Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 28, 2013 | Feb. 06, 2014 | Feb. 06, 2014 | |
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-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 97,907,887 | 2,020,481 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $21,192,000,000 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $535,608 | $230,276 |
Marketable securities | 158,376 | 77,819 |
Accounts receivable - trade, net | 787,071 | 593,207 |
Accounts receivable from Sanofi | 104,707 | 99,913 |
Inventories | 70,354 | 28,638 |
Deferred tax assets | 44,677 | 148,134 |
Prepaid expenses and other current assets | 96,141 | 28,025 |
Total current assets | 1,796,934 | 1,206,012 |
Restricted cash and marketable securities | 0 | 8,186 |
Marketable securities | 389,891 | 271,230 |
Property, plant, and equipment, at cost, net of accumulated depreciation and amortization | 526,983 | 379,940 |
Deferred tax assets | 231,878 | 192,022 |
Other assets | 5,327 | 23,100 |
Total assets | 2,951,013 | 2,080,490 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 250,896 | 111,345 |
Deferred revenue from Sanofi, current portion | 12,815 | 17,022 |
Deferred revenue - other, current portion | 34,185 | 33,809 |
Facility lease obligations, current portion | 939 | 1,374 |
Total current liabilities | 298,835 | 163,550 |
Deferred revenue from Sanofi | 76,522 | 76,520 |
Deferred revenue - other | 107,677 | 131,822 |
Facility lease obligations | 184,258 | 159,436 |
Convertible senior notes | 320,315 | 296,518 |
Other long term liabilities | 11,330 | 7,259 |
Total liabilities | 998,937 | 835,105 |
Commitments and contingencies (Note 13) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred Stock | 0 | 0 |
Additional paid-in capital | 2,045,857 | 1,763,508 |
Accumulated deficit | -92,692 | -517,054 |
Accumulated other comprehensive loss | -1,188 | -1,166 |
Total stockholders' equity | 1,952,076 | 1,245,385 |
Total liabilities and stockholders' equity | 2,951,013 | 2,080,490 |
Class A Stock | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 2 | 2 |
Common Stock | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $97 | $95 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 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) | 2,020,481 | 2,069,187 |
Common Stock, shares outstanding (in shares) | 2,020,481 | 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) | 97,666,814 | 95,223,525 |
Common Stock, shares outstanding (in shares) | 97,666,814 | 95,223,525 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Net product sales | $1,425,839 | $858,093 | $44,686 |
Sanofi collaboration revenue | 430,111 | 423,814 | 326,609 |
Bayer HealthCare collaboration revenue | 220,289 | 70,099 | 43,072 |
Technology licensing and other revenue | 28,506 | 26,471 | 31,457 |
Total revenues | 2,104,745 | 1,378,477 | 445,824 |
Expenses: | ' | ' | ' |
Research and development | 859,947 | 625,554 | 529,506 |
Selling, general, and administrative | 329,415 | 210,755 | 117,261 |
Cost of goods sold | 118,048 | 83,927 | 4,216 |
Cost of collaboration manufacturing | 37,307 | 528 | 0 |
Total expenses | 1,344,717 | 920,764 | 650,983 |
Income (loss) from operations | 760,028 | 457,713 | -205,159 |
Other income (expense): | ' | ' | ' |
Investment (expense) income | -231 | 2,012 | 3,549 |
Interest expense | -46,437 | -45,304 | -21,282 |
Total other income (expense) | -46,668 | -43,292 | -17,733 |
Income (loss) before income taxes | 713,360 | 414,421 | -222,892 |
Income tax (expense) benefit | -288,998 | 335,848 | 1,132 |
Net income (loss) | 424,362 | 750,269 | -221,760 |
Net income (loss) per share - basic | $4.33 | $7.92 | ($2.45) |
Net income (loss) per share - diluted | $3.81 | $6.75 | ($2.45) |
Weighted average shares outstanding - basic | 97,917 | 94,685 | 90,610 |
Weighted average shares outstanding - diluted | 111,290 | 115,382 | 90,610 |
Statements of Comprehensive Income (Loss) | ' | ' | ' |
Net income (loss) | 424,362 | 750,269 | -221,760 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized (loss) gain on marketable securities, net of tax | -22 | 696 | 629 |
Comprehensive income (loss) | $424,340 | $750,965 | ($221,131) |
CONSOLIDATED_STATEMENTS_OF_STO
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, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $527,815 | $2 | $87 | $1,575,780 | ($1,045,563) | ($2,491) |
Balance (shares) at Dec. 31, 2010 | ' | 2,182,000 | 87,238,000 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of Common Stock in connection with exercise of stock options | 43,615 | ' | 4 | 43,611 | ' | ' |
Issuance of Common Stock in connection with exercise of stock options (shares) | ' | ' | 3,770,000 | ' | ' | ' |
Common Stock tendered upon exercise of stock options in connection with employee tax obligations | -22,440 | ' | 0 | -22,440 | ' | ' |
Common Stock tendered upon exercise of stock options in connection with employee tax obligations (in shares) | ' | ' | -446,000 | ' | ' | ' |
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution | 6,979 | ' | ' | 6,979 | ' | ' |
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution (shares) | ' | ' | 92,000 | ' | ' | ' |
Issuance of restricted Common Stock under Long-Term Incentive Plan (shares) | ' | ' | 16,000 | ' | ' | ' |
Restricted Common Stock tendered upon vesting in connection with employee tax obligations | -2,638 | ' | ' | -2,638 | ' | ' |
Restricted Common Stock rendered upon vesting in connection with employee tax obligations (in shares) | ' | ' | -51,000 | ' | ' | ' |
Conversion of Class A Stock to Common Stock (shares) | ' | -73,000 | 73,000 | ' | ' | ' |
Stock-based compensation charges | 56,609 | ' | ' | 56,609 | ' | ' |
Equity component of convertible senior notes, net of issuance costs | 120,623 | ' | ' | 120,623 | ' | ' |
Purchase of convertible note hedges | -117,500 | ' | ' | -117,500 | ' | ' |
Issuance of warrants in connection with issuance of convertible senior notes | 93,800 | ' | ' | 93,800 | ' | ' |
Net income (loss) | -221,760 | ' | ' | ' | -221,760 | ' |
Other comprehensive income (loss), net of tax | 629 | ' | ' | ' | ' | 629 |
Balance at Dec. 31, 2011 | 485,732 | 2 | 91 | 1,754,824 | -1,267,323 | -1,862 |
Balance (shares) at Dec. 31, 2011 | ' | 2,109,000 | 90,692,000 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of Common Stock in connection with exercise of stock options | 67,174 | ' | 5 | 67,169 | ' | ' |
Issuance of Common Stock in connection with exercise of stock options (shares) | ' | ' | 5,086,000 | ' | ' | ' |
Common Stock tendered upon exercise of stock options in connection with employee tax obligations | -112,834 | ' | -1 | -112,833 | ' | ' |
Common Stock tendered upon exercise of stock options in connection with employee tax obligations (in shares) | ' | ' | -878,000 | ' | ' | ' |
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution | 6,325 | ' | ' | 6,325 | ' | ' |
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution (shares) | ' | ' | 64,000 | ' | ' | ' |
Issuance of restricted Common Stock under Long-Term Incentive Plan (shares) | ' | ' | 501,000 | ' | ' | ' |
Restricted Common Stock tendered upon vesting in connection with employee tax obligations | -50,466 | ' | ' | -50,466 | ' | ' |
Restricted Common Stock rendered upon vesting in connection with employee tax obligations (in shares) | ' | ' | -282,000 | ' | ' | ' |
Conversion of Class A Stock to Common Stock (shares) | ' | -40,000 | 40,000 | ' | ' | ' |
Stock-based compensation charges | 94,181 | ' | ' | 94,181 | ' | ' |
Excess tax benefit from stock-based compensation | 4,308 | ' | ' | 4,308 | ' | ' |
Net income (loss) | 750,269 | ' | ' | ' | 750,269 | ' |
Other comprehensive income (loss), net of tax | 696 | ' | ' | ' | ' | 696 |
Balance at Dec. 31, 2012 | 1,245,385 | 2 | 95 | 1,763,508 | -517,054 | -1,166 |
Balance (shares) at Dec. 31, 2012 | ' | 2,069,000 | 95,223,000 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of Common Stock in connection with exercise of stock options | 54,762 | ' | 3 | 54,759 | ' | ' |
Issuance of Common Stock in connection with exercise of stock options (shares) | ' | ' | 3,052,000 | ' | ' | ' |
Common Stock tendered upon exercise of stock options in connection with employee tax obligations | -179,423 | ' | -1 | -179,422 | ' | ' |
Common Stock tendered upon exercise of stock options in connection with employee tax obligations (in shares) | ' | ' | -644,000 | ' | ' | ' |
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution | 5,718 | ' | ' | 5,718 | ' | ' |
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution (shares) | ' | ' | 38,000 | ' | ' | ' |
Issuance of restricted Common Stock under Long-Term Incentive Plan (shares) | ' | ' | 6,000 | ' | ' | ' |
Restricted Common Stock tendered upon vesting in connection with employee tax obligations | -15,664 | ' | ' | -15,664 | ' | ' |
Restricted Common Stock rendered upon vesting in connection with employee tax obligations (in shares) | ' | ' | -57,000 | ' | ' | ' |
Conversion of Class A Stock to Common Stock (shares) | ' | -49,000 | 49,000 | ' | ' | ' |
Stock-based compensation charges | 200,101 | ' | ' | 200,101 | ' | ' |
Excess tax benefit from stock-based compensation | 216,857 | ' | ' | 216,857 | ' | ' |
Net income (loss) | 424,362 | ' | ' | ' | 424,362 | ' |
Other comprehensive income (loss), net of tax | -22 | ' | ' | ' | ' | -22 |
Balance at Dec. 31, 2013 | $1,952,076 | $2 | $97 | $2,045,857 | ($92,692) | ($1,188) |
Balance (shares) at Dec. 31, 2013 | ' | 2,020,000 | 97,667,000 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $424,362 | $750,269 | ($221,760) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 41,204 | 36,940 | 31,082 |
Non-cash compensation expense | 198,399 | 94,157 | 56,094 |
Non-cash interest expense | 23,061 | 22,925 | 5,101 |
Other non-cash charges and expenses, net | 23,690 | 34,049 | 6,714 |
Deferred taxes | 63,601 | -340,156 | 0 |
Changes in assets and liabilites | ' | ' | ' |
Increase in Sanofi and trade accounts receivable | -198,658 | -590,085 | -21,118 |
Increase in Inventories | -47,956 | -28,932 | -14,094 |
(Increase) decrease in prepaid expenses and other assets | -52,765 | -23,684 | 6,612 |
Decrease in deferred revenue | -27,974 | -41,077 | -40,329 |
Increase in accounts payable, accrued expenses and other liabilities | 136,684 | 10,979 | 50,016 |
Total adjustments | 159,286 | -824,884 | 80,078 |
Net cash provided by (used in) operating activities | 583,648 | -74,615 | -141,682 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of marketable securities | -577,278 | -470,393 | -240,391 |
Sales or maturities of marketable securities | 378,146 | 439,209 | 426,356 |
Purchase of restricted cash and marketable securities | 0 | -552 | -277 |
Capital expenditures | -156,323 | -49,337 | -57,217 |
Net cash (used in) provided by investing activities | -355,455 | -81,073 | 128,471 |
Cash flows from financing activities: | ' | ' | ' |
Payments in connection with facility and capital lease obligations | -2,024 | -2,203 | -1,667 |
Proceeds from issuance of Common Stock | 57,393 | 63,549 | 43,587 |
Payments in connection with Common Stock tendered for employee tax obligations | -195,087 | -163,300 | -25,078 |
Excess tax benefit from stock-based compensation | 216,857 | 4,308 | 0 |
Proceeds in connection with issuance of convertible notes, net of debt issuance costs | 0 | 0 | 391,107 |
Proceeds in connection with issuance of warrants | 0 | 0 | 93,800 |
Payment in connection with purchase of convertible note hedges | 0 | 0 | -117,500 |
Net cash provided by (used in) by financing activities | 77,139 | -97,646 | 384,249 |
Net increase (decrease) in cash and cash equivalents | 305,332 | -253,334 | 371,038 |
Cash and cash equivalents at beginning of period | 230,276 | 483,610 | 112,572 |
Cash and cash equivalents at end of period | 535,608 | 230,276 | 483,610 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Cash paid for interest | $23,842 | $21,946 | $14,725 |
Organization_and_Business
Organization and Business | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization and Business | ' | |
Organization and Business | ||
Regeneron Pharmaceuticals, Inc. and its subsidiaries (collectively, the “Company” or “Regeneron”) is a fully integrated biopharmaceutical company that discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions. The Company currently has three marketed products as follows: | ||
• | EYLEA® (aflibercept) Injection, known in the scientific literature as VEGF Trap-Eye, which is available in the United States, European Union ("EU"), Japan and certain other countries outside the United States for the treatment of neovascular age-related macular degeneration ("wet AMD") and macular edema following central retinal vein occlusion ("CRVO"). The Company commenced sales of EYLEA for the treatment of wet AMD in November 2011 and for the treatment of macular edema following CRVO in September 2012, following receipt of regulatory approvals in the United States. Bayer HealthCare LLC commenced sales of EYLEA for the treatment of wet AMD in the fourth quarter of 2012 following receipt of regulatory approvals outside the United States, and for the treatment of macular edema secondary to CRVO in the fourth quarter of 2013 following receipt of regulatory approvals in the EU and Japan. Regeneron is collaborating with Bayer HealthCare on the global development and commercialization of EYLEA outside the United States. Regeneron maintains exclusive rights to EYLEA in the United States and is entitled to all profits from any such sales. | |
• | ZALTRAP® (ziv-aflibercept) Injection for Intravenous Infusion, known in the scientific literature as VEGF Trap, which is available in the United States, European Union, and certain other countries for treatment, 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. Marketing approval for ZALTRAP was received from the U.S. Food and Drug Administration ("FDA") in August 2012, and from the European Commission in February 2013. Regeneron and Sanofi globally collaborate on the development and commercialization of ZALTRAP. | |
• | ARCALYST® (rilonacept) Injection for Subcutaneous Use, which is available in the United States for the treatment of Cryopyrin-Associated Periodic Syndromes ("CAPS"), including Familial Cold Auto-inflammatory Syndrome ("FCAS") and Muckle-Wells Syndrome ("MWS"), in adults and children 12 and older. Marketing approval for ARCALYST for the treatment of CAPS was received from the FDA in 2008. | |
The Company's facilities are primarily located in New York. The Company's business is subject to certain risks including, but not limited to, uncertainties relating to conducting pharmaceutical research, obtaining regulatory approvals, commercializing products, and obtaining and enforcing patents. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
Summary of Significant Accounting Policies | |||
Cash and Cash Equivalents | |||
For purposes of the statement of cash flows and the balance sheet, the Company considers all highly liquid debt instruments with a maturity of three months or less when purchased to be cash equivalents. The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair value. | |||
Marketable Securities | |||
The Company has an investment policy that includes guidelines on acceptable investment securities, minimum credit quality, maturity parameters, and concentration and diversification. The Company invests its excess cash primarily in marketable securities issued by investment grade institutions. The Company considers its marketable securities to be “available-for-sale,” as defined by authoritative guidance issued by the Financial Accounting Standards Board (“FASB”). These assets are carried at fair value and the unrealized gains and losses are included in accumulated other comprehensive income (loss). If a decline in the value of a marketable security in the Company's investment portfolio is deemed to be other-than-temporary, the Company writes down the security to its current fair value and recognizes a loss as a charge against income. As described under “Use of Estimates” below, the Company reviews its portfolio of marketable securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost are other-than-temporary. | |||
Accounts Receivable - Trade | |||
The Company's trade accounts receivable represents amounts due from its distributors and specialty pharmacies (collectively, the Company's “customers”), which are all located in the United States. The Company monitors the financial performance and credit worthiness of its large customers so that it can properly assess and respond to changes in their credit profile. The Company provides reserves against trade receivables for estimated losses that may result from a customer's inability to pay. Amounts determined to be uncollectible are written-off against the reserve. | |||
Inventories | |||
Inventories are stated at the lower of cost or estimated realizable value. The Company determines the cost of inventory using the first-in, first-out, or FIFO, method. The Company capitalizes inventory costs associated with the Company's products prior to regulatory approval when, based on management's judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. The Company periodically analyzes its inventory levels to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value, and writes-down such inventories as appropriate. In addition, the Company's products are subject to strict quality control and monitoring which the Company performs throughout the manufacturing process. If certain batches or units of product no longer meet quality specifications or become obsolete due to expiration, the Company records a charge to cost of goods sold to write down such unmarketable inventory to its estimated realizable value. | |||
Property, Plant, and Equipment | |||
Property, plant, and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Expenditures for maintenance and repairs which do not materially extend the useful lives of the assets are charged to expense as incurred. The cost and accumulated depreciation or amortization of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in operations. The estimated useful lives of property, plant, and equipment are as follows: | |||
Building and improvements | 10-35 years | ||
Laboratory and other equipment | 3-10 years | ||
Furniture and fixtures | 5 years | ||
Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the lease term, without assuming renewal features, if any, are exercised. Costs of construction of certain long-lived assets include capitalized interest which is amortized over the estimated useful life of the related asset. | |||
Accounting for the Impairment of Long-Lived Assets | |||
The Company periodically assesses the recoverability of long-lived assets, such as property, plant, and equipment, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future undiscounted cash flows are less than the carrying amount. | |||
Operating Leases | |||
On certain of its operating lease agreements, the Company may receive rent holidays and other incentives. The Company recognizes operating lease costs on a straight-line basis without regard to deferred payment terms, such as rent holidays, that defer the commencement date of required payments. In addition, lease incentives that the Company receives are treated as a reduction of rent expense over the term of the related agreements. | |||
Revenue Recognition | |||
a. Product Revenue | |||
Product sales consist of U.S. sales of EYLEA and ARCALYST. Revenue from product sales is recognized when persuasive evidence of an arrangement exists, title to product and associated risk of loss have passed to the customer, the price is fixed or determinable, collection from the customer is reasonably assured, the Company has no further performance obligations, and returns can be reasonably estimated. The Company's written contracts with its customers stipulate product is shipped freight on board destination (FOB destination). The Company records revenue from product sales upon delivery to its customers. | |||
The Company sells EYLEA in the United States to three distributors and several specialty pharmacies. The Company sells ARCALYST in the United States to two specialty pharmacies. Under these distribution models, the distributors and specialty pharmacies generally take physical delivery of product. For EYLEA, the distributors and specialty pharmacies generally sell the product directly to healthcare providers, whereas for ARCALYST, the specialty pharmacies sell the product directly to patients. | |||
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. Calculating these provisions involves estimates and judgments. The Company reviews its estimates of rebates, chargebacks, and other applicable provisions each period and records any necessary adjustments in the current period's net product sales. | |||
Government Rebates and Chargebacks: The Company estimates reductions to product sales for Medicaid and Veterans' Administration ("VA") programs, and for certain other qualifying federal and state government programs. Based upon the Company's contracts with government agencies, statutorily-defined discounts applicable to government-funded programs, historical experience, and estimated payer mix, the Company estimates and records an allowance for rebates and chargebacks. The Company's liability for Medicaid rebates consists of estimates for claims that a state will make for a current quarter, claims for prior quarters that have been estimated for which an invoice has not been received, and invoices received for claims from prior quarters that have not been paid. The Company's reserves related to discounted pricing to VA, Public Health Services ("PHS"), and other institutions (collectively "qualified healthcare providers") represent the Company's estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices the Company charges to its customers (i.e., distributors and specialty pharmacies). The Company's customers charge the Company for the difference between what they pay for the products and the ultimate selling price to the qualified healthcare providers. The Company's reserve for this discounted pricing is based on expected sales to qualified healthcare providers and the chargebacks that customers have already claimed. | |||
Distribution-Related Fees: The Company has written contracts with its customers that include terms for distribution-related fees. The Company estimates and records distribution and related fees due to its customers based on gross sales. | |||
Prompt Pay Discounts: No prompt pay discounts are currently offered to the Company's customers on sales of EYLEA. In connection with sales of ARCALYST, the Company offers discounts to its customers for prompt payments. The Company estimates these discounts based on customer terms and historical experience, and expects that its customers will always take advantage of this discount. Therefore, the Company accrues 100% of the prompt pay discount that is based on the gross amount of each ARCALYST invoice, at the time of sale. | |||
Product Returns: Consistent with industry practice, the Company offers its customers a limited right to return product purchased directly from the Company, which is principally based upon the product's expiration date. The Company will accept returns for three months prior to and up to six months after the product expiration date. Product returned is generally not resalable given the nature of the Company's products and method of administration. The Company develops estimates for product returns based upon historical experience, inventory levels in the distribution channel, shelf life of the product, and other relevant factors. The Company monitors product supply levels in the distribution channel, as well as sales by its customers of EYLEA to healthcare providers and ARCALYST to patients using product-specific data provided by its customers. If necessary, the Company's estimates of product returns may be adjusted in the future based on actual returns experience, known or expected changes in the marketplace, or other factors. | |||
b. Collaboration Revenue | |||
The Company earns collaboration revenue in connection with collaboration agreements to develop and commercialize product candidates and utilize the Company's technology platforms. The terms of these agreements typically include non-refundable up-front licensing payments, research progress (milestone) payments, payments for development activities, and sharing of profits or losses arising from the commercialization of products. Non-refundable up-front license payments, where continuing involvement is required of the Company, are deferred and recognized over the related performance period. The Company estimates its performance period based on the specific terms of each agreement, and adjusts the performance periods, if appropriate, based on the applicable facts and circumstances. Although the Company did not enter into, or materially modify, any collaboration arrangements with multiple-deliverables during the years ended December 31, 2013, 2012, and 2011, any future arrangements with multiple deliverables will be divided into separate units of accounting if the deliverables in the arrangement meet certain criteria, including whether the delivered item or items has value to the collaborator on a standalone basis. Payments which are based on achieving a specific substantive performance milestone, involving a degree of risk, are recognized as revenue when the milestone is achieved and the related payment is due and non-refundable, provided there is no future service obligation associated with that milestone. Substantive performance milestones typically consist of significant achievements in the development life-cycle of the related product candidate, such as completion of clinical trials, filing for approval with regulatory agencies, and receipt of approvals by regulatory agencies. In determining whether a payment is deemed to be a substantive performance milestone, the Company takes into consideration (i) the enhancement in value to the related development product candidate, (ii) the Company's performance and relative level of effort required to achieve the milestone, (iii) whether the milestone relates solely to past performance, and (iv) whether the milestone payment is considered reasonable relative to all of the deliverables and payment terms. Payments for achieving milestones which are not considered substantive are deferred and recognized over the related performance period. | |||
The Company enters into collaboration agreements that include varying arrangements regarding which parties perform and bear the costs of research and development activities. The Company may share the costs of research and development activities with a collaborator, or the Company may be reimbursed for all or a significant portion of the costs of the Company's research and development activities. The Company records its internal and third-party development costs associated with these collaborations as research and development expenses. When the Company is entitled to reimbursement of all or a portion of the research and development expenses that it incurs under a collaboration, the Company records those reimbursable amounts as collaboration revenue proportionately as the Company recognizes its expenses. If the collaboration contains a cost-sharing arrangement in which both the Company and its collaborator perform development work and share costs, in periods when the Company's collaborator incurs development expenses that benefit the collaboration and Regeneron, the Company also recognizes, as additional research and development expense, the portion of the collaborator's development expenses that the Company is obligated to reimburse. | |||
The Company may also be obligated to use commercially reasonable efforts to supply commercial bulk product to its collaborators. In such cases, the Company is reimbursed for its manufacturing costs as commercial product is shipped to its collaborators; however, recognition of such cost reimbursements as collaboration revenue is deferred until the product is sold by the Company's collaborators to third-party customers, at which time the Company's risk of inventory loss no longer exists. In addition, at that time, the related manufacturing costs for the sold product, which had been capitalized into inventory, are recognized by the Company. | |||
Under the Company's collaboration agreements, product sales and cost of sales are recorded by the Company's collaborators. The Company shares in any profits or losses arising from the commercialization of collaboration products. The Company records its share of the profits or losses, representing net product sales less cost of goods sold and shared commercialization and other expenses, from commercialization of such products as collaboration revenue. | |||
In connection with non-refundable licensing payments, the Company's performance period estimates are principally based on projections of the scope, progress, and results of its research and development activities. Due to the variability in the scope of activities and length of time necessary to develop a drug product, changes to development plans as programs progress, and uncertainty in the ultimate requirements to obtain governmental approval for commercialization, revisions to performance period estimates are likely to occur periodically, and could result in material changes to the amount of revenue recognized each year in the future. In addition, estimated performance periods may change if development programs encounter delays, or the Company and its collaborators decide to expand or contract the clinical plans for a drug candidate in various disease indications. Also, if a collaborator terminates an agreement in accordance with the terms of the agreement, the Company would recognize as revenue any unamortized remainder of an up-front or previously deferred payment at the time of the termination. | |||
