Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | |
Common Stock | Class A Stock | ||
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'REGENERON PHARMACEUTICALS INC | ' | ' |
Entity Central Index Key | '0000872589 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 97,389,765 | 2,028,871 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $263,211 | $230,276 |
Marketable securities | 182,112 | 77,819 |
Accounts receivable - trade, net | 855,844 | 593,207 |
Accounts receivable from Sanofi | 136,980 | 99,913 |
Deferred tax assets | 39,174 | 148,134 |
Prepaid expenses and other current assets | 156,839 | 56,663 |
Total current assets | 1,634,160 | 1,206,012 |
Restricted cash and marketable securities | ' | 8,186 |
Marketable securities | 329,863 | 271,230 |
Property, plant, and equipment, at cost, net of accumulated depreciation and amortization | 453,891 | 379,940 |
Deferred tax assets | 218,092 | 192,022 |
Other assets | 4,409 | 23,100 |
Total assets | 2,640,415 | 2,080,490 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 219,138 | 111,345 |
Deferred revenue from Sanofi, current portion | 13,866 | 17,022 |
Deferred Revenue - other, current portion | 34,929 | 33,809 |
Facility lease obligations, current portion | 794 | 1,374 |
Total current liabilities | 268,727 | 163,550 |
Deferred revenue from Sanofi | 77,670 | 76,520 |
Deferred Revenue - other | 111,893 | 131,822 |
Facility lease obligations | 167,219 | 159,436 |
Convertible senior notes | 314,162 | 296,518 |
Other long term liabilities | 10,573 | 7,259 |
Total liabilities | 950,244 | 835,105 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock | ' | ' |
Additional paid-in capital | 1,882,421 | 1,763,508 |
Accumulated deficit | -189,498 | -517,054 |
Accumulated other comprehensive loss | -2,851 | -1,166 |
Total stockholders' equity | 1,690,171 | 1,245,385 |
Total liabilities and stockholders' equity | 2,640,415 | 2,080,490 |
Class A Stock | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 2 | 2 |
Common Stock | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $97 | $95 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Stockholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Stock | ' | ' |
Stockholders' equity: | ' | ' |
Common Stock, par value (in dollars per share) | $0.00 | $0.00 |
Common Stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common Stock, shares issued (in shares) | 2,028,871 | 2,069,187 |
Common Stock, shares outstanding (in shares) | 2,028,871 | 2,069,187 |
Common Stock | ' | ' |
Stockholders' equity: | ' | ' |
Common Stock, par value (in dollars per share) | $0.00 | $0.00 |
Common Stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common Stock, shares issued (in shares) | 97,351,157 | 95,223,525 |
Common Stock, shares outstanding (in shares) | 97,351,157 | 95,223,525 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net product sales | $367,118 | $249,172 | $1,019,751 | $576,622 |
Sanofi collaboration revenue | 134,359 | 145,042 | 319,161 | 319,035 |
Bayer HealthCare collaboration revenue | 88,583 | 26,701 | 134,594 | 48,308 |
Technology licensing | 5,893 | 5,893 | 17,679 | 17,679 |
Other revenue | 1,074 | 879 | 3,148 | 2,231 |
Total revenues | 597,027 | 427,687 | 1,494,333 | 963,875 |
Expenses: | ' | ' | ' | ' |
Research and development | 224,045 | 158,295 | 591,807 | 444,530 |
Selling, general, and administrative | 97,607 | 46,883 | 247,330 | 153,016 |
Cost of goods sold | 28,253 | 20,145 | 83,557 | 54,286 |
Cost of collaboration manufacturing | 10,320 | ' | 23,684 | ' |
Total expenses | 360,225 | 225,323 | 946,378 | 651,832 |
Income from operations | 236,802 | 202,364 | 547,955 | 312,043 |
Other income (expense): | ' | ' | ' | ' |
Investment income | 618 | 517 | 2,028 | 1,628 |
Interest expense | -11,736 | -11,413 | -34,776 | -33,809 |
Total other income (expense) | -11,118 | -10,896 | -32,748 | -32,181 |
Income before income taxes | 225,684 | 191,468 | 515,207 | 279,862 |
Income tax expense | -84,378 | ' | -187,651 | ' |
Net income | 141,306 | 191,468 | 327,556 | 279,862 |
Net income per share - basic (in dollars per share) | $1.44 | $2.02 | $3.36 | $2.97 |
Net income per share - diluted (in dollars per share) | $1.25 | $1.72 | $2.95 | $2.55 |
Weighted average shares outstanding - basic (in shares) | 98,226 | 95,012 | 97,602 | 94,349 |
Weighted average shares outstanding - diluted (in shares) | 116,713 | 115,830 | 115,554 | 109,780 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | 141,306 | 191,468 | 327,556 | 279,862 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities, net of tax | 578 | 467 | -1,685 | -42 |
Comprehensive income | $141,884 | $191,935 | $325,871 | $279,820 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Class A Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $485,732 | $2 | $91 | $1,754,824 | ($1,267,323) | ($1,862) |
Balance (shares) at Dec. 31, 2011 | ' | 2,109 | 90,692 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of Common Stock in connection with exercise of stock options | 48,440 | ' | 4 | 48,436 | ' | ' |
Issuance of Common Stock in connection with exercise of stock options (shares) | ' | ' | 3,773 | ' | ' | ' |
Common Stock tendered upon exercise of stock options in connection with employee tax obligations | -71,475 | ' | -1 | -71,474 | ' | ' |
Common Stock tendered upon exercise of stock options in connection with employee tax obligations (shares) | ' | ' | -639 | ' | ' | ' |
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution | ' | ' | ' | ' | ' | ' |
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution (shares) | ' | ' | 64 | ' | ' | ' |
Issuance of restricted Common Stock under Long-Term Incentive Plan (shares) | ' | ' | 500 | ' | ' | ' |
Conversion of Class A Stock to Common Stock (shares) | ' | -20 | 20 | ' | ' | ' |
Stock-based compensation charges | 63,507 | ' | ' | 63,507 | ' | ' |
Net income | 279,862 | ' | ' | ' | 279,862 | ' |
Other comprehensive income (loss) | -42 | ' | ' | ' | ' | -42 |
Balance at Sep. 30, 2012 | 806,024 | 2 | 94 | 1,795,293 | -987,461 | -1,904 |
Balance (shares) at Sep. 30, 2012 | ' | 2,089 | 94,410 | ' | ' | ' |
Balance at Dec. 31, 2012 | 1,245,385 | 2 | 95 | 1,763,508 | -517,054 | -1,166 |
Balance (shares) at Dec. 31, 2012 | ' | 2,069 | 95,223 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of Common Stock in connection with exercise of stock options | 42,625 | ' | 3 | 42,622 | ' | ' |
Issuance of Common Stock in connection with exercise of stock options (shares) | ' | ' | 2,641 | ' | ' | ' |
Common Stock tendered upon exercise of stock options in connection with employee tax obligations | -166,358 | ' | -1 | -166,357 | ' | ' |
Common Stock tendered upon exercise of stock options in connection with employee tax obligations (shares) | ' | ' | -597 | ' | ' | ' |
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution | ' | ' | ' | ' | ' | ' |
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution (shares) | ' | ' | 38 | ' | ' | ' |
Issuance of restricted Common Stock under Long-Term Incentive Plan (shares) | ' | ' | 6 | ' | ' | ' |
Conversion of Class A Stock to Common Stock (shares) | ' | -40 | 40 | ' | ' | ' |
Stock-based compensation charges | 144,808 | ' | ' | 144,808 | ' | ' |
Excess tax benefit from stock-based compensation | 97,840 | ' | ' | 97,840 | ' | ' |
Net income | 327,556 | ' | ' | ' | 327,556 | ' |
Other comprehensive income (loss) | -1,685 | ' | ' | ' | ' | -1,685 |
Balance at Sep. 30, 2013 | $1,690,171 | $2 | $97 | $1,882,421 | ($189,498) | ($2,851) |
Balance (shares) at Sep. 30, 2013 | ' | 2,029 | 97,351 | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $327,556 | $279,862 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 29,912 | 27,162 |
Non-cash compensation expense | 143,217 | 63,385 |
Non-cash interest expense | 17,316 | 17,009 |
Other non-cash charges and expenses, net | 15,710 | 13,636 |
Deferred taxes | 82,890 | ' |
Changes in assets and liabilites | ' | ' |
Increase in Sanofi and trade accounts receivable | -299,704 | -498,236 |
Increase in prepaid expenses and other assets | -84,109 | -71,244 |
Decrease in deferred revenue | -20,815 | -28,605 |
(Decrease) increase in accounts payable, accrued expenses and other liabilities | 94,894 | 29,231 |
Total adjustments | -20,689 | -447,662 |
Net cash provided by (used in) operating activities | 306,867 | -167,800 |
Cash flows from investing activities: | ' | ' |
Purchases of marketable securities | -477,312 | -398,253 |
Sales or maturities of marketable securities | 319,152 | 260,770 |
Purchase of restricted cash and marketable securities | ' | -518 |
Capital expenditures | -87,347 | -34,175 |
Net cash used in by investing activities | -245,507 | -172,176 |
Cash flows from financing activities: | ' | ' |
Payments in connection with facility and capital lease obligations | -1,625 | -1,601 |
Proceeds from issuance of Common Stock | 41,718 | 48,440 |
Payments in connection with Common Stock tendered for employee tax obligations | -166,358 | -71,475 |
Excess tax benefit from stock-based compensation | 97,840 | ' |
Net cash used in financing activities | -28,425 | -24,636 |
Net increase (decrease) in cash and cash equivalents | 32,935 | -364,612 |
Cash and cash equivalents at beginning of period | 230,276 | 483,610 |
Cash and cash equivalents at end of period | $263,211 | $118,998 |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Quarterly Financial Data [Abstract] | ' |
Interim Financial Statements | ' |
Interim Financial Statements | |
