $ — Marketable securities Other government-related obligations $ 10.8 $ — $ 10.8 $ — Marketable securities Bank certificates of deposit $ 12.1 $ — $ 12.1 $ — Other assets Equity securities $ 113.3 $ 30.6 $ 82.7 $ — Prepaid expenses and other current assets Foreign exchange forward contracts $ 28.5 $ — $ 28.5 $ — Other assets Foreign exchange forward contracts $ 1.1 $ — $ 1.1 $ — Other current liabilities Foreign exchange forward contracts $ 23.0 $ — $ 23.0 $ — Other liabilities Foreign exchange forward contracts $ 1.8 $ — $ 1.8 $ — Prepaid expenses and other current assets Interest rate contracts $ 5.6 $ — $ 5.6 $ — Other current liabilities Interest rate contracts $ 10.8 $ — $ 10.8 $ — Other liabilities Interest rate contracts $ 52.2 $ — $ 52.2 $ — Current portion of contingent consideration Acquisition-related contingent consideration $ 100.0 $ — $ — $ 100.0 Contingent consideration Acquisition-related contingent consideration $ 158.2 $ — $ — $ 158.2 Other current liabilities Other contingent payments $ 13.9 $ — $ — $ 13.9 Other liabilities Other contingent payments $ 13.5 $ — $ — $ 13.5 Fair Value Measurement at Balance Sheet Type of Instrument Total Level 1 Level 2 Level 3 Cash equivalents Money market funds $ 569.4 $ — $ 569.4 $ — Cash equivalents Commercial paper $ 35.4 $ — $ 35.4 $ — Cash equivalents Corporate bonds $ 0.2 $ — $ 0.2 $ — Cash equivalents Other government-related obligations $ 8.2 $ — $ 8.2 $ — Marketable securities Mutual funds $ 16.5 $ 16.5 $ — $ — Marketable securities Commercial paper $ 16.7 $ — $ 16.7 $ — Marketable securities Corporate bonds $ 122.6 $ — $ 122.6 $ — Marketable securities Other government-related obligations $ 9.3 $ — $ 9.3 $ — Marketable securities Bank certificates of deposit $ 33.2 $ — $ 33.2 $ — Other assets Equity securities $ 90.8 $ 8.9 $ 81.9 $ — Prepaid expenses and other current assets Foreign exchange forward contracts $ 40.5 $ — $ 40.5 $ — Other assets Foreign exchange forward contracts $ 0.3 $ — $ 0.3 $ — Other current liabilities Foreign exchange forward contracts $ 18.8 $ — $ 18.8 $ — Other liabilities Foreign exchange forward contracts $ 3.1 $ — $ 3.1 $ — Prepaid expenses and other current assets Interest rate contracts $ 20.1 $ — $ 20.1 $ — Other current liabilities Interest rate contracts $ 0.8 $ — $ 0.8 $ — Other liabilities Interest rate contracts $ 17.3 $ — $ 17.3 $ — Current portion of contingent consideration Acquisition-related contingent consideration $ 97.6 $ — $ — $ 97.6 Contingent consideration Acquisition-related contingent consideration $ 183.2 $ — $ — $ 183.2 There were no securities transferred between Level 1, 2 and 3 during the six months ended June 30, 2019 . Valuation Techniques We classify mutual fund investments and equity securities, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy. Cash equivalents and marketable securities classified as Level 2 within the valuation hierarchy include money market funds, commercial paper, U.S. and foreign government-related debt, corporate debt securities and certificates of deposit. We estimate the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for similar securities, issuer credit spreads, benchmark yields, and other observable inputs. We validate the prices provided by our third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. Other investments in equity securities of publicly traded companies which are subject to holding period restrictions are carried at fair value using an option pricing valuation model and classified as Level 2 equity securities within the fair value hierarchy. The most significant assumptions within the option pricing valuation model are the term of the restrictions and the stock price volatility, which is based upon the historical volatility of similar companies. We also use a constant maturity risk-free interest rate to match the remaining term of the restrictions on such investments. Our derivative assets and liabilities include foreign exchange and interest rate derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk as well as an evaluation of our counterparties’ credit risks. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. Contingent consideration liabilities related to business acquisitions and derivative liabilities associated with other contingent payments are classified as Level 3 within the valuation hierarchy and are valued based on various estimates, including probability of success, discount rates and amount of time until the conditions of the milestone payments are met. As of June 30, 2019 , there has not been any impact to the fair value of our derivative liabilities due to our own credit risk. Similarly, there has not been any significant adverse impact to our derivative assets based on our evaluation of our counterparties’ credit risks. Acquisition-Related Contingent Consideration In connection with prior business combinations, we may be required to pay future consideration that is contingent upon the achievement of specified development, regulatory approvals or sales-based milestone events. We determine the fair value of these obligations using various estimates that are not observable in the market and represent a Level 3 measurement within the fair value hierarchy. The resulting probability-weighted cash flows were discounted using a cost of debt of 5.1% for developmental and regulatory milestones and a weighted average cost of capital of 10.0% for sales-based milestones. Each reporting period, we adjust the contingent consideration to fair value with changes in fair value recognized in operating earnings. Changes in fair values reflect new information about the probability and timing of meeting the conditions of the milestone payments. In the absence of new information, changes in fair value will only reflect the interest component of contingent consideration related to the passage of time. As of June 30, 2019 , estimated future contingent milestone payments related to prior business combinations range from zero if no milestone events are achieved, to a maximum of $702.0 if all development, regulatory and sales-based milestones are reached. In the second quarter 2019, a sales-based milestone associated with our acquisition of Enobia Pharma Corp. was achieved. In connection with such achievement, we will make a $100.0 milestone payment in the third quarter 2019. As of June 30, 2019 , the fair value of acquisition-related contingent consideration was $258.2 . The following table represents a roll-forward of our acquisition-related contingent consideration: Six months ended June 30, 2019 Balance at beginning of period $ 280.8 Changes in fair value (22.6 ) Balance at end of period $ 258.2 Other Contingent Payments In January 2019, we entered into an agreement with Caelum, a biotechnology company that is developing CAEL101 for light chain (AL) amyloidosis. Under the terms of the agreement, we acquired a minority equity interest in preferred stock of Caelum and an exclusive option to acquire the remaining equity in Caelum based on Phase II data, for pre-negotiated economics. We paid $30.0 during the first quarter 2019 and could be required to pay up to an additional $30.0 in contingent milestone-dependent fees. These contingent payments meet the definition of a derivative liability and were initially recorded at fair value of $27.1 , based on the probability-weighted cash flows, discounted using a cost of debt ranging from 3.3% to 3.5% . Each reporting period, we adjust the derivative liability associated with the contingent fees to fair value with changes in fair value recognized in other income and expense. Changes in fair values reflect new information about the probability and timing of meeting the conditions of the milestone payments. In the absence of new information, change in fair value will only reflect the interest component of the liability related to the passage of time. As of June 30, 2019 , the fair value of our contingent fees was $27.4 . We recorded $0.3 in other income and (expense) during the three and six months ended June 30, 2019 related to the change in the fair value of the liability. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue The Company disaggregates revenue from contracts with customers into product and geographical regions as summarized below. Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 SOLIRIS United States $ 496.3 $ 395.8 $ 960.0 $ 731.8 Europe 280.2 253.4 544.7 504.2 Asia Pacific 110.3 93.6 211.2 179.1 Rest of World 94.0 155.4 226.9 283.2 Total $ 980.8 $ 898.2 $ 1,942.8 $ 1,698.3 ULTOMIRIS United States $ 54.2 $ — $ 78.8 $ — Europe — — — — Asia Pacific — — — — Rest of World — — — — Total $ 54.2 $ — $ 78.8 $ — STRENSIQ United States $ 106.2 $ 99.9 $ 205.7 $ 189.1 Europe 19.5 16.4 37.0 30.4 Asia Pacific 12.1 6.3 22.0 12.0 Rest of World 3.5 2.5 6.7 4.3 Total $ 141.3 $ 125.1 $ 271.4 $ 235.8 KANUMA United States $ 15.3 $ 13.0 $ 29.1 $ 24.9 Europe 6.8 5.8 13.1 11.7 Asia Pacific 1.3 1.1 2.1 2.1 Rest of World 2.8 1.5 5.4 2.3 Total $ 26.2 $ 21.4 $ 49.7 $ 41.0 Total Net Product Sales $ 1,202.5 $ 1,044.7 $ 2,342.7 $ 1,975.1 Contract Balances and Receivables Contract liabilities relate to consideration received and/or billed for goods that have not been delivered to the customer and for which the performance obligation has not yet been completed. These amounts are included within other current liabilities in the condensed consolidated balance sheets. The following table provides information about receivables and contract liabilities from our contracts with customers. June 30, 2019 December 31, 2018 Receivables, which are included in "Trade accounts receivable, net" $ 1,123.6 $ 922.3 Contract liabilities, which are included in "Other current liabilities" $ 3.1 $ 3.4 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The following table provides a comparative summary of our income tax (benefit) expense and effective income tax rate for the three and six months ended June 30, 2019 and 2018 : Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Income tax (benefit) expense $ 39.7 $ 38.8 $ (6.4 ) $ 141.3 Effective income tax rate 7.9 % (9.3 )% (0.6 )% (210.9 )% Income tax (benefit) expense is attributable to the U.S. federal, state and foreign income taxes on our profitable operations. During the first quarter 2019, in connection with the future integration of intellectual property of Wilson Therapeutics, with and into the Alexion corporate structure, we recognized certain one-time tax benefits. The deferred tax benefits include $95.7 and $30.3 associated with a tax election made with respect to intellectual property of Wilson Therapeutics and a valuation allowance release and corresponding recognition of net operating losses, respectively. These deferred tax benefits decreased the effective tax rate for the six months ended June 30, 2019 by approximately 12.1% . Future changes to our intellectual property integration planning could materially impact our effective tax rate in subsequent periods. On July 1, 2019, the Wilson Therapeutics intellectual property was integrated with and into the Alexion corporate structure. The Company is currently evaluating the impact of the integration on the Company's consolidated financial statements and will record the associated tax effects in the third quarter of 2019. The income tax expense for the three and six months ended June 30, 2018 includes a decrease in the effective tax rate of approximately 19.4% and 230.1% , respectively, attributable to the acquisition of Wilson Therapeutics. Absent successful clinical results and regulatory approval, there is no alternative future use of the WTX101 asset acquired. Accordingly, the value of the asset of $803.7 was expensed as in-process research and development costs during such three and six month periods, for which no tax benefit has been recognized. Also included in the six months ended June 30, 2018 is a U.S. tax reform measurement period adjustment to deferred taxes of $38.4 . This deferred tax cost increased the effective tax rate by approximately 5.2% . In 2017, the IRS commenced an examination of our U.S. income tax returns for 2015. We anticipate this audit will conclude within the next twelve months. We have not been notified of any significant adjustments proposed by the IRS. It is reasonably possible that previously unrecognized tax benefits could be recognized upon the conclusion of the IRS examination. At this time, an estimate of the change in unrecognized tax benefits cannot be made. We have recorded tax on the undistributed earnings of our controlled foreign corporation (CFC) subsidiaries. To the extent CFC earnings may not be repatriated to the U.S. as a dividend distribution due to limitations imposed by law, we have not recorded the related potential withholding, foreign, local, and U.S. state income taxes. We continue to maintain a valuation allowance against certain deferred tax assets where realization is not certain. |
Defined Benefit Plans