c. VelocImmune® Technology Licensing | |||
The Company enters into non-exclusive license agreements with third parties that allow the third party to utilize the Company's VelocImmune technology in its internal research programs. The terms of these agreements include up-front payments and entitle the Company to receive royalties on any future sales of products discovered by the third party using the Company's VelocImmune technology. Up-front payments under these agreements, where continuing involvement is required of the Company, are deferred and recognized ratably over their respective license periods. | |||
Investment Income | |||
Interest income, which is included in investment income, is recognized as earned. | |||
Research and Development Expenses | |||
Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, materials, supplies, depreciation on and maintenance of research equipment, costs related to research collaboration and licensing agreements, the cost of services provided by outside contractors, including services related to the Company's clinical trials, clinical trial expenses, the full cost of manufacturing drug for use in research, preclinical development, and clinical trials, amounts that the Company is obligated to reimburse to collaborators for research and development expenses that they incur, and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. All costs associated with research and development are expensed. | |||
Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company outsources a substantial portion of its clinical trial activities, utilizing external entities such as contract research organizations (“CROs”), independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical studies. For each clinical trial that the Company conducts, certain clinical trial costs are expensed immediately, while others are expensed over time based on the expected total number of patients in the trial, the rate at which patients enter the trial, and/or the period over which clinical investigators or CROs are expected to provide services. | |||
Clinical activities which relate principally to clinical sites and other administrative functions to manage the Company's clinical trials are performed primarily by CROs. CROs typically perform most of the start-up activities for the Company's trials, including document preparation, site identification, screening and preparation, pre-study visits, training, and program management. On a budgeted basis, these start-up costs are typically 10% to 20% of the total contract value. On an actual basis, this percentage range can be significantly wider, as many of the Company's contracts with CROs are either expanded or reduced in scope compared to the original budget, while start-up costs for the particular trial may not change materially. These start-up costs usually occur within a few months after the contract has been executed and are event driven in nature. The remaining activities and related costs, such as patient monitoring and administration, generally occur ratably throughout the life of the individual contract or study. In the event of early termination of a clinical trial, the Company accrues and recognizes expenses in an amount based on its estimate of the remaining non-cancelable obligations associated with the winding down of the clinical trial and/or penalties. | |||
For clinical study sites, where payments are made periodically on a per-patient basis to the institutions performing the clinical study, the Company accrues expenses on an estimated cost-per-patient basis, based on subject enrollment and activity in each quarter. The amount of clinical study expense recognized in a quarter may vary from period to period based on the duration and progress of the study, the activities to be performed by the sites each quarter, the required level of patient enrollment, the rate at which patients actually enroll in and drop-out of the clinical study, and the number of sites involved in the study. Clinical trials that bear the greatest risk of change in estimates are typically those that have a significant number of sites, require a large number of patients, have complex patient screening requirements, and span multiple years. During the course of a trial, the Company adjusts its rate of clinical expense recognition if actual results differ from the Company's estimates. The Company's estimates and assumptions for clinical expense recognition could differ significantly from its actual results, which could cause material increases or decreases in research and development expenses in future periods when the actual results become known. | |||
Stock-based Compensation | |||
The Company recognizes stock-based compensation expense for grants of stock option awards and restricted stock under the Company's Long-Term Incentive Plan to employees and non-employee members of the Company's board of directors based on the grant-date fair value of those awards. The grant-date fair value of an award is generally recognized as compensation expense over the award's requisite service period. In addition, the Company has granted performance-based stock option awards which vest based upon the optionee satisfying certain performance and service conditions as defined in the agreements. Potential compensation cost, measured on the grant date, related to these performance options will be recognized only if, and when, the Company estimates that these options will vest, which is based on whether the Company considers the options' performance conditions to be probable of attainment. The Company's estimates of the number of performance-based options that will vest will be revised, if necessary, in subsequent periods. | |||
The Company uses the Black-Scholes model to compute the estimated fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to (i) expected volatility of the Company's Common Stock price, (ii) the periods of time over which employees and members of the board of directors are expected to hold their options prior to exercise (expected lives), (iii) expected dividend yield on the Common Stock, and (iv) risk-free interest rates. Stock-based compensation expense also includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. This estimate is revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||
Income Taxes | |||
The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
Uncertain tax positions are accounted for in accordance with FASB authoritative guidance, which prescribes a comprehensive model for the manner in which a company should recognize, measure, present, and disclose in its financial statements all material uncertain tax positions that the company has taken or expects to take on a tax return. Those positions, for which management's assessment is that there is more than a 50% probability of sustaining the position upon challenge by a taxing authority based upon its technical merits, are subjected to certain measurement criteria. | |||
The Company's policy is to recognize interest and penalties related to income tax matters in income tax expense. | |||
Per Share Data | |||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of Common Stock and Class A Stock outstanding. Net income (loss) 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. Basic net income (loss) per share excludes restricted stock awards until vested. Diluted net income per share includes the potential dilutive effect of common stock equivalents as if such securities were converted or exercised during the period, when the effect is dilutive. Common stock equivalents include: (i) outstanding stock options and restricted stock awards under the Company's Long-Term Incentive Plans, which are included under the “treasury stock method” when dilutive, (ii) Common Stock to be issued upon the assumed conversion of the Company's convertible senior notes, which are included under the “if-converted method” when dilutive, and (iii) Common Stock to be issued upon the exercise of outstanding warrants, which are included under the “treasury stock method” when dilutive. The computation of diluted net loss per share for the year ended December 31, 2011 does not include common stock equivalents, since such inclusion would be antidilutive. | |||
Consolidation | |||
The consolidated financial statements include the accounts of Regeneron and its wholly-owned subsidiaries. Intercompany balances and transactions are eliminated in consolidation. | |||
Concentration of Credit Risk | |||
Financial instruments which potentially expose the Company to concentrations of credit risk consist of cash, cash equivalents, certain financial instruments, and accounts receivable. A large portion of the Company's cash is held by a few major financial institutions. In accordance with the Company's policies, the Company mandates asset diversification and monitors exposure with its counterparties. | |||
Accounts receivable from product sales of EYLEA and ARCALYST are due from three distributors and several specialty pharmacies, who are the Company's customers. The Company has contractual payment terms with each of its customers, and the Company monitors its customers' financial performance and credit worthiness so that it can properly assess and respond to any changes in their credit profile. In addition, the Company may insure a portion of its accounts receivables within its overall risk management practices. As of December 31, 2013 and 2012, there were no reserves against trade accounts receivable. In addition, during the years ended December 31, 2013, 2012, and 2011, the Company did not recognize any charges for write-offs of trade accounts receivable. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Estimates which could have a significant impact on the Company's financial statements include provisions for product rebates, chargebacks, distribution-related fees, and returns; periods over which payments, including non-refundable up-front, license, and milestone payments, are recognized as revenue in connection with collaboration and other agreements; periods over which certain clinical trial costs are recognized; the Company's estimate of cumulative EYLEA sales through May 7, 2016 to determine a blended royalty rate as a basis for recognized royalty expense related to the Company's non-exclusive license with Genentech (see Note 13b); fair value of stock options; useful lives of property, plant, and equipment; inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value; capitalization of inventory costs associated with the Company's products prior to regulatory approval; deferred tax asset valuation allowance; and the assessment of uncertain tax positions. | |||
With respect to the Company's collaborations with Sanofi and Bayer HealthCare: | |||
• | Included in Sanofi collaboration revenue is the Company's share of profits or losses from commercialization of ZALTRAP, | ||
which is provided by Sanofi, and includes an estimate of the Company's share of profits or losses for the most recent fiscal quarter. | |||
• | Included in Bayer HealthCare collaboration revenue is the Company's share of profits or losses from commercialization of EYLEA outside the United States, which is provided by Bayer HealthCare, and includes an estimate of the Company's share of profits or losses for the most recent fiscal quarter. | ||
• | Included in research and development expenses is the Company's share of development expenses incurred by its collaboration partners, Bayer HealthCare and Sanofi, including the Company's share of Bayer HealthCare and Sanofi estimated development expenses for the most recent fiscal quarter. | ||
These estimates for the most recent period are adjusted, if necessary, in the subsequent period to reflect actual amounts. | |||
Reclassifications | |||
Certain reclassifications have been made to prior period amounts to conform with the current period's presentation. |
Net_Product_Sales
Net Product Sales | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Revenues [Abstract] | ' | |||||||||||||||
Net Product Sales | ' | |||||||||||||||
Net Product Sales | ||||||||||||||||
In November 2011, the Company received marketing approval from the FDA for EYLEA (aflibercept) Injection for the treatment of wet AMD. In September 2012, the Company received marketing approval from the FDA for EYLEA for the treatment of macular edema following CRVO. EYLEA net product sales totaled $1,408.7 million, $837.9 million, and $24.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
In February 2008, the Company received marketing approval from the FDA for ARCALYST Injection for Subcutaneous Use for the treatment of CAPS. ARCALYST net product sales totaled $17.1 million, $20.2 million, and $19.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
For the years ended December 31, 2013, 2012, and 2011, the Company recorded 76%, 78%, and 42%, respectively, of its total gross product revenue from sales to Besse Medical, a subsidiary of AmerisourceBergen Corporation. | ||||||||||||||||
Revenue from product sales are 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 for the years ended December 31, 2013 and 2012; such amounts were not significant during the year ended December 31, 2011. | ||||||||||||||||
Rebates & | Distribution- | Other Sales- | Total | |||||||||||||
Chargebacks | Related | Related | ||||||||||||||
Fees | Deductions | |||||||||||||||
Balance as of December 31, 2011 | $ | 585 | $ | 1,451 | $ | 182 | $ | 2,218 | ||||||||
Provision related to current period sales | 14,153 | 45,028 | 3,070 | 62,251 | ||||||||||||
Credits/payments | (11,755 | ) | (31,181 | ) | (2,707 | ) | (45,643 | ) | ||||||||
Balance as of December 31, 2012 | 2,983 | 15,298 | 545 | 18,826 | ||||||||||||
Provision related to current period sales | 25,936 | 62,984 | 955 | 89,875 | ||||||||||||
Credits/payments | (24,519 | ) | (58,619 | ) | (962 | ) | (84,100 | ) | ||||||||
Balance as of December 31, 2013 | $ | 4,400 | $ | 19,663 | $ | 538 | $ | 24,601 | ||||||||
Collaboration_and_Contract_Res
Collaboration and Contract Research Agreements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Research and Development [Abstract] | ' | ||||||||||||
Collaboration and Contract Research Agreements | ' | ||||||||||||
Collaboration and Contract Research Agreements | |||||||||||||
The Company has entered into various agreements related to its activities to develop and commercialize product candidates and utilize its technology platforms. Significant agreements of this kind are described below. | |||||||||||||
a. Sanofi | |||||||||||||
As described in Note 14, Sanofi owned a total of 15,816,953 shares of the Company's Common Stock as of December 31, 2013, principally purchased in connection with the companies' ZALTRAP and antibody collaborations described below. Total Company-incurred expenses associated with these Sanofi collaborations, which include reimbursable and non-reimbursable amounts and an allocable portion of general and administrative costs, were $600.1 million in 2013, $405.8 million in 2012, and $318.2 million in 2011. | |||||||||||||
ZALTRAP (aflibercept) | |||||||||||||
In September 2003, the Company entered into a collaboration agreement (the “ZALTRAP Agreement”) with Aventis Pharmaceuticals Inc. (predecessor to Sanofi U.S.), to jointly develop and commercialize ZALTRAP. In connection with this agreement, Sanofi made a non-refundable up-front payment of $80.0 million and purchased 2,799,552 newly issued unregistered shares of the Company's Common Stock for $45.0 million. In January 2005, the Company and Sanofi amended the ZALTRAP Agreement to exclude intraocular delivery of aflibercept to the eye (“Intraocular Delivery”) from joint development under the agreement, and product rights to aflibercept in Intraocular Delivery reverted to Regeneron. In connection with this amendment, Sanofi made a $25.0 million non-refundable payment to Regeneron (the “Intraocular Termination Payment”). In December 2005, the Company and Sanofi amended the ZALTRAP Agreement to expand the territory in which the companies are collaborating on the development of ZALTRAP to include Japan. In connection with this amendment, Sanofi agreed to make a $25.0 million non-refundable up-front payment to the Company, which was received in January 2006. | |||||||||||||
Sanofi commenced sales of ZALTRAP Injection for Intravenous Infusion, in combination with FOLFIRI, for patients with 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 earned, and recorded as revenue in 2012, a $50.0 million substantive milestone payment from Sanofi upon FDA approval of ZALTRAP. The Company currently manufactures clinical and commercial supplies of ZALTRAP. | |||||||||||||
Under the ZALTRAP Agreement, as amended, the Company and Sanofi share co-promotion rights and profits and losses on sales of ZALTRAP outside of Japan, for disease indications included in the companies' collaboration. The Company is entitled to receive a percentage of approximately 35% on annual sales of ZALTRAP in Japan, subject to certain potential adjustments. According to the terms of the ZALTRAP Agreement, the Company may also receive up to $350 million in additional substantive milestone payments upon receipt of specified marketing approvals. | |||||||||||||
Under the ZALTRAP Agreement, as amended, agreed upon worldwide development expenses incurred by both companies during the term of the agreement are funded by Sanofi. If the collaboration becomes profitable, Regeneron will be obligated to reimburse Sanofi for 50% of these development expenses, in accordance with a formula based on the amount of development expenses and Regeneron's share of the collaboration profits, or at a faster rate at Regeneron's option. In connection with the January 2005 amendment to the ZALTRAP Agreement, the Intraocular Termination Payment of $25.0 million will also be subject to 50% reimbursement by Regeneron to Sanofi if the collaboration becomes profitable. In particular, the Company's total contingent reimbursement obligation to Sanofi for ZALTRAP was approximately $446 million as of December 31, 2013. Regeneron has the option to conduct additional pre-Phase III studies at its own expense. | |||||||||||||
Sanofi has the right to terminate the agreement without cause with at least twelve months advance notice. Upon termination of the agreement for any reason, Regeneron's obligation to reimburse Sanofi for 50% of ZALTRAP development expenses will terminate, and the Company will retain all rights to ZALTRAP. | |||||||||||||
In accordance with the Company's revenue recognition policy described in Note 2, the up-front payments received in September 2003 and January 2006, of $80.0 million and $25.0 million, respectively, and reimbursement of Regeneron-incurred development expenses, are being recognized as collaboration revenue over the related performance period. | |||||||||||||
The collaboration revenue related to ZALTRAP that the Company earned from Sanofi is detailed below: | |||||||||||||
Year ended December 31, | |||||||||||||
Sanofi Collaboration Revenue - ZALTRAP | 2013 | 2012 | 2011 | ||||||||||
Regeneron's share of losses in connection with commercialization of ZALTRAP | $ | (30,810 | ) | $ | (25,634 | ) | $ | (9,321 | ) | ||||
Substantive milestone payment | — | 50,000 | — | ||||||||||
Reimbursement of Regeneron research and development expenses | 5,639 | 10,702 | 16,871 | ||||||||||
Other | 9,682 | 13,268 | 9,932 | ||||||||||
$ | (15,489 | ) | $ | 48,336 | $ | 17,482 | |||||||
In connection with the ZALTRAP Agreement, (i) at December 31, 2013 and 2012, there was a net payable of $1.4 million and $2.7 million, respectively, to Sanofi, and (ii) deferred revenue at December 31, 2013 and 2012 was $18.2 million and $14.8 million, respectively. | |||||||||||||
Antibodies | |||||||||||||
In November 2007, the Company entered into a global, strategic collaboration (the “Antibody Collaboration”) with Sanofi to discover, develop, and commercialize fully human monoclonal antibodies. | |||||||||||||
The Antibody Collaboration is governed by a Discovery and Preclinical Development Agreement (the “Discovery Agreement”) and a License and Collaboration Agreement (the “License Agreement”). In connection with the execution of the Discovery Agreement in 2007, the Company received a non-refundable up-front payment of $85.0 million from Sanofi. In addition, under the Discovery Agreement, Sanofi is funding the Company's research to identify and validate potential drug discovery targets and develop fully human monoclonal antibodies against these targets. In November 2009, the Company and Sanofi amended these collaboration agreements to expand and extend the Antibody Collaboration. Pursuant to the Discovery Agreement, as amended, Sanofi agreed to fund up to $160 million per year of the Company's research activities in 2010 through 2017. Sanofi has an option to extend certain antibody development and preclinical activities relating to selected program targets for up to an additional three years after 2017. | |||||||||||||
For each drug candidate identified under the Discovery Agreement, Sanofi has the option to license rights to the candidate under the License Agreement. If it elects to do so, Sanofi will co-develop the drug candidate with the Company through product approval. Under certain defined circumstances, upon exercising its option to license rights to particular candidates, Sanofi must make a $10 million substantive milestone payment to the Company. If Sanofi does not exercise its option to license rights to a particular drug candidate under the License Agreement, the Company retains the exclusive right to develop and commercialize such drug candidate, and Sanofi will receive a royalty on sales, if any. The Company and Sanofi are currently co-developing seven therapeutic antibodies under the License Agreement. | |||||||||||||
Under the License Agreement, agreed upon worldwide development expenses incurred by both companies during the term of the agreement are funded by Sanofi, except that following receipt of the first positive Phase 3 trial results for a co-developed drug candidate, subsequent Phase 3 trial-related costs for that drug candidate (“Shared Phase 3 Trial Costs”) are shared 80% by Sanofi and 20% by Regeneron. Consequently, commencing in 2013, the Company recognized as additional research and development expense $17.6 million of antibody development expenses that the Company was obligated to reimburse to Sanofi related to alirocumab and sarilumab. If the Antibody Collaboration becomes profitable, Regeneron will be obligated to reimburse Sanofi for 50% of worldwide development expenses that were fully funded by Sanofi and 30% of Shared Phase 3 Trial Costs, in accordance with a defined formula based on the amounts of these expenses and the Company's share of collaboration profits from commercialization of collaboration products. However, the Company is not required to apply more than 10% of its share of the profits from the antibody collaboration in any calendar quarter to reimburse Sanofi for these development costs. In particular, the Company's contingent reimbursement obligation to Sanofi was approximately $879 million as of December 31, 2013. | |||||||||||||
Sanofi will lead commercialization activities for products developed under the License Agreement, subject to the Company's right to co-promote such products. The parties will equally share profits and losses from sales within the United States. The parties will share profits outside the United States on a sliding scale based on sales starting at 65% (Sanofi)/35% (Regeneron) and ending at 55% (Sanofi)/45% (Regeneron), and losses outside the United States at 55% (Sanofi)/45% (Regeneron). In addition to profit sharing, the Company is entitled to receive up to $250 million in sales milestone payments, with milestone payments commencing only if and after aggregate annual sales outside the United States exceed $1.0 billion on a rolling 12-month basis. | |||||||||||||
Regeneron is obligated to use commercially reasonable efforts to supply clinical requirements of each drug candidate under the Antibody Collaboration until commercial supplies of that drug candidate are being manufactured. In connection with the November 2009 amendment of the collaboration's Discovery Agreement, Sanofi funded $30.0 million of agreed-upon costs the Company incurred to expand its manufacturing capacity at its Rensselaer, New York facilities. | |||||||||||||
With respect to each antibody product which enters development under the License Agreement, Sanofi or the Company may, by giving twelve months' notice, opt-out of further development and/or commercialization of the product, in which event the other party retains exclusive rights to continue the development and/or commercialization of the product. The Company may also opt-out of the further development of an antibody product if it gives notice to Sanofi within thirty days of the date that Sanofi enters joint development of such antibody product under the License Agreement. Each of the Discovery Agreement and the License Agreement contains other termination provisions, including for material breach by the other party. Prior to December 31, 2017, Sanofi has the right to terminate the amended Discovery Agreement without cause with at least three months advance written notice; however, except under defined circumstances, Sanofi would be obligated to immediately pay to the Company the full amount of unpaid research funding during the remaining term of the research agreement through December 31, 2017. Upon termination of the collaboration in its entirety, the Company's obligation to reimburse Sanofi for development costs out of any future profits from collaboration products will terminate. Upon expiration of the amended Discovery Agreement, Sanofi has an option to license the Company's VelocImmune technology for agreed-upon consideration. | |||||||||||||
In connection with the Antibody Collaboration, in August 2008, the Company entered into a separate agreement with Sanofi, which extended through December 2012, to use Regeneron's proprietary VelociGene® technology platform to supply Sanofi with genetically modified mammalian models of gene function and disease (the “VelociGene Agreement”). The VelociGene Agreement provided for minimum annual order quantities for the term of the agreement, for which the Company expects to receive payments totaling $21.5 million. | |||||||||||||
In accordance with the Company's revenue recognition policy described in Note 2, the (i) $85.0 million up-front payment received in December 2007, (ii) reimbursement of Regeneron-incurred expenses under the Discovery and License Agreements, (iii) $21.5 million of aggregate minimum payments under the VelociGene Agreement, and (iv) reimbursement of agreed-upon costs to expand the Company's manufacturing capacity are being recognized as collaboration revenue over the related performance period. | |||||||||||||
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. At the time of acquisition, antibodies to the PDGF receptor and Ang2 were 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 a $5.0 million development milestone payment in January 2014, and is obligated to pay up to $35 million in additional potential development milestones 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. | |||||||||||||
In connection with the Antibody Collaboration, the collaboration revenue the Company recognized is detailed below: | |||||||||||||
Year ended December 31, | |||||||||||||
Sanofi Collaboration Revenue - Antibody | 2013 | 2012 | 2011 | ||||||||||
Reimbursement of Regeneron research and development expenses | $ | 453,489 | $ | 365,245 | $ | 299,281 | |||||||
Up-front payments to Sanofi for acquisition of rights related to two antibodies | (20,000 | ) | — | — | |||||||||
Other | 12,111 | 10,233 | 9,846 | ||||||||||
$ | 445,600 | $ | 375,478 | $ | 309,127 | ||||||||
In connection with the Antibody Collaboration, at December 31, 2013 and 2012, amounts receivable from Sanofi totaled $106.1 million and $102.6 million and deferred revenue was $71.2 million and $78.7 million, respectively. | |||||||||||||
b. Bayer HealthCare LLC | |||||||||||||
EYLEA outside the United States | |||||||||||||
In October 2006, the Company entered into a license and collaboration agreement with Bayer HealthCare for the global development and commercialization outside the United States of EYLEA. Under the terms of the agreement, Bayer HealthCare made a non-refundable up-front payment to the Company of $75.0 million. The Company also received from Bayer HealthCare a $20.0 million development milestone payment in 2007 (which, for the purpose of revenue recognition, was not considered substantive), a $20.0 million substantive development milestone payment in 2009, and a $10.0 million substantive milestone payment in each of 2010 and 2011 (both of which were earned in 2010). | |||||||||||||