The interim Condensed Consolidated Financial Statements of Regeneron Pharmaceuticals, Inc. (“Regeneron” or the “Company”) have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company’s financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, these financial statements reflect all normal recurring adjustments and accruals necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for such periods. The results of operations for any interim periods are not necessarily indicative of the results for the full year. The December 31, 2012 Condensed Consolidated Balance Sheet data were derived from audited financial statements, but do not include all disclosures required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Certain reclassifications have been made to prior period amounts to conform with the current period’s presentation. |
Net_Product_Sales
Net Product Sales | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Revenues [Abstract] | ' | |||||||||||||||
Net Product Sales | ' | |||||||||||||||
Net Product Sales | ||||||||||||||||
EYLEA® net product sales in the United States totaled $363.1 million and $244.4 million for the three months ended September 30, 2013 and 2012, respectively, and $1,006.8 million and $561.9 million for the nine months ended September 30, 2013 and 2012, respectively. In November 2011, the Company received marketing approval from the U.S. Food and Drug Administration ("FDA") for EYLEA (aflibercept) Injection for the treatment of neovascular age-related macular degeneration ("wet AMD"). In September 2012, the Company received marketing approval from the FDA for EYLEA for the treatment of macular edema following central retinal vein occlusion ("CRVO"). In addition, ARCALYST® net product sales totaled $4.0 million and $4.8 million for the three months ended September 30, 2013 and 2012, respectively, and $12.9 million and $14.7 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
The Company recorded 75% and 79% for the three months ended September 30, 2013 and 2012, respectively, and 76% and 79% for the nine months ended September 30, 2013 and 2012, respectively, of its total gross product revenue from sales to Besse Medical, a subsidiary of AmerisourceBergen Corporation. | ||||||||||||||||
Revenue from product sales is recorded net of applicable provisions for rebates and chargebacks under governmental programs (including Medicaid), distribution-related fees, prompt pay discounts, product returns, and other sales-related deductions. The following table summarizes the provisions, and credits/payments, for these sales-related deductions during the nine months ended September 30, 2013. | ||||||||||||||||
Rebates & | Distribution- | Other Sales- | Total | |||||||||||||
Chargebacks | Related | Related | ||||||||||||||
Fees | Deductions | |||||||||||||||
Balance as of December 31, 2012 | $ | 2,983 | $ | 15,298 | $ | 545 | $ | 18,826 | ||||||||
Provision related to current period sales | 18,216 | 46,428 | 882 | 65,526 | ||||||||||||
Credits/payments | (17,166 | ) | (41,532 | ) | (894 | ) | (59,592 | ) | ||||||||
Balance as of September 30, 2013 | $ | 4,033 | $ | 20,194 | $ | 533 | $ | 24,760 | ||||||||
Collaboration_Revenue
Collaboration Revenue | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Collaboration Revenue Disclosure [Abstract] | ' | ||||||||
Collaborative Arrangement Disclosure | ' | ||||||||
Collaboration Revenue | |||||||||
Sanofi Collaboration Revenue | |||||||||
The collaboration revenue the Company earned from Sanofi, as detailed below, consisted primarily of reimbursement for research and development expenses that the Company incurred, the Company's share of losses in connection with Sanofi's commercialization of ZALTRAP®, recognition of a substantive milestone payment in the third quarter of 2012 related to FDA approval of ZALTRAP, and revenue related to non-refundable up-front payments. | |||||||||
In addition, Sanofi collaboration revenue for the nine months ended September 30, 2013 was reduced by two $10.0 million up-front payments to Sanofi in connection with the Company's acquisition from Sanofi of full exclusive rights to two families of novel antibodies, as described below. | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
Sanofi Collaboration Revenue | 2013 | 2012 | |||||||
ZALTRAP: | |||||||||
Regeneron's share of losses in connection with commercialization of ZALTRAP | $ | (6,575 | ) | $ | (7,390 | ) | |||
Substantive milestone payment | 50,000 | ||||||||
Reimbursement of Regeneron research and development and other expenses | 2,557 | 2,079 | |||||||
Recognition of deferred revenue related to up-front payments | 1,384 | 2,889 | |||||||
Total ZALTRAP | (2,634 | ) | 47,578 | ||||||
Antibody: | |||||||||
Reimbursement of Regeneron research and development expenses | 134,432 | 94,903 | |||||||
Recognition of deferred revenue related to up-front and other payments | 2,162 | 2,162 | |||||||
Recognition of revenue related to VelociGene® agreement | 399 | 399 | |||||||
Total Antibody | 136,993 | 97,464 | |||||||
Total Sanofi collaboration revenue | $ | 134,359 | $ | 145,042 | |||||
Nine months ended September 30, | |||||||||
Sanofi Collaboration Revenue | 2013 | 2012 | |||||||
ZALTRAP: | |||||||||
Regeneron's share of losses in connection with commercialization of ZALTRAP | $ | (22,581 | ) | $ | (19,525 | ) | |||
Substantive milestone payment | 50,000 | ||||||||
Reimbursement of Regeneron research and development and other expenses | 7,955 | 9,124 | |||||||
Recognition of deferred revenue related to up-front payments | 4,152 | 8,260 | |||||||
Total ZALTRAP | (10,474 | ) | 47,859 | ||||||
Antibody: | |||||||||
Reimbursement of Regeneron research and development expenses | 341,952 | 263,504 | |||||||
Up-front payments to Sanofi for acquisition of rights related to two antibodies | (20,000 | ) | |||||||
Recognition of deferred revenue related to up-front and other payments | 6,486 | 6,475 | |||||||
Recognition of revenue related to VelociGene agreement | 1,197 | 1,197 | |||||||
Total Antibody | 329,635 | 271,176 | |||||||
Total Sanofi collaboration revenue | $ | 319,161 | $ | 319,035 | |||||
Sanofi commenced sales of ZALTRAP (ziv-aflibercept) Injection for Intravenous Infusion, in combination with 5-fluorouracil, leucovorin, irinotecan ("FOLFIRI"), for patients with metastatic colorectal cancer (“mCRC”) that is resistant to or has progressed following an oxaliplatin-containing regimen, in the United States in the third quarter of 2012 and in certain European and other countries in the first quarter of 2013. The Company and Sanofi globally collaborate on the development and commercialization of ZALTRAP. Under the terms of the companies' September 2003 collaboration agreement, as amended, Regeneron and Sanofi share co-promotion rights and profits and losses on sales of ZALTRAP outside of Japan. In Japan, the Company is entitled to a royalty on sales of ZALTRAP. | |||||||||
Acquisition from Sanofi of Rights to PDGF and Ang2 in Ophthalmology | |||||||||
In May 2013, the Company acquired from Sanofi full exclusive rights to two families of novel antibodies invented at Regeneron and previously included in the Company's antibody collaboration with Sanofi. The Company acquired full rights to antibodies targeting the PDGF (platelet derived growth factor) family of receptors and ligands in ophthalmology and all other indications and to antibodies targeting the Ang2 (angiopoietin-2) receptor and ligand in ophthalmology. Antibodies to the PDGF receptor and Ang2 are currently in preclinical development for use in ophthalmology. | |||||||||
With respect to PDGF antibodies, the Company made a $10.0 million up-front payment to Sanofi in the second quarter of 2013, and is obligated to pay up to $40 million in potential development milestone payments and royalties on any future sales. With respect to Ang2 antibodies in ophthalmology, the Company also made a $10.0 million up-front payment to Sanofi in the second quarter of 2013, and is obligated to pay a potential $5 million development milestone payment and royalties on any future sales. | |||||||||
Bayer HealthCare Collaboration Revenue | |||||||||
Bayer HealthCare commenced sales of EYLEA for the treatment of wet AMD in the fourth quarter of 2012 following receipt of regulatory approvals in the European Union and other regions. The Company and Bayer HealthCare globally collaborate on the development and commercialization of EYLEA outside of the United States. | |||||||||
The collaboration revenue the Company earned from Bayer HealthCare is detailed below: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
Bayer HealthCare Collaboration Revenue | 2013 | 2012 | |||||||
Regeneron's net profit in connection with commercialization of EYLEA outside the United States | $ | 31,769 | |||||||
Sales and substantive development milestone payments | 45,000 | $ | 15,000 | ||||||
Cost-sharing of Regeneron EYLEA development expenses | 4,844 | 9,724 | |||||||
Reimbursement of other Regeneron EYLEA expenses | 4,993 | ||||||||
Recognition of deferred revenue related to up-front and other milestone payments | 1,977 | 1,977 | |||||||
$ | 88,583 | $ | 26,701 | ||||||
Nine months ended | |||||||||
September 30, | |||||||||
Bayer HealthCare Collaboration Revenue | 2013 | 2012 | |||||||
Regeneron's net profit in connection with commercialization of EYLEA outside the United States | $ | 57,186 | |||||||
Sales and substantive development milestone payments | 45,000 | $ | 15,000 | ||||||
Cost-sharing of Regeneron EYLEA development expenses | 14,482 | 27,377 | |||||||
Reimbursement of other Regeneron EYLEA expenses | 11,995 | ||||||||
Recognition of deferred revenue related to up-front and other milestone payments | 5,931 | 5,931 | |||||||
$ | 134,594 | $ | 48,308 | ||||||
In the third quarter of 2013, the Company earned a $15.0 million substantive development milestone payment from Bayer HealthCare upon receipt of marketing approval in the European Union for EYLEA for the treatment of macular edema secondary to CRVO. In addition, the Company earned, and recorded as revenue in the third quarter of 2013, two $15.0 million sales milestone payments from Bayer HealthCare upon total aggregate net sales of EYLEA outside the United States exceeding $200 million and $300 million, respectively, over a twelve-month period. In the third quarter of 2012, the Company earned a $15.0 million substantive development milestone payment from Bayer HealthCare upon receipt of marketing approval in Japan for EYLEA for the treatment of wet AMD. The Company may receive an additional $10 million milestone payment related to pricing approval of EYLEA for CRVO in the first major market country outside the United States, and can earn up to $105 million in additional sales milestone payments if twelve-month net sales of EYLEA outside the United States achieve certain specified levels up to $1 billion. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income Per Share | ' | ||||||||
Net Income Per Share | |||||||||
The Company’s basic net income per share amounts have been computed by dividing net income by the weighted average number of shares of Common Stock and Class A Stock outstanding. Net income per share is presented on a combined basis, inclusive of Common Stock and Class A Stock outstanding, as each class of stock has equivalent economic rights. Diluted net income per share includes the potential dilutive effect of other securities as if such securities were converted or exercised during the period, when the effect is dilutive. The calculations of basic and diluted net income per share are as follows: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Net income - basic | $ | 141,306 | $ | 191,468 | |||||
Effect of dilutive securities: | |||||||||
Convertible senior notes - interest expense related to contractual coupon interest rate and amortization of discount and note issuance costs | 4,678 | 7,374 | |||||||
Net income - diluted | $ | 145,984 | $ | 198,842 | |||||
(Shares in thousands) | |||||||||
Weighted average shares - basic | 98,226 | 95,012 | |||||||
Effect of dilutive securities: | |||||||||
Stock options | 10,379 | 14,106 | |||||||
Restricted stock | 462 | 797 | |||||||
Convertible senior notes | 4,761 | 4,761 | |||||||
Warrants | 2,885 | 1,154 | |||||||
Dilutive potential shares | 18,487 | 20,818 | |||||||
Weighted average shares - diluted | 116,713 | 115,830 | |||||||
Net income per share - basic | $ | 1.44 | $ | 2.02 | |||||
Net income per share - diluted | $ | 1.25 | $ | 1.72 | |||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Net income - basic | $ | 327,556 | $ | 279,862 | |||||
Effect of dilutive securities: | |||||||||
Convertible senior notes - interest expense related to contractual coupon interest rate and amortization of discount and note issuance costs | 13,857 | ||||||||
Net income - diluted | $ | 341,413 | $ | 279,862 | |||||
(Shares in thousands) | |||||||||
Weighted average shares - basic | 97,602 | 94,349 | |||||||
Effect of dilutive securities: | |||||||||
Stock options | 10,220 | 14,080 | |||||||
Restricted stock | 415 | 699 | |||||||
Convertible senior notes | 4,761 | ||||||||
Warrants | 2,556 | 652 | |||||||
Dilutive potential shares | 17,952 | 15,431 | |||||||
Weighted average shares - diluted | 115,554 | 109,780 | |||||||
Net income per share - basic | $ | 3.36 | $ | 2.97 | |||||
Net income per share - diluted | $ | 2.95 | $ | 2.55 | |||||
Shares which have been excluded from the September 30, 2013 and 2012 diluted per share amounts because their effect would have been antidilutive, include the following: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
(Shares in thousands) | 2013 | 2012 | |||||||
Stock options | 135 | 175 | |||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
(Shares in thousands) | 2013 | 2012 | |||||||
Stock options | 1,265 | 91 | |||||||
Convertible senior notes | 4,761 | ||||||||
Marketable_Securities
Marketable Securities | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||
Marketable Securities | ||||||||||||||||||||||||
Marketable securities at September 30, 2013 and December 31, 2012 consist of debt and equity securities primarily issued by investment grade institutions. The Company also held restricted marketable securities at December 31, 2012, which consisted of debt securities, as detailed below, that collateralized letters of credit and lease obligations. During the second quarter of 2013, these collateral requirements were rescinded, either due to cancellation of the associated letter of credit or easing of lender requirements on the Company. As a result, during the second quarter of 2013, all formerly restricted marketable securities were reclassified as unrestricted on the Company's balance sheet which, for the purpose of the Company's Statement of Cash Flows, was treated as a non-cash investing transaction. | ||||||||||||||||||||||||
The following tables summarize the Company's investments in marketable securities at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||||||||||||
At September 30, 2013 | Cost Basis | Gains | Losses | Value | ||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 106,788 | $ | 55 | $ | (54 | ) | $ | 106,789 | |||||||||||||||
Corporate bonds | 303,206 | 128 | (140 | ) | 303,194 | |||||||||||||||||||
Commercial paper | 57,046 | 72 | 57,118 | |||||||||||||||||||||
Municipal bonds | 26,798 | 34 | (9 | ) | 26,823 | |||||||||||||||||||
International government agency obligations | 8,308 | (4 | ) | 8,304 | ||||||||||||||||||||
Certificates of deposit | 7,503 | 2 | 7,505 | |||||||||||||||||||||
Equity securities | 4,044 | (1,802 | ) | 2,242 | ||||||||||||||||||||
$ | 513,693 | $ | 291 | $ | (2,009 | ) | $ | 511,975 | ||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 327,502 | $ | 661 | $ | (17 | ) | $ | 328,146 | |||||||||||||||
Municipal bonds | 17,542 | (32 | ) | 17,510 | ||||||||||||||||||||
Equity securities | 4,044 | (651 | ) | 3,393 | ||||||||||||||||||||
349,088 | 661 | (700 | ) | 349,049 | ||||||||||||||||||||
Restricted | ||||||||||||||||||||||||
U.S. government obligations | 5,902 | 9 | (2 | ) | 5,909 | |||||||||||||||||||
$ | 354,990 | $ | 670 | $ | (702 | ) | $ | 354,958 | ||||||||||||||||
The Company classifies its debt securities based on their contractual maturity dates. The debt securities listed at September 30, 2013 mature at various dates through August 2024. The fair values of debt security investments by contractual maturity as of September 30, 2013 and December 31, 2012 consist of the following: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
Maturities within one year | $ | 182,112 | $ | 77,819 | ||||||||||||||||||||
Maturities after one year through five years | 322,314 | 267,837 | ||||||||||||||||||||||
Maturities after five years through ten years | 4,132 | |||||||||||||||||||||||
Maturities after ten years | 1,175 | |||||||||||||||||||||||
509,733 | 345,656 | |||||||||||||||||||||||
Restricted | ||||||||||||||||||||||||
Maturities within one year | 2,781 | |||||||||||||||||||||||
Maturities after one year through five years | 3,128 | |||||||||||||||||||||||
5,909 | ||||||||||||||||||||||||
$ | 509,733 | $ | 351,565 | |||||||||||||||||||||
The following table shows the fair value of the Company’s marketable securities that have unrealized losses and that are deemed to be only temporarily impaired, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
At September 30, 2013 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 57,612 | $ | (54 | ) | $ | 57,612 | $ | (54 | ) | ||||||||||||||
Corporate bonds | 157,200 | (140 | ) | 157,200 | (140 | ) | ||||||||||||||||||
Municipal bonds | 7,504 | (9 | ) | 7,504 | (9 | ) | ||||||||||||||||||
International government agency obligations | 8,303 | (4 | ) | 8,303 | (4 | ) | ||||||||||||||||||
Equity securities | $ | 2,242 | $ | (1,802 | ) | 2,242 | (1,802 | ) | ||||||||||||||||
$ | 230,619 | $ | (207 | ) | $ | 2,242 | $ | (1,802 | ) | $ | 232,861 | $ | (2,009 | ) | ||||||||||
At December 31, 2012 | ||||||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 44,738 | $ | (17 | ) | $ | 44,738 | $ | (17 | ) | ||||||||||||||
Municipal bonds | 17,510 | (32 | ) | 17,510 | (32 | ) | ||||||||||||||||||
Equity securities | $ | 3,393 | $ | (651 | ) | 3,393 | (651 | ) | ||||||||||||||||
62,248 | (49 | ) | 3,393 | (651 | ) | 65,641 | (700 | ) | ||||||||||||||||
Restricted | ||||||||||||||||||||||||
U.S. government obligations | 1,194 | (2 | ) | 1,194 | (2 | ) | ||||||||||||||||||
$ | 63,442 | $ | (51 | ) | $ | 3,393 | $ | (651 | ) | $ | 66,835 | $ | (702 | ) | ||||||||||
Realized gains and losses are included as a component of investment income. For the three and nine months ended September 30, 2013, total realized gains on sales of marketable securities were $0.5 million and $1.0 million respectively, and there were no realized losses. For both the three and nine months ended September 30, 2012, total realized gains and losses on sales of marketable securities were not material. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Measurements | ' | |||||||||||
Fair Value Measurements | ||||||||||||
The Company’s assets that are measured at fair value on a recurring basis, at September 30, 2013 and December 31, 2012, consist of the following: | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||