Defined Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Defined Benefit Plans We maintain defined benefit plans for employees in certain countries outside the U.S., including retirement benefit plans required by applicable local law. The plans are valued by independent actuaries using the projected unit credit method. The liabilities correspond to the projected benefit obligations of which the discounted net present value is calculated based on years of employment, expected salary increases, and pension adjustments. The total net periodic benefit cost for the three and six months ended June 30, 2019 and 2018 was not material. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases At the inception of an arrangement, we determine if an arrangement is, or contains, a lease based on the unique facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease we (i) identify lease and non-lease components, (ii) determine the consideration in the contract, (iii) determine whether the lease is an operating or financing lease; and (iv) recognize lease ROU assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable and as such, we use our incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. Most leases include options to renew and, or, terminate the lease, which can impact the lease term. The exercise of these options is at our discretion and we do not include any of these options within the expected lease term as we are not reasonably certain we will exercise these options. We have elected to combine lease components (for example fixed payments including rent) with non-lease components (for example, non-dedicated parking and common-area maintenance costs) on our real estate and commercial fleet asset classes. We separate lease and non-lease components on our embedded contract manufacturing organization (CMO) arrangements. Lease and non-lease components on these CMO arrangements are determined based on an allocation of the consideration in the contract to the embedded lease and non-lease components of the arrangement based on the relative standalone selling prices of these components. Fixed, or in substance fixed, lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis, while fixed, or in substance fixed, payments on financing leases are recognized using the effective interest method. Variable lease expenses that are not considered fixed, or in substance fixed, are recognized as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within our condensed consolidated statements of operations. Financing lease ROU asset amortization and interest costs are recorded within operating expenses and interest expense, respectively, within our condensed consolidated statements of operations. We have operating and financing leases for corporate offices, research and development facilities, regional executive and sales offices, commercial fleet, and CMO embedded lease arrangements. We have elected the short-term lease exemption and, therefore, do not recognize a ROU asset or corresponding liability for lease arrangements with an original term of 12 months or less. Operating leases are included in right of use operating assets, other current liabilities, and noncurrent operating lease liabilities in our condensed consolidated balance sheet as of June 30, 2019 . Financing leases are included in property, plant and equipment, other current liabilities, and other liabilities in our condensed consolidated balance sheet as of June 30, 2019 . The following table summarizes our lease assets and liabilities as of June 30, 2019 : ROU Assets and Liabilities Balance Sheet Financing Operating ROU - Asset Right of use operating assets $ — $ 209.5 ROU - Asset Property, plant, and equipment 121.8 — Lease liabilities (current) Other current liabilities 5.0 20.3 Lease liabilities (noncurrent) Noncurrent operating lease liabilities — 165.5 Lease liabilities (noncurrent) Other liabilities 75.5 — The following table summarizes our lease related costs for the three and six months ended June 30, 2019 : Lease Cost Statement of Operations Location Three months ended Six months ended June 30, 2019 June 30, 2019 Financing Lease Cost $ 3.5 $ 7.5 Amortization of ROU Assets Operating Expenses 2.5 5.5 Interest on Lease Liabilities Interest Expense 1.0 2.0 Operating Lease Cost Operating Expenses 8.6 17.6 Variable Lease Cost Operating Expenses 2.3 4.3 Total Lease Cost 14.4 29.4 Amounts above include $3.0 and $6.3 of lease costs associated with our CMO embedded lease arrangement for the three and six months ended June 30, 2019 , respectively, which have been capitalized within other assets as a prepayment of inventory. The following table summarizes supplemental cash flow information for the three and six months ended June 30, 2019 : Other Information Three months ended Six months ended June 30, 2019 June 30, 2019 Cash Paid For Amounts Included In Measurement of Liabilities $ 8.8 $ 16.4 Operating Cash Flows From Financing Leases 1.0 2.0 Operating Cash Flows From Operating Leases 6.5 11.9 Financing Cash Flows From Financing Leases 1.3 2.5 ROU Assets Obtained In Exchange For New Financing Liabilities (1) — — ROU Assets Obtained In Exchange For New Operating Liabilities (2) 20.7 20.7 (1) We capitalized $83.1 of ROU financing assets upon adoption of the new lease standard in the first quarter of 2019 that are excluded from the figures for the six months ended June 30, 2019. This figure excludes $44.2 of opening adjustments to ROU finance assets related, primarily, to prepayments of rent. (2) We capitalized $172.2 of ROU operating assets upon adoption of the new lease standard in the first quarter of 2019. This figure excludes $26.6 of opening adjustments to ROU operating assets related, primarily, to prepayments of rent. The following tables summarize maturities of lease liabilities and the reconciliation of lease liabilities as of June 30, 2019 : Lease Liability Maturity Summary Year Financing Operating Total 2019 (remaining) $ 4.4 $ 13.6 $ 18.0 2020 8.8 24.8 33.6 2021 9.0 22.1 31.1 2022 9.2 20.8 30.0 2023 9.2 20.5 29.7 2024 9.4 20.2 29.6 Thereafter 54.6 109.3 163.9 Reconciliation of Lease Liabilities Financing Operating Total Weighted-average Remaining Lease Term (years) 11.17 10.46 10.67 Weighted-average Discount Rate 4.85 % 4.35 % 4.51 % Total Undiscounted Lease Liability $ 104.6 $ 231.3 $ 335.9 Imputed Interest 24.0 45.4 69.4 Total Discounted Lease Liability 80.5 185.8 266.3 For comparable purposes, our aggregate future minimum non-cancellable commitments under operating leases as of December 31, 2018 were as follows: Year 2019 $ 27.8 2020 24.7 2021 21.3 2022 19.9 2023 19.7 Thereafter 132.2 Excluded from the table above are commitments with Lonza Group AG and its affiliates (Lonza), a third party manufacturer that produces a portion of commercial and clinical quantities of our commercial products and product candidates. During the third quarter 2015, we entered into an agreement with Lonza whereby Lonza constructed a facility to be used to manufacture product under a supply agreement for Alexion at one of its existing facilities, resulting in the determination that the CMO arrangement contained a lease. This agreement requires us to make certain payments during the construction of the manufacturing facility and annual payments for ten years thereafter. As the arrangement contains both a lease and non-lease component, related to the supply of product, the consideration paid to Lonza is allocated between these components. As of December 31, 2018, we had various manufacturing and licensing agreements with Lonza, with remaining total non-cancellable future commitments of approximately $1,084.6 . This amount includes $88.7 of undiscounted, fixed payments applicable to our CMO embedded lease arrangement with Lonza. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asset Acquisition and In-License Agreements We have entered into asset purchase agreements and license arrangements in order to advance and obtain technologies and services related to our business. These agreements generally require us to pay an initial fee and certain agreements call for future payments upon the attainment of agreed upon development, regulatory and/or commercial milestones. These agreements may also require minimum royalty payments based on sales of products developed from the applicable technologies, if any. In January 2019, we entered into an agreement with Caelum, a biotechnology company that is developing CAEL101 for light chain (AL) amyloidosis. Under the terms of the agreement, we acquired a minority equity interest in preferred stock of Caelum and an exclusive option to acquire the remaining equity in Caelum based on Phase II data, for pre-negotiated economics. We paid $30.0 in the first quarter 2019 and could be required to pay up to an additional $30.0 in contingent milestone-dependent fees. These contingent payments meet the definition of a derivative liability and were initially recorded at fair value of $27.1 . We allocated the total consideration of $57.1 , inclusive of the fair value of contingent milestone-dependent fees, to the equity investment in Caelum and the option to acquire the remaining equity in Caelum based on the relative fair values of the assets. The agreement with Caelum also provides for additional payments, in the event Alexion exercises the purchase option, for up to $500.0 , which includes an upfront option exercise payment and potential regulatory and commercial milestone payments. In March 2019, we entered into an agreement with Zealand which provides us with exclusive worldwide licenses, as well as development and commercial rights, for subcutaneously delivered preclinical peptide therapies directed at up to four complement pathway targets. Pursuant to the agreement, Zealand will lead joint discovery and research efforts through the preclinical stage, and Alexion will lead development efforts beginning with the investigational new drug filing and Phase 1 studies. In addition to the agreement, we made an equity investment in Zealand (see Note 10). Under the terms of the agreement, we made an upfront payment of $40.0 for an exclusive license to the lead target and the equity investment, as well as for preclinical research services to be performed by Zealand in relation to the lead target. The market value of the equity investment was $13.8 as of the date of acquisition, which we recorded in other assets in our condensed consolidated balance sheets. We also recognized prepaid research and development expense of $5.0 within the condensed consolidated balance sheets associated with the research activities to be performed by Zealand. Due to the early stage of the asset we are licensing, we recorded the upfront license payment of $21.2 as research and development expense during the first quarter 2019. As of June 30, 2019 , we could be required to pay up to $610.0 , for the lead target, upon the achievement of specified development, regulatory and commercial milestones, as well as royalties on commercial sales. Each of the three subsequent targets can be selected for an option fee of $15.0 and has the potential for additional development, regulatory and commercial milestones, as well as royalty payments, at a reduced price to the lead target. In March 2019, we entered into an agreement with Affibody AB (Affibody), through which Alexion obtained an exclusive worldwide license, as well as development and commercial rights, to ABY-039, a bivalent antibody-mimetic that targets the FcRn and is currently in Phase 1 development. The agreement with Affibody was subject to clearance under the Hart-Scott Rodino Antitrust Improvements Act and, following receipt of such approval, the transaction closed in April 2019. Pursuant to the agreement, Alexion will lead the clinical development and commercial activities for ABY-039 in rare Immunoglobulin G (IgG)-mediated autoimmune diseases. Affibody has the option to co-promote ABY-039 in the U.S. and will lead clinical development of ABY-039 in an undisclosed indication. Under the terms of the agreement, we made an upfront payment of $25.0 for the exclusive license to ABY-039. Due to the early stage of the asset we are licensing, we recorded the upfront license payment as research and development expense during the second quarter 2019. As of June 30, 2019 , we could also be required to pay up to $625.0 for amounts due upon achievement of specific development, regulatory, and commercial milestones, as well as royalties on commercial sales. In connection with our prior acquisition of Syntimmune (see Note 3), we could be required to pay up to $800.0 upon the achievement of specified development, regulatory and commercial milestones. In addition, as of June 30, 2019 , we have other license agreements under which we may be required to pay up to an additional $838.2 for currently licensed targets, if certain development, regulatory and commercial milestones are met. Additional amounts may be payable if we elect to acquire licenses to additional targets, as applicable, under the terms of these agreements. Asset Sale and Out-License Arrangements In connection with prior asset sale and out-license arrangements, Alexion is entitled to receive contingent payments upon the achievement of various regulatory and commercial milestones and other events, as well as royalties on commercial sales. The amount of contingent consideration related to these agreements is fully constrained and therefore has not been recognized as of June 30, 2019 . Manufacturing Agreements We have various manufacturing development and license agreements to support our clinical and commercial product needs. We rely on Lonza, a third party manufacturer, to produce a portion of commercial and clinical quantities of our commercial products and product candidates. We have various manufacturing and license agreements with Lonza, with remaining total non-cancellable future commitments of approximately $1,044.1 . This amount includes $102.3 of undiscounted, fixed payments applicable to our CMO embedded lease arrangement with Lonza. If we terminate certain supply agreements with Lonza without cause, we will be required to pay for product scheduled for manufacture under our arrangement. Under an existing arrangement with Lonza, we also pay Lonza a royalty on sales of SOLIRIS that was manufactured at the Alexion Rhode Island Manufacturing Facility (ARIMF facility) prior to its sale and a payment with respect to sales of SOLIRIS manufactured at Lonza facilities. We also pay Lonza a royalty on the sales of ULTOMIRIS. In addition to our commitments with Lonza, as of June 30, 2019 we have non-cancellable commitments of approximately $65.1 through 2020 with other third party manufacturers. Contingent Liabilities We are currently involved in various claims, disputes, lawsuits and legal proceedings. On a quarterly basis, we review the status of each significant matter and assess its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, we accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals are based on our best estimates based on information available at the time of the assessment. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation, court decisions or settlement of claims (and offers of settlement), we may reassess the potential liability related to these matters and may revise these estimates, which could result in a material adverse adjustment to our operating results. Costs associated with our involvement in legal proceedings are expensed as incurred. The outcome of any such proceedings, regardless of the merits, is inherently uncertain. If we were unable to prevail in any such proceedings, our consolidated financial position, results of operations, and future cash flows may be materially impacted. We have received, and may in the future receive, notices from third parties claiming that their patents may be infringed by the use, development, manufacture, importation or sale of our products. Under the guidance of ASC 450, Contingencies , we record a royalty accrual based on our best estimate of the fair value percent of net sales of our products that we could be required to pay the owners of patents for technology used in the manufacture and sale of our products. A costly license, or inability to obtain a necessary license, could have a material adverse effect on our financial results. In May 2015, we received a subpoena in connection with an investigation by the Enforcement Division of the Securities and Exchange Commission (SEC) requesting information related to our grant-making activities and compliance with the Foreign Corrupt Practices Act (FCPA) in various countries. In addition, in October 2015, we received a request from the Department of Justice (DOJ) for the voluntary production of documents and other information pertaining to Alexion’s compliance with FCPA. The SEC and DOJ also seek information related to Alexion’s recalls of specific lots of SOLIRIS and related securities disclosures. Alexion is cooperating with these investigations. The investigations have focused on operations in various countries, including Brazil, Colombia, Japan, Russia and Turkey, and Alexion's compliance with the FCPA and other applicable laws. At this time, Alexion is unable to predict the duration, scope or outcome of these investigations. While it is possible that a loss related to these matters may be incurred, given the ongoing nature of these investigations, management cannot reasonably estimate the potential magnitude of any such loss or range of loss, or the cost of the ongoing investigation. Any determination that our operations or activities are not or were not in compliance with existing laws or regulations could result in the imposition of fines, civil and criminal penalties, equitable remedies, including disgorgement, injunctive relief, and/or other sanctions against us, and remediation of any such findings could have an adverse effect on our business operations. Alexion is committed to strengthening its compliance program and is currently implementing a comprehensive company-wide transformation plan that is designed to enhance and remediate its business processes, structures, controls, training, talent and systems across Alexion’s global operations. As previously reported, on December 29, 2016, a shareholder filed a putative class action against the Company and certain former employees in the U.S. District Court for the District of Connecticut, alleging that defendants made misrepresentations and omissions about SOLIRIS. On April 12, 2017, the court appointed a lead plaintiff. On July 14, 2017, the lead plaintiff filed an amended putative class action complaint against the Company and seven current or former employees. Defendants moved to dismiss the amended complaint on September 12, 2017. Plaintiffs filed an opposition to defendants’ motion to dismiss on November 13, 2017, and defendants’ filed a reply brief in further support of their motion on December 28, 2017. On March 26, 2019, the court held a telephonic status conference. During that conference, the court informed counsel that it was preparing a ruling granting the Defendants’ pending motion to dismiss. The court inquired of plaintiffs’ counsel whether they intended to seek leave to amend their complaint, and indicated that if they wished to file a second amended complaint, they would be allowed to do so. On April 2, 2019, the court granted plaintiffs until May 31, 2019 to file a second amended complaint, thereby rendering moot defendants’ pending motion to dismiss. On May 31, 2019, Plaintiffs filed a second amended complaint against the same defendants. The complaint alleges that defendants engaged in securities fraud, including by making misrepresentations and omissions in its public disclosures concerning the Company’s SOLIRIS sales practices, management changes, and related investigations, between January 30, 2014 and May 26, 2017, and that the Company's stock price dropped upon the purported disclosure of the alleged fraud. The plaintiffs seek to recover unspecified monetary relief, unspecified equitable and injunctive relief, interest, and attorneys’ fees and costs. Defendants’ motion to dismiss the amended complaint is due August 2, 2019; plaintiffs’ opposition to that motion is due October 2, 2019; and defendants’ reply in further support of their motion is due November 16, 2019. Given the early stage of these proceedings, we cannot presently predict the likelihood of obtaining dismissal of the case, nor can we estimate the possible loss or range of loss at this time. In December 2016, we received a subpoena from the U.S. Attorney's Office for the District of Massachusetts requesting documents relating generally to our support of Patient Services, Inc. (PSI) and National Organization for Rare Disorders (NORD), 501(c)(3) organizations that provide financial assistance to Medicare patients taking drugs sold by Alexion; Alexion’s provision of free drug to Medicare patients; and Alexion compliance policies and training materials concerning the anti-kickback statute and information on donations to PSI and NORD from 2010 through 2016. In April 2019, we entered in to a civil settlement agreement with the DOJ and the Office of Inspector General (OIG) of the U.S. Department of Health and Human Services to resolve this matter. As part of the settlement agreement, Alexion paid $13.1 to the DOJ and OIG. OIG did not require a Corporate Integrity Agreement with Alexion because it made fundamental organizational changes, including hiring a new executive leadership team, replacing half of the members of its Board of Directors, and effecting a significant change in the workforce. In May 2017, Brazilian authorities seized records and data from our Sao Paulo, Brazil offices as part of an investigation being conducted into Alexion’s Brazilian operations. We are cooperating with this inquiry. In June 2017, we received a demand to inspect certain of our books and records pursuant to Section 220 of the General Corporation Law of the State of Delaware on behalf of a purported stockholder. Among other things, the demand sought to determine whether to institute a derivative lawsuit against certain of the Company’s directors and officers in relation to the investigation by our Audit and Finance Committee announced in November 2016 and the investigations instituted by the SEC, DOJ, U.S. Attorney’s Office for the District of Massachusetts, and Brazilian law enforcement officials that are described above. We have responded to the demand. Given the early stages of this matter, an estimate of the possible loss or range of loss cannot be made at this time. On September 27, 2017, a hearing panel of the Canadian Patented Medicine Prices Review Board (PMPRB) issued a decision in a previously pending administrative pricing matter that we had excessively priced SOLIRIS in a manner inconsistent with the Canadian pricing rules and guidelines. In its decision, the PMPRB ordered Alexion to decrease the price of SOLIRIS to an upper limit based upon pricing in certain other countries, and to forfeit excess revenues for the period between 2009 and 2017. The amount of excess revenues for the period between 2009 and 2017 was not determined to be a material amount and was paid in 2018. In October 2017, Alexion filed an application for judicial review of the PMPRB’s decision in the Federal Court of Canada. On May 23, 2019, the Federal Court of Canada dismissed Alexion's application for judicial review and, as a consequence, affirmed the decision of the PMPRB that we had excessively priced SOLIRIS. On June 21, 2019, Alexion filed a notice of appeal of the Federal Court of Canada's ruling. Pursuant to an order made by the Federal Court of Canada, we will place approximately $31.6 in escrow to secure our obligations pending the final resolution of all appeals in this matter. This amount reflects the difference between the list price for SOLIRIS and the price determined by the PMPRB to be non-excessive for the period from September 2017 to June 2019. Pursuant to US GAAP, our revenues for the quarter ended June 30, 2019 were reduced by this amount. In addition, on a quarterly basis until the appeals process has concluded, Alexion will be required to place amounts into escrow for each vial of SOLIRIS sold in the applicable quarter equal to the list price for SOLIRIS and the price determined by the PMPRB to be non-excessive. In October 2018, the Japanese Ministry of Health, Labour and Welfare (MHLW) conducted an administrative inspection of Alexion’s Japanese operations. The MHLW inquiry primarily focused on our communication efforts regarding the proper use of SOLIRIS in Japan for aHUS, among other matters. We have cooperated with the inquiries and the investigation, and in March 2019, the MHLW indicated that it has completed its investigation. Chugai Pharmaceutical Co., Ltd. has filed two lawsuits against Alexion. The first was filed in November 2018 in the United States District Court for the District of Delaware against Alexion Pharmaceuticals, Inc. alleging that ULTOMIRIS infringes one U.S. patent held by Chugai Pharmaceutical Co., Ltd. The second lawsuit was filed in December 2018 in the Tokyo District Court against Alexion Pharma GK (a wholly-owned subsidiary of Alexion) in Japan and alleges that ULTOMIRIS infringes two Japanese patents held by Chugai Pharmaceutical Co., Ltd. Chugai’s complaints seek unspecified damages and certain injunctive relief. In both cases, Alexion has denied the charges and countered that the patents are neither valid nor infringed. A trial date for the U.S. case has been set for May 2021. The case is still at the briefing stage in Japan. Given the early stages of these litigations, an estimate of the possible loss or range of loss cannot be made at this time. On February 28, 2019, Amgen Inc. (Amgen) petitioned the U.S. Patent and Trademark Office (PTO) to institute Inter Partes Review (IPR) of three patents owned by Alexion that relate to SOLIRIS: U.S. Patent Nos. 9,725,504; 9,718,880; and 9,732,149. In each case, Amgen alleges the patented subject matter was anticipated and/or obvious in view of prior art, and that the patent claims are therefore invalid. We expect the PTO to review Amgen’s petitions and Alexion's submissions, and to issue a decision in September 2019 as to whether the PTO will institute IPR. At this time we cannot determine what decision the PTO will make. |
Restructuring and Related Expen
Restructuring and Related Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Expenses | Restructuring and Related Expenses In the first quarter 2019, we initiated corporate restructuring activities to re-align our commercial organization through re-prioritization of certain geographical markets and to implement operational excellence through strategic reallocation of resources. In the first quarter 2017, we initiated a company-wide restructuring designed to help position the Company for sustainable, long-term growth that we believe will further allow us to fulfill our mission of serving patients and families with rare diseases. In September 2017, we committed to an operational plan to re-align the global organization with its refocused corporate strategy. The re-alignment included the relocation of the Company's headquarters to Boston, Massachusetts and a reduction of the Company's global workforce. The restructuring was designed to result in cost savings by focusing the development portfolio, simplifying business structures and process across the Company's global operations, and closing multiple Alexion sites. The following table summarizes the total expenses recorded related to the restructuring activities by type of activity and the locations recognized within the consolidated statements of operations: Three months ended June 30, Three months ended June 30, 2019 2018 Employee Separation Costs Asset-Related Charges Other Total Employee Separation Costs Asset-Related Charges Other Total Cost of sales $ — $ — $ — $ — $ — $ 0.5 $ — $ 0.5 Research and development — — — — — — — — Selling, general and administrative — — — — — 6.5 — 6.5 Restructuring expense 2.4 — 0.1 2.5 3.1 — 7.5 10.6 Other (income) expense — — — — — — — — $ 2.4 $ — $ 0.1 $ 2.5 $ 3.1 $ 7.0 $ 7.5 $ 17.6 Six months ended June 30, Six months ended June 30, 2019 2018 Employee Separation Costs Asset-Related Charges Other Total Employee Separation Costs Asset-Related Charges Other Total Cost of sales $ — $ — $ — $ — $ — $ 5.8 $ — $ 5.8 Research and development — — — — — 0.1 — 0.1 Selling, general and administrative — — — — — 10.1 — 10.1 Restructuring expense 11.5 — 0.1 11.6 4.1 — 12.0 16.1 Other (income) expense — — — — — — (0.1 ) (0.1 ) $ 11.5 $ — $ 0.1 $ 11.6 $ 4.1 $ 16.0 $ 11.9 $ 32.0 The following table presents a reconciliation of the restructuring reserve recorded within accounts payable and accrued expenses on the Company's condensed consolidated balance sheets as of June 30, 2019 : Three months ended June 30, Six months ended June 30, 2019 2019 Employee Separation Costs Asset Charges Other Costs Total Employee Separation Costs Asset Charges Other Costs Total Liability, beginning of period $ 10.8 $ — $ — $ 10.8 $ 4.2 $ — $ — $ 4.2 Restructuring and related expenses 5.3 — — 5.3 14.2 — — 14.2 Cash settlements (3.8 ) — — (3.8 ) (6.3 ) — — (6.3 ) Adjustments to previous estimates (2.8 ) — — (2.8 ) (2.6 ) — — (2.6 ) Asset impairments — — — — — — — — Liability, end of period $ 9.5 $ — $ — $ 9.5 $ 9.5 $ — $ — $ 9.5 The restructuring reserve of $9.5 and $4.2 is recorded in accounts payable and accrued expenses on the Company's condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018 , respectively. The accrued amounts are expected to be paid in the next twelve months. We currently estimate incurring up to an additional $10.0 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Asset Acquisitions [Abstract] | |
Summary of Total Consideration | The following table summarizes the total consideration for the acquisition and the value of assets acquired and liabilities assumed: Consideration Cash paid for acquisition of Wilson Therapeutics outstanding shares $ 749.3 Transaction costs 15.1 Total consideration $ 764.4 Assets Acquired and Liabilities Assumed Cash $ 45.1 In-process research & development 803.7 Employee related liabilities (71.4 ) Other assets and liabilities (13.0 ) Total net assets acquired $ 764.4 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current | The components of inventory are as follows: June 30, December 31, 2019 2018 Raw materials $ 38.2 $ 31.4 Work-in-process 116.6 90.4 Finished goods 339.8 350.7 $ 494.6 $ 472.5 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table summarizes the carrying amount of our intangible assets and goodwill, net of accumulated amortization: June 30, 2019 December 31, 2018 Estimated Cost Accumulated Net Cost Accumulated Net Licensing rights 5-8 $ 47.0 $ (30.9 ) $ 16.1 $ 39.0 $ (29.3 ) $ 9.7 Patents 7 10.5 (10.5 ) — 10.5 (10.5 ) — Purchased technology 6-16 4,710.5 (1,239.2 ) 3,471.3 4,710.5 (1,079.1 ) 3,631.4 Other intangibles 5 0.4 (0.2 ) 0.2 0.4 (0.2 ) 0.2 Total $ 4,768.4 $ (1,280.8 ) $ 3,487.6 $ 4,760.4 $ (1,119.1 ) $ 3,641.3 Goodwill Indefinite $ 5,040.3 $ (2.9 ) $ 5,037.4 $ 5,040.3 $ (2.9 ) $ 5,037.4 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | The following table summarizes the calculation of basic and diluted EPS for the three and six months ended June 30, 2019 and 2018 : Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Net income (loss) used for basic and diluted calculation $ 459.8 $ (457.4 ) $ 1,047.7 $ (208.3 ) Shares used in computing earnings (loss) per common share—basic 224.2 222.6 224.0 222.3 Weighted-average effect of dilutive securities: Stock awards 1.4 — 1.7 — Shares used in computing earnings (loss) per common share—diluted 225.6 222.6 225.7 222.3 Earnings (loss) per common share: Basic $ 2.05 $ (2.05 ) $ 4.68 $ (0.94 ) Diluted $ 2.04 $ (2.05 ) $ 4.64 $ (0.94 ) |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | June 30, 2019 and December 31, 2018 were as follows: June 30, 2019 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 274.0 $ — $ — $ 274.0 Corporate bonds 28.0 — — 28.0 Other government-related obligations: U.S. 117.8 — — 117.8 Bank certificates of deposit 24.3 — — 24.3 Total available-for-sale debt securities $ 444.1 $ — $ — $ 444.1 December 31, 2018 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Commercial paper $ 52.1 $ — $ — $ 52.1 Corporate bonds 122.9 — (0.1 ) 122.8 Other government-related obligations: U.S. 17.5 — — 17.5 Bank certificates of deposit 33.2 — — 33.2 Total available-for-sale debt securities $ 225.7 $ — $ (0.1 ) $ 225.6 |
Available-for-sale Securities by Balance Sheet Location Classification [Table Text Block] | The fair values of available-for-sale debt securities by classification in the condensed consolidated balance sheets were as follows: June 30, 2019 December 31, 2018 Cash and cash equivalents $ 359.4 $ 43.8 Marketable securities 84.7 181.8 $ 444.1 $ 225.6 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The fair values of available-for-sale debt securities at June 30, 2019 , by contractual maturity, are summarized as follows: June 30, 2019 Due in one year or less $ 438.3 Due after one year through three years 5.8 $ 444.1 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Interest Rate Contracts | The following table summarizes the total interest rate swap contracts executed as of June 30, 2019 : Type of Interest Rate Swap Notional Amount Effective Date Termination Date Fixed Interest Rate or Rate Range Floating to Fixed 1,531.3 December 2016 - January 2018 December 2019 0.98% - 1.62% Floating to Fixed 450.0 December 2018 December 2022 2.60% - 2.79% Floating to Fixed 300.0 January 2019 December 2019 2.08% Floating to Fixed 1,300.0 December 2019 December 2022 2.37% - 2.83% |
Schedule of Other Comprehensive Income and Earnings from Foreign Exchange Contracts | The amount of gains and (losses) recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 from foreign exchange and interest rate swap contracts that qualified as cash flow hedges were as follows: Three months ended Three months ended June 30, 2019 June 30, 2018 Financial Statement Line Item in which the Effects of Cash Flow Hedges are Recorded Net Product Sales Interest Expense Net Product Sales Interest Expense Total amount presented in the Condensed Consolidated Statements of Operations $ 1,202.5 $ (18.3 ) $ 1,044.7 $ (25.0 ) Impact of cash flow hedging relationships: Foreign exchange forward contracts $ 9.1 $ — $ (1.7 ) $ — Interest rate swap contracts $ — $ 4.5 $ — $ 3.1 Six months ended Six months ended June 30, 2019 June 30, 2018 Financial Statement Line Item in which the Effects of Cash Flow Hedges are Recorded Net Product Sales Interest Expense Net Product Sales Interest Expense Total amount presented in the Condensed Consolidated Statements of Operations $ 2,342.7 $ (38.2 ) $ 1,975.1 $ (49.1 ) Impact of cash flow hedging relationships: Foreign exchange forward contracts $ 16.1 $ — $ (14.8 ) $ — Interest rate swap contracts $ — $ 9.1 $ — $ 4.5 The impact on AOCI from foreign exchange and interest rate swap contracts that qualified as cash flow hedges, for the three and six months ended June 30, 2019 and 2018 were as follows: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Foreign Exchange Forward Contracts: Gain (loss) recognized in AOCI, net of tax $ (3.9 ) $ 49.0 $ 10.3 $ 16.5 Gain (loss) reclassified from AOCI to net product sales, net of tax $ 7.0 $ (1.3 ) $ 12.4 $ (11.4 ) Interest Rate Contracts: Gain (loss) recognized in AOCI, net of tax $ (24.6 ) $ 3.1 $ (38.8 ) $ 11.2 Gain (loss) reclassified from AOCI to interest expense, net of tax $ 3.4 $ 2.5 $ 7.0 $ 3.6 |
Schedule of Fair Value of Outstanding Derivatives | The following tables summarize the fair value of outstanding derivatives as of June 30, 2019 and December 31, 2018 : June 30, 2019 Derivative Assets Derivative Liabilities Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets $ 12.4 Other current liabilities $ 7.6 Foreign exchange forward contracts Other assets 1.1 Other liabilities 1.8 Interest rate contracts Prepaid expenses and other current assets 5.6 Other current liabilities 10.8 Interest rate contracts Other assets — Other liabilities 52.2 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets 16.1 Other current liabilities 15.4 Total fair value of derivative instruments $ 35.2 $ 87.8 December 31, 2018 Derivative Assets Derivative Liabilities Balance Sheet Fair Balance Sheet Fair Derivatives designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets $ 16.9 Other current liabilities $ 7.3 Foreign exchange forward contracts Other assets 0.3 Other liabilities 3.1 Interest rate contracts Prepaid expenses and other current assets 20.1 Other current liabilities 0.8 Interest rate contracts Other assets — Other liabilities 17.3 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Prepaid expenses and other current assets 23.6 Other current liabilities 11.5 Total fair value of derivative instruments $ 60.9 $ 40.0 |
Offsetting Assets and Liabilities | The following tables summarize the potential effect on our condensed consolidated balance sheets of offsetting our foreign exchange forward contracts and interest rate contracts subject to such provisions: June 30, 2019 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Description Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet Derivative Financial Instruments Cash Collateral Received (Pledged) Net Amount Derivative assets $ 35.2 $ — $ 35.2 $ (24.4 ) $ — $ 10.8 Derivative liabilities (87.8 ) — (87.8 ) 24.4 — (63.4 ) December 31, 2018 Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet Description Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheet Net Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet Derivative Financial Instruments Cash Collateral Received (Pledged) Net Amount Derivative assets $ 60.9 $ — $ 60.9 $ (30.2 ) $ — $ 30.7 Derivative liabilities (40.0 ) — (40.0 ) 30.2 — (9.8 ) |
Other Comprehensive Income an_2
Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes in AOCI, by component, for the six months ended June 30, 2019 and 2018 : Defined Benefit Pension Plans Unrealized Gains (Losses) from Debt Securities Unrealized Gains (Losses) from Hedging Activities Foreign Currency Translation Adjustment Total Accumulated Other Comprehensive Income (Loss) Balances, December 31, 2018 $ (2.6 ) $ (0.3 ) $ 9.6 $ (16.4 ) $ (9.7 ) Other comprehensive income (loss) before reclassifications — 0.2 (28.5 ) (0.5 ) (28.8 ) Amounts reclassified from other comprehensive income — — (19.4 ) — (19.4 ) Net other comprehensive income (loss) — 0.2 (47.9 ) (0.5 ) (48.2 ) Balances, June 30, 2019 $ (2.6 ) $ (0.1 ) $ (38.3 ) $ (16.9 ) $ (57.9 ) Defined Benefit Pension Plans Unrealized Gains (Losses) from Debt Securities Unrealized Gains (Losses) from Hedging Activities Foreign Currency Translation Adjustment Total Accumulated Other Comprehensive Income (Loss) Balances, December 31, 2017 $ (4.8 ) $ 0.2 $ (13.9 ) $ (15.9 ) $ (34.4 ) Other comprehensive income (loss) before reclassifications 1.3 0.1 27.7 (4.3 ) 24.8 Amounts reclassified from other comprehensive income (0.6 ) (0.5 ) 7.8 — 6.7 Net other comprehensive income (loss) 0.7 (0.4 ) 35.5 (4.3 ) 31.5 Balances, June 30, 2018 $ (4.1 ) $ (0.2 ) $ 21.6 $ (20.2 ) $ (2.9 ) |
Reclassification out of Accumulated Other Comprehensive Income | The table below provides details regarding significant reclassifications from AOCI during the three and six months ended June 30, 2019 and 2018 : Details about Accumulated Other Comprehensive Income Components Amount Reclassified From Accumulated Other Comprehensive Income during the three months ended June 30, Amount Reclassified From Accumulated Other Comprehensive Income during the six months ended June 30, Affected Line Item in the Condensed Consolidated Statements of Operations 2019 2018 2019 2018 Unrealized Gains (Losses) on Hedging Activity Foreign exchange forward contracts $ 9.1 $ (1.7 ) $ 16.1 $ (14.8 ) Net product sales Interest rate swap contracts 4.5 3.1 9.1 4.5 Interest expense 13.6 1.4 25.2 (10.3 ) (3.2 ) (0.2 ) (5.8 ) 2.5 Income tax (benefit) expense $ 10.4 $ 1.2 $ 19.4 $ (7.8 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilites Measured At Fair Value | The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value. Fair Value Measurement at Balance Sheet Type of Instrument Total Level 1 Level 2 Level 3 Cash equivalents Money market funds $ 498.5 $ — $ 498.5 $ — Cash equivalents Commercial paper $ 240.2 $ — $ 240.2 $ — Cash equivalents Bank certificates of deposit $ 12.2 $ — $ 12.2 $ — Cash equivalents Other government-related obligations $ 107.0 $ — $ 107.0 $ — Marketable securities Mutual funds $ 20.7 $ 20.7 $ — $ — Marketable securities Commercial paper $ 33.8 $ — $ 33.8 $ — Marketable securities Corporate bonds $ 28.0 $ — $ 28.0 $ — Marketable securities Other government-related obligations $ 10.8 $ — $ 10.8 $ — Marketable securities Bank certificates of deposit $ 12.1 $ — $ 12.1 $ — Other assets Equity securities $ 113.3 $ 30.6 $ 82.7 $ — Prepaid expenses and other current assets Foreign exchange forward contracts $ 28.5 $ — $ 28.5 $ — Other assets Foreign exchange forward contracts $ 1.1 $ — $ 1.1 $ — Other current liabilities Foreign exchange forward contracts $ 23.0 $ — $ 23.0 $ — Other liabilities Foreign exchange forward contracts $ 1.8 $ — $ 1.8 $ — Prepaid expenses and other current assets Interest rate contracts $ 5.6 $ — $ 5.6 $ — Other current liabilities Interest rate contracts $ 10.8 $ — $ 10.8 $ — Other liabilities Interest rate contracts $ 52.2 $ — $ 52.2 $ — Current portion of contingent consideration Acquisition-related contingent consideration $ 100.0 $ — $ — $ 100.0 Contingent consideration Acquisition-related contingent consideration $ 158.2 $ — $ — $ 158.2 Other current liabilities Other contingent payments $ 13.9 $ — $ — $ 13.9 Other liabilities Other contingent payments $ 13.5 $ — $ — $ 13.5 Fair Value Measurement at Balance Sheet Type of Instrument Total Level 1 Level 2 Level 3 Cash equivalents Money market funds $ 569.4 $ — $ 569.4 $ — Cash equivalents Commercial paper $ 35.4 $ — $ 35.4 $ — Cash equivalents Corporate bonds $ 0.2 $ — $ 0.2 $ — Cash equivalents Other government-related obligations $ 8.2 $ — $ 8.2 $ — Marketable securities Mutual funds $ 16.5 $ 16.5 $ — $ — Marketable securities Commercial paper $ 16.7 $ — $ 16.7 $ — Marketable securities Corporate bonds $ 122.6 $ — $ 122.6 $ — Marketable securities Other government-related obligations $ 9.3 $ — $ 9.3 $ — Marketable securities Bank certificates of deposit $ 33.2 $ — $ 33.2 $ — Other assets Equity securities $ 90.8 $ 8.9 $ 81.9 $ — Prepaid expenses and other current assets Foreign exchange forward contracts $ 40.5 $ — $ 40.5 $ — Other assets Foreign exchange forward contracts $ 0.3 $ — $ 0.3 $ — Other current liabilities Foreign exchange forward contracts $ 18.8 $ — $ 18.8 $ — Other liabilities Foreign exchange forward contracts $ 3.1 $ — $ 3.1 $ — Prepaid expenses and other current assets Interest rate contracts $ 20.1 $ — $ 20.1 $ — Other current liabilities Interest rate contracts $ 0.8 $ — $ 0.8 $ — Other liabilities Interest rate contracts $ 17.3 $ — $ 17.3 $ — Current portion of contingent consideration Acquisition-related contingent consideration $ 97.6 $ — $ — $ 97.6 Contingent consideration Acquisition-related contingent consideration $ 183.2 $ — $ — $ 183.2 |