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 EU and other regions, and for the treatment of macular edema secondary to CRVO in the fourth quarter of 2013 following receipt of regulatory approvals in the EU and Japan. Bayer HealthCare markets EYLEA outside the United States, where, for countries other than Japan, the Company and Bayer HealthCare will share equally in profits and losses from sales of EYLEA. The Company is entitled to receive a percentage of between 33.5% and 40.0% of EYLEA annual sales in Japan. The Company is obligated to reimburse Bayer HealthCare out of its share of the collaboration profits (including the Company's percentage of sales of EYLEA in Japan) for 50% of the agreed upon development expenses that Bayer HealthCare has incurred in accordance with a formula based on the amount of development expenses that Bayer HealthCare has incurred and the Company's share of the collaboration profits, or at a faster rate at the Company's option. In particular, the Company's contingent reimbursement obligation to Bayer HealthCare was approximately $276 million as of December 31, 2013. Within the United States, the Company is responsible for commercialization of EYLEA and retains exclusive rights to all profits from such commercialization in the United States. | |||||||||||||
In 2012, the Company earned and received a $15.0 million and $10.0 million substantive milestone payment related to marketing and pricing approval, respectively, of EYLEA for the treatment of wet AMD in Japan. In 2013, the Company earned and received a $15.0 million and a $10.0 million substantive milestone payment related to marketing and pricing approval, respectively, of EYLEA for the treatment of macular edema secondary to CRVO. In addition, in 2013, the Company earned and recorded as revenue, three $15.0 million sales milestone payments from Bayer HealthCare upon total aggregate net sales of EYLEA outside the United States exceeding $200 million, $300 million, and $400 million, respectively, over a twelve-month period. The Company is eligible to receive up to $90 million in additional sales milestone payments if twelve-month sales of EYLEA outside the United States achieve certain specified levels up to $1 billion. In addition, in connection with a November 2013 agreement under which Bayer HealthCare obtained rights to use certain of the Company’s EYLEA clinical data for a regulatory filing, the Company became eligible to receive up to $30 million in additional sales milestone payments if twelve-month sales of specific commercial supplies of EYLEA outside the United States achieve certain specified levels up to $200 million. | |||||||||||||
Since 2009, all agreed upon EYLEA development expenses incurred by the Company and Bayer HealthCare, under a global development plan, are being shared equally. The Company is also obligated to use commercially reasonable efforts to supply clinical and commercial bulk product of EYLEA. | |||||||||||||
In January 2014, Bayer HealthCare exercised its right to opt-in to the global development and commercialization of EYLEA outside the United States for the treatment of macular edema following branch retinal vein occlusion ("BRVO"). In connection with its opt-in, Bayer HealthCare will reimburse Regeneron for a defined share of the EYLEA global development costs that the Company has incurred or will incur for the BRVO indication. In addition, profits or losses on sales of EYLEA outside of the United States for the treatment of macular edema following BRVO will also be shared. | |||||||||||||
Bayer HealthCare has the right to terminate the Bayer Agreement without cause with at least six months or twelve months advance notice depending on defined circumstances at the time of termination. In the event of termination of the agreement for any reason, the Company retains all rights to EYLEA. | |||||||||||||
The $75.0 million up-front licensing payment and the $20.0 million milestone payment received in 2007 from Bayer HealthCare are being recognized as collaboration revenue over the related estimated performance period in accordance with the Company's revenue recognition policy as described in Note 2. In periods when the Company recognizes EYLEA development expenses that the Company incurs under the collaboration, the Company also recognizes, as collaboration revenue, the portion of those EYLEA development expenses that is reimbursable from Bayer HealthCare. In periods when Bayer HealthCare incurs agreed upon EYLEA development expenses that benefit the collaboration and Regeneron, the Company also recognizes, as additional research and development expense, the portion of Bayer HealthCare's EYLEA development expenses that the Company is obligated to reimburse. | |||||||||||||
The collaboration revenue the Company earned from Bayer HealthCare is detailed below: | |||||||||||||
Year ended December 31, | |||||||||||||
Bayer HealthCare Collaboration Revenue | 2013 | 2012 | 2011 | ||||||||||
Regeneron's net profit in connection with commercialization of EYLEA outside the United States | $ | 101,494 | — | — | |||||||||
Sales and substantive development milestone payments | 70,000 | $ | 25,000 | — | |||||||||
Cost-sharing of Regeneron EYLEA development expenses | 20,905 | 34,892 | $ | 33,682 | |||||||||
Other | 27,890 | 10,207 | 9,390 | ||||||||||
$ | 220,289 | $ | 70,099 | $ | 43,072 | ||||||||
In addition, in 2013, 2012, and 2011, the Company recognized as additional research and development expense $15.3 million, $21.9 million, and $47.8 million, respectively, of EYLEA development expenses that the Company was obligated to reimburse to Bayer HealthCare. | |||||||||||||
In connection with the companies' collaboration, $63.2 million and $2.8 million was receivable from Bayer HealthCare at December 31, 2013 and 2012, respectively. In addition, at December 31, 2013 and 2012, deferred revenue from the Company's collaboration with Bayer HealthCare was $36.4 million and $36.5 million, respectively. | |||||||||||||
PDGFR-beta antibody outside the United States | |||||||||||||
In January 2014, the Company entered into a license and collaboration agreement with Bayer HealthCare governing the joint development and commercialization outside the United States of an antibody product candidate to Platelet Derived Growth Factor Receptor Beta (PDGFR-beta), including in combination with EYLEA, for the treatment of ocular diseases or disorders. REGN2176-3, a combination product candidate comprised of an antibody to PDGFR-beta co-formulated with EYLEA, is being developed under the agreement. Under the agreement, the Company will conduct the initial development of the PDGFR-beta antibody through completion of the first proof-of-concept study, upon which Bayer HealthCare will have a right to opt-in to the collaboration for further development and commercialization outside the United States. | |||||||||||||
In connection with the agreement, Bayer HealthCare made a $25.5 million non-refundable upfront payment to the Company in January 2014, and is obligated to pay 25% of global development costs and 50% of development costs exclusively for the territory outside the United States under the initial development plan. In addition, Bayer HealthCare is obligated to reimburse the Company for 50% of development milestone payments to Sanofi related to the Company's acquisition of rights to antibodies targeting the PDGF family of receptors in May 2013, as described above. In that regard, Bayer HealthCare made a $2.5 million payment (which, for the purpose of revenue recognition, was not considered substantive) to the Company in January 2014. Further, in connection with the Company’s initial development of the PDGFR-beta antibody through completion of the first proof-of-concept study, the Company is eligible to receive up to $17.5 million in future development milestone payments from Bayer HealthCare, although certain of these development milestone payments could be reduced by half if Bayer HealthCare does not opt-in to the collaboration. | |||||||||||||
If Bayer HealthCare exercises its right to opt-in to the collaboration, they will obtain exclusive commercialization rights to the product outside the United States, pay for 25% of global development costs and 50% of development costs exclusively for the territory outside the United States, pay a $20 million opt-in payment to the Company, pay a $20 million development milestone to the Company upon receipt of the first marketing approval in the European Union or Japan, share profits from sales outside the United States equally with the Company, and be responsible for the payment of royalties on sales outside the United States to Sanofi. | |||||||||||||
Within the United States, the Company has exclusive commercialization rights and will retain all of the profits from sales. If Bayer HealthCare does not opt-in to the collaboration, the Company will have exclusive rights to develop and commercialize PDGFR-beta antibodies (except as a combination product with EYLEA) for use outside the United States. | |||||||||||||
The Company also has the right to opt-out of the collaboration upon completion of the first proof-of-concept study for the PDGFR-beta antibody. If the Company opts-out of the collaboration and Bayer HealthCare exercises their right to opt-in to the collaboration, Bayer HealthCare will obtain exclusive rights to the PDGFR-beta antibody (except as a combination product with EYLEA) outside of the United States, be responsible for all development costs outside of the United States, be responsible for all royalty and milestone payments to a third party, and will retain all of the profits from sales of the PDGFR-beta antibody outside of the United States. | |||||||||||||
Under the agreement, Bayer HealthCare has also agreed to a “standstill” provision, which prohibits Bayer HealthCare and its affiliates from seeking to influence the control of the Company or acquiring more than 20% of the Company's then outstanding shares of Class A Stock and Common Stock (taken together). | |||||||||||||
Unless terminated earlier in accordance with its provisions, the agreement will continue to be in effect until such time as neither party or its respective affiliates or sublicensees is developing or commercializing a PDGFR-beta antibody in the specified field outside of the United States and such discontinuation is acknowledged as permanent by both the Company and Bayer HealthCare in writing. |
Technology_Licensing_Agreement
Technology Licensing Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Technology Licensing Agreements [Abstract] | ' |
Technology Licensing Agreements | ' |
Technology Licensing Agreements | |
In March 2007, the Company entered into a six-year, non-exclusive license agreement with Astellas Pharma Inc. to allow Astellas to utilize the Company's VelocImmune technology in its internal research programs to discover human monoclonal antibodies. Under the terms of the agreement, Astellas made a $20.0 million annual, non-refundable payment to the Company in each of 2010, 2009, 2008, and 2007. In July 2010, the license agreement with Astellas was amended and extended through June 2023. Under the terms of the amended agreement, Astellas made a $165.0 million up-front payment to the Company in August 2010, which was deferred upon receipt and is being recognized as revenue ratably over the seven-year period beginning in mid-2011. In addition, Astellas will make a $130.0 million second payment to the Company in June 2018 unless the license agreement has been terminated prior to that date. Astellas has the right to terminate the agreement at any time by providing 90 days' advance written notice. Under certain limited circumstances, such as a material breach of the agreement by the Company, Astellas may terminate the agreement and receive a refund of a portion of its up-front payment or, if such termination occurs after June 2018, a portion of its second payment, to the Company under the July 2010 amendment to the agreement. The Company is entitled to receive a mid-single digit royalty on any future sales of antibody products discovered by Astellas using the Company's VelocImmune technology. In connection with the Astellas license agreement, for each of the years ended December 31, 2013, 2012, and 2011, the Company recognized $23.6 million, $23.6 million, and $22.0 million of technology licensing revenue, respectively. In addition, deferred revenue at December 31, 2013 and 2012 was $104.6 million and $128.2 million, respectively. | |
In February 2007, the Company entered into a six-year, non-exclusive license agreement with AstraZeneca UK Limited to allow AstraZeneca to utilize the Company's VelocImmune technology in its internal research programs to discover human monoclonal antibodies. In November 2010, as permitted by the agreement, MedImmune Limited (as successor by novation from AstraZeneca) gave written notice of voluntary termination of the agreement. Regeneron remains entitled to receive mid-single digit royalties on any future sales of antibody products discovered by MedImmune/AstraZeneca using the VelocImmune technology. |
Marketable_Securities
Marketable Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||
Marketable Securities | ||||||||||||||||||||||||
Marketable securities at December 31, 2013 and December 31, 2012 consist of both debt securities issued by investment grade institutions as well as equity securities. 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 2013, these collateral requirements were rescinded, due to cancellation of lender collateralization requirements on the Company. As a result, during 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 December 31, 2013 and 2012. | ||||||||||||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||||||||||||
At December 31, 2013 | Cost Basis | Gains | Losses | Value | ||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 107,493 | $ | 55 | $ | (27 | ) | $ | 107,521 | |||||||||||||||
Corporate bonds | 369,321 | 233 | (361 | ) | 369,193 | |||||||||||||||||||
Commercial paper | 23,891 | 53 | — | 23,944 | ||||||||||||||||||||
Municipal bonds | 36,935 | 45 | (59 | ) | 36,921 | |||||||||||||||||||
International government agency obligations | 2,007 | 1 | — | 2,008 | ||||||||||||||||||||
Certificates of deposit | 7,509 | 5 | — | 7,514 | ||||||||||||||||||||
Equity securities | 1,166 | — | — | 1,166 | ||||||||||||||||||||
$ | 548,322 | $ | 392 | $ | (447 | ) | $ | 548,267 | ||||||||||||||||
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 December 31, 2013 mature at various dates through August 2024. The fair values of debt security investments by contractual maturity as of December 31, 2013 and 2012 consist of the following: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
Maturities within one year | $ | 158,376 | $ | 77,819 | ||||||||||||||||||||
Maturities after one year through five years | 383,410 | 267,837 | ||||||||||||||||||||||
Maturities after five years through ten years | 4,138 | — | ||||||||||||||||||||||
Maturities after ten years | 1,177 | — | ||||||||||||||||||||||
547,101 | 345,656 | |||||||||||||||||||||||
Restricted | ||||||||||||||||||||||||
Maturities within one year | — | 2,781 | ||||||||||||||||||||||
Maturities after one year through five years | — | 3,128 | ||||||||||||||||||||||
— | 5,909 | |||||||||||||||||||||||
$ | 547,101 | $ | 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 December 31, 2013 and 2012. | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
At December 31, 2013 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 49,241 | $ | (27 | ) | — | — | $ | 49,241 | $ | (27 | ) | ||||||||||||
Corporate bonds | 176,140 | (361 | ) | — | — | 176,140 | (361 | ) | ||||||||||||||||
Municipal bonds | 14,431 | (59 | ) | — | — | 14,431 | (59 | ) | ||||||||||||||||
$ | 239,812 | $ | (447 | ) | — | — | $ | 239,812 | $ | (447 | ) | |||||||||||||
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 | ) | ||||||||||
During the year ended December 31, 2013, the Company recorded an other-than-temporary impairment charge of $2.9 million related to its investment in an equity security. There were no other-than-temporary impairment charges recorded on the Company's investments during 2012 or 2011. | ||||||||||||||||||||||||
For the year ended December 31, 2013, total realized gains on sales of marketable securities were $1.0 million, and there were no realized losses. For the years ended December 31, 2012 and 2011, total realized gains and losses on sales of marketable securities were not material. | ||||||||||||||||||||||||
Changes in the Company's accumulated other comprehensive income (loss) for the years ended December 31, 2013, 2012, and 2011 related to unrealized gains and losses on available-for-sale marketable securities. In 2013, amounts reclassified from accumulated other comprehensive income (loss) into investment (expense) income in the Company's Statements of Operations were the impairment charge on the equity security and realized gains discussed above. Such amounts were not material for the years ended December 31, 2012 and 2011. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||
Dec. 31, 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 December 31, 2013 and 2012, consist of the following: | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||
At December 31, 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 | $ | 107,521 | — | $ | 107,521 | |||||||
Corporate bonds | 369,193 | — | 369,193 | |||||||||
Commercial paper | 23,944 | — | 23,944 | |||||||||
Municipal bonds | 36,921 | — | 36,921 | |||||||||
International government agency obligations | 2,008 | — | 2,008 | |||||||||
Certificates of deposit | 7,514 | — | 7,514 | |||||||||
Equity securities | 1,166 | $ | 1,166 | — | ||||||||
$ | 548,267 | $ | 1,166 | $ | 547,101 | |||||||
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 in 2013, 2012, and 2011. | ||||||||||||
During part of 2012, the Company held one Level 3 marketable security whose cost basis was zero, as the security had been fully impaired prior to 2012. In 2013, the Company sold this Level 3 marketable security and realized a gain on its sale which was not material. 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 years ended December 31, 2013 and 2012. There were no transfers of marketable securities between Levels 1, 2, or 3 classifications during the years ended December 31, 2013 and 2012. | ||||||||||||
As of December 31, 2013 and 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 $1,327.2 million and $843.2 million as of December 31, 2013 and 2012, respectively, and was determined based on Level 2 inputs, such as market and observable sources. |
Inventory
Inventory | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory | ' | |||||||
Inventories | ||||||||
Inventories consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 9,120 | $ | 4,862 | ||||
Work-in-process | 35,868 | 14,656 | ||||||
Finished goods | 14,352 | 2,570 | ||||||
Deferred costs | 11,014 | 6,550 | ||||||
$ | 70,354 | $ | 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. In 2013, 2012, and 2011, cost of goods sold included inventory write-downs and reserves totaling $9.1 million, $17.0 million, and $0.5 million, respectively. |
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant, and Equipment | ||||||||
Property, plant, and equipment consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 2,768 | $ | 2,117 | ||||
Building and improvements | 343,363 | 328,173 | ||||||
Leasehold improvements | 26,370 | 10,576 | ||||||
Construction-in-progress | 142,370 | 25,076 | ||||||
Laboratory and other equipment | 189,543 | 159,026 | ||||||
Furniture, computer and office equipment, and other | 44,186 | 35,485 | ||||||
748,600 | 560,453 | |||||||
Less, accumulated depreciation and amortization | (221,617 | ) | (180,513 | ) | ||||
$ | 526,983 | $ | 379,940 | |||||
Depreciation and amortization expense on property, plant, and equipment amounted to $41.2 million, $36.9 million, and $31.1 million for the years ended December 31, 2013, 2012, and 2011, respectively. In addition, during 2013 and 2012, the Company incurred non-cash charges of $0.5 million and $2.8 million, respectively, in connection with disposals and retirements of fixed assets. There were no material non-cash charges in connection with disposals and retirements of fixed assets in 2011. | ||||||||
Included in property, plant, and equipment at December 31, 2013 and December 31, 2012 were $0.7 million and $3.6 million of leased equipment under capital leases, respectively, and related accumulated amortization was $0.2 million and $1.1 million at December 31, 2013 and December 31, 2012, respectively. | ||||||||
Property, plant, and equipment at December 31, 2013 and 2012 included $111.1 million and $86.2 million, respectively, of costs incurred by the Company's landlord to construct laboratory and office facilities in Tarrytown, New York. See Note 13a. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable and Accrued Expenses | ' | |||||||
Accounts Payable and Accrued Expenses | ||||||||
Accounts payable and accrued expenses consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Accounts payable | $ | 61,936 | $ | 38,934 | ||||
Accrued payroll and related costs | 69,429 | 19,987 | ||||||
Accrued clinical trial expense | 23,654 | 10,985 | ||||||
Accrued sales-related charges, deductions, and royalties | 66,855 | 21,870 | ||||||
Other accrued expenses and liabilities | 29,022 | 19,569 | ||||||
$ | 250,896 | $ | 111,345 | |||||
Deferred_Revenue
Deferred Revenue | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Revenue Disclosure [Abstract] | ' | |||||||
Deferred Revenue | ' | |||||||
Deferred Revenue | ||||||||
Deferred revenue consists of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Current portion: | ||||||||
Received or receivable from Sanofi (see Note 4a) | $ | 12,815 | $ | 17,022 | ||||
Received or receivable from Bayer HealthCare (see Note 4b) | 9,738 | 9,212 | ||||||
Received for technology license agreement (see Note 5) | 23,572 | 23,572 | ||||||
Other | 875 | 1,025 | ||||||
$ | 47,000 | $ | 50,831 | |||||
Long-term portion: | ||||||||
Received or receivable from Sanofi (see Note 4a) | $ | 76,522 | $ | 76,520 | ||||
Received or receivable from Bayer HealthCare (see Note 4b) | 26,683 | 27,256 | ||||||
Received for technology license agreement (see Note 5) | 80,994 | 104,566 | ||||||
$ | 184,199 | $ | 208,342 | |||||
Convertible_Debt
Convertible Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Convertible Debt | ' | ||||||||||||
Convertible Debt | |||||||||||||
In October 2011, the Company issued $400.0 million aggregate principal amount of 1.875% convertible senior notes (the “Notes”) in a private placement. The net proceeds from the Notes offering were $391.1 million after deducting the initial purchaser's discount and issuance costs. | |||||||||||||
The Notes pay interest semi-annually on April 1 and October 1, which began April 1, 2012, and will mature on October 1, 2016 unless earlier converted or repurchased. The Notes are convertible, subject to certain conditions, into cash, shares of the Company's Common Stock, or a combination of cash and shares of Common Stock, at the Company's option. The initial conversion rate for the Notes is 11.9021 shares of Common Stock (subject to adjustment in certain circumstances) per $1,000 principal amount of the Notes, or a total of approximately 4,760,840 shares upon conversion, which is equal to an initial conversion price of approximately $84.02 per share. A holder of the Notes may surrender its Notes at its option any time prior to the close of business on the business day immediately preceding July 1, 2016, only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on December 31, 2011 (and only during such calendar quarter), if the last reported sale price of the Company's Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price, as defined, of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's Common Stock and the conversion rate on each such trading day; (iii) if the Company elects to issue to all or substantially all holders of its Common Stock any rights, options or warrants (other than pursuant to a rights plan) entitling them for a period of not more than 60 calendar days after the record date for such issuance, to subscribe for or purchase shares of the Company's Common Stock, at a price per share less than the average of the last reported sales prices of the Company's Common Stock for the ten consecutive day period ending on, and including, the trading day immediately preceding the declaration date for such issuance; (iv) upon specified distributions to the Company's shareholders; or (v) upon the occurrence of specified corporate transactions, such as a fundamental change (i.e., a change in control), or the Company's Common Stock ceasing to be listed on at least one U.S. national securities exchange. On or after July 1, 2016, holders may convert their Notes at the conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date irrespective of the foregoing conditions. In the event that a fundamental change, as defined in the indenture under which the Notes have been issued, occurs prior to maturity of the Notes, the initial conversion rate may be increased to include additional shares upon conversion, or holders can require the Company to purchase from them all or a portion of their Notes for 100% of the principal value plus any accrued and unpaid interest. Based on the reported sales prices of the Company's Common Stock, the Notes were able to be converted by holders as of December 31, 2013. | |||||||||||||
The Company has reserved sufficient shares of its Common Stock to satisfy the conversion requirements related to the Notes. The Company may not redeem the Notes prior to their maturity date. | |||||||||||||
As of December 31, 2013, the "if converted value" exceeded the principal amount of the Notes by $910.4 million. | |||||||||||||
In accordance with accounting guidance for debt with conversion and other options, the Company accounted for the liability and equity components of the Notes separately. The estimated fair value of the liability component at the date of issuance was $271.1 million, and was computed based on the fair value of similar debt instruments that do not include a conversion feature. The equity component of $120.9 million was recognized as a debt discount and represents the difference between the $392.0 million of gross proceeds from the issuance of the Notes and the $271.1 million estimated fair value of the liability component at the date of issuance. The debt discount is amortized over the expected life of a similar liability without the equity component. The Company determined this expected life to be equal to the term of the Notes, resulting in an amortization period ending October 1, 2016. The effective interest rate used to amortize the debt discount is approximately 10.2%, which was based on the Company's estimated non-convertible borrowing rate as of the date the Notes were issued. | |||||||||||||
Issuance costs of $0.9 million related to the issuance of the Notes were allocated to the liability and equity components in proportion to the allocation of the proceeds and accounted for as capitalized debt issuance costs and equity issuance costs, respectively. | |||||||||||||
The net carrying amount of the liability component of the Notes consists of the following: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total convertible senior notes - par | $ | 400,000 | $ | 400,000 | |||||||||
Unamortized discount | (79,685 | ) | (103,482 | ) | |||||||||
$ | 320,315 | $ | 296,518 | ||||||||||
Total interest expense associated with the Notes, net of capitalized interest as applicable (see Note 21), consisted of the following for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Contractual coupon interest rate | $ | 7,230 | $ | 7,503 | $ | 1,455 | |||||||
Amortization of discount and note issuance costs | 22,980 | 21,623 | 3,944 | ||||||||||
$ | 30,210 | $ | 29,126 | $ | 5,399 | ||||||||
In connection with the offering of the Notes in October 2011, the Company entered into convertible note hedge (“call option”) and warrant transactions with multiple counterparties, including an affiliate of the initial purchaser of the Notes. The convertible note hedge transactions cover, subject to customary anti-dilution adjustments, the number of shares of the Company's Common Stock that initially underlie the Notes, and are intended to reduce the potential dilutive impact of the conversion feature of the Notes. The convertible note hedge will terminate upon the earlier of the maturity date of the Notes or the first day the Notes are no longer outstanding. The Company paid $117.5 million for the convertible note hedge, which was recorded as a reduction to additional paid-in capital. | |||||||||||||
The warrant transactions have an initial strike price of approximately $103.41 per share, and may be settled in cash or shares of the Company's Common Stock, at the Company's option. The warrant transactions have a dilutive effect to the extent that the market price per share of the Company's Common Stock exceeds the applicable strike price of the warrants. Proceeds received from the warrant transactions totaled $93.8 million and were recorded as additional paid-in capital. The warrants expire at various dates during 2017. | |||||||||||||
The convertible note hedge and warrants are both considered indexed to the Company's Common Stock and classified as equity; therefore, the convertible note hedge and warrants are not accounted for as derivative instruments. The Company has reserved sufficient shares of its Common Stock to satisfy the potential settlement of the warrants. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies | ' | ||||||||||||
Commitments and Contingencies | |||||||||||||
a. Leases | |||||||||||||
Descriptions of Lease Agreements | |||||||||||||
The Company leases laboratory and office facilities in Tarrytown, New York, under a December 2006 lease agreement, as amended, as well as an April 2013 lease agreement, as further described below. | |||||||||||||
The facilities leased by the Company under the December 2006 lease include (i) space in previously existing buildings, (ii) newly constructed space in two buildings (“Buildings A and B”) that was completed in the third quarter of 2009 and, (iii) under a December 2009 amendment to the lease, additional newly constructed space in a third building (“Building C”) that was completed in the first quarter of 2011. In April 2013, the Company executed an agreement related to Buildings A, B, and C, which extended the term of the lease of those facilities from June 2024 to June 2029; the remaining facilities under the lease will expire in June 2024. The lease contains three renewal options to extend the term of the lease by five years each, escalations at 2.5% per annum, and early termination options for various portions of the space. The lease provides for monthly payments over its term and additional charges for utilities, taxes, and operating expenses. | |||||||||||||
In April 2013, the Company entered into a lease agreement for additional laboratory and office space to be constructed in two new buildings ("Buildings D and E"), which are expected to be completed in the second half of 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. | |||||||||||||
Certain premises under the December 2006 lease are accounted for as operating leases. However, for Buildings A, B, C, D, and E (collectively, the "Buildings") that the Company is leasing, 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 also leases certain other laboratory, office, and storage space and equipment under operating and capital leases which expire at various times through 2022. | |||||||||||||
Commitments under Operating Leases | |||||||||||||
The estimated future minimum noncancelable lease commitments under operating leases are as follows: | |||||||||||||
December 31, | Facilities | Equipment | Total | ||||||||||
2014 | $ | 8,765 | $ | 2,169 | $ | 10,934 | |||||||
2015 | 9,348 | 505 | 9,853 | ||||||||||
2016 | 9,895 | 24 | 9,919 | ||||||||||
2017 | 9,429 | — | 9,429 | ||||||||||
2018 | 9,606 | — | 9,606 | ||||||||||
Thereafter | 67,849 | — | 67,849 | ||||||||||
$ | 114,892 | $ | 2,698 | $ | 117,590 | ||||||||
Rent expense under operating leases was: | |||||||||||||
Year Ended December 31, | Facilities | Equipment | Total | ||||||||||
2013 | $ | 9,404 | $ | 471 | $ | 9,875 | |||||||
2012 | 7,428 | 601 | 8,029 | ||||||||||
2011 | 7,191 | 599 | 7,790 | ||||||||||
In addition to its rent expense under operating leases, and payments under facility lease obligations (see below), for various facilities, the Company paid rental charges for utilities, real estate taxes, and operating expenses of $11.5 million, $10.9 million, and $9.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Commitments under Capital Leases | |||||||||||||
In 2011, the Company entered into capital leases in connection with acquisitions of new equipment, which expire at various times through 2014. The lease obligations were collateralized with marketable debt securities totaling $3.2 million at December 31, 2012; such collateral was classified as restricted cash and marketable securities. During 2013, the requirement for the Company to collateralize these capital leases was rescinded. The Company did not enter into capital leases in 2013 or 2012. | |||||||||||||
At the end of the lease term, the Company is required to purchase the leased equipment for a nominal amount defined in the lease agreement. At December 31, 2013 and 2012, capital lease obligations totaled $0.1 million and $1.3 million, respectively, and were included in other liabilities. The estimated future minimum noncancelable lease commitments under capital leases at December 31, 2013 were not material. | |||||||||||||
Facility Lease Obligations | |||||||||||||
As described above, based upon various factors, including the Company's involvement in the construction of the Buildings 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 also recognizes, as additional facility lease obligation, reimbursements from the Company's landlord for tenant improvement costs that the Company incurred since, under FASB authoritative guidance, such payments that the Company receives from its landlord are deemed to be a financing obligation. The Company allocates a portion of its lease payments on these facilities between the Buildings and the land on which the Buildings are constructed, based on the initial estimated relative fair values of the land and Buildings. The land element of the lease is treated for accounting purposes as an operating lease. | |||||||||||||
With respect to Buildings A and B, monthly lease payments commenced in August 2009, the buildings were placed in service by the Company in September 2009, and the imputed interest rate applicable to the Company's facility lease obligation is approximately 11%. With respect to Building C, monthly lease payments commenced in January 2011, the building was placed in service by the Company in February 2011, and the imputed interest rate applicable to the Company's facility lease obligation is approximately 9%. In 2013, 2012, and 2011, the Company recognized $16.2 million, $16.0 million, and $15.6 million, respectively, of interest expense in connection with the Buildings A and B and the Building C facility lease obligations. At December 31, 2013 and 2012, the Buildings A and B facility lease obligation balance was $111.2 million and $112.0 million, respectively, and the Building C facility lease obligation balance was $49.1 million and $48.8 million, respectively. | |||||||||||||
The estimated future minimum noncancelable commitments under these facility lease obligations, as of December 31, 2013, are as follows: | |||||||||||||
December 31, | Buildings A and B | Building C | Total | ||||||||||
2014 | $ | 13,288 | $ | 4,438 | $ | 17,726 | |||||||
2015 | 13,545 | 4,562 | 18,107 | ||||||||||
2016 | 13,809 | 4,689 | 18,498 | ||||||||||
2017 | 14,079 | 4,818 | 18,897 | ||||||||||
2018 | 14,356 | 4,951 | 19,307 | ||||||||||
Thereafter | 146,667 | 65,074 | 211,741 | ||||||||||
$ | 215,744 | $ | 88,532 | $ | 304,276 | ||||||||
Commencing in the second quarter of 2013, the Company began capitalizing the landlord's costs of constructing Buildings D and E, which totaled $25.0 million at December 31, 2013, and recognized a corresponding facility lease obligation. Rent expense in connection with the land element of these new facilities also commenced in the second quarter of 2013 and is recorded as a deferred liability until lease payments commence, which is expected to be in 2015. Rent payments will be based on the landlord's costs of construction and tenant allowances, and will include additional charges for utilities, taxes, and operating expenses. | |||||||||||||
b. Research Collaboration and Licensing Agreements | |||||||||||||
As part of the Company's research and development efforts, the Company enters into research collaboration and licensing agreements with related and unrelated companies, scientific collaborators, universities, and consultants. These agreements contain varying terms and provisions which include fees and milestones to be paid by the Company, services to be provided, and ownership rights to certain proprietary technology developed under the agreements. Some of the agreements contain provisions which require the Company to pay royalties, as defined, at rates that range from 1% to 16.5%, in the event the Company sells or licenses any proprietary products developed under the respective agreements. | |||||||||||||
As described in Note 4, the Company has contingent reimbursement obligations to its collaborators Sanofi and Bayer HealthCare once the applicable collaboration becomes profitable. | |||||||||||||
In December 2011, the Company and Genentech, a member of the Roche Group, entered into a Non-Exclusive License and Partial Settlement Agreement (the “Original Genentech Agreement”) that covered making, using, and selling EYLEA for the prevention of human eye diseases and disorders in the United States, and ended the litigation relating to those matters. Pursuant to the Original Genentech Agreement, the Company received a non-exclusive license to certain patents relating to VEGF receptor proteins, known as the Davis-Smyth patents, and other technology patents. The Original Genentech Agreement provided for the Company to make payments to Genentech based on U.S. sales of EYLEA commencing upon FDA approval of EYLEA in November 2011 through May 7, 2016. The Company made a one-time, non-refundable $60.0 million payment during 2012 upon cumulative U.S. sales of EYLEA reaching $400 million, and is obligated to pay royalties of 4.75% on cumulative U.S. sales of EYLEA between $400 million and $3 billion and 5.5% on any cumulative U.S sales of EYLEA over $3 billion. As the Company records net product sales of EYLEA, the Company is recognizing expense in connection with the Genentech Agreement using a blended mid-single digit royalty rate that reflects both the $60.0 million payment and the royalties payable on cumulative sales and that is based upon the Company's estimate of cumulative EYLEA sales through May 7, 2016. | |||||||||||||
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 Settlement 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 Settlement 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 Settlement Agreement will be made by Sanofi, and the Company will share in all such payments. | |||||||||||||
The Company recognizes royalty expense based on product sales of its commercial products under various licensing agreements, including, for EYLEA sales both inside and outside of the United States, the Genentech agreements described above. For the years ended December 31, 2013, 2012, and 2011, royalties on product sales totaled $128.1 million, $59.5 million, and $3.2 million, respectively. | |||||||||||||
In July 2008, the Company and Cellectis S.A. (“Cellectis”) entered into an Amended and Restated Non-Exclusive License Agreement (the “Cellectis Agreement”). The Cellectis Agreement resolved a dispute between the parties related to the interpretation of a license agreement entered into by the parties in December 2003 pursuant to which the Company licensed certain patents and patent applications from Cellectis. Pursuant to the Cellectis Agreement, in July 2008, the Company made a non-refundable $12.5 million payment to Cellectis (the “Cellectis Payment”) and agreed to pay Cellectis a low single-digit royalty based on revenue received by the Company from any future licenses or sales of the Company's VelociGene or VelocImmune products and services. No royalties are payable to Cellectis with respect to the Company's VelocImmune license agreements with AstraZeneca and Astellas or the Company's antibody collaboration with Sanofi. Moreover, no royalties are payable to Cellectis on any revenue from commercial sales of antibodies from the Company's VelocImmune technology. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders' Equity | |
The Company's Restated Certificate of Incorporation provides for the issuance of up to 40 million shares of Class A Stock, par value $0.001 per share, and 160 million shares of Common Stock, par value $0.001 per share. Shares of Class A Stock are convertible, at any time, at the option of the holder into shares of Common Stock on a share-for-share basis. Holders of Class A Stock have rights and privileges identical to Common Stockholders except that each share of Class A is entitled to ten votes per share, while each share of Common Stock is entitled to one vote per share. Class A Stock may only be transferred to specified Permitted Transferees, as defined. Under the Company's Restated Certificate of Incorporation, the Company's board of directors is authorized to issue up to 30 million shares of preferred stock, in series, with rights, privileges, and qualifications of each series determined by the board of directors. | |
In September 2003, Sanofi purchased 2,799,552 newly issued, unregistered shares of the Company's Common Stock for $45.0 million. See Note 4. | |
In December 2007, Sanofi purchased 12 million newly issued, unregistered shares of the Company's Common Stock for an aggregate cash price of $312.0 million. As a condition to the closing of this transaction, Sanofi entered into an investor agreement, as amended and restated in January 2014, with the Company. Under the terms of the amended and restated investor agreement, Sanofi has three demand rights to require the Company to use all reasonable efforts to conduct a registered underwritten public offering with respect to shares of the Company's Common Stock held by Sanofi from time to time. Under the amended and restated investor agreement, Sanofi has also agreed not to dispose of any shares of the Company's Common Stock beneficially owned by Sanofi from time to time until until the later of (i) December 20, 2020, and (ii) the expiration of the Discovery Agreement with Sanofi, as amended (see Note 4a) if the agreement is extended beyond December 20, 2020. These restrictions on dispositions are subject to earlier termination upon the occurrence of certain events, such as the consummation of a change-of-control transaction involving the Company or the Company's dissolution or liquidation, and certain restrictions have been imposed on the manner of sales thereafter. | |
Further, pursuant to the amended and restated investor agreement, Sanofi is bound by certain “standstill” provisions, which contractually prohibit Sanofi from seeking to directly or indirectly exert control of the Company or acquiring more than 30% of the outstanding shares of the Company's Class A Stock and Common Stock (taken together). This prohibition will remain in place until the earliest of (i) the later of the fifth anniversaries of the expiration or earlier termination of the Company's License and Collaboration Agreement with Sanofi and the Company's ZALTRAP Agreement with Sanofi, each as amended (see Note 4a) and (ii) other specified events. Sanofi has also agreed to vote as recommended by the Company's board of directors, except that it may elect to vote proportionally with the votes cast by all of the Company's other shareholders with respect to certain change-of-control transactions, and to vote in its sole discretion with respect to liquidation or dissolution, stock issuances equal to or exceeding 20% of the then outstanding shares or voting rights of the Company's Class A Stock and Common Stock (taken together), and new equity compensation plans or amendments if not materially consistent with the Company's historical equity compensation practices. The rights and restrictions under the investor agreement are subject to termination upon the occurrence of certain events. | |
In addition, upon Sanofi reaching 20% ownership of the Company's then outstanding shares of Class A Stock and Common Stock (taken together), the Company is required to appoint an individual agreed upon by the Company and Sanofi to the Company's board of directors. This individual is required to be independent of the Company, and not to be a current or former officer, director, employee, or paid consultant of Sanofi. | |
In October 2010, the Company completed an underwritten public offering of 6,325,000 shares of Common Stock and received net proceeds of $174.8 million. Sanofi purchased 1,017,401 shares of Common Stock in this offering. | |
In October 2011, the Company completed a private placement of $400.0 million aggregate principal amount of Notes, which are convertible into shares of the Company's Common Stock. In accordance with accounting guidance for debt with conversion and other options, the Company accounted for the liability and equity components of the Notes separately. The equity component of the Notes was $120.6 million, net of issuance costs. In connection with the offering of the Notes, the Company entered into convertible note hedge and warrant transactions. The Company paid $117.5 million for the convertible note hedge, which was recorded as a reduction to additional paid-in capital. The warrant transactions have an initial strike price of approximately $103.41 per share, and may be settled in cash or shares of the Company's Common Stock, at the Company's option. Proceeds received from the warrant transactions totaled $93.8 million and were recorded as additional paid-in capital. The warrants expire at various dates during 2017. See Note 12. | |
In connection with the Company’s January 2014 license and collaboration agreement with Bayer HealthCare for the joint development and commercialization outside the United States of antibody product candidates to PDGFR-beta (see Note 4b), Bayer HealthCare has also agreed to a “standstill” provision, which prohibits Bayer HealthCare and its affiliates from seeking to influence the control of the Company or acquiring more than 20% of the Company’s then outstanding shares of Class A Stock and Common Stock (taken together). |
LongTerm_Incentive_Plans
Long-Term Incentive Plans | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Long-Term Incentive Plans | ' | ||||||||||||||
Long-Term Incentive Plans | |||||||||||||||
During 2000, the Company established the Regeneron Pharmaceuticals, Inc. 2000 Long-Term Incentive Plan which, as amended and restated and approved by the Company's shareholders (the “2000 Incentive Plan”), provides for the issuance of up to 41,307,016 shares of Common Stock in respect of awards. Employees of the Company, including officers, and nonemployees, including consultants and nonemployee members of the Company's board of directors (collectively, “Participants”), may receive awards as determined by a committee of independent directors (“Committee”). The awards that may be made under the 2000 Incentive Plan include: (a) Incentive Stock Options (“ISOs”) and Nonqualified Stock Options, (b) shares of Restricted Stock, (c) shares of Phantom Stock, (d) Stock Bonuses, and (e) Other Awards. | |||||||||||||||
Stock Option awards grant Participants the right to purchase shares of Common Stock at prices determined by the Committee; however, in the case of an ISO, the option exercise price will not be less than the fair market value of a share of Common Stock on the date the Option is granted. Options vest over a period of time determined by the Committee, generally on a pro rata basis over a three to five year period. The Committee also determines the expiration date of each Option; however, no ISO is exercisable more than ten years after the date of grant. The maximum term of options that have been awarded under the 2000 Incentive Plan is ten years. | |||||||||||||||
Restricted Stock awards grant Participants shares of restricted Common Stock or allow Participants to purchase such shares at a price determined by the Committee. Such shares are nontransferable for a period determined by the Committee (“vesting period”). Should employment terminate, as specified in the 2000 Incentive Plan, except as determined by the Committee in its discretion and subject to the applicable 2000 Incentive Plan documents, the ownership of any unvested Restricted Stock will be transferred to the Company. In such an event, the Company will be obligated to repay the Participant the amount, if any, paid by the Participant for such shares. In addition, if the Company requires a return of the Restricted Stock, it also has the right to require a return of all dividends paid on such shares. | |||||||||||||||
Phantom Stock awards provide the Participant the right to receive, within 30 days of the date on which the share vests, an amount, in cash and/or shares of the Company's Common Stock as determined by the Committee, equal to the sum of the fair market value of a share of Common Stock on the date such share of Phantom Stock vests and the aggregate amount of cash dividends paid with respect to a share of Common Stock during the period from the grant date of the share of Phantom Stock to the date on which the share vests. Stock Bonus awards are bonuses payable in shares of Common Stock which are granted at the discretion of the Committee. | |||||||||||||||
Other Awards are other forms of awards which are valued based on the Company's Common Stock. Subject to the provisions of the 2000 Incentive Plan, the terms and provisions of such Other Awards are determined solely on the authority of the Committee. | |||||||||||||||
The 2000 Incentive Plan contains provisions that allow for the Committee to provide for the immediate vesting of awards upon a change in control of the Company, as defined in the plan. | |||||||||||||||
As of December 31, 2013, there were 4,378,884 shares available for future grants under the 2000 Incentive Plan. | |||||||||||||||
a. | Stock Options | ||||||||||||||
Transactions involving stock option awards during 2013 under the 2000 Incentive Plan are summarized in the table below. | |||||||||||||||
Stock Options: | Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Intrinsic Value (in thousands) | |||||||||||
Outstanding at December 31, 2012 | 20,789,511 | $ | 56.03 | ||||||||||||
2013:00:00 | Granted | 3,937,989 | $ | 263.77 | |||||||||||
Forfeited | (141,199 | ) | $ | 105.71 | |||||||||||
Expired | (1,521 | ) | $ | 21.46 | |||||||||||
Exercised | (3,176,512 | ) | $ | 27.82 | |||||||||||
Outstanding at December 31, 2013 | 21,408,268 | $ | 98.1 | 7.01 | $ | 3,811,441 | |||||||||
Vested and expected to vest at December 31, 2013 | 20,875,388 | $ | 95.63 | 6.96 | $ | 3,768,120 | |||||||||
Exercisable at December 31, 2013 | 11,322,801 | $ | 36.83 | 5.37 | $ | 2,709,278 | |||||||||
The Company satisfies stock option exercises with newly issued shares of the Company's Common Stock. The total intrinsic value of stock options exercised during 2013, 2012, and 2011 was $727.5 million, $566.7 million, and $49.2 million, respectively. The intrinsic value represents the amount by which the market price of the underlying stock exceeds the exercise price of an option. | |||||||||||||||
The Company grants stock options with exercise prices that are equal to or greater than the average market price of the Company's Common Stock on the date of grant (“Market Price”). The table below summarizes the weighted-average exercise prices and weighted-average grant-date fair values of options issued during the years ended December 31, 2013, 2012, and 2011. The fair value of each option granted under the 2000 Incentive Plan during 2013, 2012, and 2011 was estimated on the date of grant using the Black-Scholes option-pricing model. | |||||||||||||||
Number of Options Granted | Weighted-Average Exercise Price | Weighted-Average Fair Value | |||||||||||||
2013:00:00 | |||||||||||||||
Exercise price equal to Market Price | 3,937,989 | $ | 263.77 | $ | 104.9 | ||||||||||
2012:00:00 | |||||||||||||||
Exercise price equal to Market Price | 4,162,653 | $ | 167.96 | $ | 67.66 | ||||||||||
2011:00:00 | |||||||||||||||
Exercise price equal to Market Price | 4,286,640 | $ | 51.96 | $ | 23.82 | ||||||||||
For the years ended December 31, 2013, 2012, and 2011, the Company recognized $177.9 million, $67.7 million, and $39.2 million, respectively, of non-cash stock-based compensation expense related to non-performance based stock option awards. As of December 31, 2013, there was $492.5 million of stock-based compensation cost related to outstanding non-performance based stock options, net of estimated forfeitures, which had not yet been recognized. The Company expects to recognize this compensation cost over a weighted-average period of 1.8 years. | |||||||||||||||
In addition, there were a total of 770,250 performance-based options issued in 2011 which were outstanding and unvested as of December 31, 2013, and subject to the optionee satisfying certain service conditions, would vest upon achieving certain development milestones for the Company's product candidates. In light of the Company's receipt of regulatory approvals for EYLEA and ZALTRAP, and the status of the Company's development programs at December 31, 2013, the Company estimates that all of the outstanding performance-based options issued in 2011 will vest. | |||||||||||||||
For the years ended December 31, 2013, 2012, and 2011, the Company recognized $8.1 million, $15.3 million, and $11.7 million, respectively, of non-cash stock-based compensation expense related to performance options. As of December 31, 2013 there was $4.2 million of stock-based compensation cost which had not yet been recognized related to the performance-based options that the Company currently estimates will vest. The Company expects to recognize this compensation cost over a weighted-average period of 1.0 years. | |||||||||||||||
Fair Value Assumptions: | |||||||||||||||
The following table summarizes the weighted average values of the assumptions used in computing the fair value of option grants during 2013, 2012, and 2011. | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Expected volatility | 42 | % | 45 | % | 48 | % | |||||||||
Expected lives from grant date | 5.3 years | 5.4 years | 6.1 years | ||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||
Risk-free interest rate | 1.73 | % | 0.86 | % | 1.31 | % | |||||||||
Expected volatility has been estimated based on actual movements in the Company's stock price over the most recent historical periods equivalent to the options' expected lives. Expected lives are principally based on the Company's historical exercise experience with previously issued employee and board of directors' option grants. The expected dividend yield is zero as the Company has never paid dividends and does not currently anticipate paying any in the foreseeable future. The risk-free interest rates are based on quoted U.S. Treasury rates for securities with maturities approximating the options' expected lives. | |||||||||||||||
b. | Restricted Stock | ||||||||||||||
A summary of the Company's activity related to Restricted Stock awards for the year ended December 31, 2013 is summarized below: | |||||||||||||||
Restricted Stock: | Number of Shares | Weighted-Average Grant Date Fair Value | |||||||||||||
Outstanding at December 31, 2012 | 642,499 | $ | 96.68 | ||||||||||||
2013:00:00 | Granted | 6,080 | $ | 272.7 | |||||||||||
Vested | (109,999 | ) | $ | 30.63 | |||||||||||
Outstanding at December 31, 2013 | 538,580 | $ | 112.16 | ||||||||||||
The Company recognized non-cash stock-based compensation expense from Restricted Stock awards of $14.1 million, $11.1 million, and $5.7 million in 2013, 2012, and 2011, respectively. As of December 31, 2013, there were 538,580 unvested shares of Restricted Stock outstanding and $43.7 million of stock-based compensation cost related to these unvested shares which had not yet been recognized. The Company expects to recognize this compensation cost over a weighted-average period of 3.8 years. |
Executive_Stock_Purchase_Plan
Executive Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2013 | |
Executive Stock Purchase Plan [Abstract] | ' |
Executive Stock Purchase Plan | ' |
Executive Stock Purchase Plan | |
In 1989, the Company adopted an Executive Stock Purchase Plan (the “Plan”) under which 1,027,500 shares of Class A Stock were reserved for restricted stock awards. The Plan provides for the compensation committee of the board of directors to award employees, directors, consultants, and other individuals (“Plan participants”) who render service to the Company the right to purchase Class A Stock at a price set by the compensation committee. The Plan provides for the vesting of shares as determined by the compensation committee and, should the Company's relationship with a Plan participant terminate before all shares are vested, unvested shares will be repurchased by the Company at a price per share equal to the original amount paid by the Plan participant. During 1989 and 1990, a total of 983,254 shares were issued, all of which vested as of December 31, 1999. As of December 31, 2013, there were 44,246 shares available for future grants under the Plan. |
Employee_Savings_Plan
Employee Savings Plan | 12 Months Ended |
Dec. 31, 2013 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' |
Employee Savings Plan | ' |
Employee Savings Plan | |
In 1993, the Company adopted the provisions of the Regeneron Pharmaceuticals, Inc. 401(k) Savings Plan (the “Savings Plan”). The terms of the Savings Plan provide for employees who have met defined service requirements to participate in the Savings Plan by electing to contribute to the Savings Plan a percentage of their compensation to be set aside to pay their future retirement benefits, as defined. The Savings Plan, as amended and restated, provides for the Company to make discretionary contributions (“Contribution”), as defined. The Company recognized $5.7 million, $6.3 million, and $4.1 million of Contribution expense in 2013, 2012, and 2011, respectively. During the first quarter of 2014, 2013, and 2012, the Company contributed 20,603, 38,248, and 63,937 shares, respectively, of Common Stock to the Savings Plan in satisfaction of the 2013, 2012, and 2011 Contribution, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The Company is subject to U.S. federal, state, and foreign income taxes. Income tax expense (benefit) for the years ended December 31, 2013 and 2012 consists of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
