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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts