Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Jul. 23, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'ALEXION PHARMACEUTICALS INC | ' |
Entity Central Index Key | '0000899866 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 197,814,997 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $612,045 | $529,857 |
Marketable securities | 982,317 | 984,994 |
Trade accounts receivable, net | 440,699 | 421,752 |
Inventories | 144,859 | 102,602 |
Deferred tax assets | 50,281 | 41,432 |
Prepaid expenses and other current assets | 111,105 | 106,220 |
Total current assets | 2,341,306 | 2,186,857 |
Property, plant and equipment, net | 273,326 | 201,109 |
Intangible assets, net | 599,786 | 609,719 |
Goodwill | 254,073 | 254,073 |
Deferred tax assets | 7,417 | 3,394 |
Other assets | 77,902 | 62,544 |
Total assets | 3,553,810 | 3,317,696 |
Liabilities and Stockholders' Equity | ' | ' |
Accounts payable | 36,066 | 21,596 |
Accrued expenses | 204,743 | 402,344 |
Deferred revenue | 72,271 | 53,801 |
Current portion of long-term debt | 48,000 | 48,000 |
Other current liabilities | 56,621 | 56,688 |
Total current liabilities | 417,701 | 582,429 |
Long-term debt, less current portioon | 33,500 | 65,000 |
Contingent consideration | 108,232 | 106,744 |
Facility lease obligation | 59,515 | 32,230 |
Deferred tax liabilities | 96 | 101,241 |
Other liabilities | 53,184 | 47,973 |
Total liabilities | 672,228 | 935,617 |
Commitments and contingencies (Note 16) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.0001 par value; 5,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.0001 par value; 290,000 shares authorized; 200,035 and 197,941 shares issued at June 30, 2014 and December 31, 2013, respectively | 20 | 20 |
Additional paid-in capital | 2,467,945 | 2,106,183 |
Treasury stock, at cost, 2,134 and 985 shares at June 30, 2014 and December 31, 2013, respectively | -258,880 | -80,365 |
Accumulated other comprehensive loss | -32,450 | -22,857 |
Retained earnings | 704,947 | 379,098 |
Total stockholders' equity | 2,881,582 | 2,382,079 |
Total liabilities and stockholders' equity | $3,553,810 | $3,317,696 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 290,000 | 290,000 |
Common stock, shares issued | 200,035 | 197,941 |
Treasury Stock, Shares | 2,134 | 985 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net product sales | $512,495 | $370,091 | $1,079,111 | $709,032 |
Cost of sales | 39,626 | 39,377 | 72,565 | 74,646 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 92,554 | 68,563 | 284,011 | 143,099 |
Selling, general and administrative | 159,477 | 123,189 | 288,768 | 232,015 |
Impairment of Intangible Asset | 0 | 0 | 3,464 | 0 |
Acquisition-related costs | 1,989 | 1,167 | 1,951 | 4,401 |
Amortization of purchased intangible assets | 0 | 104 | 0 | 208 |
Total operating expenses | 254,020 | 193,023 | 578,194 | 379,723 |
Operating income | 218,849 | 137,691 | 428,352 | 254,663 |
Other income and expense: | ' | ' | ' | ' |
Investment income | 1,714 | 718 | 3,927 | 1,155 |
Interest expense | -715 | -1,056 | -1,778 | -2,227 |
Foreign currency gain (loss) | -1,202 | -90 | 56 | 413 |
Income before income taxes | 218,646 | 137,263 | 430,557 | 254,004 |
Income tax provision | 52,151 | 41,378 | 104,708 | 75,902 |
Net income | $166,495 | $95,885 | $325,849 | $178,102 |
Earnings per common share | ' | ' | ' | ' |
Basic | $0.84 | $0.49 | $1.65 | $0.92 |
Diluted | $0.83 | $0.48 | $1.62 | $0.90 |
Shares used in computing earnings per common share | ' | ' | ' | ' |
Basic | 197,880 | 195,247 | 197,838 | 193,944 |
Diluted | 201,524 | 199,299 | 201,715 | 198,096 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $166,495 | $95,885 | $325,849 | $178,102 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation | 46 | -77 | 552 | -1,529 |
Unrealized gains (losses) on marketable securities | 299 | -226 | 1,110 | -226 |
Unrealized losses on pension obligation | -2,685 | -2,684 | -2,685 | -2,684 |
Unrealized (losses) gains on hedging activities, net of tax of $(526), $(587), $(1,771) and $1,923, respectively | -3,675 | -8,448 | -8,570 | 17,330 |
Other comprehensive loss, net of tax | -6,015 | -11,435 | -9,593 | 12,891 |
Comprehensive income | $160,480 | $84,450 | $316,256 | $190,993 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Unrealized gains (losses) on hedging activities - tax effect | ($526) | ($587) | ($1,771) | $1,923 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $325,849 | $178,102 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' |