Current: | |||||||||||||
Federal | $ | 201,475 | — | ||||||||||
State | 23,489 | $ | 4,308 | ||||||||||
Foreign | 433 | — | |||||||||||
Total current tax expense (benefit) | 225,397 | 4,308 | |||||||||||
Deferred: | |||||||||||||
Federal | 54,910 | (300,319 | ) | ||||||||||
State | 8,700 | (39,837 | ) | ||||||||||
Foreign | (9 | ) | — | ||||||||||
Total deferred tax expense (benefit) | 63,601 | (340,156 | ) | ||||||||||
Total income tax expense (benefit) | $ | 288,998 | $ | (335,848 | ) | ||||||||
In 2013, the Company utilized substantially all of the net operating loss carry-forwards for which deferred tax assets were recorded as of December 31, 2012. The Company also utilized $216.9 million of net operating loss carry-forwards related to exercises of Nonqualified Stock Options and disqualifying dispositions of ISOs, which were credited to additional paid-in capital as realized. | |||||||||||||
During the year ended December 31, 2012, substantially all income tax expense relating to the Company's pre-tax income was offset by releasing a portion of the Company's valuation allowance. In addition, in the fourth quarter of 2012, the Company recorded a $340.2 million 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, and was based on the evaluation and weighting of positive and negative evidence. For example, in the fourth quarter of 2012, the Company achieved a cumulative three-year income position; a significant positive factor that overcame substantive prior negative evidence. In addition, the Company considered forecasts of future operating results and utilization of net operating losses and tax credits prior to their expiration. | |||||||||||||
For the year ended December 31, 2011, the Company incurred a net loss for tax purposes and recognized a full valuation allowance against deferred taxes. In 2011, the Company recognized a $1.1 million income tax benefit, consisting of (i) $0.7 million related to tax legislation that allowed the Company to claim a refund for a portion of its unused pre-2006 research tax credits and (ii) $0.4 million in connection with the net tax effect of the change in the Company's unrealized gain (loss) on “available for sale” marketable securities, which was included in other comprehensive income (loss). | |||||||||||||
A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | |||||||||
State and local income taxes | 3.4 | 5.4 | |||||||||||
Change in state effective rate | — | 5.4 | |||||||||||
Other non-deductible and permanent differences | 2.1 | 2.8 | |||||||||||
Foreign income tax rate differential | 4.9 | — | |||||||||||
Income tax credits | (4.9 | ) | — | ||||||||||
Reclassification of net operating losses related to exercises of stock options | — | 9.3 | |||||||||||
Provision (benefit) attributable to valuation allowances | — | (139.0 | ) | ||||||||||
Effective income tax rate | 40.5 | % | (81.1 | )% | |||||||||
In 2013, the difference between the U.S. federal statutory rate of 35% and the Company’s effective tax rate of 40.5% is primarily attributable to increases related to state and local taxes, the non-deductible Branded Prescription Drug Fee, and losses incurred in foreign jurisdictions with rates lower than the federal statutory rate. These increases were partially offset by federal and state income tax credits. In January, 2013, The American Taxpayer Relief Act was enacted, which 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 of the extension, during 2013, the Company recognized the benefit of both the 2012 and 2013 federal research tax credit, which totaled $34.0 million. | |||||||||||||
In 2012, the difference between the U.S. federal statutory rate of 35% and the Company’s effective tax rate of (81.1)% was primarily attributable to the benefit of the impact of releasing substantially all of the valuation allowance against deferred tax assets as discussed above, partly offset by increases related to state and local income taxes and non-deductible expenses. | |||||||||||||
In 2011, the difference between the Company's effective income tax rate and the U.S federal statutory rate of 35% was primarily attributable to an increase in the Company's deferred tax valuation allowance. | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carry-forward | $ | 135 | $ | 77,119 | |||||||||
Fixed assets | 18,902 | 1,380 | |||||||||||
Deferred revenue | 88,033 | 99,659 | |||||||||||
Deferred compensation | 109,715 | 53,367 | |||||||||||
Income tax credit carry-forwards | 9,372 | 71,164 | |||||||||||
Capitalized research and development costs | 18,942 | 24,437 | |||||||||||
Other | 34,215 | 23,511 | |||||||||||
279,314 | 350,637 | ||||||||||||
Valuation allowance | (1,830 | ) | (2,486 | ) | |||||||||
Total deferred tax assets | 277,484 | 348,151 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accruals | — | (6,824 | ) | ||||||||||
Convertible senior notes | (929 | ) | (1,171 | ) | |||||||||
(929 | ) | (7,995 | ) | ||||||||||
Net deferred tax assets | $ | 276,555 | $ | 340,156 | |||||||||
In 2013, the Company's net deferred tax assets (before valuation allowance) decreased primarily due to utilization of the deferred tax assets relating to net operating loss carry-forward and tax credits to offset tax liabilities associated with the Company's 2013 pre-tax income. These decreases in deferred tax assets were partially offset by increases in the deferred tax assets related to deferred compensation. At December 31, 2013, the Company has retained a valuation allowance against certain state tax credits and other tax-related carry-forwards, as the realizability of these deferred tax assets within the carry-forward period is uncertain. | |||||||||||||
In 2012, the Company's net deferred tax assets (before valuation allowance) decreased, due primarily to utilization of a portion of the net operating loss carry-forward deferred tax asset to offset potential tax liabilities associated with the Company's 2012 pre-tax income. In addition, as described above, (i) substantially all income tax expense related to the Company's 2012 pre-tax income was offset by releasing a portion of the Company's valuation allowance during 2012 and (ii) in the fourth quarter of 2012, the Company released substantially all of the remaining valuation allowance against the Company's deferred tax assets, resulting in the recognition of a $340.2 million income tax benefit. | |||||||||||||
As of December 31, 2013, the Company had available for tax purposes unused federal and state net operating loss carry-forwards of $450.4 million which will expire in various years from 2018 to 2032. The tax benefit of these net operating loss carry-forwards related to exercises of Nonqualified Stock Options and disqualifying dispositions of Incentive Stock Options, which will be credited to additional paid-in capital when realized. The Internal Revenue Code contains certain provisions that can limit a taxpayer's ability to utilize net operating losses and tax credit carry-forwards in any given year resulting from cumulative changes in ownership interests in excess of 50% over a three-year period. The Company does not believe, however, that any such limitation would have a significant impact on the Company's ability to utilize its net operating losses or income tax credit carry-forwards prior to expiration. | |||||||||||||
The Company's 2011 federal income tax return is currently under audit by the Internal Revenue Service. In 2011 and early 2012, U.S. federal tax authorities concluded examinations of the Company's 2007, 2008, and 2009 federal income tax returns. The Company's 2009, 2010, and 2011 New York State returns are currently under audit by the state tax authorities. The United States and many states generally have statutes of limitation ranging from 3 to 5 years; however, those statutes could be extended due to the Company's net operating loss carry-forward position in a number of the Company's tax jurisdictions. In general, tax authorities have the ability to review income tax returns for loss periods in which the statute of limitation has previously expired to adjust the net operating loss carry-forward or tax credits generated in those years. | |||||||||||||
The following table summarizes the gross amounts of unrecognized tax benefits, without regard to reduction in tax liabilities or additions to deferred tax assets and liabilities if such unrecognized tax benefits were settled. The amount, if recognized, that would impact the effective tax rate is $23.5 million, $8.4 million, and $4.2 million as of December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance as of January 1 | $ | 11,274 | $ | 5,596 | $ | 12,819 | |||||||
Gross increases related to current year tax positions | 7,620 | 1,873 | 2,192 | ||||||||||
Gross increases related to prior year tax positions | 8,305 | 3,805 | — | ||||||||||
Gross decrease due to settlements, recapture, filed returns, and lapse of statutes of limitation | (572 | ) | — | (9,415 | ) | ||||||||
Balance as of December 31 | $ | 26,627 | $ | 11,274 | $ | 5,596 | |||||||
In 2013 and 2012, the increase in unrecognized tax benefits related primarily to the Company's calculation of certain tax credits. In 2011, the gross decrease in unrecognized tax benefits related to prior year tax positions was primarily due to the conclusion of examinations of the Company's 2007, 2008, and 2009 federal income tax returns by U.S. federal tax authorities. Due to the amounts of the Company's net operating loss carry-forward and tax credit carry-forwards, the Company has not accrued interest or penalties related to these unrecognized tax benefits. The Company believes that it is reasonably possible that its unrecognized tax benefits at December 31, 2013 may decrease by up to $8 million within the next twelve months due to the resolution of federal and New York State audits. |
Legal_Matters
Legal Matters | 12 Months Ended |
Dec. 31, 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. | |
Proceedings Relating to ‘287 Patent | |
As described more specifically below, the Company is a party to patent infringement litigation involving its European Patent No. 1,360,287 (the “‘287 Patent”), which concerns genetically altered mice capable of producing chimeric antibodies that are part human and part mouse. Chimeric antibody sequences can be used to produce high-affinity fully human monoclonal antibodies. In these proceedings (referred to below as “‘287 Patent Infringement Litigation”), the Company claims infringement of several of the ‘287 Patent, and seeks, among other types of relief, an injunction and an account of profits in connection with the defendants’ infringing acts, which may include, among other things, the making, use, keeping, sale, or offer for sale of genetically engineered mice (or certain cells from which they are derived) that infringe one or more claims of the ‘287 Patent. | |
On September 25, 2013, the Company commenced ‘287 Patent Infringement Litigation against Kymab Ltd, a company based in the United Kingdom, in the English High Court of Justice, Chancery Division, Patents Court, in London. On December 18, 2013, Kymab filed a defense to the Company's lawsuit and counterclaimed alleging invalidity of the '287 Patent. Kymab previously filed an opposition to the '287 Patent in the European Patent Office in June 2013. | |
On January 3, 2014, the Company commenced ‘287 Patent Infringement Litigation against Novo Nordisk A/S, a company based in Denmark, in the English High Court of Justice, Chancery Division, Patents Court, in London. | |
As the '287 Patent Infringement Litigation proceedings are at an early stage, at this time the Company is not able to predict the outcome or an estimate of gain, if any, related to these proceedings. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||
Net Income (Loss) Per Share | |||||||||||||
The Company’s basic net income (loss) per share amounts have been computed by dividing net income (loss) by the weighted average number of shares of Common Stock and Class A Stock outstanding. Net income (loss) 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. In 2011, the Company reported a net loss; therefore, no common stock equivalents were included in the computation of diluted net loss per share for these periods, since such inclusion would have been antidilutive. The calculations of basic and diluted net income (loss) per share are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) - basic | $ | 424,362 | $ | 750,269 | $ | (221,760 | ) | ||||||
Effect of dilutive securities: | |||||||||||||
Convertible senior notes - interest expense related to contractual coupon interest rate and amortization of discount and note issuance costs, net of tax | — | 29,126 | — | ||||||||||
Net income (loss) - diluted | $ | 424,362 | $ | 779,395 | $ | (221,760 | ) | ||||||
(Shares in thousands) | |||||||||||||
Weighted average shares - basic | 97,917 | 94,685 | 90,610 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options | 10,233 | 14,231 | — | ||||||||||
Restricted stock | 433 | 715 | — | ||||||||||
Convertible senior notes | — | 4,761 | — | ||||||||||
Warrants | 2,707 | 990 | — | ||||||||||
Dilutive potential shares | 13,373 | 20,697 | — | ||||||||||
Weighted average shares - diluted | 111,290 | 115,382 | 90,610 | ||||||||||
Net income (loss) per share - basic | $ | 4.33 | $ | 7.92 | $ | (2.45 | ) | ||||||
Net income (loss) per share - diluted | $ | 3.81 | $ | 6.75 | $ | (2.45 | ) | ||||||
Shares which have been excluded from the December 31, 2013, 2012, and 2011 diluted per share amounts because their effect would have been antidilutive, include the following: | |||||||||||||
December 31, | |||||||||||||
(Shares in thousands) | 2013 | 2012 | 2011 | ||||||||||
Stock options | 304 | 325 | 20,942 | ||||||||||
Restricted stock | — | — | 846 | ||||||||||
Convertible senior notes | 4,761 | — | 939 | ||||||||||
Warrants | — | — | 939 | ||||||||||
Statement_of_Cash_Flows
Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2012 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' |
Statement of Cash Flows | ' |
Statement of Cash Flows | |
Supplemental disclosure of non-cash investing and financing activities: | |
Included in accounts payable and accrued expenses at December 31, 2013, 2012, and 2011 were $16.1 million, $8.6 million, and $6.2 million of accrued capital expenditures, respectively. | |
Pursuant to the application of FASB authoritative guidance to the Company’s lease of office and laboratory facilities in Tarrytown, New York (see Note 13a), the Company recognized a facility lease obligation of $25.0 million during 2013 in connection with capitalizing, on the Company's books, the landlord's costs of constructing new facilities that the Company has leased. The Company did not recognize any such facility lease obligations during 2012 and 2011. | |
Included in facility lease obligations and property, plant, and equipment at December 31, 2013 was $1.9 million of capitalized and deferred interest for the year ended December 31, 2013, as the related facilities are currently under construction. For the years ended December 31, 2012 and 2011, the Company did not capitalize any interest. | |
Included in other assets at December 31, 2013 and 2012 were $1.2 million and $3.8 million, respectively, due to the Company in connection with employee exercises of stock options. Such amount was not material at December 31, 2011. |
Unaudited_Quarterly_Results
Unaudited Quarterly Results | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Unaudited Quarterly Results | ' | ||||||||||||||||
Unaudited Quarterly Results | |||||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and 2012 are set forth in the following tables. | |||||||||||||||||
First Quarter Ended | Second Quarter Ended | Third Quarter Ended | Fourth Quarter Ended | ||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Revenues (1) | $ | 439,664 | $ | 457,642 | $ | 597,027 | $ | 610,412 | |||||||||
Net income | $ | 98,874 | $ | 87,376 | $ | 141,306 | $ | 96,806 | |||||||||
Net income per share - basic | $ | 1.02 | $ | 0.89 | $ | 1.44 | $ | 0.98 | |||||||||
Net income per share - diluted | $ | 0.9 | $ | 0.79 | $ | 1.25 | $ | 0.86 | |||||||||
First Quarter Ended | Second Quarter Ended | Third Quarter Ended | Fourth Quarter Ended | ||||||||||||||
31-Mar-12 | 30-Jun-12 | 30-Sep-12 | 31-Dec-12 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Revenues (2) | $ | 231,789 | $ | 304,399 | $ | 427,687 | $ | 414,602 | |||||||||
Net income (3) | $ | 11,651 | $ | 76,743 | $ | 191,468 | $ | 470,407 | |||||||||
Net income per share - basic | $ | 0.12 | $ | 0.81 | $ | 2.02 | $ | 4.92 | |||||||||
Net income per share - diluted | $ | 0.11 | $ | 0.7 | $ | 1.72 | $ | 4.08 | |||||||||
(1) Revenues in the second quarter of 2013 were reduced by two $10 million up-front payments made to Sanofi to acquire full rights to antibodies to PDGF and antibodies to Ang2 in ophthalmology, as described in Note 4 above. Revenues in the third and fourth quarter of 2013 included recognition of sales and substantive development milestones of $45.0 million and $25.0 million, respectively. | |||||||||||||||||
(2) Revenues in the third and fourth quarter of 2012 included substantive development milestones of $65.0 million and $10.0 million, respectively. | |||||||||||||||||
(3) Net income for the quarter ended December 31, 2012 included an income tax benefit of $335.8 million, primarily attributable to the release of substantially all of the Company's valuation allowance against its deferred tax assets. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
For purposes of the statement of cash flows and the balance sheet, the Company considers all highly liquid debt instruments with a maturity of three months or less when purchased to be cash equivalents. The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair value. | |||
Marketable Securities | ' | ||
Marketable Securities | |||
The Company has an investment policy that includes guidelines on acceptable investment securities, minimum credit quality, maturity parameters, and concentration and diversification. The Company invests its excess cash primarily in marketable securities issued by investment grade institutions. The Company considers its marketable securities to be “available-for-sale,” as defined by authoritative guidance issued by the Financial Accounting Standards Board (“FASB”). These assets are carried at fair value and the unrealized gains and losses are included in accumulated other comprehensive income (loss). If a decline in the value of a marketable security in the Company's investment portfolio is deemed to be other-than-temporary, the Company writes down the security to its current fair value and recognizes a loss as a charge against income. As described under “Use of Estimates” below, the Company reviews its portfolio of marketable securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost are other-than-temporary. | |||
Accounts Receivable - Trade | ' | ||
Accounts Receivable - Trade | |||
The Company's trade accounts receivable represents amounts due from its distributors and specialty pharmacies (collectively, the Company's “customers”), which are all located in the United States. The Company monitors the financial performance and credit worthiness of its large customers so that it can properly assess and respond to changes in their credit profile. The Company provides reserves against trade receivables for estimated losses that may result from a customer's inability to pay. Amounts determined to be uncollectible are written-off against the reserve. | |||
Inventory | ' | ||
Inventories | |||
Inventories are stated at the lower of cost or estimated realizable value. The Company determines the cost of inventory using the first-in, first-out, or FIFO, method. The Company capitalizes inventory costs associated with the Company's products prior to regulatory approval when, based on management's judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. The Company periodically analyzes its inventory levels to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value, and writes-down such inventories as appropriate. In addition, the Company's products are subject to strict quality control and monitoring which the Company performs throughout the manufacturing process. If certain batches or units of product no longer meet quality specifications or become obsolete due to expiration, the Company records a charge to cost of goods sold to write down such unmarketable inventory to its estimated realizable value. | |||
Property, Plant and Equipment | ' | ||
Property, Plant, and Equipment | |||
Property, plant, and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Expenditures for maintenance and repairs which do not materially extend the useful lives of the assets are charged to expense as incurred. The cost and accumulated depreciation or amortization of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in operations. The estimated useful lives of property, plant, and equipment are as follows: | |||
Building and improvements | 10-35 years | ||
Laboratory and other equipment | 3-10 years | ||
Furniture and fixtures | 5 years | ||
Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the lease term, without assuming renewal features, if any, are exercised. Costs of construction of certain long-lived assets include capitalized interest which is amortized over the estimated useful life of the related asset. | |||
Accounting for the Impairment of Long-Lived Assets | ' | ||
Accounting for the Impairment of Long-Lived Assets | |||
The Company periodically assesses the recoverability of long-lived assets, such as property, plant, and equipment, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future undiscounted cash flows are less than the carrying amount. | |||
Operating Leases | ' | ||
Operating Leases | |||
On certain of its operating lease agreements, the Company may receive rent holidays and other incentives. The Company recognizes operating lease costs on a straight-line basis without regard to deferred payment terms, such as rent holidays, that defer the commencement date of required payments. In addition, lease incentives that the Company receives are treated as a reduction of rent expense over the term of the related agreements. | |||
Revenue Recognition - Product Revenue | ' | ||
Product Revenue | |||
Product sales consist of U.S. sales of EYLEA and ARCALYST. Revenue from product sales is recognized when persuasive evidence of an arrangement exists, title to product and associated risk of loss have passed to the customer, the price is fixed or determinable, collection from the customer is reasonably assured, the Company has no further performance obligations, and returns can be reasonably estimated. The Company's written contracts with its customers stipulate product is shipped freight on board destination (FOB destination). The Company records revenue from product sales upon delivery to its customers. | |||
The Company sells EYLEA in the United States to three distributors and several specialty pharmacies. The Company sells ARCALYST in the United States to two specialty pharmacies. Under these distribution models, the distributors and specialty pharmacies generally take physical delivery of product. For EYLEA, the distributors and specialty pharmacies generally sell the product directly to healthcare providers, whereas for ARCALYST, the specialty pharmacies sell the product directly to patients. | |||
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. Calculating these provisions involves estimates and judgments. The Company reviews its estimates of rebates, chargebacks, and other applicable provisions each period and records any necessary adjustments in the current period's net product sales. | |||
Government Rebates and Chargebacks: The Company estimates reductions to product sales for Medicaid and Veterans' Administration ("VA") programs, and for certain other qualifying federal and state government programs. Based upon the Company's contracts with government agencies, statutorily-defined discounts applicable to government-funded programs, historical experience, and estimated payer mix, the Company estimates and records an allowance for rebates and chargebacks. The Company's liability for Medicaid rebates consists of estimates for claims that a state will make for a current quarter, claims for prior quarters that have been estimated for which an invoice has not been received, and invoices received for claims from prior quarters that have not been paid. The Company's reserves related to discounted pricing to VA, Public Health Services ("PHS"), and other institutions (collectively "qualified healthcare providers") represent the Company's estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices the Company charges to its customers (i.e., distributors and specialty pharmacies). The Company's customers charge the Company for the difference between what they pay for the products and the ultimate selling price to the qualified healthcare providers. The Company's reserve for this discounted pricing is based on expected sales to qualified healthcare providers and the chargebacks that customers have already claimed. | |||
Distribution-Related Fees: The Company has written contracts with its customers that include terms for distribution-related fees. The Company estimates and records distribution and related fees due to its customers based on gross sales. | |||
Prompt Pay Discounts: No prompt pay discounts are currently offered to the Company's customers on sales of EYLEA. In connection with sales of ARCALYST, the Company offers discounts to its customers for prompt payments. The Company estimates these discounts based on customer terms and historical experience, and expects that its customers will always take advantage of this discount. Therefore, the Company accrues 100% of the prompt pay discount that is based on the gross amount of each ARCALYST invoice, at the time of sale. | |||
Product Returns: Consistent with industry practice, the Company offers its customers a limited right to return product purchased directly from the Company, which is principally based upon the product's expiration date. The Company will accept returns for three months prior to and up to six months after the product expiration date. Product returned is generally not resalable given the nature of the Company's products and method of administration. The Company develops estimates for product returns based upon historical experience, inventory levels in the distribution channel, shelf life of the product, and other relevant factors. The Company monitors product supply levels in the distribution channel, as well as sales by its customers of EYLEA to healthcare providers and ARCALYST to patients using product-specific data provided by its customers. If necessary, the Company's estimates of product returns may be adjusted in the future based on actual returns experience, known or expected changes in the marketplace, or other factors. | |||
Revenue Recognition - Collaboration Revenue | ' | ||
Collaboration Revenue | |||
The Company earns collaboration revenue in connection with collaboration agreements to develop and commercialize product candidates and utilize the Company's technology platforms. The terms of these agreements typically include non-refundable up-front licensing payments, research progress (milestone) payments, payments for development activities, and sharing of profits or losses arising from the commercialization of products. Non-refundable up-front license payments, where continuing involvement is required of the Company, are deferred and recognized over the related performance period. The Company estimates its performance period based on the specific terms of each agreement, and adjusts the performance periods, if appropriate, based on the applicable facts and circumstances. Although the Company did not enter into, or materially modify, any collaboration arrangements with multiple-deliverables during the years ended December 31, 2013, 2012, and 2011, any future arrangements with multiple deliverables will be divided into separate units of accounting if the deliverables in the arrangement meet certain criteria, including whether the delivered item or items has value to the collaborator on a standalone basis. Payments which are based on achieving a specific substantive performance milestone, involving a degree of risk, are recognized as revenue when the milestone is achieved and the related payment is due and non-refundable, provided there is no future service obligation associated with that milestone. Substantive performance milestones typically consist of significant achievements in the development life-cycle of the related product candidate, such as completion of clinical trials, filing for approval with regulatory agencies, and receipt of approvals by regulatory agencies. In determining whether a payment is deemed to be a substantive performance milestone, the Company takes into consideration (i) the enhancement in value to the related development product candidate, (ii) the Company's performance and relative level of effort required to achieve the milestone, (iii) whether the milestone relates solely to past performance, and (iv) whether the milestone payment is considered reasonable relative to all of the deliverables and payment terms. Payments for achieving milestones which are not considered substantive are deferred and recognized over the related performance period. | |||