At September 30, 2013 | Fair Value | Quoted Prices in | Significant Other | |||||||||
Active Markets | Observable Inputs | |||||||||||
for Identical | (Level 2) | |||||||||||
Assets | ||||||||||||
(Level 1) | ||||||||||||
Unrestricted | ||||||||||||
Available-for-sale marketable securities: | ||||||||||||
U.S. government and government agency obligations | $ | 106,789 | $ | 106,789 | ||||||||
Corporate bonds | 303,194 | 303,194 | ||||||||||
Commercial paper | 57,118 | 57,118 | ||||||||||
Municipal bonds | 26,823 | 26,823 | ||||||||||
International government agency obligations | 8,304 | 8,304 | ||||||||||
Certificates of deposit | 7,505 | 7,505 | ||||||||||
Equity securities | 2,242 | $ | 2,242 | |||||||||
$ | 511,975 | $ | 2,242 | $ | 509,733 | |||||||
At December 31, 2012 | ||||||||||||
Unrestricted | ||||||||||||
Available-for-sale marketable securities: | ||||||||||||
U.S. government and government agency obligations | $ | 328,146 | $ | 328,146 | ||||||||
Municipal bonds | 17,510 | 17,510 | ||||||||||
Equity securities | 3,393 | $ | 3,393 | |||||||||
349,049 | 3,393 | 345,656 | ||||||||||
Restricted | ||||||||||||
Available-for-sale marketable securities: | ||||||||||||
U.S. government obligations | 5,909 | 5,909 | ||||||||||
$ | 354,958 | $ | 3,393 | $ | 351,565 | |||||||
Marketable securities included in Level 2 were valued using a market approach utilizing prices and other relevant information, such as interest rates, yield curves, prepayment speeds, loss severities, credit risks, and default rates, generated by market transactions involving identical or comparable assets. The Company considers market liquidity in determining the fair value for these securities. The Company did not record any charges for other-than-temporary impairment of its Level 2 marketable securities during the three and nine months ended September 30, 2013 and 2012. | ||||||||||||
In 2012 and through the six months ended June 30, 2013, the Company held only one Level 3 marketable security whose cost basis was zero, as the security had been fully impaired prior to 2012. During the three months ended September 30, 2013, the Company sold this Level 3 marketable security and realized a $0.4 million gain on its sale. There were no purchases or maturities of Level 3 marketable securities and no unrealized gains or losses related to Level 3 marketable securities for the three and nine months ended September 30, 2013 and 2012. There were no transfers of marketable securities between Levels 1, 2, or 3 classifications during the three and nine months ended September 30, 2013 and 2012. At September 30, 2013, the Company held no Level 3 marketable securities. | ||||||||||||
As of September 30, 2013 and December 31, 2012, the Company had $400.0 million in aggregate principal amount of 1.875% convertible senior notes that will mature on October 1, 2016 unless earlier converted or repurchased. The fair value of the outstanding convertible senior notes was estimated to be $1,486.4 million and $843.2 million as of September 30, 2013 and December 31, 2012, respectively, and was determined based on Level 2 inputs. |
Inventory
Inventory | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory | ' | |||||||
Inventory | ||||||||
Inventory, which was included in prepaid expenses and other current assets in the Company's balance sheets, consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 5,225 | $ | 4,862 | ||||
Work-in-process | 34,837 | 14,656 | ||||||
Finished goods | 12,322 | 2,570 | ||||||
Deferred costs | 10,908 | 6,550 | ||||||
$ | 63,292 | $ | 28,638 | |||||
Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred. | ||||||||
As of September 30, 2013 and December 31, 2012, inventory included reserves of $5.1 million and $3.6 million, respectively. For the nine months ended September 30, 2013 and 2012, cost of goods sold included inventory write-downs and reserves totaling $4.8 million and $8.6 million, respectively. For the three months ended September 30, 2013 and 2012, inventory write-downs and reserves included in cost of goods sold were not material. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable and Accrued Expenses | ' | |||||||
Accounts Payable and Accrued Expenses | ||||||||
Accounts payable and accrued expenses consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accounts payable | $ | 31,194 | $ | 38,934 | ||||
Accrued payroll and related costs | 68,928 | 19,987 | ||||||
Accrued clinical trial expense | 24,407 | 10,985 | ||||||
Accrued sales-related charges, deductions, and royalties | 56,290 | 21,870 | ||||||
Other accrued expenses and liabilities | 38,319 | 19,569 | ||||||
$ | 219,138 | $ | 111,345 | |||||
With respect to non-cash investing activities in connection with the Company's Statements of Cash Flows, included in accounts payable and accrued expenses at September 30, 2013 and December 31, 2012 were $18.4 million and $8.6 million, respectively, of accrued capital expenditures. Included in accounts payable and accrued expenses at September 30, 2012 and December 31, 2011 were $7.0 million and $6.2 million, respectively, of accrued capital expenditures. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2013 | |
Leases [Abstract] | ' |
Leases of Lessee Disclosure [Text Block] | ' |
Leases | |
In April 2013, the Company entered into a new lease agreement for additional laboratory and office space to be constructed in two new buildings (the "Buildings"), which are expected to be completed in late 2015, at the Company's current Tarrytown, New York location. The initial term of the lease, which is expected to commence in mid-2014, is approximately 15 years and contains three renewal options to extend the term of the lease by five years each. The lease provides for (i) monthly payments over its term, which will be based on the landlord's costs of construction and tenant allowances, and (ii) additional charges for utilities, taxes, and operating expenses. Based upon various factors, including the Company's involvement in the Buildings' construction and its responsibility for directly paying for a substantial portion of tenant improvements, the Company is deemed, in substance, to be the owner of the landlord's Buildings in accordance with the application of FASB authoritative guidance. Consequently, in addition to capitalizing the tenant improvements, the Company capitalizes the landlord's costs of constructing these new facilities, offset by a corresponding lease obligation on the Company's balance sheet. The Company will allocate a portion of its future lease payments to the Buildings and the land on which the Buildings are being constructed. The land element of the lease is treated for accounting purposes as an operating lease. | |
Commencing in the second quarter of 2013, the Company began capitalizing the landlord's costs of constructing the new Buildings, which totaled $7.7 million at September 30, 2013, and recognized a corresponding facility lease obligation of $7.7 million. Such amounts were included as a non-cash activity within the Company's Condensed Consolidated Statements of Cash Flows. Rent expense in connection with the land element of these new facilities commenced in April 2013 and is recorded as a deferred liability until lease payments commence in mid-2014. | |
In April 2013, the Company also executed an early renewal of certain laboratory and office space that it currently leases at its Tarrytown location. The early renewal extended the term of the lease from June 2024 to June 2029. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company is subject to U.S. federal, state, and foreign income taxes. The Company's effective tax rate for the three and nine months ended September 30, 2013 was 37.4% and 36.4%, respectively. The nine month effective tax rate included, as a discrete item, the favorable impact of the enactment of The American Taxpayer Relief Act in January 2013. The American Taxpayer Relief Act included a provision to extend the income tax credit for increased research activities retroactively to the tax year ended December 31, 2012, as well as for 2013. As a result, the Company's 2012 research tax credit reduced its effective tax rate for the nine months ended September 30, 2013 by 4.3%. | |
For the three and nine months ended September 30, 2013, the Company recorded an income tax provision of $84.4 million and $187.7 million, respectively. | |
For the three and nine months ended September 30, 2012, income tax expense relating to the Company's pre-tax income was fully offset by a reversal of a portion of the Company's valuation allowance. As of September 30, 2012, the Company continued to recognize a full valuation allowance against its net operating loss carry-forward and other deferred tax assets since the Company had an extended history of losses. In the fourth quarter of 2012, the Company recorded an income tax benefit attributable to the release of substantially all of the remaining valuation allowance against the Company's deferred tax assets. The decision to release this valuation allowance was made after the Company determined that it was more likely than not that these deferred tax assets would be realized. | |
Tax years subsequent to 2009 remain open to examination by federal tax authorities. In addition, New York State has commenced an examination of the Company's 2009, 2010, and 2011 tax years. |
Legal_Matters
Legal Matters | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Matters | ' |
Legal Matters | |