Depreciation and amortization | 19,042 | 13,014 |
Impairment of Intangible Asset | 3,464 | 0 |
Change in fair value of contingent consideration | 1,951 | 3,378 |
Share-based compensation expense | 52,254 | 34,812 |
Premium amortization of available-for-sale securities | 8,163 | 25 |
Deferred taxes | -112,425 | 25,985 |
Unrealized foreign currency gain | -4,046 | -457 |
Unrealized loss (gain) on forward contracts | 161 | -561 |
Excess tax benefit from stock options | -254,547 | -57,317 |
Other | 148 | 23 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | -9,179 | -55,178 |
Inventories | -34,972 | -14,391 |
Prepaid expenses and other assets | -17,815 | 10,160 |
Accounts payable, accrued expenses and other liabilities | 78,298 | 4,246 |
Deferred revenue | 18,749 | 2,352 |
Net cash provided by operating activities | 75,095 | 144,193 |
Cash flows from investing activities: | ' | ' |
Purchases of available-for-sale securities | -278,134 | -185,322 |
Proceeds from maturity or sale of available-for-sale securities | 275,946 | 2,002 |
Purchases of trading securities | -1,765 | 0 |
Purchases of other investments | -25,000 | 0 |
Purchases of property, plant and equipment | -61,189 | -14,012 |
Other | -26 | 207 |
Net cash used in investing activities | -90,116 | -197,539 |
Cash flows from financing activities: | ' | ' |
Payments on term loan | -31,500 | -12,000 |
Excess tax benefit from stock options | 254,547 | 57,317 |
Repurchase of common stock | -178,515 | -66,136 |
Net proceeds from the exercise of stock options | 52,181 | 23,577 |
Other | -81 | -99 |
Net cash provided by financing activities | 96,632 | 2,659 |
Effect of exchange rate changes on cash | 577 | -2,350 |
Net change in cash and cash equivalents | 82,188 | -53,037 |
Cash and cash equivalents at beginning of period | 529,857 | 989,501 |
Cash and cash equivalents at end of period | 612,045 | 936,464 |
Supplemental cash flow disclosures from investing and financing activities: | ' | ' |
Construction in process related to facility lease obligation | $27,284 | $6,854 |
Business
Business | 6 Months Ended |
Jun. 30, 2014 | |
Business [Abstract] | ' |
Business | ' |
Business | |
Alexion Pharmaceuticals, Inc. (Alexion, the Company, we, our or us) is a biopharmaceutical company focused on serving patients with severe and ultra-rare disorders through the innovation, development and commercialization of life-transforming therapeutic products. Our marketed product Soliris is the first and only therapeutic approved for patients with either of two severe and ultra-rare disorders resulting from chronic uncontrolled activation of the complement component of the immune system: paroxysmal nocturnal hemoglobinuria (PNH), a life-threatening and ultra-rare genetic blood disorder, and atypical hemolytic uremic syndrome (aHUS), a life-threatening and ultra-rare genetic disease. We are also evaluating additional potential indications for Soliris in other severe and ultra-rare diseases in which uncontrolled complement activation is the underlying mechanism, and we are progressing in various stages of development with additional product candidates as potential treatments for patients with severe and life-threatening ultra-rare disorders. |
Basis_of_Presentation_and_Prin
Basis of Presentation and Principles Of Consolidation | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Principles of Consolidation | ' |
Basis of Presentation and Principles of Consolidation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These accounting principles were applied on a basis consistent with those of the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2013. In our opinion, the accompanying unaudited consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of our financial statements for interim periods in accordance with accounting principles generally accepted in the United States. The condensed consolidated balance sheet data as of December 31, 2013 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2013 included in our Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the full year. | |
The financial statements of our subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities, historical exchange rates for stockholders' equity and weighted average exchange rates for operating results. Translation gains and losses are included in accumulated other comprehensive income (loss), net of tax, in stockholders' equity. Foreign currency transaction gains and losses are included in the results of operations in other income and expense. | |