The Company enters into collaboration agreements that include varying arrangements regarding which parties perform and bear the costs of research and development activities. The Company may share the costs of research and development activities with a collaborator, or the Company may be reimbursed for all or a significant portion of the costs of the Company's research and development activities. The Company records its internal and third-party development costs associated with these collaborations as research and development expenses. When the Company is entitled to reimbursement of all or a portion of the research and development expenses that it incurs under a collaboration, the Company records those reimbursable amounts as collaboration revenue proportionately as the Company recognizes its expenses. If the collaboration contains a cost-sharing arrangement in which both the Company and its collaborator perform development work and share costs, in periods when the Company's collaborator incurs development expenses that benefit the collaboration and Regeneron, the Company also recognizes, as additional research and development expense, the portion of the collaborator's development expenses that the Company is obligated to reimburse. | |||
The Company may also be obligated to use commercially reasonable efforts to supply commercial bulk product to its collaborators. In such cases, the Company is reimbursed for its manufacturing costs as commercial product is shipped to its collaborators; however, recognition of such cost reimbursements as collaboration revenue is deferred until the product is sold by the Company's collaborators to third-party customers, at which time the Company's risk of inventory loss no longer exists. In addition, at that time, the related manufacturing costs for the sold product, which had been capitalized into inventory, are recognized by the Company. | |||
Under the Company's collaboration agreements, product sales and cost of sales are recorded by the Company's collaborators. The Company shares in any profits or losses arising from the commercialization of collaboration products. The Company records its share of the profits or losses, representing net product sales less cost of goods sold and shared commercialization and other expenses, from commercialization of such products as collaboration revenue. | |||
In connection with non-refundable licensing payments, the Company's performance period estimates are principally based on projections of the scope, progress, and results of its research and development activities. Due to the variability in the scope of activities and length of time necessary to develop a drug product, changes to development plans as programs progress, and uncertainty in the ultimate requirements to obtain governmental approval for commercialization, revisions to performance period estimates are likely to occur periodically, and could result in material changes to the amount of revenue recognized each year in the future. In addition, estimated performance periods may change if development programs encounter delays, or the Company and its collaborators decide to expand or contract the clinical plans for a drug candidate in various disease indications. Also, if a collaborator terminates an agreement in accordance with the terms of the agreement, the Company would recognize as revenue any unamortized remainder of an up-front or previously deferred payment at the time of the termination. | |||
Revenue Recognition - Technology Licensing | ' | ||
VelocImmune® Technology Licensing | |||
The Company enters into non-exclusive license agreements with third parties that allow the third party to utilize the Company's VelocImmune technology in its internal research programs. The terms of these agreements include up-front payments and entitle the Company to receive royalties on any future sales of products discovered by the third party using the Company's VelocImmune technology. Up-front payments under these agreements, where continuing involvement is required of the Company, are deferred and recognized ratably over their respective license periods. | |||
Investment Income | ' | ||
Investment Income | |||
Interest income, which is included in investment income, is recognized as earned. | |||
Research and Development Expenses | ' | ||
Research and Development Expenses | |||
Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, materials, supplies, depreciation on and maintenance of research equipment, costs related to research collaboration and licensing agreements, the cost of services provided by outside contractors, including services related to the Company's clinical trials, clinical trial expenses, the full cost of manufacturing drug for use in research, preclinical development, and clinical trials, amounts that the Company is obligated to reimburse to collaborators for research and development expenses that they incur, and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. All costs associated with research and development are expensed. | |||
Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company outsources a substantial portion of its clinical trial activities, utilizing external entities such as contract research organizations (“CROs”), independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical studies. For each clinical trial that the Company conducts, certain clinical trial costs are expensed immediately, while others are expensed over time based on the expected total number of patients in the trial, the rate at which patients enter the trial, and/or the period over which clinical investigators or CROs are expected to provide services. | |||
Clinical activities which relate principally to clinical sites and other administrative functions to manage the Company's clinical trials are performed primarily by CROs. CROs typically perform most of the start-up activities for the Company's trials, including document preparation, site identification, screening and preparation, pre-study visits, training, and program management. On a budgeted basis, these start-up costs are typically 10% to 20% of the total contract value. On an actual basis, this percentage range can be significantly wider, as many of the Company's contracts with CROs are either expanded or reduced in scope compared to the original budget, while start-up costs for the particular trial may not change materially. These start-up costs usually occur within a few months after the contract has been executed and are event driven in nature. The remaining activities and related costs, such as patient monitoring and administration, generally occur ratably throughout the life of the individual contract or study. In the event of early termination of a clinical trial, the Company accrues and recognizes expenses in an amount based on its estimate of the remaining non-cancelable obligations associated with the winding down of the clinical trial and/or penalties. | |||
For clinical study sites, where payments are made periodically on a per-patient basis to the institutions performing the clinical study, the Company accrues expenses on an estimated cost-per-patient basis, based on subject enrollment and activity in each quarter. The amount of clinical study expense recognized in a quarter may vary from period to period based on the duration and progress of the study, the activities to be performed by the sites each quarter, the required level of patient enrollment, the rate at which patients actually enroll in and drop-out of the clinical study, and the number of sites involved in the study. Clinical trials that bear the greatest risk of change in estimates are typically those that have a significant number of sites, require a large number of patients, have complex patient screening requirements, and span multiple years. During the course of a trial, the Company adjusts its rate of clinical expense recognition if actual results differ from the Company's estimates. The Company's estimates and assumptions for clinical expense recognition could differ significantly from its actual results, which could cause material increases or decreases in research and development expenses in future periods when the actual results become known. | |||
Share-based Compensation | ' | ||
Stock-based Compensation | |||
The Company recognizes stock-based compensation expense for grants of stock option awards and restricted stock under the Company's Long-Term Incentive Plan to employees and non-employee members of the Company's board of directors based on the grant-date fair value of those awards. The grant-date fair value of an award is generally recognized as compensation expense over the award's requisite service period. In addition, the Company has granted performance-based stock option awards which vest based upon the optionee satisfying certain performance and service conditions as defined in the agreements. Potential compensation cost, measured on the grant date, related to these performance options will be recognized only if, and when, the Company estimates that these options will vest, which is based on whether the Company considers the options' performance conditions to be probable of attainment. The Company's estimates of the number of performance-based options that will vest will be revised, if necessary, in subsequent periods. | |||
The Company uses the Black-Scholes model to compute the estimated fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to (i) expected volatility of the Company's Common Stock price, (ii) the periods of time over which employees and members of the board of directors are expected to hold their options prior to exercise (expected lives), (iii) expected dividend yield on the Common Stock, and (iv) risk-free interest rates. Stock-based compensation expense also includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. This estimate is revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||
Income Taxes | ' | ||
Income Taxes | |||
The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
Uncertain tax positions are accounted for in accordance with FASB authoritative guidance, which prescribes a comprehensive model for the manner in which a company should recognize, measure, present, and disclose in its financial statements all material uncertain tax positions that the company has taken or expects to take on a tax return. Those positions, for which management's assessment is that there is more than a 50% probability of sustaining the position upon challenge by a taxing authority based upon its technical merits, are subjected to certain measurement criteria. | |||
The Company's policy is to recognize interest and penalties related to income tax matters in income tax expense. | |||
Per Share Data | ' | ||
Per Share Data | |||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of Common Stock and Class A Stock outstanding. Net income (loss) 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. Basic net income (loss) per share excludes restricted stock awards until vested. Diluted net income per share includes the potential dilutive effect of common stock equivalents as if such securities were converted or exercised during the period, when the effect is dilutive. Common stock equivalents include: (i) outstanding stock options and restricted stock awards under the Company's Long-Term Incentive Plans, which are included under the “treasury stock method” when dilutive, (ii) Common Stock to be issued upon the assumed conversion of the Company's convertible senior notes, which are included under the “if-converted method” when dilutive, and (iii) Common Stock to be issued upon the exercise of outstanding warrants, which are included under the “treasury stock method” when dilutive. The computation of diluted net loss per share for the year ended December 31, 2011 does not include common stock equivalents, since such inclusion would be antidilutive. | |||
Consolidation | ' | ||
Consolidation | |||
The consolidated financial statements include the accounts of Regeneron and its wholly-owned subsidiaries. Intercompany balances and transactions are eliminated in consolidation. | |||
Concentration of Credit Risk | ' | ||
Concentration of Credit Risk | |||
Financial instruments which potentially expose the Company to concentrations of credit risk consist of cash, cash equivalents, certain financial instruments, and accounts receivable. A large portion of the Company's cash is held by a few major financial institutions. In accordance with the Company's policies, the Company mandates asset diversification and monitors exposure with its counterparties. | |||
Accounts receivable from product sales of EYLEA and ARCALYST are due from three distributors and several specialty pharmacies, who are the Company's customers. The Company has contractual payment terms with each of its customers, and the Company monitors its customers' financial performance and credit worthiness so that it can properly assess and respond to any changes in their credit profile. In addition, the Company may insure a portion of its accounts receivables within its overall risk management practices. As of December 31, 2013 and 2012, there were no reserves against trade accounts receivable. In addition, during the years ended December 31, 2013, 2012, and 2011, the Company did not recognize any charges for write-offs of trade accounts receivable. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Estimates which could have a significant impact on the Company's financial statements include provisions for product rebates, chargebacks, distribution-related fees, and returns; periods over which payments, including non-refundable up-front, license, and milestone payments, are recognized as revenue in connection with collaboration and other agreements; periods over which certain clinical trial costs are recognized; the Company's estimate of cumulative EYLEA sales through May 7, 2016 to determine a blended royalty rate as a basis for recognized royalty expense related to the Company's non-exclusive license with Genentech (see Note 13b); fair value of stock options; useful lives of property, plant, and equipment; inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value; capitalization of inventory costs associated with the Company's products prior to regulatory approval; deferred tax asset valuation allowance; and the assessment of uncertain tax positions. | |||
With respect to the Company's collaborations with Sanofi and Bayer HealthCare: | |||
• | Included in Sanofi collaboration revenue is the Company's share of profits or losses from commercialization of ZALTRAP, | ||
which is provided by Sanofi, and includes an estimate of the Company's share of profits or losses for the most recent fiscal quarter. | |||
• | Included in Bayer HealthCare collaboration revenue is the Company's share of profits or losses from commercialization of EYLEA outside the United States, which is provided by Bayer HealthCare, and includes an estimate of the Company's share of profits or losses for the most recent fiscal quarter. | ||
• | Included in research and development expenses is the Company's share of development expenses incurred by its collaboration partners, Bayer HealthCare and Sanofi, including the Company's share of Bayer HealthCare and Sanofi estimated development expenses for the most recent fiscal quarter. | ||
These estimates for the most recent period are adjusted, if necessary, in the subsequent period to reflect actual amounts. | |||
Reclassifications | ' | ||
Reclassifications | |||
Certain reclassifications have been made to prior period amounts to conform with the current period's presentation. | |||
Legal Costs | ' | ||
Costs associated with the Company's involvement in legal proceedings are expensed as incurred. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Estimated Useful Lives of Property, Plant, and Equipment | ' | ||
The estimated useful lives of property, plant, and equipment are as follows: | |||
Building and improvements | 10-35 years | ||
Laboratory and other equipment | 3-10 years | ||
Furniture and fixtures | 5 years |
Net_Product_Sales_Tables
Net Product Sales (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Revenues [Abstract] | ' | |||||||||||||||
Sales Related Deductions Activity | ' | |||||||||||||||
The following table summarizes the provisions, and credits/payments, for these sales-related deductions for the years ended December 31, 2013 and 2012; such amounts were not significant during the year ended December 31, 2011. | ||||||||||||||||
Rebates & | Distribution- | Other Sales- | Total | |||||||||||||
Chargebacks | Related | Related | ||||||||||||||
Fees | Deductions | |||||||||||||||
Balance as of December 31, 2011 | $ | 585 | $ | 1,451 | $ | 182 | $ | 2,218 | ||||||||
Provision related to current period sales | 14,153 | 45,028 | 3,070 | 62,251 | ||||||||||||
Credits/payments | (11,755 | ) | (31,181 | ) | (2,707 | ) | (45,643 | ) | ||||||||
Balance as of December 31, 2012 | 2,983 | 15,298 | 545 | 18,826 | ||||||||||||
Provision related to current period sales | 25,936 | 62,984 | 955 | 89,875 | ||||||||||||
Credits/payments | (24,519 | ) | (58,619 | ) | (962 | ) | (84,100 | ) | ||||||||
Balance as of December 31, 2013 | $ | 4,400 | $ | 19,663 | $ | 538 | $ | 24,601 | ||||||||
Collaboration_and_Contract_Res1
Collaboration and Contract Research Agreements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Revenues [Abstract] | ' | ||||||||||||
Collaboration revenue with related party - ZALTRAP | ' | ||||||||||||
The collaboration revenue related to ZALTRAP that the Company earned from Sanofi is detailed below: | |||||||||||||
Year ended December 31, | |||||||||||||
Sanofi Collaboration Revenue - ZALTRAP | 2013 | 2012 | 2011 | ||||||||||
Regeneron's share of losses in connection with commercialization of ZALTRAP | $ | (30,810 | ) | $ | (25,634 | ) | $ | (9,321 | ) | ||||
Substantive milestone payment | — | 50,000 | — | ||||||||||
Reimbursement of Regeneron research and development expenses | 5,639 | 10,702 | 16,871 | ||||||||||
Other | 9,682 | 13,268 | 9,932 | ||||||||||
$ | (15,489 | ) | $ | 48,336 | $ | 17,482 | |||||||
Collaboration revenue with related party - Antibody | ' | ||||||||||||
In connection with the Antibody Collaboration, the collaboration revenue the Company recognized is detailed below: | |||||||||||||
Year ended December 31, | |||||||||||||
Sanofi Collaboration Revenue - Antibody | 2013 | 2012 | 2011 | ||||||||||
Reimbursement of Regeneron research and development expenses | $ | 453,489 | $ | 365,245 | $ | 299,281 | |||||||
Up-front payments to Sanofi for acquisition of rights related to two antibodies | (20,000 | ) | — | — | |||||||||
Other | 12,111 | 10,233 | 9,846 | ||||||||||
$ | 445,600 | $ | 375,478 | $ | 309,127 | ||||||||
Collaboration revenue | ' | ||||||||||||
The collaboration revenue the Company earned from Bayer HealthCare is detailed below: | |||||||||||||
Year ended December 31, | |||||||||||||
Bayer HealthCare Collaboration Revenue | 2013 | 2012 | 2011 | ||||||||||
Regeneron's net profit in connection with commercialization of EYLEA outside the United States | $ | 101,494 | — | — | |||||||||
Sales and substantive development milestone payments | 70,000 | $ | 25,000 | — | |||||||||
Cost-sharing of Regeneron EYLEA development expenses | 20,905 | 34,892 | $ | 33,682 | |||||||||
Other | 27,890 | 10,207 | 9,390 | ||||||||||
$ | 220,289 | $ | 70,099 | $ | 43,072 | ||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Available-for-sale Securities | ' | |||||||||||||||||||||||
The following tables summarize the Company's investments in marketable securities at December 31, 2013 and 2012. | ||||||||||||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||||||||||||
At December 31, 2013 | Cost Basis | Gains | Losses | Value | ||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 107,493 | $ | 55 | $ | (27 | ) | $ | 107,521 | |||||||||||||||
Corporate bonds | 369,321 | 233 | (361 | ) | 369,193 | |||||||||||||||||||
Commercial paper | 23,891 | 53 | — | 23,944 | ||||||||||||||||||||
Municipal bonds | 36,935 | 45 | (59 | ) | 36,921 | |||||||||||||||||||
International government agency obligations | 2,007 | 1 | — | 2,008 | ||||||||||||||||||||
Certificates of deposit | 7,509 | 5 | — | 7,514 | ||||||||||||||||||||
Equity securities | 1,166 | — | — | 1,166 | ||||||||||||||||||||
$ | 548,322 | $ | 392 | $ | (447 | ) | $ | 548,267 | ||||||||||||||||
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 December 31, 2013 and 2012 consist of the following: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
Maturities within one year | $ | 158,376 | $ | 77,819 | ||||||||||||||||||||
Maturities after one year through five years | 383,410 | 267,837 | ||||||||||||||||||||||
Maturities after five years through ten years | 4,138 | — | ||||||||||||||||||||||
Maturities after ten years | 1,177 | — | ||||||||||||||||||||||
547,101 | 345,656 | |||||||||||||||||||||||
Restricted | ||||||||||||||||||||||||
Maturities within one year | — | 2,781 | ||||||||||||||||||||||
Maturities after one year through five years | — | 3,128 | ||||||||||||||||||||||
— | 5,909 | |||||||||||||||||||||||
$ | 547,101 | $ | 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 December 31, 2013 and 2012. | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
At December 31, 2013 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Unrestricted | ||||||||||||||||||||||||
U.S. government and government agency obligations | $ | 49,241 | $ | (27 | ) | — | — | $ | 49,241 | $ | (27 | ) | ||||||||||||
Corporate bonds | 176,140 | (361 | ) | — | — | 176,140 | (361 | ) | ||||||||||||||||
Municipal bonds | 14,431 | (59 | ) | — | — | 14,431 | (59 | ) | ||||||||||||||||
$ | 239,812 | $ | (447 | ) | — | — | $ | 239,812 | $ | (447 | ) | |||||||||||||
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) | 12 Months Ended | |||||||||||
Dec. 31, 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 December 31, 2013 and 2012, consist of the following: | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||
At December 31, 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 | $ | 107,521 | — | $ | 107,521 | |||||||
Corporate bonds | 369,193 | — | 369,193 | |||||||||
Commercial paper | 23,944 | — | 23,944 | |||||||||
Municipal bonds | 36,921 | — | 36,921 | |||||||||
International government agency obligations | 2,008 | — | 2,008 | |||||||||
Certificates of deposit | 7,514 | — | 7,514 | |||||||||
Equity securities | 1,166 | $ | 1,166 | — | ||||||||
$ | 548,267 | $ | 1,166 | $ | 547,101 | |||||||
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) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
Inventories consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 9,120 | $ | 4,862 | ||||
Work-in-process | 35,868 | 14,656 | ||||||
Finished goods | 14,352 | 2,570 | ||||||
Deferred costs | 11,014 | 6,550 | ||||||
$ | 70,354 | $ | 28,638 | |||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, plant, and equipment consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 2,768 | $ | 2,117 | ||||
Building and improvements | 343,363 | 328,173 | ||||||
Leasehold improvements | 26,370 | 10,576 | ||||||
Construction-in-progress | 142,370 | 25,076 | ||||||
Laboratory and other equipment | 189,543 | 159,026 | ||||||
Furniture, computer and office equipment, and other | 44,186 | 35,485 | ||||||
748,600 | 560,453 | |||||||
Less, accumulated depreciation and amortization | (221,617 | ) | (180,513 | ) | ||||
$ | 526,983 | $ | 379,940 | |||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accounts Payable and Accrued Liabilities | ' | |||||||
Accounts payable and accrued expenses consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Accounts payable | $ | 61,936 | $ | 38,934 | ||||
Accrued payroll and related costs | 69,429 | 19,987 | ||||||
Accrued clinical trial expense | 23,654 | 10,985 | ||||||
Accrued sales-related charges, deductions, and royalties | 66,855 | 21,870 | ||||||
Other accrued expenses and liabilities | 29,022 | 19,569 | ||||||
$ | 250,896 | $ | 111,345 | |||||
Deferred_Revenue_Tables
Deferred Revenue (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Revenue Disclosure [Abstract] | ' | |||||||
Deferred Revenue, by Arrangement, Disclosure | ' | |||||||
Deferred revenue consists of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Current portion: | ||||||||
Received or receivable from Sanofi (see Note 4a) | $ | 12,815 | $ | 17,022 | ||||
Received or receivable from Bayer HealthCare (see Note 4b) | 9,738 | 9,212 | ||||||
Received for technology license agreement (see Note 5) | 23,572 | 23,572 | ||||||
Other | 875 | 1,025 | ||||||
$ | 47,000 | $ | 50,831 | |||||
Long-term portion: | ||||||||
Received or receivable from Sanofi (see Note 4a) | $ | 76,522 | $ | 76,520 | ||||
Received or receivable from Bayer HealthCare (see Note 4b) | 26,683 | 27,256 | ||||||
Received for technology license agreement (see Note 5) | 80,994 | 104,566 | ||||||
$ | 184,199 | $ | 208,342 | |||||
Convertible_Debt_Tables
Convertible Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||||
The net carrying amount of the liability component of the Notes consists of the following: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Total convertible senior notes - par | $ | 400,000 | $ | 400,000 | |||||||||
Unamortized discount | (79,685 | ) | (103,482 | ) | |||||||||
$ | 320,315 | $ | 296,518 | ||||||||||
Interest Expense Associated with Convertible Notes | ' | ||||||||||||
Total interest expense associated with the Notes, net of capitalized interest as applicable (see Note 21), consisted of the following for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Contractual coupon interest rate | $ | 7,230 | $ | 7,503 | $ | 1,455 | |||||||
Amortization of discount and note issuance costs | 22,980 | 21,623 | 3,944 | ||||||||||
$ | 30,210 | $ | 29,126 | $ | 5,399 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments Under Operating Leases | ' | ||||||||||||
The estimated future minimum noncancelable lease commitments under operating leases are as follows: | |||||||||||||
December 31, | Facilities | Equipment | Total | ||||||||||
2014 | $ | 8,765 | $ | 2,169 | $ | 10,934 | |||||||
2015 | 9,348 | 505 | 9,853 | ||||||||||
2016 | 9,895 | 24 | 9,919 | ||||||||||
2017 | 9,429 | — | 9,429 | ||||||||||
2018 | 9,606 | — | 9,606 | ||||||||||
Thereafter | 67,849 | — | 67,849 | ||||||||||
$ | 114,892 | $ | 2,698 | $ | 117,590 | ||||||||
Rent Expense Under Operating Leases | ' | ||||||||||||
Rent expense under operating leases was: | |||||||||||||
Year Ended December 31, | Facilities | Equipment | Total | ||||||||||
2013 | $ | 9,404 | $ | 471 | $ | 9,875 | |||||||
2012 | 7,428 | 601 | 8,029 | ||||||||||
2011 | 7,191 | 599 | 7,790 | ||||||||||
Commitments Under Facility Lease Obligations | ' | ||||||||||||
The estimated future minimum noncancelable commitments under these facility lease obligations, as of December 31, 2013, are as follows: | |||||||||||||
December 31, | Buildings A and B | Building C | Total | ||||||||||
2014 | $ | 13,288 | $ | 4,438 | $ | 17,726 | |||||||
2015 | 13,545 | 4,562 | 18,107 | ||||||||||
2016 | 13,809 | 4,689 | 18,498 | ||||||||||
2017 | 14,079 | 4,818 | 18,897 | ||||||||||
2018 | 14,356 | 4,951 | 19,307 | ||||||||||
Thereafter | 146,667 | 65,074 | 211,741 | ||||||||||
$ | 215,744 | $ | 88,532 | $ | 304,276 | ||||||||
LongTerm_Incentive_Plans_Table
Long-Term Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Transactions Involving Stock Option Awards | ' | ||||||||||||||
Transactions involving stock option awards during 2013 under the 2000 Incentive Plan are summarized in the table below. | |||||||||||||||
Stock Options: | Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Intrinsic Value (in thousands) | |||||||||||
Outstanding at December 31, 2012 | 20,789,511 | $ | 56.03 | ||||||||||||
2013:00:00 | Granted | 3,937,989 | $ | 263.77 | |||||||||||
Forfeited | (141,199 | ) | $ | 105.71 | |||||||||||
Expired | (1,521 | ) | $ | 21.46 | |||||||||||
Exercised | (3,176,512 | ) | $ | 27.82 | |||||||||||
Outstanding at December 31, 2013 | 21,408,268 | $ | 98.1 | 7.01 | $ | 3,811,441 | |||||||||
Vested and expected to vest at December 31, 2013 | 20,875,388 | $ | 95.63 | 6.96 | $ | 3,768,120 | |||||||||
Exercisable at December 31, 2013 | 11,322,801 | $ | 36.83 | 5.37 | $ | 2,709,278 | |||||||||
Weighted-Average Exercise Prices and Weighted-Average Grant-Date Fair Values of Options Issued | ' | ||||||||||||||
The fair value of each option granted under the 2000 Incentive Plan during 2013, 2012, and 2011 was estimated on the date of grant using the Black-Scholes option-pricing model. | |||||||||||||||
Number of Options Granted | Weighted-Average Exercise Price | Weighted-Average Fair Value | |||||||||||||
2013:00:00 | |||||||||||||||
Exercise price equal to Market Price | 3,937,989 | $ | 263.77 | $ | 104.9 | ||||||||||
2012:00:00 | |||||||||||||||
Exercise price equal to Market Price | 4,162,653 | $ | 167.96 | $ | 67.66 | ||||||||||
2011:00:00 | |||||||||||||||
Exercise price equal to Market Price | 4,286,640 | $ | 51.96 | $ | 23.82 | ||||||||||
Weighted-Average Values of Assumptions Used in Computing Fair Value of Option Grants | ' | ||||||||||||||
The following table summarizes the weighted average values of the assumptions used in computing the fair value of option grants during 2013, 2012, and 2011. | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Expected volatility | 42 | % | 45 | % | 48 | % | |||||||||
Expected lives from grant date | 5.3 years | 5.4 years | 6.1 years | ||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||