From time to time, the Company is a party to legal proceedings in the course of the Company’s business. The Company does not expect any such current legal proceedings to have a material adverse effect on the Company’s business or financial condition. Costs associated with the Company’s involvement in legal proceedings are expensed as incurred. | |
License and Settlement Agreements with Genentech | |
On December 31, 2011, the Company entered into a Non-Exclusive License and Partial Settlement Agreement with Genentech (the "Original Genentech Agreement") that covered making, using, and selling EYLEA in the United States for the prevention and treatment of human eye diseases and disorders in the United States, and ended the litigation relating to those matters. Under the Original Genentech Agreement, the Company received a non-exclusive license to the Davis-Smyth patents, and certain other patents owned or co-owned by Genentech. The Original Genentech Agreement did not cover any non-U.S. patent rights or non-U.S. patent disputes, and did not cover any use of aflibercept other than for prevention and treatment of human eye diseases and disorders in the United States. The Original Genentech Agreement provided for the Company to make payments to Genentech based on U.S. sales of EYLEA through May 7, 2016, the date the Davis-Smyth patents expire. Under the Original Genentech Agreement, the Company made a $60.0 million payment when cumulative U.S. sales of EYLEA reached $400 million, and is obligated to pay royalties of 4.75% on cumulative relevant sales of EYLEA between $400 million and $3 billion and 5.5% on any cumulative relevant sales of EYLEA over $3 billion. | |
Effective May 17, 2013, the Company entered into an Amended and Restated Non-Exclusive License and Settlement Agreement with Genentech (the "Amended Genentech Agreement"), which amended the Original Genentech Agreement to now include all sales of EYLEA worldwide and ended the litigation relating to those matters. Under the Amended Genentech Agreement, the Company received a worldwide non-exclusive license to the Davis-Smyth patents, and certain other patents, owned or co-owned by Genentech for the prevention or treatment of eye diseases and eye disorders in a human through administration of EYLEA to the eye. Under the Amended Genentech Agreement, the Company is obligated to make payments to Genentech based on sales of EYLEA in the United States, and EYLEA manufactured in the United States and sold outside the United States, through May 7, 2016 using the same milestone and royalty rates as in the Original Genentech Agreement. EYLEA is sold outside the United States by affiliates of Bayer HealthCare under the Company's license and collaboration agreement. All payments to Genentech under the Original Genentech Agreement and the Amended Genentech Agreement have been or will be made by the Company. Bayer HealthCare will share in all such payments based on the proportion of ex-U.S. EYLEA sales to worldwide EYLEA sales and determined consistent with the license and collaboration agreement. | |
Also on May 17, 2013, the Company entered into a Non-Exclusive License and Settlement Agreement (the "ZALTRAP Agreement") with Genentech and Sanofi under which the Company and Sanofi received a worldwide non-exclusive license to the Davis-Smyth patents, and certain other patents, in all indications for human use other than the prevention or treatment of eye diseases and eye disorders through administration to the eye. Under the terms of the ZALTRAP Agreement, payments are required to be made to Genentech based on sales of ZALTRAP in the United States and of ZALTRAP that is manufactured in the United States and sold outside the United States through May 7, 2016. A payment of $19 million is required to be made upon cumulative relevant sales of ZALTRAP reaching $200 million. In addition, royalty payments are required to be made to Genentech based upon 4.5% of cumulative relevant sales of ZALTRAP between $400 million and $1 billion and 6.5% of any cumulative relevant sales of ZALTRAP over $1 billion. All payments to Genentech under the ZALTRAP Agreement will be made by Sanofi, and the Company will share in all such payments. |
Net_Product_Sales_Policies
Net Product Sales (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Revenue Recognition, Revenue Reductions | ' |
Revenue from product sales is recorded net of applicable provisions for rebates and chargebacks under governmental programs (including Medicaid), distribution-related fees, prompt pay discounts, product returns, and other sales-related deductions. |
Legal_Matters_Policies
Legal Matters (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Costs, Policy | ' |
Costs associated with the Company’s involvement in legal proceedings are expensed as incurred. |
Net_Product_Sales_Tables
Net Product Sales (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Revenues [Abstract] | ' | |||||||||||||||
Sales Related Deductions Activity | ' | |||||||||||||||
The following table summarizes the provisions, and credits/payments, for these sales-related deductions during the nine months ended September 30, 2013. | ||||||||||||||||
Rebates & | Distribution- | Other Sales- | Total | |||||||||||||
Chargebacks | Related | Related | ||||||||||||||
Fees | Deductions | |||||||||||||||
Balance as of December 31, 2012 | $ | 2,983 | $ | 15,298 | $ | 545 | $ | 18,826 | ||||||||
Provision related to current period sales | 18,216 | 46,428 | 882 | 65,526 | ||||||||||||
Credits/payments | (17,166 | ) | (41,532 | ) | (894 | ) | (59,592 | ) | ||||||||
Balance as of September 30, 2013 | $ | 4,033 | $ | 20,194 | $ | 533 | $ | 24,760 | ||||||||
Collaboration_Revenue_Tables
Collaboration Revenue (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Collaboration Revenue Disclosure [Abstract] | ' | ||||||||
collaboration revenue with related party | ' | ||||||||
The collaboration revenue the Company earned from Sanofi, as detailed below, consisted primarily of reimbursement for research and development expenses that the Company incurred, the Company's share of losses in connection with Sanofi's commercialization of ZALTRAP®, recognition of a substantive milestone payment in the third quarter of 2012 related to FDA approval of ZALTRAP, and revenue related to non-refundable up-front payments. | |||||||||
In addition, Sanofi collaboration revenue for the nine months ended September 30, 2013 was reduced by two $10.0 million up-front payments to Sanofi in connection with the Company's acquisition from Sanofi of full exclusive rights to two families of novel antibodies, as described below. | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
Sanofi Collaboration Revenue | 2013 | 2012 | |||||||
ZALTRAP: | |||||||||
Regeneron's share of losses in connection with commercialization of ZALTRAP | $ | (6,575 | ) | $ | (7,390 | ) | |||
Substantive milestone payment | 50,000 | ||||||||
Reimbursement of Regeneron research and development and other expenses | 2,557 | 2,079 | |||||||
Recognition of deferred revenue related to up-front payments | 1,384 | 2,889 | |||||||
Total ZALTRAP | (2,634 | ) | 47,578 | ||||||
Antibody: | |||||||||
Reimbursement of Regeneron research and development expenses | 134,432 | 94,903 | |||||||
Recognition of deferred revenue related to up-front and other payments | 2,162 | 2,162 | |||||||
Recognition of revenue related to VelociGene® agreement | 399 | 399 | |||||||
Total Antibody | 136,993 | 97,464 | |||||||
Total Sanofi collaboration revenue | $ | 134,359 | $ | 145,042 | |||||
Nine months ended September 30, | |||||||||
Sanofi Collaboration Revenue | 2013 | 2012 | |||||||
ZALTRAP: | |||||||||
Regeneron's share of losses in connection with commercialization of ZALTRAP | $ | (22,581 | ) | $ | (19,525 | ) | |||
Substantive milestone payment | 50,000 | ||||||||
Reimbursement of Regeneron research and development and other expenses | 7,955 | 9,124 | |||||||
Recognition of deferred revenue related to up-front payments | 4,152 | 8,260 | |||||||
Total ZALTRAP | (10,474 | ) | 47,859 | ||||||
Antibody: | |||||||||
Reimbursement of Regeneron research and development expenses | 341,952 | 263,504 | |||||||
Up-front payments to Sanofi for acquisition of rights related to two antibodies | (20,000 | ) | |||||||
Recognition of deferred revenue related to up-front and other payments | 6,486 | 6,475 | |||||||
Recognition of revenue related to VelociGene agreement | 1,197 | 1,197 | |||||||
Total Antibody | 329,635 | 271,176 | |||||||
Total Sanofi collaboration revenue | $ | 319,161 | $ | 319,035 | |||||
Collaboration revenue | ' | ||||||||
The collaboration revenue the Company earned from Bayer HealthCare is detailed below: | |||||||||
Three months ended | |||||||||
September 30, | |||||||||
Bayer HealthCare Collaboration Revenue | 2013 | 2012 | |||||||
Regeneron's net profit in connection with commercialization of EYLEA outside the United States | $ | 31,769 | |||||||
Sales and substantive development milestone payments | 45,000 | $ | 15,000 | ||||||
Cost-sharing of Regeneron EYLEA development expenses | 4,844 | 9,724 | |||||||
Reimbursement of other Regeneron EYLEA expenses | 4,993 | ||||||||
Recognition of deferred revenue related to up-front and other milestone payments | 1,977 | 1,977 | |||||||
$ | 88,583 | $ | 26,701 | ||||||
Nine months ended | |||||||||
September 30, | |||||||||
Bayer HealthCare Collaboration Revenue | 2013 | 2012 | |||||||
Regeneron's net profit in connection with commercialization of EYLEA outside the United States | $ | 57,186 | |||||||
Sales and substantive development milestone payments | 45,000 | $ | 15,000 | ||||||
Cost-sharing of Regeneron EYLEA development expenses | 14,482 | 27,377 | |||||||