The accompanying unaudited condensed consolidated financial statements include the accounts of Alexion and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |
Our significant accounting policies are described in Note 1 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued a comprehensive new standard which amends revenue recognition principles and provides a single set of criteria for revenue recognition among all industries. The new standard provides a five step framework whereby revenue is recognized when promised goods or services are transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires enhanced disclosures pertaining to revenue recognition in both interim and annual periods. The standard is effective for interim and annual periods beginning after December 15, 2016 and allows for adoption using a full retrospective method, or a modified retrospective method. We are currently assessing the method of adoption and the expected impact the new standard has on our financial position and results of operations. |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are stated at the lower of cost or estimated realizable value. We determine the cost of inventory using the weighted-average cost method. | ||||||||
The components of inventory are as follows: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 16,693 | $ | 12,170 | ||||
Work-in-process | 56,783 | 62,192 | ||||||
Finished goods | 71,383 | 28,240 | ||||||
$ | 144,859 | $ | 102,602 | |||||
As of June 30, 2014, we had capitalized $9,627 of inventory produced for commercial sale for products awaiting regulatory approval. At December 31, 2013, we did not have any inventory capitalized associated with such products. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Intangible Assets and Goodwill | ' | ||||||||
Intangible Assets and Goodwill | |||||||||
The following table summarizes the carrying amount of our intangible assets and goodwill, net of accumulated amortization: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Licenses, patents and purchased technology, net | $ | 4,736 | $ | 11,205 | |||||
Acquired in-process research and development | 595,050 | 598,514 | |||||||
Intangible assets | $ | 599,786 | $ | 609,719 | |||||
Goodwill | $ | 254,073 | $ | 254,073 | |||||
During first quarter of 2014, we reviewed for impairment the value of an early stage, Phase I indefinite-lived intangible asset related to the Taligen acquisition. We initiated such review based on a reassessment of scientific findings associated with this acquired asset. As a result, during the six months ended June 30, 2014, we recognized an impairment of $3,464 to adjust this asset to fair value, which was determined to be de minimis. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt [Abstract] | ' |
Debt | ' |
Debt | |
On February 7, 2012, we entered into a Credit Agreement with a syndicate of banks that provides for a $240,000 senior secured term loan facility payable in equal quarterly installments of $12,000 starting June 30, 2012 and a $200,000 senior secured revolving credit facility through February 7, 2017. In addition to borrowings upon prior notice, the revolving credit facility includes borrowing capacity in the form of letters of credit up to $60,000 and borrowings on same-day notice, referred to as swingline loans, of up to $10,000. Borrowings can be used for working capital requirements, acquisitions and other general corporate purposes. With the consent of the lenders and the administrative agent and subject to satisfaction of certain conditions, we may increase the term loan facility and/or the revolving credit facility by an aggregate amount not to exceed $150,000. | |
As of June 30, 2014, we had $81,500 outstanding on the term loan. As of June 30, 2014, we had open letters of credit of $12,445, and our borrowing availability under the revolving facility was $187,555. | |
The fair value of our long term debt, which is measured using Level 2 inputs, approximates book value. |
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Common Share [Abstract] | ' | |||||||||||||||
Earnings Per Common Share | ' | |||||||||||||||
Earnings Per Common Share | ||||||||||||||||
Basic earnings per common share (EPS) is computed by dividing net income by the weighted-average number of shares of common stock outstanding. For purposes of calculating diluted EPS, the denominator reflects the potential dilution that could occur if stock options, unvested restricted stock, unvested restricted stock units or other contracts to issue common stock were exercised or converted into common stock, using the treasury stock method. | ||||||||||||||||
The following table summarizes the calculation of basic and diluted EPS for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income used for basic and diluted calculation | $ | 166,495 | $ | 95,885 | $ | 325,849 | $ | 178,102 | ||||||||
Shares used in computing earnings per common share—basic | 197,880 | 195,247 | 197,838 | 193,944 | ||||||||||||
Weighted-average effect of dilutive securities: | ||||||||||||||||
Stock awards | 3,644 | 4,052 | 3,877 | 4,152 | ||||||||||||
Dilutive potential common shares | 3,644 | 4,052 | 3,877 | 4,152 | ||||||||||||
Shares used in computing earnings per common share—diluted | 201,524 | 199,299 | 201,715 | 198,096 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.84 | $ | 0.49 | $ | 1.65 | $ | 0.92 | ||||||||
Diluted | $ | 0.83 | $ | 0.48 | $ | 1.62 | $ | 0.9 | ||||||||
We exclude from EPS the weighted-average number of securities whose effect is anti-dilutive. Excluded from the calculation of EPS for the three and six months ended June 30, 2014 were 1,698 and 1,151 shares of common stock, respectively, because their effect is anti-dilutive. Similarly, we excluded 2,265 and 3,037 shares from the calculation of EPS for the three and six months ended June 30, 2013, respectively, because their effect was anti-dilutive. |
Marketable_Securities
Marketable Securities | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable securities | ' | ||||||||||||||||
Marketable Securities | |||||||||||||||||
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and estimated fair value of available-for-sale investments by type of security at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Estimated Fair Value | ||||||||||||||
Commercial paper | $ | 66,448 | $ | — | $ | — | $ | 66,448 | |||||||||
Corporate bonds | 484,588 | 916 | (120 | ) | 485,384 | ||||||||||||
Municipal bonds | 207,643 | 251 | — | 207,894 | |||||||||||||
Other government-related obligations: | |||||||||||||||||
U.S. | 51,969 | 37 | (21 | ) | 51,985 | ||||||||||||
Foreign | 149,573 | 208 | (41 | ) | 149,740 | ||||||||||||
Bank certificates of deposit | 18,004 | 5 | — | 18,009 | |||||||||||||
$ | 978,225 | $ | 1,417 | $ | (182 | ) | $ | 979,460 | |||||||||
December 31, 2013 | |||||||||||||||||
Amortized Cost Basis | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Aggregate Fair Value | ||||||||||||||
Commercial paper | $ | 112,679 | $ | — | $ | — | $ | 112,679 | |||||||||
Corporate bonds | 476,459 | 487 | (588 | ) | 476,358 | ||||||||||||
Municipal bonds | 202,396 | 47 | (40 | ) | 202,403 | ||||||||||||
Other government-related obligations: | |||||||||||||||||
U.S. | 46,466 | 30 | (7 | ) | 46,489 | ||||||||||||
Foreign | 156,974 | 54 | (204 | ) | 156,824 | ||||||||||||
Bank certificates of deposit | 33,004 | — | — | 33,004 | |||||||||||||
$ | 1,027,978 | $ | 618 | $ | (839 | ) | $ | 1,027,757 | |||||||||
The aggregate fair value of available-for-sale securities in an unrealized loss position as of June 30, 2014 and December 31, 2013 was $210,079 and $461,634, respectively. Investments that have been in a continuous unrealized loss position for more than 12 months are not material. As of June 30, 2014, we believe that the cost basis of our available-for-sale investments is recoverable. | |||||||||||||||||
The fair values of available-for-sale securities by classification in the condensed consolidated balance sheet were as follows: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | 43,780 | |||||||||||||
Marketable securities | 979,460 | 983,977 | |||||||||||||||
$ | 979,460 | $ | 1,027,757 | ||||||||||||||
The fair values of available-for-sale debt securities at June 30, 2014, by contractual maturity, are summarized as follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Due in one year or less | $ | 417,471 | |||||||||||||||
Due after one year through three years | 561,989 | ||||||||||||||||
Due after three years through five years | — | ||||||||||||||||
$ | 979,460 | ||||||||||||||||