Risk-free interest rate | 1.73 | % | 0.86 | % | 1.31 | % | |||||||||
Activity Related to Restricted Stock Awards | ' | ||||||||||||||
A summary of the Company's activity related to Restricted Stock awards for the year ended December 31, 2013 is summarized below: | |||||||||||||||
Restricted Stock: | Number of Shares | Weighted-Average Grant Date Fair Value | |||||||||||||
Outstanding at December 31, 2012 | 642,499 | $ | 96.68 | ||||||||||||
2013:00:00 | Granted | 6,080 | $ | 272.7 | |||||||||||
Vested | (109,999 | ) | $ | 30.63 | |||||||||||
Outstanding at December 31, 2013 | 538,580 | $ | 112.16 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
Income tax expense (benefit) for the years ended December 31, 2013 and 2012 consists of the following: | |||||||||||||
2013 | 2012 | ||||||||||||
Current: | |||||||||||||
Federal | $ | 201,475 | — | ||||||||||
State | 23,489 | $ | 4,308 | ||||||||||
Foreign | 433 | — | |||||||||||
Total current tax expense (benefit) | 225,397 | 4,308 | |||||||||||
Deferred: | |||||||||||||
Federal | 54,910 | (300,319 | ) | ||||||||||
State | 8,700 | (39,837 | ) | ||||||||||
Foreign | (9 | ) | — | ||||||||||
Total deferred tax expense (benefit) | 63,601 | (340,156 | ) | ||||||||||
Total income tax expense (benefit) | $ | 288,998 | $ | (335,848 | ) | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | |||||||||
State and local income taxes | 3.4 | 5.4 | |||||||||||
Change in state effective rate | — | 5.4 | |||||||||||
Other non-deductible and permanent differences | 2.1 | 2.8 | |||||||||||
Foreign income tax rate differential | 4.9 | — | |||||||||||
Income tax credits | (4.9 | ) | — | ||||||||||
Reclassification of net operating losses related to exercises of stock options | — | 9.3 | |||||||||||
Provision (benefit) attributable to valuation allowances | — | (139.0 | ) | ||||||||||
Effective income tax rate | 40.5 | % | (81.1 | )% | |||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Significant components of the Company's deferred tax assets and liabilities are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carry-forward | $ | 135 | $ | 77,119 | |||||||||
Fixed assets | 18,902 | 1,380 | |||||||||||
Deferred revenue | 88,033 | 99,659 | |||||||||||
Deferred compensation | 109,715 | 53,367 | |||||||||||
Income tax credit carry-forwards | 9,372 | 71,164 | |||||||||||
Capitalized research and development costs | 18,942 | 24,437 | |||||||||||
Other | 34,215 | 23,511 | |||||||||||
279,314 | 350,637 | ||||||||||||
Valuation allowance | (1,830 | ) | (2,486 | ) | |||||||||
Total deferred tax assets | 277,484 | 348,151 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accruals | — | (6,824 | ) | ||||||||||
Convertible senior notes | (929 | ) | (1,171 | ) | |||||||||
(929 | ) | (7,995 | ) | ||||||||||
Net deferred tax assets | $ | 276,555 | $ | 340,156 | |||||||||
Schedule Of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||
The following table summarizes the gross amounts of unrecognized tax benefits, without regard to reduction in tax liabilities or additions to deferred tax assets and liabilities if such unrecognized tax benefits were settled. The amount, if recognized, that would impact the effective tax rate is $23.5 million, $8.4 million, and $4.2 million as of December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance as of January 1 | $ | 11,274 | $ | 5,596 | $ | 12,819 | |||||||
Gross increases related to current year tax positions | 7,620 | 1,873 | 2,192 | ||||||||||
Gross increases related to prior year tax positions | 8,305 | 3,805 | — | ||||||||||
Gross decrease due to settlements, recapture, filed returns, and lapse of statutes of limitation | (572 | ) | — | (9,415 | ) | ||||||||
Balance as of December 31 | $ | 26,627 | $ | 11,274 | $ | 5,596 | |||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Basic and Diluted Net Income (Loss) Per Share | ' | ||||||||||||
The calculations of basic and diluted net income (loss) per share are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) - basic | $ | 424,362 | $ | 750,269 | $ | (221,760 | ) | ||||||
Effect of dilutive securities: | |||||||||||||
Convertible senior notes - interest expense related to contractual coupon interest rate and amortization of discount and note issuance costs, net of tax | — | 29,126 | — | ||||||||||
Net income (loss) - diluted | $ | 424,362 | $ | 779,395 | $ | (221,760 | ) | ||||||
(Shares in thousands) | |||||||||||||
Weighted average shares - basic | 97,917 | 94,685 | 90,610 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options | 10,233 | 14,231 | — | ||||||||||
Restricted stock | 433 | 715 | — | ||||||||||
Convertible senior notes | — | 4,761 | — | ||||||||||
Warrants | 2,707 | 990 | — | ||||||||||
Dilutive potential shares | 13,373 | 20,697 | — | ||||||||||
Weighted average shares - diluted | 111,290 | 115,382 | 90,610 | ||||||||||
Net income (loss) per share - basic | $ | 4.33 | $ | 7.92 | $ | (2.45 | ) | ||||||
Net income (loss) per share - diluted | $ | 3.81 | $ | 6.75 | $ | (2.45 | ) | ||||||
Antidilutive Securities | ' | ||||||||||||
Shares which have been excluded from the December 31, 2013, 2012, and 2011 diluted per share amounts because their effect would have been antidilutive, include the following: | |||||||||||||
December 31, | |||||||||||||
(Shares in thousands) | 2013 | 2012 | 2011 | ||||||||||
Stock options | 304 | 325 | 20,942 | ||||||||||
Restricted stock | — | — | 846 | ||||||||||
Convertible senior notes | 4,761 | — | 939 | ||||||||||
Warrants | — | — | 939 | ||||||||||
Unaudited_Quarterly_Results_Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and 2012 are set forth in the following tables. | |||||||||||||||||
First Quarter Ended | Second Quarter Ended | Third Quarter Ended | Fourth Quarter Ended | ||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Revenues (1) | $ | 439,664 | $ | 457,642 | $ | 597,027 | $ | 610,412 | |||||||||
Net income | $ | 98,874 | $ | 87,376 | $ | 141,306 | $ | 96,806 | |||||||||
Net income per share - basic | $ | 1.02 | $ | 0.89 | $ | 1.44 | $ | 0.98 | |||||||||
Net income per share - diluted | $ | 0.9 | $ | 0.79 | $ | 1.25 | $ | 0.86 | |||||||||
First Quarter Ended | Second Quarter Ended | Third Quarter Ended | Fourth Quarter Ended | ||||||||||||||
31-Mar-12 | 30-Jun-12 | 30-Sep-12 | 31-Dec-12 | ||||||||||||||
(Unaudited) | |||||||||||||||||
Revenues (2) | $ | 231,789 | $ | 304,399 | $ | 427,687 | $ | 414,602 | |||||||||
Net income (3) | $ | 11,651 | $ | 76,743 | $ | 191,468 | $ | 470,407 | |||||||||
Net income per share - basic | $ | 0.12 | $ | 0.81 | $ | 2.02 | $ | 4.92 | |||||||||
Net income per share - diluted | $ | 0.11 | $ | 0.7 | $ | 1.72 | $ | 4.08 | |||||||||
(1) Revenues in the second quarter of 2013 were reduced by two $10 million up-front payments made to Sanofi to acquire full rights to antibodies to PDGF and antibodies to Ang2 in ophthalmology, as described in Note 4 above. Revenues in the third and fourth quarter of 2013 included recognition of sales and substantive development milestones of $45.0 million and $25.0 million, respectively. | |||||||||||||||||
(2) Revenues in the third and fourth quarter of 2012 included substantive development milestones of $65.0 million and $10.0 million, respectively. | |||||||||||||||||
(3) Net income for the quarter ended December 31, 2012 included an income tax benefit of $335.8 million, primarily attributable to the release of substantially all of the Company's valuation allowance against its deferred tax assets. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue Recognition [Abstract] | ' | ' | ' |
Percentage of prompt pay discount the company accrues | 100.00% | ' | ' |
Research and Development Expense [Abstract] | ' | ' | ' |
Percentage of start-up costs of total contract value, minimum | 10.00% | ' | ' |
Percentage of start-up costs of total contract value, maximum | 20.00% | ' | ' |
Accounts Receivable, Net, Current [Abstract] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $0 | $0 | ' |
Provision for Doubtful Accounts | $0 | $0 | $0 |
Building and improvements | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '10 years | ' | ' |
Building and improvements | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '35 years | ' | ' |
Laboratory and other equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Laboratory and other equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '10 years | ' | ' |
Furniture and Fixtures [Member] | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life | '5 years | ' | ' |
Net_Product_Sales_Details
Net Product Sales (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue Disclosure [Line Items] | ' | ' | ' |
Net product sales | $1,425,839 | $858,093 | $44,686 |
Activity of Sales Related Deductions [Roll Forward] | ' | ' | ' |
Balance | 24,601 | 18,826 | 2,218 |
Provision related to current period sales | 89,875 | 62,251 | ' |
Credits/payments | -84,100 | -45,643 | ' |
Rebates and Chargebacks | ' | ' | ' |
Activity of Sales Related Deductions [Roll Forward] | ' | ' | ' |
Balance | 4,400 | 2,983 | 585 |
Provision related to current period sales | 25,936 | 14,153 | ' |
Credits/payments | -24,519 | -11,755 | ' |
Distribution Related Fees | ' | ' | ' |
Activity of Sales Related Deductions [Roll Forward] | ' | ' | ' |
Balance | 19,663 | 15,298 | 1,451 |
Provision related to current period sales | 62,984 | 45,028 | ' |
Credits/payments | -58,619 | -31,181 | ' |
Other Sales Related Deductions | ' | ' | ' |
Activity of Sales Related Deductions [Roll Forward] | ' | ' | ' |
Balance | 538 | 545 | 182 |
Provision related to current period sales | 955 | 3,070 | ' |
Credits/payments | -962 | -2,707 | ' |
Customer concentration risk | Gross Sales Revenue | ' | ' | ' |
Risks and Uncertainties [Abstract] | ' | ' | ' |
Concentration risk, percentage | 76.00% | 78.00% | 42.00% |
EYLEA | ' | ' | ' |
Revenue Disclosure [Line Items] | ' | ' | ' |
Net product sales | 1,408,700 | 837,900 | 24,800 |
ARCALYST | ' | ' | ' |
Revenue Disclosure [Line Items] | ' | ' | ' |
Net product sales | $17,100 | $20,200 | $19,900 |
Collaboration_and_Contract_Res2
Collaboration and Contract Research Agreements (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2006 | Jan. 31, 2005 | Sep. 30, 2003 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Aug. 31, 2007 | Oct. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
ZALTRAP Agreement | ZALTRAP Agreement | ZALTRAP Agreement | ZALTRAP Agreement | ZALTRAP Agreement | ZALTRAP Agreement | Antibody Collaboration | Antibody Collaboration | Antibody Collaboration | Antibody Collaboration | Antibody Collaboration | VelociGene Agreement | Collaboration Agreement with Sanofi | Collaboration Agreement with Sanofi | Collaboration Agreement with Sanofi | PDGFR-beta | PDGFR-beta | PDGFR-beta | Ang2 | Ang2 | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - PDGFR-beta outside the US | Bayer Collaboration Agreement - PDGFR-beta outside the US | ex US | Maximum | Minimum | ||||||||
family | Marketing approval | Marketing approval | Pricing approval | Pricing approval | sales achievement - 1st tier | sales achievement - 2nd tier | sales achievement - 3rd tier | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | Bayer Collaboration Agreement - EYLEA outside the US | |||||||||||||||||||||||||||||||||||||
antibody | |||||||||||||||||||||||||||||||||||||||||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of shares owned by the collaborator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,816,953 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company-incurred expenses associated with Sanofi collaborations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,100,000 | $405,800,000 | $318,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of non-refundable payment received for collaboration agreement | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of Common Stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,799,552 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash price of newly issued, unregistered shares of Common Stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty based on percentage of annual sales in Japan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of substantive milestone payments that may be received relating to marketing approvals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' |
Percentage of development expenses to be reimbursed due to profitability of collaboration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development expenses incurred to date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 446,000,000 | ' | ' | ' | 879,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 276,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum advance notice required to terminate collaboration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '6 months |
Regeneron's share of losses in connection with commercialization of products by our collaborator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,810,000 | -25,634,000 | -9,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,494,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Milestone payment | 25,000,000 | 45,000,000 | 10,000,000 | 65,000,000 | ' | ' | ' | ' | ' | ' | 0 | 50,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | 70,000,000 | 25,000,000 | 0 | 10,000,000 | 20,000,000 | ' | 15,000,000 | 15,000,000 | 10,000,000 | 10,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | ' | ' | ' | ' | ' |
Percentage of development cost for the territory outside the United States to be reimbursed due to collaboration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' |
Number of sales milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Starting specified levels of annual sales at which sales milestone payments maybe received -1st tier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | 200,000,000 | ' | ' |
Royalty rate minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty rate maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Starting specified levels of annual sales at which sales milestone payments maybe received - 2nd tier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' |
Starting specified levels of annual sales at which sales milestone payments may be received - 3rd tier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' |
Reimbursement of Regeneron research and development and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,639,000 | 10,702,000 | 16,871,000 | ' | 453,489,000 | 365,245,000 | 299,281,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,905,000 | 34,892,000 | 33,682,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Up-front payments made to acquire full rights to antibodies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | -10,000,000 | ' | -10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Research and Development Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Substantive Milestone Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other collaboration revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,682,000 | 13,268,000 | 9,932,000 | ' | 12,111,000 | 10,233,000 | 9,846,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,890,000 | 10,207,000 | 9,390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaboration revenue | ' | ' | ' | ' | 430,111,000 | 423,814,000 | 326,609,000 | ' | ' | ' | -15,489,000 | 48,336,000 | 17,482,000 | ' | 445,600,000 | 375,478,000 | 309,127,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable from Sanofi | 104,707,000 | ' | 99,913,000 | ' | 104,707,000 | 99,913,000 | ' | ' | ' | ' | ' | ' | ' | ' | 106,100,000 | 102,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses under the collaboration payable to collaborating party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,200,000 | 14,800,000 | ' | ' | 71,200,000 | 78,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,400,000 | 36,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Collaboration Revenue | ' | ' | ' | ' | 220,289,000 | 70,099,000 | 43,072,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,289,000 | 70,099,000 | 43,072,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual funding maximum of research activities per amended agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional years to extend the agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Substantive milestone payment to the Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of therapeutic antibodies currently under development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Trial Costs borne by collaborating party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Trial Costs borne by entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of trial costs to be reimbursed due to profitability of agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess Share of profit not required to to be applied to reimburse development cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Starting share of profits outside the United States, based on sales, for collaborating party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Starting share of profits outside the United States, based on sales, for Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending share of profits outside the United States, based on sales, for collaborating party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending share of profits outside the United States, based on sales, for Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share of losses outside the United States, for collaborating party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share of losses outside the United States, for Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of milestone payments that may be received if certain sales are achieved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of funding of agreed-upon cost incurred to expand manufacturing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of notice to opt-out of further development and/or commercialization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of notice to opt-out of further development upon entering of joint development product | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum payments expected to be received under the agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Collaborators | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 25,000,000 | 80,000,000 | ' | ' | ' | 85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | 25,500,000 | ' | ' | ' | ' |
Number of families of novel antibodies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of sales milestone payments if total sales achieve specific levels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' |
Starting specified levels of annual sales at which sales milestone payments may be received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for Achieving Sales Target for Milestone Payment, Rolling Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum levels of annual sales for which sales milestone payments may be received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional research and development expenses obligated to reimburse | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,300,000 | 21,900,000 | 47,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Account Receivable from Bayer HealthCare | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,200,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of global development cost to be reimbursed due to collaboration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Opt-in payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' |
Future development milestone payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' | ' | ' | ' |
Maximum percentage of outstanding shares that may be acquired, under 'standstill' provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' |
Amount of Milestone payments earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Technology_Licensing_Agreement1
Technology Licensing Agreements (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2010 | Mar. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Feb. 28, 2007 | |
License Agreement with Astellas Pharma Inc. | License Agreement with Astellas Pharma Inc. | License Agreement with Astellas Pharma Inc. | License Agreement with Astellas Pharma Inc. | License Agreement with Astellas Pharma Inc. | License Agreement with Astellas Pharma Inc. | License Agreement with Astellas Pharma Inc. | License Agreement with Astellas Pharma Inc. | License Agreement with Astellas Pharma Inc. | License Agreement with AstraZeneca UK Limited | ||||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-exclusive license agreement term | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | '6 years |
Annual, non-refundable licensing payment received | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | $20,000,000 | $20,000,000 | $20,000,000 | ' |
Advance payment received due to amended licensing agreement | ' | ' | ' | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognition period for advance payment | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' |
Future payment to be made under terms of amended licensing agreement | ' | ' | ' | ' | ' | 130,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of days of advance written notice to terminate agreement | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' |
Technology licensing revenue | 28,506,000 | 26,471,000 | 31,457,000 | ' | ' | 23,600,000 | 23,600,000 | 22,000,000 | ' | ' | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | ' | $104,600,000 | $128,200,000 | ' | ' | ' | ' | ' | ' |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | ' | $0 | $0 |
Available-for-sale Securities, Gross Realized Gains | 1,000,000 | ' | ' |
Amortized Cost Basis | 548,322,000 | 354,990,000 | ' |
Unrealized Gains | 392,000 | 670,000 | ' |
Unrealized (Losses) | -447,000 | -702,000 | ' |
Total fair value of available-for-sale marketable securities | 548,267,000 | 354,958,000 | ' |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Total | 547,101,000 | 351,565,000 | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | 239,812,000 | 63,442,000 | ' |
Fair Value - 12 Months or Greater | 0 | 3,393,000 | ' |
Fair Value - Total | 239,812,000 | 66,835,000 | ' |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | -447,000 | -51,000 | ' |
Unrealized Loss - 12 Months or Greater | 0 | -651,000 | ' |
Unrealized Loss - Total | -447,000 | -702,000 | ' |
Available-for-sale Securities, Gross Realized Losses | 0 | ' | ' |
Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | ' | 349,088,000 | ' |
Unrealized Gains | ' | 661,000 | ' |
Unrealized (Losses) | ' | -700,000 | ' |
Total fair value of available-for-sale marketable securities | ' | 349,049,000 | ' |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Maturities within one year | 158,376,000 | 77,819,000 | ' |
Maturities after one year through five years | 383,410,000 | 267,837,000 | ' |
Maturities after five years through ten years | 4,138,000 | 0 | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 1,177,000 | 0 | ' |
Total | 547,101,000 | 345,656,000 | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | ' | 62,248,000 | ' |
Fair Value - 12 Months or Greater | ' | 3,393,000 | ' |
Fair Value - Total | ' | 65,641,000 | ' |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | ' | -49,000 | ' |
Unrealized Loss - 12 Months or Greater | ' | -651,000 | ' |
Unrealized Loss - Total | ' | -700,000 | ' |
Restricted | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' |
Maturities within one year | 0 | 2,781,000 | ' |
Maturities after one year through five years | 0 | 3,128,000 | ' |
Total | 0 | 5,909,000 | ' |
U.S. government and government agency obligations | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 107,493,000 | 327,502,000 | ' |
Unrealized Gains | 55,000 | 661,000 | ' |
Unrealized (Losses) | -27,000 | -17,000 | ' |
Total fair value of available-for-sale marketable securities | 107,521,000 | 328,146,000 | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | 49,241,000 | 44,738,000 | ' |
Fair Value - Total | 49,241,000 | 44,738,000 | ' |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | -27,000 | -17,000 | ' |
Unrealized Loss - Total | -27,000 | -17,000 | ' |
U.S. government and government agency obligations | Restricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | ' | 5,902,000 | ' |
Unrealized Gains | ' | 9,000 | ' |
Unrealized (Losses) | ' | -2,000 | ' |
Total fair value of available-for-sale marketable securities | ' | 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 | ' |
Corporate bonds | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 369,321,000 | ' | ' |
Unrealized Gains | 233,000 | ' | ' |
Unrealized (Losses) | -361,000 | ' | ' |
Total fair value of available-for-sale marketable securities | 369,193,000 | ' | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | 176,140,000 | ' | ' |
Fair Value - Total | 176,140,000 | ' | ' |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | -361,000 | ' | ' |
Unrealized Loss - Total | -361,000 | ' | ' |
Commercial Paper | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 23,891,000 | ' | ' |
Unrealized Gains | 53,000 | ' | ' |
Unrealized (Losses) | 0 | ' | ' |
Total fair value of available-for-sale marketable securities | 23,944,000 | ' | ' |
Municipal bonds | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 36,935,000 | 17,542,000 | ' |
Unrealized Gains | 45,000 | 0 | ' |
Unrealized (Losses) | -59,000 | -32,000 | ' |
Total fair value of available-for-sale marketable securities | 36,921,000 | 17,510,000 | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - Less than 12 Months | 14,431,000 | 17,510,000 | ' |
Fair Value - Total | 14,431,000 | 17,510,000 | ' |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - Less than 12 months | -59,000 | -32,000 | ' |
Unrealized Loss - Total | -59,000 | -32,000 | ' |
International government agency obligations | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 2,007,000 | ' | ' |
Unrealized Gains | 1,000 | ' | ' |
Unrealized (Losses) | 0 | ' | ' |
Total fair value of available-for-sale marketable securities | 2,008,000 | ' | ' |
Certificates of Deposit | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 7,509,000 | ' | ' |
Unrealized Gains | 5,000 | ' | ' |
Unrealized (Losses) | 0 | ' | ' |
Total fair value of available-for-sale marketable securities | 7,514,000 | ' | ' |
Equity securities | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | 2,900,000 | ' | ' |
Equity securities | Unrestricted | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost Basis | 1,166,000 | 4,044,000 | ' |
Unrealized Gains | 0 | 0 | ' |
Unrealized (Losses) | 0 | -651,000 | ' |
Total fair value of available-for-sale marketable securities | 1,166,000 | 3,393,000 | ' |
Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ' |
Fair Value - 12 Months or Greater | ' | 3,393,000 | ' |
Fair Value - Total | ' | 3,393,000 | ' |
Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ' |
Unrealized Loss - 12 Months or Greater | ' | -651,000 | ' |
Unrealized Loss - Total | ' | ($651,000) | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Convertible senior notes | Convertible senior notes | Convertible senior notes | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | 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 | Measured on a recurring basis | ||||
marketable_securities | 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 | Restricted | Restricted | |||||||||||
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) | Fair Value | Significant Other Observable Inputs (Level 2) | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | $0 | $0 | ' | ' | ' | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of marketable securities held | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale marketable securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. government and government agency obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,521,000 | 328,146,000 | ' | ' | 107,521,000 | 328,146,000 | 5,909,000 | 5,909,000 |
Corporate Bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 369,193,000 | ' | ' | ' | 369,193,000 | ' | ' | ' |
Commercial Paper | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,944,000 | ' | ' | ' | 23,944,000 | ' | ' | ' |
Municipal bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,921,000 | 17,510,000 | ' | ' | 36,921,000 | 17,510,000 | ' | ' |
International Government Obligations Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,008,000 | ' | ' | ' | 2,008,000 | ' | ' | ' |
Certificates of Deposit, at Carrying Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,514,000 | ' | ' | ' | 7,514,000 | ' | ' | ' |
Equity securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,166,000 | 3,393,000 | 1,166,000 | 3,393,000 | ' | ' | ' | ' |
Total fair value of available-for-sale marketable securities | 354,958,000 | ' | 548,267,000 | ' | ' | ' | ' | ' | ' | 0 | 349,049,000 | 548,267,000 | 354,958,000 | 1,166,000 | 3,393,000 | 547,101,000 | 351,565,000 | ' | 349,049,000 | ' | 3,393,000 | ' | 345,656,000 | ' | ' |
Convertible Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total convertible senior notes - par | ' | ' | ' | 400,000,000 | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, stated percentage | ' | ' | ' | 1.88% | 1.88% | 1.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the outstanding notes | ' | ' | ' | $1,327,200,000 | $843,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory_Details
Inventory (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Inventory Disclosure [Abstract] | ' | ' | ' |