Schedule Of Acquisition-Related Contingent Consideration | he following table represents a roll-forward of our acquisition-related contingent consideration: Six months ended June 30, 2019 Balance at beginning of period $ 280.8 Changes in fair value (22.6 ) Balance at end of period $ 258.2 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue from contracts with customer | The Company disaggregates revenue from contracts with customers into product and geographical regions as summarized below. Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 SOLIRIS United States $ 496.3 $ 395.8 $ 960.0 $ 731.8 Europe 280.2 253.4 544.7 504.2 Asia Pacific 110.3 93.6 211.2 179.1 Rest of World 94.0 155.4 226.9 283.2 Total $ 980.8 $ 898.2 $ 1,942.8 $ 1,698.3 ULTOMIRIS United States $ 54.2 $ — $ 78.8 $ — Europe — — — — Asia Pacific — — — — Rest of World — — — — Total $ 54.2 $ — $ 78.8 $ — STRENSIQ United States $ 106.2 $ 99.9 $ 205.7 $ 189.1 Europe 19.5 16.4 37.0 30.4 Asia Pacific 12.1 6.3 22.0 12.0 Rest of World 3.5 2.5 6.7 4.3 Total $ 141.3 $ 125.1 $ 271.4 $ 235.8 KANUMA United States $ 15.3 $ 13.0 $ 29.1 $ 24.9 Europe 6.8 5.8 13.1 11.7 Asia Pacific 1.3 1.1 2.1 2.1 Rest of World 2.8 1.5 5.4 2.3 Total $ 26.2 $ 21.4 $ 49.7 $ 41.0 Total Net Product Sales $ 1,202.5 $ 1,044.7 $ 2,342.7 $ 1,975.1 |
Summary of receivables and contract liabilities from contracts | June 30, 2019 December 31, 2018 Receivables, which are included in "Trade accounts receivable, net" $ 1,123.6 $ 922.3 Contract liabilities, which are included in "Other current liabilities" $ 3.1 $ 3.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision and Effective Tax Rate | The following table provides a comparative summary of our income tax (benefit) expense and effective income tax rate for the three and six months ended June 30, 2019 and 2018 : Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Income tax (benefit) expense $ 39.7 $ 38.8 $ (6.4 ) $ 141.3 Effective income tax rate 7.9 % (9.3 )% (0.6 )% (210.9 )% |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities | The following table summarizes our lease assets and liabilities as of June 30, 2019 : ROU Assets and Liabilities Balance Sheet Financing Operating ROU - Asset Right of use operating assets $ — $ 209.5 ROU - Asset Property, plant, and equipment 121.8 — Lease liabilities (current) Other current liabilities 5.0 20.3 Lease liabilities (noncurrent) Noncurrent operating lease liabilities — 165.5 Lease liabilities (noncurrent) Other liabilities 75.5 — |
Schedule of Lease Related Costs | The following table summarizes our lease related costs for the three and six months ended June 30, 2019 : Lease Cost Statement of Operations Location Three months ended Six months ended June 30, 2019 June 30, 2019 Financing Lease Cost $ 3.5 $ 7.5 Amortization of ROU Assets Operating Expenses 2.5 5.5 Interest on Lease Liabilities Interest Expense 1.0 2.0 Operating Lease Cost Operating Expenses 8.6 17.6 Variable Lease Cost Operating Expenses 2.3 4.3 Total Lease Cost 14.4 29.4 |
Schedule of Lease Cash Flow Information | The following table summarizes supplemental cash flow information for the three and six months ended June 30, 2019 : Other Information Three months ended Six months ended June 30, 2019 June 30, 2019 Cash Paid For Amounts Included In Measurement of Liabilities $ 8.8 $ 16.4 Operating Cash Flows From Financing Leases 1.0 2.0 Operating Cash Flows From Operating Leases 6.5 11.9 Financing Cash Flows From Financing Leases 1.3 2.5 ROU Assets Obtained In Exchange For New Financing Liabilities (1) — — ROU Assets Obtained In Exchange For New Operating Liabilities (2) 20.7 20.7 (1) We capitalized $83.1 of ROU financing assets upon adoption of the new lease standard in the first quarter of 2019 that are excluded from the figures for the six months ended June 30, 2019. This figure excludes $44.2 of opening adjustments to ROU finance assets related, primarily, to prepayments of rent. (2) We capitalized $172.2 of ROU operating assets upon adoption of the new lease standard in the first quarter of 2019. This figure excludes $26.6 of opening adjustments to ROU operating assets related, primarily, to prepayments of rent. |
Schedule of Operating Lease Liability Maturity | Lease Liability Maturity Summary Year Financing Operating Total 2019 (remaining) $ 4.4 $ 13.6 $ 18.0 2020 8.8 24.8 33.6 2021 9.0 22.1 31.1 2022 9.2 20.8 30.0 2023 9.2 20.5 29.7 2024 9.4 20.2 29.6 Thereafter 54.6 109.3 163.9 |
Schedule of Finance Lease Liability Maturity | Lease Liability Maturity Summary Year Financing Operating Total 2019 (remaining) $ 4.4 $ 13.6 $ 18.0 2020 8.8 24.8 33.6 2021 9.0 22.1 31.1 2022 9.2 20.8 30.0 2023 9.2 20.5 29.7 2024 9.4 20.2 29.6 Thereafter 54.6 109.3 163.9 |
Schedule of Operating and Finance Lease Additional Information | Reconciliation of Lease Liabilities Financing Operating Total Weighted-average Remaining Lease Term (years) 11.17 10.46 10.67 Weighted-average Discount Rate 4.85 % 4.35 % 4.51 % Total Undiscounted Lease Liability $ 104.6 $ 231.3 $ 335.9 Imputed Interest 24.0 45.4 69.4 Total Discounted Lease Liability 80.5 185.8 266.3 |
Schedule of Future Minimum Non-cancellable Operating Lease Commitments | For comparable purposes, our aggregate future minimum non-cancellable commitments under operating leases as of December 31, 2018 were as follows: Year 2019 $ 27.8 2020 24.7 2021 21.3 2022 19.9 2023 19.7 Thereafter 132.2 |
Restructuring and Related Exp_2
Restructuring and Related Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Three months ended June 30, Three months ended June 30, 2019 2018 Employee Separation Costs Asset-Related Charges Other Total Employee Separation Costs Asset-Related Charges Other Total Cost of sales $ — $ — $ — $ — $ — $ 0.5 $ — $ 0.5 Research and development — — — — — — — — Selling, general and administrative — — — — — 6.5 — 6.5 Restructuring expense 2.4 — 0.1 2.5 3.1 — 7.5 10.6 Other (income) expense — — — — — — — — $ 2.4 $ — $ 0.1 $ 2.5 $ 3.1 $ 7.0 $ 7.5 $ 17.6 Six months ended June 30, Six months ended June 30, 2019 2018 Employee Separation Costs Asset-Related Charges Other Total Employee Separation Costs Asset-Related Charges Other Total Cost of sales $ — $ — $ — $ — $ — $ 5.8 $ — $ 5.8 Research and development — — — — — 0.1 — 0.1 Selling, general and administrative — — — — — 10.1 — 10.1 Restructuring expense 11.5 — 0.1 11.6 4.1 — 12.0 16.1 Other (income) expense — — — — — — (0.1 ) (0.1 ) $ 11.5 $ — $ 0.1 $ 11.6 $ 4.1 $ 16.0 $ 11.9 $ 32.0 The following table presents a reconciliation of the restructuring reserve recorded within accounts payable and accrued expenses on the Company's condensed consolidated balance sheets as of June 30, 2019 : Three months ended June 30, Six months ended June 30, 2019 2019 Employee Separation Costs Asset Charges Other Costs Total Employee Separation Costs Asset Charges Other Costs Total Liability, beginning of period $ 10.8 $ — $ — $ 10.8 $ 4.2 $ — $ — $ 4.2 Restructuring and related expenses 5.3 — — 5.3 14.2 — — 14.2 Cash settlements (3.8 ) — — (3.8 ) (6.3 ) — — (6.3 ) Adjustments to previous estimates (2.8 ) — — (2.8 ) (2.6 ) — — (2.6 ) Asset impairments — — — — — — — — Liability, end of period $ 9.5 $ — $ — $ 9.5 $ 9.5 $ — $ — $ 9.5 |
Basis of Presentation and Pri_2
Basis of Presentation and Principles Of Consolidation Basis of Presentation and Principles Of Consolidation (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Derecognition of Facility Lease Obligation | $ 0 | $ 361 | ||
Right of use operating assets | 209.5 | $ 0 | ||
Lease liability | 185.8 | |||
Decrease to retained earnings | 90.3 | $ (6.2) | ||
Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Derecognition of Fixed and Other Assets | $ 472.8 | |||
Derecognition of Facility Lease Obligation | 372.2 | |||
Right of use operating assets | 326.1 | |||
Prepaid rent | 70.8 | |||
Lease liability | 255.3 | |||
Retained Earnings [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to retained earnings | $ 90.3 | $ (6.2) | ||
Retained Earnings [Member] | Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to retained earnings | $ 90.3 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | May 25, 2018USD ($) | Nov. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Apr. 30, 2018kr / shares |
Syntimmune, Inc [Member] | |||||
Schedule Of Asset Acquisition, By Acquisition [Line Items] | |||||
Upfront payment for acquisition of Syntimmune outstanding shares | $ 400 | ||||
Additional payments to acquire businesses | $ 800 | ||||
Total acquisition value | $ 1,200 | ||||
Cash acquired | 4.2 | ||||
Transaction costs | 0.9 | ||||
Asset Acquisition, Consideration Transferred | 407.4 | ||||
Cash | 4.2 | ||||
Deferred tax assets | 25.1 | ||||
Other assets and liabilities | 2.9 | ||||
Total net assets acquired | $ 407.4 | ||||
In Process Research and Development | |||||
Schedule Of Asset Acquisition, By Acquisition [Line Items] | |||||
Cash paid for acquisition of Wilson Therapeutics outstanding shares | $ 749.3 | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired And Liabilities Assumed, Finite-Lived Intangibles | 803.7 | ||||
Cash offer price per share (in sec per share) | kr / shares | kr 232 | ||||
Potential development, regulatory and commercial milestones and royalties payment | 19 | ||||
Transaction costs | 15.1 | ||||
Asset Acquisition, Consideration Transferred | 764.4 | ||||
Cash | $ 45.1 | ||||
In Process Research and Development | Syntimmune, Inc [Member] | |||||
Schedule Of Asset Acquisition, By Acquisition [Line Items] | |||||
Business Combination, Recognized Benefit From Previously Acquired Research And Development | $ 4.1 |
Acquisitions (Summary of Total
Acquisitions (Summary of Total Consideration) (Details) - USD ($) $ in Millions | May 25, 2018 | Nov. 30, 2018 |
In Process Research and Development | ||
Consideration | ||
Cash paid for acquisition of Wilson Therapeutics outstanding shares | $ 749.3 | |
Transaction costs | 15.1 | |
Total consideration | 764.4 | |
Assets Acquired and Liabilities Assumed | ||
Cash | 45.1 | |
In-process research & development | 803.7 | |
Employee related liabilities | (71.4) | |
Other assets and liabilities | (13) | |
Total net assets acquired | $ 764.4 | |
Syntimmune, Inc [Member] | ||
Consideration | ||
Transaction costs | $ 0.9 | |
Total consideration | 407.4 | |
Upfront payment for acquisition of Syntimmune outstanding shares | 400 | |
Cash acquired | 4.2 | |
Working capital adjustment | 2.3 | |
Assets Acquired and Liabilities Assumed | ||
Cash | 4.2 | |
In-process research & development | 375.2 | |
Deferred tax assets | 25.1 | |
Other assets and liabilities | 2.9 | |
Total net assets acquired | $ 407.4 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Raw materials | $ 38.2 | $ 31.4 |
Work-in-process | 116.6 | 90.4 |
Finished goods | 339.8 | 350.7 |
Inventory, Net | $ 494.6 | $ 472.5 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Cost | $ 4,768.4 | $ 4,760.4 |
Goodwill, Gross | 5,040.3 | 5,040.3 |
Intangible Assets, Accumulated Amortization | (1,280.8) | (1,119.1) |
Goodwill, Accumulated Amortization | (2.9) | (2.9) |
Intangible assets | 3,487.6 | 3,641.3 |
Goodwill | 5,037.4 | 5,037.4 |
Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 47 | 39 |
Finite-Lived Intangible Assets, Accumulated Amortization | (30.9) | (29.3) |
Licenses, patents and purchased technology | $ 16.1 | 9.7 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Finite-Lived Intangible Assets, Gross | $ 10.5 | 10.5 |
Finite-Lived Intangible Assets, Accumulated Amortization | (10.5) | (10.5) |
Licenses, patents and purchased technology | 0 | 0 |
Purchased Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 4,710.5 | 4,710.5 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,239.2) | (1,079.1) |
Licenses, patents and purchased technology | $ 3,471.3 | 3,631.4 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Finite-Lived Intangible Assets, Gross | $ 0.4 | 0.4 |
Finite-Lived Intangible Assets, Accumulated Amortization | (0.2) | (0.2) |
Licenses, patents and purchased technology | $ 0.2 | $ 0.2 |
Minimum [Member] | Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 6 years | |
Minimum [Member] | Purchased Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 6 years | |
Maximum [Member] | Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 8 years | |
Maximum [Member] | Purchased Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 16 years | |
Synageva BioPharma Corp. [Member] | Purchased Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Licenses, patents and purchased technology | $ 3,122.5 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 81.2 | $ 80.3 | $ 161.7 | $ 160.6 |
2019 (remainder) | 161.7 | 161.7 | ||
2020 | 323 | 323 | ||
2021 | 323 | 323 | ||
2022 | 323 | 323 | ||
2023 | 323 | 323 | ||
2024 | $ 323 | $ 323 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jun. 07, 2018 | |
Debt Instrument [Line Items] | |||||||
Payments of financing costs | $ 53.1 | ||||||
Amortization of deferred financing costs | $ 1.3 | $ 3.2 | 2.5 | $ 5.5 | |||
Remaining unamortized deferred financing costs | 18.3 | 18.3 | $ 20.8 | ||||
Credit Agreement [Member] | Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit, amount outstanding | 1 | 1 | |||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,000 | ||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Debt | $ 250 | ||||||