As of June 30, 2014 and December 31, 2013, the fair value of our trading securities was $2,857 and $1,017, respectively. | |||||||||||||||||
We utilize the specific identification method in computing realized gains and losses. Realized gains and losses on our trading securities and available-for-sale investments were not material for the three and six months ended June 30, 2014 and 2013. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
We operate internationally and, in the normal course of business, are exposed to fluctuations in foreign currency exchange rates. The exposures result from portions of our revenues, as well as the related receivables, and expenses that are denominated in currencies other than the U.S. dollar, primarily the Euro, Japanese Yen, and British Pound. We manage our foreign currency transaction risk within specified guidelines through the use of derivatives. All of our derivative instruments are utilized for risk management purposes, and we do not use derivatives for speculative trading purposes. | |||||||||||||||||||||||||
We enter into foreign exchange forward contracts, with durations of up to 36 months, to hedge exposures resulting from portions of our forecasted revenues, including intercompany revenues, that are denominated in currencies other than the U.S. dollar. The purpose of the hedges of revenue is to reduce the volatility of exchange rate fluctuations on our operating results and to increase the visibility of the foreign exchange impact on forecasted revenues. These hedges are designated as cash flow hedges upon contract inception. At June 30, 2014, we had open contracts with notional amounts totaling $1,410,389 that qualified for hedge accounting. | |||||||||||||||||||||||||
The impact on accumulated other comprehensive income (AOCI) and earnings from foreign exchange contracts that qualified as cash flow hedges, for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Gain (loss) recognized in AOCI, net of tax | $ | (4,119 | ) | $ | (1,388 | ) | $ | (8,063 | ) | $ | 29,537 | ||||||||||||||
Gain (loss) reclassified from AOCI to net product sales (effective portion), net of tax | $ | (608 | ) | $ | 6,864 | $ | 500 | $ | 11,579 | ||||||||||||||||
Gain reclassified from AOCI to other income and expense (ineffective portion), net of tax | $ | 164 | $ | 196 | $ | 7 | $ | 628 | |||||||||||||||||
Assuming no change in foreign exchange rates from market rates at June 30, 2014, $7,000 of losses recognized in AOCI will be reclassified to revenue over the next 12 months. | |||||||||||||||||||||||||
We enter into foreign exchange forward contracts, with durations of approximately 30 days, designed to limit the balance sheet exposure of monetary assets and liabilities. We enter into these hedges to reduce the impact of fluctuating exchange rates on our operating results. Hedge accounting is not applied to these derivative instruments as gains and losses on these hedge transactions are designed to offset gains and losses on underlying balance sheet exposures. As of June 30, 2014, the notional amount of foreign exchange contracts where hedge accounting is not applied was $239,318. | |||||||||||||||||||||||||
We recognized a gain (loss) of $(1,640) and $1,837, in other income and expense, for the three months ended June 30, 2014 and 2013, respectively, and $649 and $8,787, for the six months ended June 30, 2014 and 2013, respectively, associated with the foreign exchange contracts not designated as hedging instruments. These amounts were largely offset by gains or losses in monetary assets and liabilities. | |||||||||||||||||||||||||
The following tables summarize the fair value of outstanding derivatives at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 13,018 | Other current liabilities | $ | 19,729 | |||||||||||||||||||
Foreign exchange forward contracts | Other non-current assets | 4,115 | Other non-current liabilities | 11,285 | |||||||||||||||||||||
Total fair value of derivative instruments | $ | 17,133 | $ | 31,014 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 21,815 | Other current liabilities | $ | 20,228 | |||||||||||||||||||
Foreign exchange forward contracts | Other non-current assets | 9,839 | Other non-current liabilities | 14,864 | |||||||||||||||||||||
Total fair value of derivative instruments | $ | 31,654 | $ | 35,092 | |||||||||||||||||||||