Reimbursement of other Regeneron EYLEA expenses | 11,995 | ||||||||
Recognition of deferred revenue related to up-front and other milestone payments | 5,931 | 5,931 | |||||||
$ | 134,594 | $ | 48,308 | ||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Basic and Diluted Net Income Per Share | ' | ||||||||
The calculations of basic and diluted net income per share are as follows: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Net income - basic | $ | 141,306 | $ | 191,468 | |||||
Effect of dilutive securities: | |||||||||
Convertible senior notes - interest expense related to contractual coupon interest rate and amortization of discount and note issuance costs | 4,678 | 7,374 | |||||||
Net income - diluted | $ | 145,984 | $ | 198,842 | |||||
(Shares in thousands) | |||||||||
Weighted average shares - basic | 98,226 | 95,012 | |||||||
Effect of dilutive securities: | |||||||||
Stock options | 10,379 | 14,106 | |||||||
Restricted stock | 462 | 797 | |||||||
Convertible senior notes | 4,761 | 4,761 | |||||||
Warrants | 2,885 | 1,154 | |||||||
Dilutive potential shares | 18,487 | 20,818 | |||||||
Weighted average shares - diluted | 116,713 | 115,830 | |||||||
Net income per share - basic | $ | 1.44 | $ | 2.02 | |||||
Net income per share - diluted | $ | 1.25 | $ | 1.72 | |||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Net income - basic | $ | 327,556 | $ | 279,862 | |||||
Effect of dilutive securities: | |||||||||
Convertible senior notes - interest expense related to contractual coupon interest rate and amortization of discount and note issuance costs | 13,857 | ||||||||
Net income - diluted | $ | 341,413 | $ | 279,862 | |||||
(Shares in thousands) | |||||||||
Weighted average shares - basic | 97,602 | 94,349 | |||||||
Effect of dilutive securities: | |||||||||
Stock options | 10,220 | 14,080 | |||||||
Restricted stock | 415 | 699 | |||||||
Convertible senior notes | 4,761 | ||||||||
Warrants | 2,556 | 652 | |||||||
Dilutive potential shares | 17,952 | 15,431 | |||||||
Weighted average shares - diluted | 115,554 | 109,780 | |||||||
Net income per share - basic | $ | 3.36 | $ | 2.97 | |||||
Net income per share - diluted | $ | 2.95 | $ | 2.55 | |||||
Antidilutive Securities | ' | ||||||||
Shares which have been excluded from the September 30, 2013 and 2012 diluted per share amounts because their effect would have been antidilutive, include the following: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
(Shares in thousands) | 2013 | 2012 | |||||||
Stock options | 135 | 175 | |||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
(Shares in thousands) | 2013 | 2012 | |||||||
Stock options | 1,265 | 91 | |||||||
Convertible senior notes | 4,761 | ||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Available-for-sale Securities | ' | |||||||||||||||||||||||
The following tables summarize the Company's investments in marketable securities at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||||||||||||
At September 30, 2013 | Cost Basis | Gains | Losses | Value | ||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 106,788 | $ | 55 | $ | (54 | ) | $ | 106,789 | |||||||||||||||
Corporate bonds | 303,206 | 128 | (140 | ) | 303,194 | |||||||||||||||||||
Commercial paper | 57,046 | 72 | 57,118 | |||||||||||||||||||||
Municipal bonds | 26,798 | 34 | (9 | ) | 26,823 | |||||||||||||||||||
International government agency obligations | 8,308 | (4 | ) | 8,304 | ||||||||||||||||||||
Certificates of deposit | 7,503 | 2 | 7,505 | |||||||||||||||||||||
Equity securities | 4,044 | (1,802 | ) | 2,242 | ||||||||||||||||||||
$ | 513,693 | $ | 291 | $ | (2,009 | ) | $ | 511,975 | ||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 327,502 | $ | 661 | $ | (17 | ) | $ | 328,146 | |||||||||||||||
Municipal bonds | 17,542 | (32 | ) | 17,510 | ||||||||||||||||||||
Equity securities | 4,044 | (651 | ) | 3,393 | ||||||||||||||||||||
349,088 | 661 | (700 | ) | 349,049 | ||||||||||||||||||||
Restricted | ||||||||||||||||||||||||
U.S. government obligations | 5,902 | 9 | (2 | ) | 5,909 | |||||||||||||||||||
$ | 354,990 | $ | 670 | $ | (702 | ) | $ | 354,958 | ||||||||||||||||
Marketable Securities, Based on Contractual Maturity Dates | ' | |||||||||||||||||||||||
The fair values of debt security investments by contractual maturity as of September 30, 2013 and December 31, 2012 consist of the following: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
Maturities within one year | $ | 182,112 | $ | 77,819 | ||||||||||||||||||||
Maturities after one year through five years | 322,314 | 267,837 | ||||||||||||||||||||||
Maturities after five years through ten years | 4,132 | |||||||||||||||||||||||
Maturities after ten years | 1,175 | |||||||||||||||||||||||
509,733 | 345,656 | |||||||||||||||||||||||
Restricted | ||||||||||||||||||||||||
Maturities within one year | 2,781 | |||||||||||||||||||||||
Maturities after one year through five years | 3,128 | |||||||||||||||||||||||
5,909 | ||||||||||||||||||||||||
$ | 509,733 | $ | 351,565 | |||||||||||||||||||||
Fair Value and Unrealized Losses of Marketable Securities | ' | |||||||||||||||||||||||
The following table shows the fair value of the Company’s marketable securities that have unrealized losses and that are deemed to be only temporarily impaired, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
At September 30, 2013 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 57,612 | $ | (54 | ) | $ | 57,612 | $ | (54 | ) | ||||||||||||||
Corporate bonds | 157,200 | (140 | ) | 157,200 | (140 | ) | ||||||||||||||||||
Municipal bonds | 7,504 | (9 | ) | 7,504 | (9 | ) | ||||||||||||||||||
International government agency obligations | 8,303 | (4 | ) | 8,303 | (4 | ) | ||||||||||||||||||
Equity securities | $ | 2,242 | $ | (1,802 | ) | 2,242 | (1,802 | ) | ||||||||||||||||
$ | 230,619 | $ | (207 | ) | $ | 2,242 | $ | (1,802 | ) | $ | 232,861 | $ | (2,009 | ) | ||||||||||
At December 31, 2012 | ||||||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 44,738 | $ | (17 | ) | $ | 44,738 | $ | (17 | ) | ||||||||||||||
Municipal bonds | 17,510 | (32 | ) | 17,510 | (32 | ) | ||||||||||||||||||
Equity securities | $ | 3,393 | $ | (651 | ) | 3,393 | (651 | ) | ||||||||||||||||
62,248 | (49 | ) | 3,393 | (651 | ) | 65,641 | (700 | ) | ||||||||||||||||
Restricted | ||||||||||||||||||||||||
U.S. government obligations | 1,194 | (2 | ) | 1,194 | (2 | ) | ||||||||||||||||||
$ | 63,442 | $ | (51 | ) | $ | 3,393 | $ | (651 | ) | $ | 66,835 | $ | (702 | ) | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Schedule of assets measured at fair value on a recurring basis | ' | |||||||||||
The Company’s assets that are measured at fair value on a recurring basis, at September 30, 2013 and December 31, 2012, consist of the following: | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||
At September 30, 2013 | Fair Value | Quoted Prices in | Significant Other | |||||||||
Active Markets | Observable Inputs | |||||||||||
for Identical | (Level 2) | |||||||||||
Assets | ||||||||||||
(Level 1) | ||||||||||||
Unrestricted | ||||||||||||
Available-for-sale marketable securities: | ||||||||||||
U.S. government and government agency obligations | $ | 106,789 | $ | 106,789 | ||||||||
Corporate bonds | 303,194 | 303,194 | ||||||||||
Commercial paper | 57,118 | 57,118 | ||||||||||
Municipal bonds | 26,823 | 26,823 | ||||||||||
International government agency obligations | 8,304 | 8,304 | ||||||||||
Certificates of deposit | 7,505 | 7,505 | ||||||||||
Equity securities | 2,242 | $ | 2,242 | |||||||||
$ | 511,975 | $ | 2,242 | $ | 509,733 | |||||||
At December 31, 2012 | ||||||||||||
Unrestricted | ||||||||||||
Available-for-sale marketable securities: | ||||||||||||
U.S. government and government agency obligations | $ | 328,146 | $ | 328,146 | ||||||||
Municipal bonds | 17,510 | 17,510 | ||||||||||
Equity securities | 3,393 | $ | 3,393 | |||||||||
349,049 | 3,393 | 345,656 | ||||||||||
Restricted | ||||||||||||
Available-for-sale marketable securities: | ||||||||||||
U.S. government obligations | 5,909 | 5,909 | ||||||||||
$ | 354,958 | $ | 3,393 | $ | 351,565 | |||||||
Inventory_Tables
Inventory (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
Inventory, which was included in prepaid expenses and other current assets in the Company's balance sheets, consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 5,225 | $ | 4,862 | ||||
Work-in-process | 34,837 | 14,656 | ||||||
Finished goods | 12,322 | 2,570 | ||||||
Deferred costs | 10,908 | 6,550 | ||||||
$ | 63,292 | $ | 28,638 | |||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accounts Payable and Accrued Liabilities | ' | |||||||
Accounts payable and accrued expenses consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accounts payable | $ | 31,194 | $ | 38,934 | ||||
Accrued payroll and related costs | 68,928 | 19,987 | ||||||
Accrued clinical trial expense | 24,407 | 10,985 | ||||||
Accrued sales-related charges, deductions, and royalties | 56,290 | 21,870 | ||||||
Other accrued expenses and liabilities | 38,319 | 19,569 | ||||||
$ | 219,138 | $ | 111,345 | |||||
Net_Product_Sales_Details
Net Product Sales (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue Disclosure [Line Items] | ' | ' | ' | ' |
Net product sales | $367,118 | $249,172 | $1,019,751 | $576,622 |
Activity of Sales Related Deductions [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2012 | ' | ' | 18,826 | ' |
Provision related to current period sales | ' | ' | 65,526 | ' |
Credits/payments | ' | ' | -59,592 | ' |
Balance as of September 30, 2013 | 24,760 | ' | 24,760 | ' |
Rebates and Chargebacks | ' | ' | ' | ' |