Credit Agreement [Member] | Senior Secured Term Loan [Member] | Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, principal amount | $ 2,612.5 | ||||||
Debt Instrument, quarterly payment as a percent of total borrowings | 5.00% | ||||||
Debt Instrument, Periodic Payment | 32.7 | ||||||
Outstanding debt | $ 2,579.8 | $ 2,579.8 |
Earnings Per Common Share (Summ
Earnings Per Common Share (Summary Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Common Share [Abstract] | ||||
Net income (loss) used for basic and diluted calculation | $ 459.8 | $ (457.4) | $ 1,047.7 | $ (208.3) |
Shares used in computing earnings per common share—basic | 224.2 | 222.6 | 224 | 222.3 |
Stock awards | 1.4 | 0 | 1.7 | 0 |
Shares used in computing earnings per common share-diluted | 225.6 | 222.6 | 225.7 | 222.3 |
Earnings (loss) Per Share, Basic | $ 2.05 | $ (2.05) | $ 4.68 | $ (0.94) |
Earnings (loss) Per Share, Diluted | $ 2.04 | $ (2.05) | $ 4.64 | $ (0.94) |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.9 | 2.9 |
Marketable Securities (Summary
Marketable Securities (Summary of Securities Held) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 444.1 | $ 225.6 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 274 | 52.1 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 274 | 52.1 |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 28 | 122.9 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | (0.1) |
Fair Value | 28 | 122.8 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 117.8 | 17.5 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 117.8 | 17.5 |
Certificates of Deposit [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 24.3 | 33.2 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 24.3 | 33.2 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 444.1 | 225.7 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | (0.1) |
Fair Value | $ 444.1 | $ 225.6 |
Marketable Securities (Availabl
Marketable Securities (Available-for-sale Investments by Classification in Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 444.1 | $ 225.6 |
Cash and Cash Equivalents [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 359.4 | 43.8 |
Marketable Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 84.7 | $ 181.8 |
Marketable Securities (Availa_2
Marketable Securities (Available-for-sale Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less | $ 438.3 | |
Due after one year through three years | 5.8 | |
Estimated Fair Value | $ 444.1 | $ 225.6 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 25.5 | $ 128.7 |
Trading securities. fair value | $ 20.7 | $ 16.5 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,203.3 | $ 1,045 | $ 2,343.7 | $ 1,975.9 |
Interest expense | (18.3) | (25) | $ (38.2) | (49.1) |
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Foreign Exchange Forward Contracts Term | 60 months | |||
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Foreign Exchange Forward Contracts Term | 8 months | |||
Gain (loss) reclassified from AOCI to net product sales, net of tax | (5.8) | 18.4 | $ (2.6) | 10.3 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount of derivative instruments | 1,136.1 | 1,136.1 | ||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Revenue | ||||
Derivative [Line Items] | ||||
Estimated gains (losses) to be reclassified from other comprehenisve income in next 12 months | 4.8 | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount of derivative instruments | 1,963 | 1,963 | ||
Foreign Exchange Forward, Open Expense [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount of derivative instruments | 17.1 | 17.1 | ||
Interest Rate Swap One [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount of derivative instruments | $ 1,531.3 | $ 1,531.3 | ||
Interest Rate Swap One [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | ||||
Derivative [Line Items] | ||||
Fixed interest borrowing spreads | 0.98% | 0.98% | ||
Interest Rate Swap One [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Fixed interest borrowing spreads | 1.62% | 1.62% | ||
Interest Rate Swap Two [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amount of derivative instruments | $ 450 | $ 450 | ||
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Estimated gains (losses) to be reclassified from other comprehenisve income in next 12 months | (5.2) | |||
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 7 | 3.6 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9.1 | (1.7) | 16.1 | (14.8) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Foreign Exchange Forward [Member] | ||||
Derivative [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9.1 | (1.7) | 16.1 | (14.8) |
Interest expense | 0 | 0 | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Interest expense | 4.5 | 3.1 | 9.1 | 4.5 |
Net Product Sales [Member] | ||||
Derivative [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,202.5 | $ 1,044.7 | $ 2,342.7 | $ 1,975.1 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Schedule of Interest Rate Contracts) (Details) - Designated as Hedging Instrument [Member] $ in Millions | Jun. 30, 2019USD ($) |
Interest Rate Swap One [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 1,531.3 |
Interest Rate Swap Three [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 300 |
Derivative, fixed interest rate | 2.08% |
Interest Rate Swap Four [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 1,300 |
Minimum [Member] | Interest Rate Swap One [Member] | |
Derivative [Line Items] | |
Derivative, fixed interest rate | 0.98% |
Minimum [Member] | Interest Rate Swap Four [Member] | |
Derivative [Line Items] | |
Derivative, fixed interest rate | 2.79% |
Maximum [Member] | Interest Rate Swap One [Member] | |
Derivative [Line Items] | |
Derivative, fixed interest rate | 1.62% |
Maximum [Member] | Interest Rate Swap Four [Member] | |
Derivative [Line Items] | |
Derivative, fixed interest rate | 2.83% |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Schedule Of Other Comprehensive Income And Earnings From Foreign Exchange Contracts) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,203.3 | $ 1,045 | $ 2,343.7 | $ 1,975.9 |
Interest expense | (18.3) | (25) | (38.2) | (49.1) |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in AOCI, net of tax | (3.9) | 49 | 10.3 | 16.5 |
Foreign Exchange Forward [Member] | Sales | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 7 | (1.3) | 12.4 | (11.4) |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in AOCI, net of tax | (24.6) | 3.1 | (38.8) | 11.2 |
Interest Rate Contract [Member] | Interest Expense | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 3.4 | 2.5 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9.1 | (1.7) | 16.1 | (14.8) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Foreign Exchange Forward [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9.1 | (1.7) | 16.1 | (14.8) |
Interest expense | 0 | 0 | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Interest expense | $ 4.5 | $ 3.1 | $ 9.1 | $ 4.5 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Schedule Of Fair Value Of Outstanding Derivatives) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Interest Rate Contract [Member] | Other Current Liabilities | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 10.8 | $ 0.8 |
Interest Rate Contract [Member] | Other Assets | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 0 | |
Interest Rate Contract [Member] | Other Liabilities | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 52.2 | 17.3 |
Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 20.1 | |
Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 35.2 | 60.9 |
Liability Derivatives, Fair Value | 87.8 | 40 |
Foreign Exchange Forward [Member] | Other Current Liabilities | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 7.6 | 7.3 |
Foreign Exchange Forward [Member] | Other Assets | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 1.1 | 0.3 |
Foreign Exchange Forward [Member] | Other Liabilities | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 1.8 | 3.1 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 12.4 | 16.9 |
Foreign Exchange Forward [Member] | Other Current Liabilities | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 15.4 | 11.5 |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 16.1 | 23.6 |
Interest Rate Contract [Member] | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 0.8 | |
Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 5.6 | 20.1 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 52.2 | 17.3 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 0 | 0.8 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | $ 5.6 | $ 20.1 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Offsetting Assets and Liabilities) (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Asset, Fair Value, Amount Offset Against Collateral [Abstract] | ||
Gross Amounts of Recognized Assets | $ 35.2 | $ 60.9 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | 35.2 | 60.9 |
Derivative Financial Instruments | (24.4) | (30.2) |
Cash Collateral Received | 0 | 0 |
Net Amount | 10.8 | 30.7 |
Derivative Liability, Fair Value, Amount Offset Against Collateral [Abstract] | ||
Gross Amounts of Recognized Liabilities | (87.8) | (40) |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | (87.8) | (40) |
Derivative Financial Instruments | 24.4 | 30.2 |
Cash Collateral Pledged | 0 | 0 |
Net Amount | $ (63.4) | $ (9.8) |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2014 | Dec. 31, 2018 | |
Investment [Line Items] | |||||||||
Payments to Acquire Other Investments | $ 43.8 | $ 0 | |||||||
Unrealized Gain (Loss) on Investments | 8.6 | $ 100.5 | |||||||
Zealand [Member] | |||||||||
Investment [Line Items] | |||||||||
Unrealized Gain (Loss) on Investments | $ 2.9 | 3.6 | |||||||
Equity Securities, FV-NI | 17.4 | 17.4 | |||||||
Payments to Acquire Equity Method Investments | $ 13.8 | ||||||||
Moderna LLC [Member] | |||||||||
Investment [Line Items] | |||||||||
Payments to Acquire Other Investments | $ 37.5 | ||||||||
Unrealized Gain (Loss) on Investments | (29) | $ 100.8 | 0.8 | ||||||
Equity Method Investments | 82.7 | 82.7 | $ 81.9 | ||||||
Dicerna [Member] | |||||||||
Investment [Line Items] | |||||||||
Unrealized Gain (Loss) on Investments | 0.9 | 4.2 | |||||||
Equity Securities, FV-NI | $ 13.1 | $ 13.1 | $ 8.9 | ||||||
Payments to Acquire Equity Method Investments | $ 10.3 | ||||||||
Caelum Biosciences [Member] | |||||||||
Investment [Line Items] | |||||||||
Payments to Acquire Other Investments | $ 41 | ||||||||
Option To Acquire Remaining Equity, Amount | $ 16.1 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Feb. 28, 2017 | |
Class of Stock [Line Items] | |||||
Treasury Stock, Shares, Acquired | 0.3 | 0.4 | 0.7 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 37.6 | $ 0 | $ 48.9 | $ 85 | |
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 1,000 |
Other Comprehensive Income an_3
Other Comprehensive Income and Accumulated Other Comprehensive Income (Changes in AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | $ (9.7) | $ (34.4) | ||
Other comprehensive income (loss) before reclassifications | (28.8) | 24.8 | ||
Amounts reclassified from other comprehensive income | (19.4) | 6.7 | ||
Other comprehensive income (loss), net of tax | $ (37.4) | $ 42.8 | (48.2) | 31.5 |
Ending Balance | (57.9) | (2.9) | (57.9) | (2.9) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (2.6) | (4.8) | ||
Other comprehensive income (loss) before reclassifications | 0 | 1.3 | ||
Amounts reclassified from other comprehensive income | 0 | (0.6) | ||
Other comprehensive income (loss), net of tax | 0 | 0.7 | ||
Ending Balance | (2.6) | (4.1) | (2.6) | (4.1) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (0.3) | 0.2 | ||
Other comprehensive income (loss) before reclassifications | 0.2 | 0.1 | ||
Amounts reclassified from other comprehensive income | 0 | (0.5) | ||
Other comprehensive income (loss), net of tax | 0.2 | (0.4) | ||
Ending Balance | (0.1) | (0.2) | (0.1) | (0.2) |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 9.6 | (13.9) | ||
Other comprehensive income (loss) before reclassifications | (28.5) | 27.7 | ||
Amounts reclassified from other comprehensive income | (19.4) | 7.8 | ||
Other comprehensive income (loss), net of tax | (47.9) | 35.5 | ||
Ending Balance | (38.3) | 21.6 | (38.3) | 21.6 |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (16.4) | (15.9) | ||
Other comprehensive income (loss) before reclassifications | (0.5) | (4.3) | ||
Amounts reclassified from other comprehensive income | 0 | 0 | ||
Other comprehensive income (loss), net of tax | (0.5) | (4.3) | ||
Ending Balance | $ (16.9) | $ (20.2) | $ (16.9) | $ (20.2) |
Other Comprehensive Income an_4
Other Comprehensive Income and Accumulated Other Comprehensive Income (Significant Reclassifications from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,203.3 | $ 1,045 | $ 2,343.7 | $ 1,975.9 |
Other income (expense) | 4.1 | (12.7) | ||
Income (loss) before income taxes | 499.5 | (418.6) | 1,041.3 | (67) |
Income tax provision | (39.7) | (38.8) | 6.4 | (141.3) |
Net income (loss) | 459.8 | (457.4) | 1,047.7 | (208.3) |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9.1 | (1.7) | 16.1 | (14.8) |
Other income (expense) | 4.5 | 3.1 | 9.1 | 4.5 |
Income (loss) before income taxes | 13.6 | 1.4 | 25.2 | (10.3) |
Income tax provision | (3.2) | (0.2) | (5.8) | 2.5 |
Net income (loss) | $ 10.4 | $ 1.2 | $ 19.4 | $ (7.8) |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule Of Assets And Liabilites Measured At Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | |||
Foreign Exchange Forward [Member] | Other Current Liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, liability | 23 | $ 18.8 | |
Foreign Exchange Forward [Member] | Other Current Liabilities | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, liability | 0 | 0 | |