The fair value of our foreign exchange forward contracts that are not designated as hedging instruments was zero as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Although we do not offset derivative assets and liabilities within our condensed consolidated balance sheets, our International Swap and Derivatives Association (ISDA) agreements provide for net settlement of transactions that are due to or from the same counterparty upon early termination of the agreement due to an event of default or other termination event. The following table summarizes the potential effect on our condensed consolidated balance sheets of offsetting our foreign exchange forward contracts subject to such provisions: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet | Derivative Financial Instruments | Cash Collateral Received (Pledged) | Net Amount | |||||||||||||||||||
Derivative assets | $ | 17,133 | $ | — | $ | 17,133 | $ | (15,934 | ) | $ | — | $ | 1,199 | ||||||||||||
Derivative liabilities | (31,014 | ) | — | (31,014 | ) | 15,934 | — | (15,080 | ) | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet | Derivative Financial Instruments | Cash Collateral Received (Pledged) | Net Amount | |||||||||||||||||||
Derivative assets | $ | 31,654 | $ | — | $ | 31,654 | $ | (27,256 | ) | $ | — | $ | 4,398 | ||||||||||||
Derivative liabilities | (35,092 | ) | — | (35,092 | ) | 27,256 | — | (7,836 | ) | ||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders' Equity | |
In November 2012, our Board of Directors authorized the repurchase of up to $400,000 of our common stock. This repurchase program does not have an expiration date, and we are not obligated to acquire a particular number of shares. The program may be discontinued at any time at the Company's discretion. Under the program, we repurchased 1,012 and 353 shares of our common stock at a cost of $156,458 and $31,029 during the three months ended June 30, 2014 and 2013, respectively, and 1,149 and 758 shares of our common stock at a cost of $178,515 and $66,136 during the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014, there is a total of $143,796 remaining for repurchases under the program. | |
Subsequent to June 30, 2014, we repurchased 180 shares of our common stock under our repurchase program at a cost of $28,968. |
Other_Comprehensive_Income_and
Other Comprehensive Income and Accumulated Other Comprehensive Income | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Other Comprehensive Income and Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
Other Comprehensive Income and Accumulated Other Comprehensive Income | ||||||||||||||||||||
The following tables summarize the changes in AOCI, by component, for the six months ended June 30, 2014 and 2013: | ||||||||||||||||||||
Defined Benefit Pension Plans | Unrealized Gains (Losses) from Marketable Securities | Unrealized Gains (Losses) from Hedging Activities | Foreign Currency Translation Adjustment | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balances, December 31, 2013 | $ | (11,502 | ) | $ | (146 | ) | $ | (3,827 | ) | $ | (7,382 | ) | $ | (22,857 | ) | |||||
Other comprehensive income before reclassifications | (3,086 | ) | 1,111 | (8,063 | ) | 552 | (9,486 | ) | ||||||||||||
Amounts reclassified from other comprehensive income | 401 | (1 | ) | (507 | ) | — | (107 | ) | ||||||||||||
Net other comprehensive income (loss) | (2,685 | ) | 1,110 | (8,570 | ) | 552 | (9,593 | ) | ||||||||||||
Balances, June 30, 2014 | $ | (14,187 | ) | $ | 964 | $ | (12,397 | ) | $ | (6,830 | ) | $ | (32,450 | ) | ||||||
Defined Benefit Pension Plans | Unrealized Gains (Losses) from Marketable Securities | Unrealized Gains (Losses) from Hedging Activities | Foreign Currency Translation Adjustment | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balances, December 31, 2012 | $ | (5,712 | ) | $ | — | $ | 15,156 | $ | (2,809 | ) | $ | 6,635 | ||||||||
Other comprehensive income before reclassifications | (2,873 | ) | (225 | ) | 29,537 | (1,529 | ) | 24,910 | ||||||||||||
Amounts reclassified from other comprehensive income | 189 | (1 | ) | (12,207 | ) | — | (12,019 | ) | ||||||||||||
Net other comprehensive income (loss) | (2,684 | ) | (226 | ) | 17,330 | (1,529 | ) | 12,891 | ||||||||||||
Balances, June 30, 2013 | $ | (8,396 | ) | $ | (226 | ) | $ | 32,486 | $ | (4,338 | ) | $ | 19,526 | |||||||
