Interest expense decreased primarily due to the maturity of the May 2013 convertible senior notes and the repayment of $850.0 million in bank debt issued in connection with the acquisition of Pharmasset Inc.
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
|(In thousands, except percentages)||2013||2012||2013||2012|
|Non-GAAP research and development expenses||$||488,535||$||383,553||$||1,436,282||$||1,086,289|
|Non-GAAP selling, general and administrative expenses||$||376,841||$||287,205||$||1,086,241||$||893,677|
|Non-GAAP Interest expense||$||(73,949||)||$||(89,322||)||$||(233,744||)||$||(267,677||)|
Note: Non-GAAP R&D, SG&A and interest expenses exclude the impact of acquisition-related, restructuring and stock-based compensation expenses where applicable.
Net Foreign Currency Exchange Impact
The net foreign currency exchange impact on third quarter 2013 product sales and pre-tax earnings was an unfavorable $17.5 million and $15.9 million, respectively, compared to the third quarter of 2012.
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