Raw materials | $9,120,000 | $4,862,000 | ' |
Work in process | 35,868,000 | 14,656,000 | ' |
Finished goods | 14,352,000 | 2,570,000 | ' |
Deferred costs | 11,014,000 | 6,550,000 | ' |
Total Inventories | 70,354,000 | 28,638,000 | ' |
Inventory write-downs and reserves | $9,100,000 | $17,000,000 | $500,000 |
Property_Plant_and_Equipment_D
Property, Plant, and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, gross | $748,600,000 | $560,453,000 | ' |
Less: accumulated depreciation and amortization | -221,617,000 | -180,513,000 | ' |
Property, plant, and equipment, net | 526,983,000 | 379,940,000 | ' |
Depreciation and amortization expense | 41,204,000 | 36,940,000 | 31,082,000 |
Impairment of Long-Lived Assets Held-for-use | 500,000 | 2,800,000 | 0 |
Land | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, gross | 2,768,000 | 2,117,000 | ' |
Building and improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, gross | 343,363,000 | 328,173,000 | ' |
Leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, gross | 26,370,000 | 10,576,000 | ' |
Construction-in-progress | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, gross | 142,370,000 | 25,076,000 | ' |
Laboratory and other equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, gross | 189,543,000 | 159,026,000 | ' |
Furniture, computer and office equipment, and other | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, gross | 44,186,000 | 35,485,000 | ' |
Assets held under capital leases | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, gross | 700,000 | 3,600,000 | ' |
Less: accumulated depreciation and amortization | -200,000 | -1,100,000 | ' |
New laboratory and office facilities | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Costs incurred by the landlord to construct new laboratory and office facilities | $111,100,000 | $86,200,000 | ' |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Accounts payable | $61,936 | $38,934 |
Accrued payroll and related costs | 69,429 | 19,987 |
Accrued clinical trial expense | 23,654 | 10,985 |
Accrued sales-related deductions and royalties | 66,855 | 21,870 |
Other accrued expenses and liabilities | 29,022 | 19,569 |
Accounts payable and accrued expenses | $250,896 | $111,345 |
Deferred_Revenue_Details
Deferred Revenue (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current portion: | ' | ' |
Deferred revenue, current portion | $47,000 | $50,831 |
Long-term portion: | ' | ' |
Deferred revenue, long-term portion | 184,199 | 208,342 |
Received or receivable from Sanofi | ' | ' |
Current portion: | ' | ' |
Deferred revenue, current portion | 12,815 | 17,022 |
Long-term portion: | ' | ' |
Deferred revenue, long-term portion | 76,522 | 76,520 |
Received or receivable from Bayer HealthCare | ' | ' |
Current portion: | ' | ' |
Deferred revenue, current portion | 9,738 | 9,212 |
Long-term portion: | ' | ' |
Deferred revenue, long-term portion | 26,683 | 27,256 |
Received for technology license agreement | ' | ' |
Current portion: | ' | ' |
Deferred revenue, current portion | 23,572 | 23,572 |
Long-term portion: | ' | ' |
Deferred revenue, long-term portion | 80,994 | 104,566 |
Other | ' | ' |
Current portion: | ' | ' |
Deferred revenue, current portion | $875 | $1,025 |
Convertible_Debt_Details
Convertible Debt (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net carrying amount of the liability component [Abstract] | ' | ' | ' | ' |
Convertible Notes Payable, Noncurrent | ' | $320,315,000 | $296,518,000 | ' |
Warrants [Abstract] | ' | ' | ' | ' |
Proceeds received from the Warrant | 93,800,000 | 0 | 0 | 93,800,000 |
Warrant transactions | ' | ' | ' | ' |
Warrants [Abstract] | ' | ' | ' | ' |
Strike price of the warrant transaction (in dollars per share) | 103.41 | ' | ' | ' |
Proceeds received from the Warrant | 93,800,000 | ' | ' | ' |
Call option | ' | ' | ' | ' |
Convertible Note Hedges [Abstract] | ' | ' | ' | ' |
Purchase of convertible note hedges | 117,500,000 | ' | ' | ' |
Debt Instrument, Redemption, Criteria One [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Number of trading days | ' | 20 | ' | ' |
Number of consecutive trading days | ' | '30 days | ' | ' |
Percentage of stock price trigger | ' | 130.00% | ' | ' |
Debt Instrument, Redemption, Criteria Two [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Number of trading days | ' | 5 | ' | ' |
Number of consecutive trading days | ' | '10 days | ' | ' |
Percentage of stock price trigger | ' | 98.00% | ' | ' |
Debt Instrument, Redemption, Criteria Three [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Calendar day period after the record date of equity instruments issuance | ' | '60 days | ' | ' |
Number of consecutive days | ' | '10 days | ' | ' |
Convertible senior notes | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest rate, stated percentage | 1.88% | 1.88% | 1.88% | ' |
Net proceeds from offering, net of discount and issuance costs | 391,100,000 | ' | ' | ' |
Initial conversion ratio | 11.9021 | ' | ' | ' |
Increment of principal amount for conversion | 1,000 | ' | ' | ' |
Total shares upon conversion (in shares) | 4,760,840 | ' | ' | ' |
Initial conversion price (in dollars per share) | $84.02 | ' | ' | ' |
Percentage of principal value that holders can require Company to repurchase | 100.00% | ' | ' | ' |
If-converted value in excess of principal | ' | 910,400,000 | ' | ' |
Estimated fair value of the liability component | 271,100,000 | ' | ' | ' |
Carrying amount of equity component | 120,900,000 | ' | ' | ' |
Gross proceeds from the issuance of the Notes | 392,000,000 | ' | ' | ' |
Effective interest rate used to amortize the discount on the liability component | ' | 10.20% | ' | ' |
Issuance costs | 900,000 | ' | ' | ' |
Net carrying amount of the liability component [Abstract] | ' | ' | ' | ' |
Total convertible senior notes - par | 400,000,000 | 400,000,000 | 400,000,000 | ' |
Unamortized discount | ' | -79,685,000 | -103,482,000 | ' |
Convertible Notes Payable, Noncurrent | ' | 320,315,000 | 296,518,000 | ' |
Interest Expense, Debt [Abstract] | ' | ' | ' | ' |
Contractual coupon interest rate | ' | 7,230,000 | 7,503,000 | 1,455,000 |
Amortization of discount and note issuance costs | ' | 22,980,000 | 21,623,000 | 3,944,000 |
Total interest expense | ' | $30,210,000 | $29,126,000 | $5,399,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Operating Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Integer | |||
Operating Leases [Abstract] | ' | ' | ' |
Number of renewal options to extend the term of the lease | 3 | ' | ' |
Commitments under operating leases [Abstract] | ' | ' | ' |
2014 | $10,934,000 | ' | ' |
2015 | 9,853,000 | ' | ' |
2016 | 9,919,000 | ' | ' |
2017 | 9,429,000 | ' | ' |
2018 | 9,606,000 | ' | ' |
Thereafter | 67,849,000 | ' | ' |
Total | 117,590,000 | ' | ' |
Rent expense under operating leases [Abstract] | ' | ' | ' |
Rent expense under operating leases | 9,875,000 | 8,029,000 | 7,790,000 |
Rent charges for utilities, real estate taxes, and operating expense | 11,500,000 | 10,900,000 | 9,300,000 |
Tarrytown lease [Abstract] | ' | ' | ' |
Initial term of lease | '15 years | ' | ' |
Lease extension terms | '5 years | ' | ' |
Facilities | ' | ' | ' |
Commitments under operating leases [Abstract] | ' | ' | ' |
2014 | 8,765,000 | ' | ' |
2015 | 9,348,000 | ' | ' |
2016 | 9,895,000 | ' | ' |
2017 | 9,429,000 | ' | ' |
2018 | 9,606,000 | ' | ' |
Thereafter | 67,849,000 | ' | ' |
Total | 114,892,000 | ' | ' |
Rent expense under operating leases [Abstract] | ' | ' | ' |
Rent expense under operating leases | 9,404,000 | 7,428,000 | 7,191,000 |
Equipment | ' | ' | ' |
Commitments under operating leases [Abstract] | ' | ' | ' |
2014 | 2,169,000 | ' | ' |
2015 | 505,000 | ' | ' |
2016 | 24,000 | ' | ' |
2017 | 0 | ' | ' |
2018 | 0 | ' | ' |
Thereafter | 0 | ' | ' |
Total | 2,698,000 | ' | ' |
Rent expense under operating leases [Abstract] | ' | ' | ' |
Rent expense under operating leases | $471,000 | $601,000 | $599,000 |
Tarrytown Lease | ' | ' | ' |
Operating Leases [Abstract] | ' | ' | ' |
Number of new buildings leased | 2 | ' | ' |
Number of renewal options to extend the term of the lease | 3 | ' | ' |
Lease renewal escalation percentage | 2.50% | ' | ' |
Number of new buildings to be constructed | 2 | ' | ' |
Tarrytown lease [Abstract] | ' | ' | ' |
Lease extension terms | '5 years | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Capital Leases (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Capital Leased Assets [Line Items] | ' | ' |
Marketable debt securities collateral | ' | $3.20 |
Capital Lease Obligations, Current | $0.10 | $1.30 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Facility Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Facility Leases [Line Items] | ' | ' | ' |
2014 | $17,726,000 | ' | ' |
2015 | 18,107,000 | ' | ' |
2016 | 18,498,000 | ' | ' |
2017 | 18,897,000 | ' | ' |
2018 | 19,307,000 | ' | ' |
Thereafter | 211,741,000 | ' | ' |
Total | 304,276,000 | ' | ' |
Facility lease obligations [Abstract] | ' | ' | ' |
Interest expense in connection with facility lease obligation | 16,200,000 | 16,000,000 | 15,600,000 |
Facility lease obligation, including reimbursements | ' | 0 | 0 |
Facilities - Buildings A and B | ' | ' | ' |
Schedule of Facility Leases [Line Items] | ' | ' | ' |
2014 | 13,288,000 | ' | ' |
2015 | 13,545,000 | ' | ' |
2016 | 13,809,000 | ' | ' |
2017 | 14,079,000 | ' | ' |
2018 | 14,356,000 | ' | ' |
Thereafter | 146,667,000 | ' | ' |
Total | 215,744,000 | ' | ' |
Facility lease obligations [Abstract] | ' | ' | ' |
Imputed interest rate applicable to facility lease obligation | 11.00% | ' | ' |
Facility lease obligation, including reimbursements | 111,200,000 | 112,000,000 | ' |
Facilities - Building C | ' | ' | ' |
Schedule of Facility Leases [Line Items] | ' | ' | ' |
2014 | 4,438,000 | ' | ' |
2015 | 4,562,000 | ' | ' |
2016 | 4,689,000 | ' | ' |
2017 | 4,818,000 | ' | ' |
2018 | 4,951,000 | ' | ' |
Thereafter | 65,074,000 | ' | ' |
Total | 88,532,000 | ' | ' |
Facility lease obligations [Abstract] | ' | ' | ' |
Imputed interest rate applicable to facility lease obligation | 9.00% | ' | ' |
Facility lease obligation, including reimbursements | 49,100,000 | 48,800,000 | ' |
Facilities Building D and E | ' | ' | ' |
Facility lease obligations [Abstract] | ' | ' | ' |
Facility lease obligation, including reimbursements | $25,000,000 | ' | ' |
Commitments_and_Contingencies_4
Commitments and Contingencies - Research Collaboration and Licensing Agreements (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 31, 2008 | |
Agreements with Royalty Provisions | Agreements with Royalty Provisions | Agreements with Royalty Provisions | License agreement with Genentech - EYLEA | License agreement with Genentech - EYLEA | License agreement with Genentech - ZALTRAP | Cellectis Agreement | |
Research Collaboration and Licensing Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Royalty rate minimum | 1.00% | ' | ' | ' | ' | ' | ' |
Royalty rate maximum | 16.50% | ' | ' | ' | ' | ' | ' |
First payment made or maybe made upon reaching minimum sales target | ' | ' | ' | ' | $60,000,000 | $19,000,000 | ' |
Cumulative relevant sales minimum sales target | ' | ' | ' | 400,000,000 | ' | 200,000,000 | ' |
Cumulative sales range, 1st tier minimum | ' | ' | ' | 400,000,000 | ' | 400,000,000 | ' |
Sales range maximum 1st tier | ' | ' | ' | 3,000,000,000 | ' | 1,000,000,000 | ' |
Cumulative sales range, 2nd tier minimum | ' | ' | ' | 3,000,000,000 | ' | 1,000,000,000 | ' |
Royalty payment percentage of cumulative sales within cumulative sales range | ' | ' | ' | 4.75% | ' | 4.50% | ' |
Royalty payment percentage of cumulative sales over range | ' | ' | ' | 5.50% | ' | 6.50% | ' |
Royalty expense | 128,100,000 | 59,500,000 | 3,200,000 | ' | ' | ' | ' |
Non-refundable advance payment made under license agreement | ' | ' | ' | ' | ' | ' | $12,500,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Oct. 31, 2011 | Oct. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | Dec. 31, 2007 | Sep. 30, 2003 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | |
Call option | Warrant transactions | Convertible senior notes | Convertible senior notes | Convertible senior notes | Sanofi | Sanofi | Sanofi | Sanofi | Class A Stock | Class A Stock | Common Stock | Common Stock | Bayer Collaboration Agreement - PDGFR-beta outside the US | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, shares authorized (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | 40,000,000 | 160,000,000 | 160,000,000 | ' |
Common Stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | $0.00 | $0.00 | ' |
Common Stock, voting rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' ten votes per share | ' | ' one vote per share | ' | ' |
Preferred stock, shares authorized (in shares) | ' | ' | 30,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of Common Stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,017,401 | 12,000,000 | 2,799,552 | ' | ' | ' | ' | ' | ' |
Cash price of newly issued, unregistered shares of Common Stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $312,000,000 | $45,000,000 | ' | ' | ' | ' | ' | ' |
Maximum percentage of outstanding shares that may be acquired, under 'standstill' provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | 20.00% |
Percentage Of Outstanding Shares Or Voting Rights Under Amended Investor Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' |
Percentage Of Outstanding Shares that the Company is required to appoint an individual agreed upon by the Company and the Collaborator to the Company's board of directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' |
Issuance of Common Stock in a public offering, net of issuance costs (in shares) | ' | 6,325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Common Stock in a public offering, net of issuance costs | ' | 174,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total convertible senior notes - par | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity component of convertible senior notes, net of issuance costs | 120,600,000 | ' | ' | ' | 120,623,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of convertible note hedges | ' | ' | ' | ' | ' | 117,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Strike price of the warrant transaction (in dollars per share) | ' | ' | ' | ' | ' | ' | 103.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds received from the Warrant | $93,800,000 | ' | $0 | $0 | $93,800,000 | ' | $93,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Incentive_Plans_Detai
Long-Term Incentive Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum term of awards | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Number of shares outstanding at beginning of period | 20,789,511 | ' | ' |
Number of shares granted | 3,937,989 | 4,162,653 | 4,286,640 |
Number of shares forfeited | -141,199 | ' | ' |
Number of shares expired | -1,521 | ' | ' |
Number of shares exercised | -3,176,512 | ' | ' |
Number of shares outstanding at end of period | 21,408,268 | 20,789,511 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Weighted average exercise price - outstanding at beginning of period | $56.03 | ' | ' |
Weighted average exercise price - granted | $263.77 | $167.96 | $51.96 |
Weighted average exercise price - forfeited | $105.71 | ' | ' |
Weighted average exercise price - expired | $21.46 | ' | ' |
Weighted average exercise price - exercised | $27.82 | ' | ' |
Weighted average exercise price - outstanding at end of period | $98.10 | $56.03 | ' |
Weighted average remaining contractual term (in years) - outstanding | '7 years 0 months 3 days | ' | ' |
Instrinsic value - outstanding | $3,811,441,000 | ' | ' |
Number of shares vested and expected to vest | 20,875,388 | ' | ' |
Weighted average execise price - vested and expected to vest | $95.63 | ' | ' |
Weighted average remaining contractual term - vested and expected to vest | '6 years 11 months 15 days | ' | ' |
Intrinsic value - vested and expected to vest | 3,768,120,000 | ' | ' |
Number of shares exercisable | 11,322,801 | ' | ' |
Weighted average exercise price - exercisable | $36.83 | ' | ' |
Weighted average remaining contractual term - exercisable | '5 years 4 months 15 days | ' | ' |
Intrinsic value - exercisable | 2,709,278,000 | ' | ' |
Total intrinsic value - of stock options exercised | 727,500,000 | 566,700,000 | 49,200,000 |
Exercise Price Equal to Market Price [Abstract] | ' | ' | ' |
Number of Options Granted (shares) | 3,937,989 | 4,162,653 | 4,286,640 |
Weighted Average Exercise Price (dollars per share) | $263.77 | $167.96 | $51.96 |
Weighted Average Fair Value | $104.90 | $67.66 | $23.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Expected volatility | 42.00% | 45.00% | 48.00% |
Expected lives from grant date | '5 years 4 months 1 day | '5 years 4 months 24 days | '6 years 1 month 6 days |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 1.73% | 0.86% | 1.31% |
Stock options | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period, minimum | '3 years | ' | ' |
Stock options | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period, minimum | '5 years | ' | ' |
Phantom stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Period within vesting date that awards may be received | 'P30D | ' | ' |
Non-performance based stock options | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Non-cash stock-based compensation expense | 177,900,000 | 67,700,000 | 39,200,000 |
Unrecognized stock-based compensation cost, net of estimated forfeitures | 492,500,000 | ' | ' |
Weighted average period for recognition of total unrecognized compensation expense (in years) | '1 year 9 months 7 days | ' | ' |
Performance-based stock options | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Non-cash stock-based compensation expense | 8,100,000 | 15,300,000 | 11,700,000 |
Unrecognized stock-based compensation cost, net of estimated forfeitures | 4,200,000 | ' | ' |
Weighted average period for recognition of total unrecognized compensation expense (in years) | '1 year 0 months 0 days | ' | ' |
Number of unvested options (shares) | 770,250 | ' | ' |
Restricted stock | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Non-cash stock-based compensation expense | 14,100,000 | 11,100,000 | 5,700,000 |
Unrecognized stock-based compensation cost, net of estimated forfeitures | $43,700,000 | ' | ' |
Weighted average period for recognition of total unrecognized compensation expense (in years) | '3 years 10 months 2 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Number of shares outstanding at beginning of period | 642,499 | ' | ' |
Number of shares granted | 6,080 | ' | ' |
Number of shares vested | -109,999 | ' | ' |
Number of shares outstanding at end of period | 538,580 | 642,499 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Weighted average grant date fair value at beginning of period | $96.68 | ' | ' |
Weighted average grant date fair value - granted | $272.70 | ' | ' |
Weighted average grant date fair value - vested | $30.63 | ' | ' |
Weighted average grant date fair value at end of period | $112.16 | $96.68 | ' |
2000 Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized for issuance | 41,307,016 | ' | ' |
Number of shares available for future grants | 4,378,884 | ' | ' |
Executive_Stock_Purchase_Plan_
Executive Stock Purchase Plan (Details) (Executive Stock Purchase Plan) | 24 Months Ended | ||
Dec. 31, 1990 | Dec. 31, 2013 | Dec. 31, 1989 | |
Executive Stock Purchase Plan | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Number of shares of Class A Stock reserved for restricted stock awards (in shares) | ' | ' | 1,027,500 |
Number of shares issued (in shares) | 983,254 | ' | ' |
Number of shares available for future grants under the Plan (in shares) | ' | 44,246 | ' |
Employee_Savings_Plan_Details
Employee Savings Plan (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Employer contribution expense to 401(k) Savings Plan | ' | ' | ' | $5.70 | $6.30 | $4.10 |
Common Stock contributed to the Savings Plan (in shares) | 20,603 | 38,248 | 63,937 | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current: | ' | ' | ' | ' |
Federal | ' | $201,475,000 | $0 | ' |
State | ' | 23,489,000 | 4,308,000 | ' |
Current Foreign Tax Expense (Benefit) | ' | 433,000 | 0 | ' |
Total current tax expense (benefit) | ' | 225,397,000 | 4,308,000 | ' |
Deferred: | ' | ' | ' | ' |
Federal | ' | 54,910,000 | -300,319,000 | ' |
State | ' | 8,700,000 | -39,837,000 | ' |
Deferred Foreign Income Tax Expense (Benefit) | ' | -9,000 | 0 | ' |
Total deferred tax expense (benefit) | ' | 63,601,000 | -340,156,000 | 0 |
Total income tax expense (benefit) | -335,800,000 | 288,998,000 | -335,848,000 | -1,132,000 |
Income tax expense (benefit) resulting from provision in American Recovery and Reinvestment Act of 2009 | ' | ' | ' | -700,000 |
Income tax expense (benefit) in connection with the net tax effect of unrealized gain on available-for-sale marketable securities | ' | ' | ' | -400,000 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' | ' |
U.S. federal statutory tax rate | ' | 35.00% | 35.00% | 35.00% |
State and local income taxes | ' | 3.40% | 5.40% | ' |
Change in state effective rate | ' | 0.00% | 5.40% | ' |
Other non-deductible and permanent differences | ' | 2.10% | 2.80% | ' |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | ' | 4.90% | 0.00% | ' |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | ' | -4.90% | 0.00% | ' |
Reclassification of net operating losses related to exercises of stock options | ' | 0.00% | 9.30% | ' |
Provision (benefit) attributable to valuation allowances | ' | 0.00% | -139.00% | ' |
Effective income tax rate | ' | 40.50% | -81.10% | ' |
Deferred tax assets: | ' | ' | ' | ' |
Net operating loss carry-forward | 77,119,000 | 135,000 | 77,119,000 | ' |
Fixed assets | 1,380,000 | 18,902,000 | 1,380,000 | ' |
Deferred revenue | 99,659,000 | 88,033,000 | 99,659,000 | ' |
Deferred compensation | 53,367,000 | 109,715,000 | 53,367,000 | ' |
Income tax credit carry-forwards | 71,164,000 | 9,372,000 | 71,164,000 | ' |
Capitalized research and development costs | 24,437,000 | 18,942,000 | 24,437,000 | ' |
Other | 23,511,000 | 34,215,000 | 23,511,000 | ' |
Deferred tax assets, gross | 350,637,000 | 279,314,000 | 350,637,000 | ' |
Valuation allowance | -2,486,000 | -1,830,000 | -2,486,000 | ' |
Deferred tax assets, net | 348,151,000 | 277,484,000 | 348,151,000 | ' |
Deferred tax liabilities: | ' | ' | ' | ' |
Accruals | -6,824,000 | 0 | -6,824,000 | ' |
Convertible senior notes | -1,171,000 | -929,000 | -1,171,000 | ' |
Deferred tax liabilities, gross | -7,995,000 | -929,000 | -7,995,000 | ' |
Deferred Tax Assets, Net | 340,156,000 | 276,555,000 | 340,156,000 | ' |
Increase in deferred tax assets | ' | ' | 340,200,000 | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Utilization of net operating loss carryforwards related to exercises of Nonqualified Stock Options and disqualifying dispositions of ISOs, credited to additional paid-in capital | ' | 216,857,000 | 4,308,000 | ' |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | ' | 34,000,000 | ' | ' |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | ' | ' | 340,200,000 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 8,400,000 | 23,500,000 | 8,400,000 | 4,200,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | ' | 0 | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | ' | 8,000,000 | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' |
Balance as of January 1 | ' | 11,274,000 | 5,596,000 | 12,819,000 |
Gross increases related to current year tax positions | ' | 7,620,000 | 1,873,000 | 2,192,000 |
Gross increases related to prior year tax positions | ' | 8,305,000 | 3,805,000 | 0 |
Gross decrease due to settlements, recapture, filed returns, and lapse of statutes of limitation | ' | -572,000 | 0 | -9,415,000 |
Balance as of December 31 | 11,274,000 | 26,627,000 | 11,274,000 | 5,596,000 |
U.S. Federal and New York State | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating loss carry-forwards | ' | $450,400,000 | ' | ' |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) | $96,806 | $141,306 | $87,376 | $98,874 | $470,407 | [1] | $191,468 | [1] | $76,743 | [1] | $11,651 | [1] | $424,362 | $750,269 | ($221,760) |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Convertible senior notes - interest expense related to contractual coupon interest rate and amortization of discount and note issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 29,126 | 0 | ||||
Net income (loss) - diluted | ' | ' | ' | ' | ' | ' | ' | ' | $424,362 | $779,395 | ($221,760) | ||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 97,917 | 94,685 | 90,610 | ||||
Effect of dilutive securities (in shares): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | 10,233 | 14,231 | 0 | ||||
Restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 433 | 715 | 0 | ||||
Convertible senior notes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,761 | 0 | ||||
Warrants | ' | ' | ' | ' | ' | ' | ' | ' | 2,707 | 990 | 0 | ||||
Dilutive potential shares | ' | ' | ' | ' | ' | ' | ' | ' | 13,373 | 20,697 | 0 | ||||
Weighted average shares - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 111,290 | 115,382 | 90,610 | ||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) per share - basic | $0.98 | $1.44 | $0.89 | $1.02 | $4.92 | $2.02 | $0.81 | $0.12 | $4.33 | $7.92 | ($2.45) | ||||
Net income (loss) per share - diluted (in dollars per share) | $0.86 | $1.25 | $0.79 | $0.90 | $4.08 | $1.72 | $0.70 | $0.11 | $3.81 | $6.75 | ($2.45) | ||||
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average number of shares | ' | ' | ' | ' | ' | ' | ' | ' | 304 | 325 | 20,942 | ||||
Restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average number of shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 846 | ||||
Convertible senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average number of shares | ' | ' | ' | ' | ' | ' | ' | ' | 4,761 | 0 | 939 | ||||
Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average number of shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 939 | ||||
[1] | Net income for the quarter ended December 31, 2012 included an income tax benefit of $335.8 million, primarily attributable to the release of substantially all of the Company's valuation allowance against its deferred tax assets. |
Statement_of_Cash_Flows_Detail
Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' | ' | ' |
Accrued capital expenditures | $16.10 | $8.60 | $6.20 |
Facility lease obligation, including reimbursements | ' | 0 | 0 |
Capitalized and deferred interest | 1.9 | 0 | 0 |
Stock options due to Company | 1.2 | 3.8 | ' |
Facilities Building D and E | ' | ' | ' |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' | ' | ' |
Facility lease obligation, including reimbursements | $25 | ' | ' |
Unaudited_Quarterly_Results_De
Unaudited Quarterly Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Revenues | $610,412 | $597,027 | [1] | $457,642 | [1] | $439,664 | [1] | $414,602 | [2] | $427,687 | [2] | $304,399 | [2] | $231,789 | [2] | $2,104,745 | $1,378,477 | $445,824 |
Net income (loss) | 96,806 | 141,306 | 87,376 | 98,874 | 470,407 | [3] | 191,468 | [3] | 76,743 | [3] | 11,651 | [3] | 424,362 | 750,269 | -221,760 | |||
Net income (loss) per share - basic | $0.98 | $1.44 | $0.89 | $1.02 | $4.92 | $2.02 | $0.81 | $0.12 | $4.33 | $7.92 | ($2.45) | |||||||
Net income (loss) per share - diluted | $0.86 | $1.25 | $0.79 | $0.90 | $4.08 | $1.72 | $0.70 | $0.11 | $3.81 | $6.75 | ($2.45) | |||||||
Effect of Fourth Quarter Events [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Substantive milestone payment | 25,000 | 45,000 | ' | ' | 10,000 | 65,000 | ' | ' | ' | ' | ' | |||||||
Income tax benefit | ' | ' | ' | ' | -335,800 | ' | ' | ' | 288,998 | -335,848 | -1,132 | |||||||
Antibody Collaboration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Effect of Fourth Quarter Events [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Number of families of novel antibodies | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | |||||||
Up-front payments made to acquire full rights to antibodies | ' | ' | ' | ' | ' | ' | ' | ' | -20,000 | 0 | 0 | |||||||
Ang2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Effect of Fourth Quarter Events [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Up-front payments made to acquire full rights to antibodies | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
PDGFR-beta | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Effect of Fourth Quarter Events [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Up-front payments made to acquire full rights to antibodies | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
[1] | Revenues in the second quarter of 2013 were reduced by two $10 million up-front payments made to Sanofi to acquire full rights to antibodies to PDGF and antibodies to Ang2 in ophthalmology, as described in Note 4 above. Revenues in the third and fourth quarter of 2013 included recognition of sales and substantive development milestones of $45.0 million and $25.0 million, respectively. | |||||||||||||||||
[2] | Revenues in the third and fourth quarter of 2012 included substantive development milestones of $65.0 million and $10.0 million, respectively. | |||||||||||||||||
[3] | Net income for the quarter ended December 31, 2012 included an income tax benefit of $335.8 million, primarily attributable to the release of substantially all of the Company's valuation allowance against its deferred tax assets. |