Foreign Exchange Forward [Member] | Other Current Liabilities | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, liability | 23 | 18.8 | |
Foreign Exchange Forward [Member] | Other Current Liabilities | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, liability | 0 | 0 | |
Foreign Exchange Forward [Member] | Other Liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, liability | 1.8 | 3.1 | |
Foreign Exchange Forward [Member] | Other Liabilities | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, liability | 0 | 0 | |
Foreign Exchange Forward [Member] | Other Liabilities | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, liability | 1.8 | 3.1 | |
Foreign Exchange Forward [Member] | Other Liabilities | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, liability | 0 | 0 | |
Acquisition Related Contingent Consideration [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 258.2 | ||
Acquisition Related Contingent Consideration [Member] | ContingentConsiderationCurrent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 100 | 97.6 | |
Acquisition Related Contingent Consideration [Member] | ContingentConsiderationCurrent [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Acquisition Related Contingent Consideration [Member] | ContingentConsiderationCurrent [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Acquisition Related Contingent Consideration [Member] | ContingentConsiderationCurrent [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 100 | 97.6 | |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 158.2 | 183.2 | |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 158.2 | 183.2 | |
Other Contingent Payments [Member] | Other Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 13.5 | ||
Other Contingent Payments [Member] | Other Liabilities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 13.5 | ||
Other Contingent Payments [Member] | Other Current Liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 13.9 | ||
Other Contingent Payments [Member] | Other Current Liabilities | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | ||
Other Contingent Payments [Member] | Other Current Liabilities | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 0 | ||
Other Contingent Payments [Member] | Other Current Liabilities | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 13.9 | ||
Interest Rate Contract [Member] | Other Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0.8 | ||
Interest Rate Contract [Member] | Other Assets | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | ||
Interest Rate Contract [Member] | Other Assets | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | 0.8 | |
Interest Rate Contract [Member] | Other Assets | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | ||
Interest Rate Contract [Member] | Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Liabilities, at Fair Value | 10.8 | ||
Interest Rate Contract [Member] | Current Liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Liabilities, at Fair Value | 0 | ||
Interest Rate Contract [Member] | Current Liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Liabilities, at Fair Value | 10.8 | ||
Interest Rate Contract [Member] | Current Liabilities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Liabilities, at Fair Value | 0 | ||
Interest Rate Contract [Member] | Other Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 52.2 | 17.3 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | |
Interest Rate Contract [Member] | Other Current Liabilities | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 52.2 | 17.3 | |
Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 5.6 | 20.1 | |
Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | |
Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 5.6 | 20.1 | |
Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | |
Money Market Funds [Member] | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 498.5 | 569.4 | |
Money Market Funds [Member] | Cash Equivalents [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Money Market Funds [Member] | Cash Equivalents [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 498.5 | 569.4 | |
Money Market Funds [Member] | Cash Equivalents [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Mutual Funds [Member] | Marketable Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 20.7 | 16.5 | |
Mutual Funds [Member] | Marketable Securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 20.7 | 16.5 | |
Mutual Funds [Member] | Marketable Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Mutual Funds [Member] | Marketable Securities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Commercial Paper [Member] | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 240.2 | 35.4 | |
Commercial Paper [Member] | Cash Equivalents [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Commercial Paper [Member] | Cash Equivalents [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 240.2 | 35.4 | |
Commercial Paper [Member] | Cash Equivalents [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Commercial Paper [Member] | Marketable Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 33.8 | 16.7 | |
Commercial Paper [Member] | Marketable Securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Commercial Paper [Member] | Marketable Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 33.8 | 16.7 | |
Commercial Paper [Member] | Marketable Securities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Corporate Bond Securities [Member] | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0.2 | ||
Corporate Bond Securities [Member] | Cash Equivalents [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Corporate Bond Securities [Member] | Cash Equivalents [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0.2 | ||
Corporate Bond Securities [Member] | Cash Equivalents [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Corporate Bond Securities [Member] | Marketable Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 28 | 122.6 | |
Corporate Bond Securities [Member] | Marketable Securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Corporate Bond Securities [Member] | Marketable Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 28 | 122.6 | |
Corporate Bond Securities [Member] | Marketable Securities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Municipal Bonds [Member] | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 8.2 | ||
Municipal Bonds [Member] | Cash Equivalents [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Municipal Bonds [Member] | Cash Equivalents [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 8.2 | ||
Municipal Bonds [Member] | Cash Equivalents [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Other Government Obligations [Member] | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 107 | ||
Other Government Obligations [Member] | Cash Equivalents [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | ||
Other Government Obligations [Member] | Cash Equivalents [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 107 | ||
Other Government Obligations [Member] | Cash Equivalents [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | ||
Other Government Obligations [Member] | Marketable Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 10.8 | 9.3 | |
Other Government Obligations [Member] | Marketable Securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Other Government Obligations [Member] | Marketable Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 10.8 | 9.3 | |
Other Government Obligations [Member] | Marketable Securities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Certificates of Deposit [Member] | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 12.2 | ||
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | ||
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 12.2 | ||
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | ||
Certificates of Deposit [Member] | Marketable Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 12.1 | ||
Marketable securities | 33.2 | ||
Certificates of Deposit [Member] | Marketable Securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Marketable securities | 0 | ||
Certificates of Deposit [Member] | Marketable Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 12.1 | ||
Marketable securities | 33.2 | ||
Certificates of Deposit [Member] | Marketable Securities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Marketable securities | 0 | ||
Foreign Exchange Forward [Member] | Other Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, asset | 1.1 | 0.3 | |
Foreign Exchange Forward [Member] | Other Assets | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, asset | 0 | 0 | |
Foreign Exchange Forward [Member] | Other Assets | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, asset | 1.1 | 0.3 | |
Foreign Exchange Forward [Member] | Other Assets | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, asset | 0 | 0 | |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, asset | 28.5 | 40.5 | |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, asset | 0 | 0 | |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, asset | 28.5 | 40.5 | |
Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange forward contracts, asset | 0 | 0 | |
Equity Securities [Member] | Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 113.3 | 90.8 | |
Equity Securities [Member] | Other Assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 30.6 | 8.9 | |
Equity Securities [Member] | Other Assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 82.7 | 81.9 | |
Equity Securities [Member] | Other Assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | $ 0 | |
Caelum Biosciences [Member] | Collaborative Arrangement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | $ 27.4 | $ 27.1 |
Fair Value Measurement (Sched_2
Fair Value Measurement (Schedule Of Acquisition-Related Contingent Consideration) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | $ 0 | ||
Business Combination, Contingent Consideration, Arrangements, Range of Outcomes, Value, High | 702 | 702 | ||
Acquisition-Related Contingent Consideration [Roll Forward] | ||||
Amounts derecognized upon sale of asset | (6.1) | $ (4.7) | 22.6 | $ (57.4) |
Acquisition Related Contingent Consideration [Member] | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | 258.2 | 258.2 | ||
Acquisition Related Contingent Consideration [Member] | Level 3 [Member] | ||||
Acquisition-Related Contingent Consideration [Roll Forward] | ||||
Balance at beginning of period | 280.8 | |||
Change in fair value | (22.6) | |||
Balance at end of period | $ 258.2 | $ 258.2 | ||
Acquisition Related Contingent Consideration [Member] | Minimum [Member] | Level 3 [Member] | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Fair Value Inputs, Cost of Debt | 5.10% | |||
Fair Value Inputs, Weighted Average Cost of Capital | 10.00% |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Increase in contingent consideration liability | $ 6.1 | $ 4.7 | $ (22.6) | $ 57.4 | |||
Research and development | 187.6 | $ 173.4 | 383.5 | $ 350 | |||
Caelum Biosciences [Member] | Collaborative Arrangement [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Collaboration Agreement, Upfront Payment | $ 30 | ||||||
Collaboration Agreement, Potential Future Payments, Milestone Achievement | $ 30 | ||||||
Derivative Liability | 27.4 | 27.4 | $ 27.1 | ||||
Research and development | $ 0.3 | $ 0.3 | |||||
Minimum [Member] | Caelum Biosciences [Member] | Collaborative Arrangement [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Derivative Fair Value, Discounted Cost Of Debt | 3.30% | ||||||
Maximum [Member] | Caelum Biosciences [Member] | Collaborative Arrangement [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Derivative Fair Value, Discounted Cost Of Debt | 3.50% | ||||||
Subsequent Event | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset Acquisition, Contingent Consideration, Milestone Payments | $ 100 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue by Product and Geographical Region) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | $ 1,203.3 | $ 1,045 | $ 2,343.7 | $ 1,975.9 |
Soliris | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 980.8 | 898.2 | 1,942.8 | 1,698.3 |
Ultomiris [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 54.2 | 0 | 78.8 | 0 |
Strensiq Product Line | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 141.3 | 125.1 | 271.4 | 235.8 |
Kanuma Product Line | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 26.2 | 21.4 | 49.7 | 41 |
United States | Soliris | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 496.3 | 395.8 | 960 | 731.8 |
United States | Ultomiris [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 54.2 | 0 | 78.8 | 0 |
United States | Strensiq Product Line | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 106.2 | 99.9 | 205.7 | 189.1 |
United States | Kanuma Product Line | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 15.3 | 13 | 29.1 | 24.9 |
Europe | Soliris | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 280.2 | 253.4 | 544.7 | 504.2 |
Europe | Ultomiris [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 0 | 0 | 0 | 0 |
Europe | Strensiq Product Line | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 19.5 | 16.4 | 37 | 30.4 |
Europe | Kanuma Product Line | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 6.8 | 5.8 | 13.1 | 11.7 |
Asia Pacific | Soliris | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 110.3 | 93.6 | 211.2 | 179.1 |
Asia Pacific | Ultomiris [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 0 | 0 | 0 | 0 |
Asia Pacific | Strensiq Product Line | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 12.1 | 6.3 | 22 | 12 |
Asia Pacific | Kanuma Product Line | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 1.3 | 1.1 | 2.1 | 2.1 |