Activity of Sales Related Deductions [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2012 | ' | ' | 2,983 | ' |
Provision related to current period sales | ' | ' | 18,216 | ' |
Credits/payments | ' | ' | -17,166 | ' |
Balance as of September 30, 2013 | 4,033 | ' | 4,033 | ' |
Distribution Related Fees | ' | ' | ' | ' |
Activity of Sales Related Deductions [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2012 | ' | ' | 15,298 | ' |
Provision related to current period sales | ' | ' | 46,428 | ' |
Credits/payments | ' | ' | -41,532 | ' |
Balance as of September 30, 2013 | 20,194 | ' | 20,194 | ' |
Other Sales Related Deductions | ' | ' | ' | ' |
Activity of Sales Related Deductions [Roll Forward] | ' | ' | ' | ' |
Balance as of December 31, 2012 | ' | ' | 545 | ' |
Provision related to current period sales | ' | ' | 882 | ' |
Credits/payments | ' | ' | -894 | ' |
Balance as of September 30, 2013 | 533 | ' | 533 | ' |
EYLEA | ' | ' | ' | ' |
Revenue Disclosure [Line Items] | ' | ' | ' | ' |
Net product sales | 363,100 | 244,400 | 1,006,800 | 561,900 |
ARCALYST | ' | ' | ' | ' |
Revenue Disclosure [Line Items] | ' | ' | ' | ' |
Net product sales | $4,000 | $4,800 | $12,900 | $14,700 |
GrossSalesRevenue | Customer concentration risk | ' | ' | ' | ' |
Risks and Uncertainties [Abstract] | ' | ' | ' | ' |
Concentration risk, percentage | 75.00% | 79.00% | 76.00% | 79.00% |
Collaboration_Revenue_Details
Collaboration Revenue (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Antibody Collaboration | Antibody Collaboration | Antibody Collaboration | Antibody Collaboration | VelociGene Agreement | VelociGene Agreement | VelociGene Agreement | VelociGene Agreement | Collaboration Agreement with Sanofi | Collaboration Agreement with Sanofi | Collaboration Agreement with Sanofi | Collaboration Agreement with Sanofi | Collaboration Agreement with Bayer HealthCare LLC | Collaboration Agreement with Bayer HealthCare LLC | Collaboration Agreement with Bayer HealthCare LLC | Collaboration Agreement with Bayer HealthCare LLC | Collaboration Agreement with Bayer HealthCare LLC | Collaboration Agreement with Bayer HealthCare LLC | Collaboration Agreement with Bayer HealthCare LLC | Collaboration Agreement with Bayer HealthCare LLC | Ang2 | Ang2 | PDGF | PDGF | Receipt of marketing approval | Sales achievement 1st tier | Sales achievement 2nd tier | |||||
ZALTRAP | ZALTRAP | ZALTRAP | ZALTRAP | EYLEA | EYLEA | EYLEA | EYLEA | Collaboration Agreement with Bayer HealthCare LLC | Collaboration Agreement with Bayer HealthCare LLC | Collaboration Agreement with Bayer HealthCare LLC | |||||||||||||||||||||
Research Collaboration and Licensing Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of up-front payments | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net profit (loss) from commercialization of products under collaboration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($6,575,000) | ($7,390,000) | ($22,581,000) | ($19,525,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue Recognition, Milestone Method, Revenue Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | 50,000,000 | 45,000,000 | 15,000,000 | 45,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 15,000,000 | 15,000,000 |
Maximum amount of substantive milestone payments that may be received in major market countries outside the U S | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Starting specified levels of annual sales at which sales milestone payments may be received, 1st tier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sales milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Starting specified levels of annual sales at which sales milestone payments may be received, 2nd tier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for achieving sales target for milestone payment, rolling basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of families of novel antibodies | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net profit from commercialization of products under collaboration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,769,000 | ' | 57,186,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned | ' | ' | ' | ' | 134,432,000 | 94,903,000 | 341,952,000 | 263,504,000 | ' | ' | ' | ' | 2,557,000 | 2,079,000 | 7,955,000 | 9,124,000 | ' | ' | ' | ' | 4,844,000 | 9,724,000 | 14,482,000 | 27,377,000 | ' | ' | ' | ' | ' | ' | ' |
Research and Development Asset Acquired Other than Through Business Combination, Written-off | ' | ' | ' | ' | ' | ' | -20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,000,000 | -10,000,000 | -10,000,000 | -10,000,000 | ' | ' | ' |
Reimbursement of commercial expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,993,000 | ' | 11,995,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Recognition of Deferred Revenue | ' | ' | ' | ' | 2,162,000 | 2,162,000 | 6,486,000 | 6,475,000 | 399,000 | 399,000 | 1,197,000 | 1,197,000 | 1,384,000 | 2,889,000 | 4,152,000 | 8,260,000 | 1,977,000 | 1,977,000 | 5,931,000 | 5,931,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sanofi collaboration revenue | 134,359,000 | 145,042,000 | 319,161,000 | 319,035,000 | 136,993,000 | 97,464,000 | 329,635,000 | 271,176,000 | ' | ' | ' | ' | -2,634,000 | 47,578,000 | -10,474,000 | 47,859,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bayer HealthCare collaboration revenue | 88,583,000 | 26,701,000 | 134,594,000 | 48,308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Substantive Milestone Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | 40,000,000 | ' | ' | ' | ' |
Maximum amount of sales milestone payments if total sales achieve specific levels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum levels of annual sales for which sales milestone payments may be received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $141,306 | $191,468 | $327,556 | $279,862 |
Interest on Convertible Debt, Net of Tax | 4,678 | 7,374 | 13,857 | ' |
Net Income - diluted | $145,984 | $198,842 | $341,413 | $279,862 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' |
Weighted average shares - basic (in shares) | 98,226 | 95,012 | 97,602 | 94,349 |
Effect of dilutive securities (in shares): | ' | ' | ' | ' |
Stock options | 10,379 | 14,106 | 10,220 | 14,080 |
Restricted stock | 462 | 797 | 415 | 699 |
Convertible senior notes | 4,761 | 4,761 | 4,761 | ' |
Warrants | 2,885 | 1,154 | 2,556 | 652 |
Dilutive potential shares | 18,487 | 20,818 | 17,952 | 15,431 |
Weighted average shares - diluted (in shares) | 116,713 | 115,830 | 115,554 | 109,780 |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | ' |
Net income per share - basic (in dollars per share) | $1.44 | $2.02 | $3.36 | $2.97 |
Net income per share - diluted (in dollars per share) | $1.25 | $1.72 | $2.95 | $2.55 |
Stock options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average number of shares | 135 | 175 | 1,265 | 91 |
Convertible senior notes | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average number of shares | ' | ' | ' | 4,761 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gains | $500,000 | $1,000,000 | ' |
Amortized Cost Basis | ' | ' | 354,990,000 |
Unrealized Gains | ' | ' | 670,000 |
Unrealized (Losses) | ' | ' | -702,000 |
Available-for-sale Securities, Fair Value Disclosure | ' | ' | 354,958,000 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Total | 509,733,000 | 509,733,000 | 351,565,000 |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | ' | ' | 63,442,000 |
Fair Value - 12 Months or Greater | ' | ' | 3,393,000 |
Fair Value - Total | ' | ' | 66,835,000 |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | ' | ' | -51,000 |
Unrealized Loss - 12 Months or Greater | ' | ' | -651,000 |
Unrealized Loss - Total | ' | ' | -702,000 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | ' |
Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 513,693,000 | 513,693,000 | 349,088,000 |
Unrealized Gains | 291,000 | 291,000 | 661,000 |
Unrealized (Losses) | -2,009,000 | -2,009,000 | -700,000 |
Available-for-sale Securities, Fair Value Disclosure | 511,975,000 | 511,975,000 | 349,049,000 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Maturities within one year | 182,112,000 | 182,112,000 | 77,819,000 |
Maturities after one year through five years | 322,314,000 | 322,314,000 | 267,837,000 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 4,132,000 | 4,132,000 | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 1,175,000 | 1,175,000 | ' |
Total | 509,733,000 | 509,733,000 | 345,656,000 |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | 230,619,000 | 230,619,000 | 62,248,000 |
Fair Value - 12 Months or Greater | 2,242,000 | 2,242,000 | 3,393,000 |
Fair Value - Total | 232,861,000 | 232,861,000 | 65,641,000 |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | -207,000 | -207,000 | -49,000 |
Unrealized Loss - 12 Months or Greater | -1,802,000 | -1,802,000 | -651,000 |
Unrealized Loss - Total | -2,009,000 | -2,009,000 | -700,000 |
Restricted | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Maturities within one year | ' | ' | 2,781,000 |
Maturities after one year through five years | ' | ' | 3,128,000 |
Total | ' | ' | 5,909,000 |
U.S. government and government agency obligations | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 106,788,000 | 106,788,000 | 327,502,000 |
Unrealized Gains | 55,000 | 55,000 | 661,000 |
Unrealized (Losses) | -54,000 | -54,000 | -17,000 |
Available-for-sale Securities, Fair Value Disclosure | 106,789,000 | 106,789,000 | 328,146,000 |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | 57,612,000 | 57,612,000 | 44,738,000 |