The table below provides details regarding significant reclassifications from AOCI during the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified From Accumulated Other Comprehensive Income during the three months ended June 30, | Amount Reclassified From Accumulated Other Comprehensive Income during the six months ended June 30, | Affected Line Item in the Condensed Consolidated Statements of Operations | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Unrealized Gains (Losses) from Hedging Activity | ||||||||||||||||||||
Effective portion of foreign exchange contracts | $ | (695 | ) | $ | 7,502 | $ | 571 | $ | 12,655 | Net product sales | ||||||||||
Ineffective portion of foreign exchange contracts | 187 | 214 | 8 | 686 | Foreign currency gain (loss) | |||||||||||||||
(508 | ) | 7,716 | 579 | 13,341 | ||||||||||||||||
64 | (656 | ) | (72 | ) | (1,134 | ) | Income tax provision | |||||||||||||
$ | (444 | ) | $ | 7,060 | $ | 507 | $ | 12,207 | ||||||||||||
Unrealized Gains (Losses) from Marketable Securities | ||||||||||||||||||||
Realized gains (losses) on sale of securities | $ | — | $ | 2 | $ | 2 | $ | 2 | Investment income | |||||||||||
— | 2 | 2 | 2 | |||||||||||||||||
— | (1 | ) | (1 | ) | (1 | ) | Income tax provision | |||||||||||||
$ | — | $ | 1 | $ | 1 | $ | 1 | |||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||
Amortization of prior service costs and actuarial losses | $ | (359 | ) | $ | (131 | ) | $ | (438 | ) | $ | (207 | ) | (a) | |||||||
(359 | ) | (131 | ) | (438 | ) | (207 | ) | |||||||||||||
31 | 11 | 37 | 18 | Income tax provision | ||||||||||||||||
$ | (328 | ) | $ | (120 | ) | $ | (401 | ) | $ | (189 | ) | |||||||||
(a) This AOCI component is included in the computation of net periodic pension benefit cost (see Note 13 for additional details). |
Fair_Value_Measurement
Fair Value Measurement | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||
Fair Value Measurement | |||||||||||||||||
Authoritative guidance establishes a valuation hierarchy for disclosure of the inputs to the valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. | |||||||||||||||||
The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value. | |||||||||||||||||
Fair Value Measurement at | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Balance Sheet | Type of Instrument | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Classification | |||||||||||||||||
Cash equivalents | Institutional money market funds | $ | 256,300 | $ | — | $ | 256,300 | $ | — | ||||||||
Marketable securities | Mutual funds | $ | 2,857 | $ | 2,857 | $ | — | $ | — | ||||||||
Marketable securities | Commercial paper | $ | 66,448 | $ | — | $ | 66,448 | $ | — | ||||||||
Marketable securities | Corporate bonds | $ | 485,384 | $ | — | $ | 485,384 | $ | — | ||||||||
Marketable securities | Municipal bonds | $ | 207,894 | $ | — | $ | 207,894 | $ | — | ||||||||
Marketable securities | Other government-related obligations | $ | 201,725 | $ | — | $ | 201,725 | $ | — | ||||||||
Marketable securities | Bank certificates of deposit | $ | 18,009 | $ | — | $ | 18,009 | $ | — | ||||||||
Other current assets | Foreign exchange forward contracts | $ | 13,018 | $ | — | $ | 13,018 | $ | — | ||||||||
Other assets | Foreign exchange forward contracts | $ | 4,115 | $ | — | $ | 4,115 | $ | — | ||||||||
Other current liabilities | Foreign exchange forward contracts | $ | 19,729 | $ | — | $ | 19,729 | $ | — | ||||||||
Other liabilities | Foreign exchange forward contracts | $ | 11,285 | $ | — | $ | 11,285 | $ | — | ||||||||
Other current liabilities | Acquisition-related contingent consideration | $ | 36,395 | $ | — | $ | — | $ | 36,395 | ||||||||
Contingent consideration | Acquisition-related contingent consideration | $ | 108,232 | $ | — | $ | — | $ | 108,232 | ||||||||
Fair Value Measurement at | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Balance Sheet | Type of Instrument | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Classification | |||||||||||||||||
Cash equivalents | Institutional money market funds | $ | 234,212 | $ | — | $ | 234,212 | $ | — | ||||||||
Cash equivalents | Commercial paper | $ | 6,298 | $ | — | $ | 6,298 | $ | — | ||||||||
Cash equivalents | Corporate bonds | $ | 15,255 | $ | — | $ | 15,255 | $ | — | ||||||||
Cash equivalents | Municipal bonds | $ | 2,225 | $ | — | $ | 2,225 | $ | — | ||||||||
Cash equivalents | Bank certificates of deposit | $ | 20,003 | $ | — | $ | 20,003 | $ | — | ||||||||
Marketable securities | Mutual funds | $ | 1,017 | $ | 1,017 | $ | — | $ | — | ||||||||
Marketable securities | Commercial paper | $ | 106,381 | $ | — | $ | 106,381 | $ | — | ||||||||