Rest of World | Soliris | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 94 | 155.4 | 226.9 | 283.2 |
Rest of World | Ultomiris [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 0 | 0 | 0 | 0 |
Rest of World | Strensiq Product Line | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 3.5 | 2.5 | 6.7 | 4.3 |
Rest of World | Kanuma Product Line | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | 2.8 | 1.5 | 5.4 | 2.3 |
Product [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Net Product Sales | $ 1,202.5 | $ 1,044.7 | $ 2,342.7 | $ 1,975.1 |
Revenue Recognition (Summary of
Revenue Recognition (Summary of Receivables and Contract Liabilities from Contracts) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Receivables, which are included in Trade accounts receivable, net | $ 1,123.6 | $ 922.3 |
Contract liabilities, which are included in Other current liabilities | $ 3.1 | $ 3.4 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Provision and Effective Tax Rate) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 39.7 | $ 38.8 | $ (6.4) | $ 141.3 |
Effective tax rate | 7.90% | (9.30%) | (0.60%) | (210.90%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | May 25, 2018 | |
Schedule Of Asset Acquisition, By Acquisition [Line Items] | ||||
Fair Value of Assets Acquired | $ 803.7 | $ 0 | $ 86.6 | |
Effective Income Tax Rate Reconciliation, Change In Deferred Tax Expense (Benefit) | 5.20% | |||
Tax Cuts and Jobs Act of 2017, Change in Tax Rate, Income Tax Expense (Benefit) | $ 38.4 | |||
In Process Research and Development | ||||
Schedule Of Asset Acquisition, By Acquisition [Line Items] | ||||
Asset Acquisition, Recognized Identifiable Assets Acquired And Liabilities Assumed, Finite-Lived Intangibles | $ 803.7 | |||
Intellectual Property Election [Member] | ||||
Schedule Of Asset Acquisition, By Acquisition [Line Items] | ||||
Deferred Income Tax Expense (Benefit) | $ (95.7) | |||
Effective Income Tax Rate Reconciliation, Deduction, Percent | 12.10% | |||
Valuation Allowance Release [Member] | ||||
Schedule Of Asset Acquisition, By Acquisition [Line Items] | ||||
Deferred Income Tax Expense (Benefit) | $ (30.3) | |||
Wilson Therapeutics [Member] | ||||
Schedule Of Asset Acquisition, By Acquisition [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Deduction, Percent | 19.40% | 230.10% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Liability | $ 80.5 | $ 80.5 | |
Lease, Cost | 14.4 | 29.4 | |
Lessee, Operating Lease, Liability, Payments, Due | 231.3 | 231.3 | |
Inventory [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease, Cost | 3 | 6.3 | |
Lonza Group AG | |||
Lessee, Lease, Description [Line Items] | |||
Other Commitment | $ 1,084.6 | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 88.7 | $ 88.7 |
Leases - Lease Assets and Liabi
Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||
Right of use operating assets | $ 209.5 | $ 0 |
Noncurrent operating lease liabilities | 165.5 | $ 0 |
Right Of Use Operating Assets [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-of-Use Asset | 0 | |
Right of use operating assets | 209.5 | |
Property, Plant and Equipment [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-of-Use Asset | 121.8 | |
Right of use operating assets | 0 | |
Other Current Assets [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Liability, Current | 5 | |
Operating Lease, Liability, Current | 20.3 | |
Right Of Use Operating Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Liability, Noncurrent | 0 | |
Noncurrent operating lease liabilities | 165.5 | |
Other Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Liability, Noncurrent | 75.5 | |
Noncurrent operating lease liabilities | $ 0 |
Leases - Lease Related Costs (D
Leases - Lease Related Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Finance Lease, Cost | $ 3.5 | $ 7.5 |
Finance Lease, Right-of-Use Asset, Amortization | 2.5 | 5.5 |
Finance Lease, Interest Expense | 1 | 2 |
Operating Lease, Cost | 8.6 | 17.6 |
Variable Lease, Cost | 2.3 | 4.3 |
Lease, Cost | $ 14.4 | $ 29.4 |
Leases - Lease Cash Flow Inform
Leases - Lease Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Lessee, Payments For Operating And Finance Leases | $ 8.8 | $ 16.4 |
Finance Lease, Interest Payment on Liability | 1 | 2 |
Operating ROU lease assets obtained in exchange for operating lease liabilities | 6.5 | 11.9 |
Finance Lease, Principal Payments | 1.3 | 2.5 |
Right of use financing assets obtained in exchange for financing lease liabilities | 0 | 0 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 20.7 | 20.7 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Rent Prepayment | 44.2 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease, Rent Prepayments | $ 26.6 |
Leases - Lease Additional Infor
Leases - Lease Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Finance Lease, Weighted Average Remaining Lease Term | 11 years 2 months 1 day |
Operating Lease, Weighted Average Remaining Lease Term | 10 years 5 months 15 days |
Lease, Weighted Average Remaining Lease Term | 10 years 8 months 1 day |
Finance Lease, Weighted Average Discount Rate, Percent | 4.85% |
Operating Lease, Weighted Average Discount Rate, Percent | 4.35% |
Lease, Weighted Average Discount Rate | 4.51% |
Lessee, Lease Liability, Payments, Due | $ 335.9 |
Lessee, Lease Liability, Undiscounted Excess Amount | 69.4 |
Lessee, Lease Liability | 266.3 |
Finance Lease, Liability, Undiscounted Excess Amount | 24 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 45.4 |
Finance Lease, Liability, Payments, Due | 104.6 |
Lessee, Operating Lease, Liability, Payments, Due | 231.3 |
Finance Lease, Liability | 80.5 |
Lease liability | $ 185.8 |
Leases - Finance and Operating
Leases - Finance and Operating Lease Liability Maturity (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 27.8 |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 4.4 |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 13.6 |
Lessee, Lease, Liability, Payments, Due Year Five | 29.7 |
Lessee, Lease, Liability, Payments, Due Year Four | 30 |
Lessee, Lease, Liability, Payments, Due Year Three | 31.1 |
Lessee, Lease, Liability, Payments, Due Year Two | 33.6 |
Lessee, Lease, Liability, Payments, Remainder of Fiscal Year | 18 |
Finance Lease, Liability, Payments, Due Year Six | 9.4 |
Lessee, Operating Lease, Liability, Payments, Due Year Six | 20.2 |
Lessee, Lease, Liability, Payments, Due Year Six | 29.6 |
Finance Lease, Liability, Payments, Due After Year Six | 54.6 |
Lessee, Operating Lease, Liability, Payments, Due After Year Six | 109.3 |
Lessee, Lease, Liability, Payments, Due After Year Six | 163.9 |
Finance Lease, Liability, Payments, Due Year Two | 8.8 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 24.8 |
Finance Lease, Liability, Payments, Due Year Three | 9 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 22.1 |
Finance Lease, Liability, Payments, Due Year Four | 9.2 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 20.8 |
Finance Lease, Liability, Payments, Due Year Five | 9.2 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 20.5 |
Operating Leases, Future Minimum Payments, Due in Two Years | 24.7 |
Operating Leases, Future Minimum Payments, Due in Three Years | 21.3 |
Operating Leases, Future Minimum Payments, Due in Four Years | 19.9 |
Operating Leases, Future Minimum Payments, Due in Five Years | 19.7 |
Operating Leases, Future Minimum Payments, Due Thereafter | $ 132.2 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2019 | Jan. 31, 2019 | Nov. 30, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 21, 2019 | |
Other Commitments [Line Items] | |||||||||
Research and development | $ 187.6 | $ 173.4 | $ 383.5 | $ 350 | |||||
Distribution fees related to importation expenses | 571.5 | $ 1,349.8 | 1,109.3 | $ 1,921.7 | |||||
Subsequent Event | |||||||||
Other Commitments [Line Items] | |||||||||
Asset Acquisition, Contingent Consideration, Milestone Payments | $ 100 | ||||||||
Lonza Group AG | |||||||||
Other Commitments [Line Items] | |||||||||
Remaining total commitments | 1,044.1 | 1,044.1 | |||||||
Unrecorded Unconditional Purchase Obligation, Undiscounted Fixed Payment Amount | 102.3 | 102.3 | |||||||
Other Third Party Manufacturers | |||||||||
Other Commitments [Line Items] | |||||||||
Remaining total commitments | 65.1 | 65.1 | |||||||
Collaborative Arrangement [Member] | Caelum Biosciences [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Collaboration Agreement, Upfront Payment | $ 30 | ||||||||
Research and development | 0.3 | 0.3 | |||||||
Collaboration Agreement, Potential Future Payments, Milestone Achievement | 30 | ||||||||
Derivative Liability | $ 27.1 | 27.4 | 27.4 | ||||||
Collaboration Agreement, Acquisition Option, Maximum Potential Future Payment | 500 | ||||||||
Zealand Pharma [Member] | Zealand [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Payments To Acquire Licenses And Equity Investment | 40 | ||||||||
Prepaid Research And Development Expense | 5 | 5 | |||||||
Research and development | 21.2 | ||||||||
Collaboration Agreement, Potential Future Payments, Milestone Achievement | 610 | ||||||||
Collaboration Agreement, Potential Future Payments, Option Fee | 15 | ||||||||
Affibody AB [Domain] | Affibody [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Payments To Acquire Licenses And Equity Investment | 25 | ||||||||
Collaboration Agreement, Potential Future Payments, Milestone Achievement | 625 | ||||||||
Collaboration and License Agreement [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Collaboration Agreement, Potential Future Payments, Milestone Achievement | 838.2 | ||||||||
Caelum Biosciences [Member] | Collaborative Arrangement [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Equity Method Investment, Aggregate Cost | $ 57.1 | ||||||||
Zealand [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Payments to Acquire Equity Method Investments | $ 13.8 | ||||||||
DOJ And OIG [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Loss Contingency Accrual | $ 13.1 | $ 13.1 | |||||||
Canadian Patented Medicine Prices Review Board [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Escrow Deposit | $ 31.6 | ||||||||
Syntimmune, Inc [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Asset Acquisition, Contingent Consideration, Milestone Payments | $ 800 |
Restructuring and Related Exp_3
Restructuring and Related Expenses (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | $ 2.5 | $ 17.6 | $ 11.6 | $ 32 | ||
Restructuring Reserve | 9.5 | 9.5 | $ 10.8 | $ 4.2 | ||
Restructuring and Related Cost, Expected Cost | 10 | 10 | ||||
Employee Separation Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 2.4 | $ 3.1 | 11.5 | $ 4.1 | ||
Restructuring Reserve | $ 9.5 | $ 9.5 | $ 10.8 | $ 4.2 |
Restructuring and Related Exp_4
Restructuring and Related Expenses (Schedule of Restructuring and related Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | $ 2.5 | $ 17.6 | $ 11.6 | $ 32 |
Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0.5 | 0 | 5.8 |
Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0.1 |
Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 6.5 | 0 | 10.1 |
Restructuring Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 2.5 | 10.6 | 11.6 | 16.1 |
Other Income [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | (0.1) |
Employee Separation Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 2.4 | 3.1 | 11.5 | 4.1 |
Employee Separation Costs | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0 |
Employee Separation Costs | Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0 |
Employee Separation Costs | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0 |
Employee Separation Costs | Restructuring Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 2.4 | 3.1 | 11.5 | 4.1 |
Employee Separation Costs | Other Income [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0 |
Asset-Related Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 7 | 0 | 16 |
Asset-Related Charges | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0.5 | 0 | 5.8 |
Asset-Related Charges | Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0.1 |
Asset-Related Charges | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 6.5 | 0 | 10.1 |
Asset-Related Charges | Restructuring Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0 |
Asset-Related Charges | Other Income [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0 |
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0.1 | 7.5 | 0.1 | 11.9 |
Other | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0 |
Other | Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0 |
Other | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0 | 0 | 0 | 0 |
Other | Restructuring Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 0.1 | 7.5 | 0.1 | 12 |
Other | Other Income [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | $ 0 | $ 0 | $ 0 | $ (0.1) |
(Restructuring Reserve Roll For
(Restructuring Reserve Roll Forward) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | $ 10.8 | $ 4.2 |
Restructuring expenses | 5.3 | 14.2 |
Cash settlements | (3.8) | (6.3) |
Adjustments to previous estimates | (2.8) | (2.6) |
Asset impairments | 0 | 0 |
Ending Balance | 9.5 | 9.5 |
Employee Separation Costs | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 10.8 | 4.2 |
Restructuring expenses | 5.3 | 14.2 |
Cash settlements | (3.8) | (6.3) |
Adjustments to previous estimates | (2.8) | (2.6) |
Asset impairments | 0 | 0 |
Ending Balance | 9.5 | 9.5 |
Asset-Related Charges | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | 0 |
Restructuring expenses | 0 | 0 |
Cash settlements | 0 | 0 |
Adjustments to previous estimates | 0 | 0 |
Asset impairments | 0 | 0 |
Ending Balance | 0 | 0 |
Other | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | 0 |
Restructuring expenses | 0 | 0 |
Cash settlements | 0 | 0 |
Adjustments to previous estimates | 0 | 0 |
Asset impairments | 0 | 0 |
Ending Balance | $ 0 | $ 0 |