Fair Value - Total | 57,612,000 | 57,612,000 | 44,738,000 |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | -54,000 | -54,000 | -17,000 |
Unrealized Loss - Total | -54,000 | -54,000 | -17,000 |
Corporate bond | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 303,206,000 | 303,206,000 | ' |
Unrealized Gains | 128,000 | 128,000 | ' |
Unrealized (Losses) | -140,000 | -140,000 | ' |
Available-for-sale Securities, Fair Value Disclosure | 303,194,000 | 303,194,000 | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | 157,200,000 | 157,200,000 | ' |
Fair Value - Total | 157,200,000 | 157,200,000 | ' |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | -140,000 | -140,000 | ' |
Unrealized Loss - Total | -140,000 | -140,000 | ' |
Commercial paper | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 57,046,000 | 57,046,000 | ' |
Unrealized Gains | 72,000 | 72,000 | ' |
Unrealized (Losses) | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 57,118,000 | 57,118,000 | ' |
Municipal bonds | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 26,798,000 | 26,798,000 | 17,542,000 |
Unrealized Gains | 34,000 | 34,000 | ' |
Unrealized (Losses) | -9,000 | -9,000 | -32,000 |
Available-for-sale Securities, Fair Value Disclosure | 26,823,000 | 26,823,000 | 17,510,000 |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | 7,504,000 | 7,504,000 | 17,510,000 |
Fair Value - Total | 7,504,000 | 7,504,000 | 17,510,000 |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | -9,000 | -9,000 | -32,000 |
Unrealized Loss - Total | -9,000 | -9,000 | -32,000 |
International government agency obligations | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 8,308,000 | 8,308,000 | ' |
Unrealized Gains | ' | ' | ' |
Unrealized (Losses) | -4,000 | -4,000 | ' |
Available-for-sale Securities, Fair Value Disclosure | 8,304,000 | 8,304,000 | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | 8,303,000 | 8,303,000 | ' |
Fair Value - Total | 8,303,000 | 8,303,000 | ' |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | -4,000 | -4,000 | ' |
Unrealized Loss - Total | -4,000 | -4,000 | ' |
Certificates of deposit | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 7,503,000 | 7,503,000 | ' |
Unrealized Gains | 2,000 | 2,000 | ' |
Unrealized (Losses) | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 7,505,000 | 7,505,000 | ' |
Equity securities | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 4,044,000 | 4,044,000 | 4,044,000 |
Unrealized Gains | ' | ' | ' |
Unrealized (Losses) | -1,802,000 | -1,802,000 | -651,000 |
Available-for-sale Securities, Fair Value Disclosure | 2,242,000 | 2,242,000 | 3,393,000 |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | ' | ' | ' |
Fair Value - 12 Months or Greater | 2,242,000 | 2,242,000 | 3,393,000 |
Fair Value - Total | 2,242,000 | 2,242,000 | 3,393,000 |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | ' | ' | ' |
Unrealized Loss - 12 Months or Greater | -1,802,000 | -1,802,000 | -651,000 |
Unrealized Loss - Total | -1,802,000 | -1,802,000 | -651,000 |
U.S. government obligations | Restricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | ' | ' | 5,902,000 |
Unrealized Gains | ' | ' | 9,000 |
Unrealized (Losses) | ' | ' | -2,000 |
Available-for-sale Securities, Fair Value Disclosure | ' | ' | 5,909,000 |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | ' | ' | 1,194,000 |
Fair Value - Total | ' | ' | 1,194,000 |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | ' | ' | -2,000 |
Unrealized Loss - Total | ' | ' | ($2,000) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Convertible senior notes | Convertible senior notes | Unrestricted | Unrestricted | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | U.S. government obligations | U.S. government obligations | U.S. government obligations | U.S. government obligations | U.S. government obligations | U.S. government obligations | Corporate bond | Corporate bond | Corporate bond | Commercial paper | Commercial paper | Commercial paper | Municipal bonds | Municipal bonds | Municipal bonds | Municipal bonds | Municipal bonds | Municipal bonds | International government agency obligations | International government agency obligations | International government agency obligations | Certificates of deposit | Certificates of deposit | Certificates of deposit | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | U.S. government obligations | U.S. government obligations | U.S. government obligations | |||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Unrestricted | Measured on a recurring basis | Measured on a recurring basis | Unrestricted | Measured on a recurring basis | Measured on a recurring basis | Unrestricted | Unrestricted | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Unrestricted | Measured on a recurring basis | Measured on a recurring basis | Unrestricted | Measured on a recurring basis | Measured on a recurring basis | Unrestricted | Unrestricted | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Measured on a recurring basis | Restricted | Measured on a recurring basis | Measured on a recurring basis | |||||||||
Fair Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Unrestricted | Restricted | Restricted | |||||||||||||||||||||||||||
Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Significant Other Observable Inputs (Level 2) | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Marketable Securities Held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 1 | ' | ' | ' |
Payments to Acquire Marketable Securities | ' | $477,312,000 | $398,253,000 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity of Marketable Securities | ' | 319,152,000 | 260,770,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gains | 500,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) on Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total convertible senior notes - par | ' | ' | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, stated percentage | ' | ' | ' | ' | 1.88% | 1.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the outstanding notes | ' | ' | ' | ' | 1,486,400,000 | 843,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | ' | ' | ' | $354,958,000 | ' | ' | $511,975,000 | $349,049,000 | $354,958,000 | $3,393,000 | $351,565,000 | ' | ' | ' | ' | $511,975,000 | $349,049,000 | $2,242,000 | $3,393,000 | $509,733,000 | $345,656,000 | $106,789,000 | $328,146,000 | $106,789,000 | $328,146,000 | $106,789,000 | $328,146,000 | $303,194,000 | $303,194,000 | $303,194,000 | $57,118,000 | $57,118,000 | $57,118,000 | $26,823,000 | $17,510,000 | $26,823,000 | $17,510,000 | $26,823,000 | $17,510,000 | $8,304,000 | $8,304,000 | $8,304,000 | $7,505,000 | $7,505,000 | $7,505,000 | $2,242,000 | $3,393,000 | $2,242,000 | $3,393,000 | $2,242,000 | $3,393,000 | ' | $0 | $0 | $5,909,000 | $5,909,000 | $5,909,000 |
Inventory_Details
Inventory (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Inventory Disclosure [Abstract] | ' | ' | ' |
Raw materials | $5,225,000 | ' | $4,862,000 |
Work in process | 34,837,000 | ' | 14,656,000 |
Finished goods | 12,322,000 | ' | 2,570,000 |
Deferred costs | 10,908,000 | ' | 6,550,000 |
Total Inventories | 63,292,000 | ' | 28,638,000 |
Inventory reserves | 5,100,000 | ' | 3,600,000 |
Inventory write-downs and reserves | $4,800,000 | $8,600,000 | ' |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' | ' | ' |
Accounts payable | $31,194,000 | $38,934,000 | ' | ' |
Accrued payroll and related costs | 68,928,000 | 19,987,000 | ' | ' |
Accrued clinical trial expense | 24,407,000 | 10,985,000 | ' | ' |
Accrued sales-related charges, deductions, and royalties | 56,290,000 | 21,870,000 | ' | ' |
Other accrued expenses and liabilities | 38,319,000 | 19,569,000 | ' | ' |
Accounts payable and accrued expenses | 219,138,000 | 111,345,000 | ' | ' |
Accrued Capital Expenditures | $18,400,000 | $8,600,000 | $7,000,000 | $6,200,000 |
Leases_Details
Leases (Details) (USD $) | Sep. 30, 2013 | Apr. 30, 2013 |
In Millions, unless otherwise specified | New Laboratory and Office Facilities | |
building | ||
Capital Leased Assets [Line Items] | ' | ' |
Number of new buildings to be constructed | ' | 2 |
Initial term of lease | ' | '15 years |
Number of Renewal Options | ' | 3 |
Lease extension terms | ' | '5 years |
Construction in Progress, Gross | $7.70 | ' |
Facility lease obligation, including reimbursements | $7.70 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | 37.40% | ' | 36.40% | ' |
Effective Income Tax Rate Reconciliation, Tax Credits, Research | ' | ' | 4.30% | ' |
Income tax expense | ($84,378) | ' | ($187,651) | ' |
Legal_Matters_Details
Legal Matters (Details) (Pending litigation, USD $) | 9 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 17-May-13 | |
License agreement with Genentech - EYLEA | License agreement with Genentech - EYLEA | License agreement with Genentech - ZALTRAP | License agreement with Genentech - ZALTRAP | |
United States | Global | Global | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
First payment made or may be made upon reaching minimum sales target | ' | $60,000,000 | ' | $19,000,000 |
Cumulative relevant sales (minimum sales target) | 400,000,000 | ' | 200,000,000 | ' |
Sales range minimum (1st tier) | 400,000,000 | ' | 400,000,000 | ' |
Royalty payment percentage of cumulative sale (1st tier) | 4.75% | ' | 4.50% | ' |
Sales range maximum (1st tier) | 3,000,000,000 | ' | 1,000,000,000 | ' |
Royalty payment percentage of sales (2nd tier) | 5.50% | ' | 6.50% | ' |
Cumulative Sales Range (2nd tier) | $3,000,000,000 | ' | $1,000,000,000 | ' |