Marketable securities | Corporate bonds | $ | 461,103 | $ | — | $ | 461,103 | $ | — | ||||||||
Marketable securities | Municipal bonds | $ | 200,178 | $ | — | $ | 200,178 | $ | — | ||||||||
Marketable securities | Other government-related obligations | $ | 203,313 | $ | — | $ | 203,313 | $ | — | ||||||||
Marketable securities | Bank certificates of deposit | $ | 13,001 | $ | — | $ | 13,001 | $ | — | ||||||||
Other current assets | Foreign exchange forward contracts | $ | 21,815 | $ | — | $ | 21,815 | $ | — | ||||||||
Other assets | Foreign exchange forward contracts | $ | 9,839 | $ | — | $ | 9,839 | $ | — | ||||||||
Other current liabilities | Foreign exchange forward contracts | $ | 20,228 | $ | — | $ | 20,228 | $ | — | ||||||||
Other liabilities | Foreign exchange forward contracts | $ | 14,864 | $ | — | $ | 14,864 | $ | — | ||||||||
Other current liabilities | Acquisition-related contingent consideration | $ | 35,932 | $ | — | $ | — | $ | 35,932 | ||||||||
Contingent consideration | Acquisition-related contingent consideration | $ | 106,744 | $ | — | $ | — | $ | 106,744 | ||||||||
There were no securities transferred between Level 1, 2 and 3 during the six months ended June 30, 2014. | |||||||||||||||||
Valuation Techniques | |||||||||||||||||
We classify mutual fund investments, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy. | |||||||||||||||||
Cash equivalents and marketable securities classified as Level 2 within the valuation hierarchy consist of institutional money market funds, commercial paper, municipal bonds, U.S. and foreign government-related debt, corporate debt securities and certificates of deposit. We estimate the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. We validate the prices provided by our third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. | |||||||||||||||||
Our derivative assets and liabilities include foreign exchange derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk, as well as an evaluation of our counterparties’ credit risks. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. | |||||||||||||||||
Contingent consideration liabilities related to acquisitions are classified as Level 3 within the valuation hierarchy and are valued based on various estimates, including probability of success, discount rates and amount of time until the conditions of the milestone payments are met. | |||||||||||||||||
As of June 30, 2014, there has not been any impact to the fair value of our derivative liabilities due to our own credit risk. Similarly, there has not been any significant adverse impact to our derivative assets based on our evaluation of our counterparties’ credit risks. | |||||||||||||||||
Contingent Consideration | |||||||||||||||||
In connection with prior acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified development, regulatory approval or sales-based milestone events. We determine the fair value of these obligations on the acquisition date using various estimates that are not observable in the market and represent a Level 3 measurement within the fair value hierarchy. The resulting probability-weighted cash flows were discounted using a cost of debt ranging from 5.3% to 6.2% for developmental milestones and a weighted average cost of capital ranging from 14% to 21% for sales-based milestones. | |||||||||||||||||
Each reporting period, we adjust the contingent consideration to fair value with changes in fair value recognized in operating earnings. Changes in fair values reflect new information about the probability and timing of meeting the conditions of the milestone payments. In the absence of new information, changes in fair value will only reflect the interest component of contingent consideration related to the passage of time as development work progresses towards the achievement of the milestones. | |||||||||||||||||
Estimated future contingent milestone payments related to prior business combinations range from zero if no milestone events are achieved, to a maximum of $876,000 if all development, regulatory and sales-based milestones are reached. As of June 30, 2014, the fair value of acquisition-related contingent consideration was $144,627. The following table represents a roll-forward of our acquisition-related contingent consideration: | |||||||||||||||||
Six months ended | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Balance at beginning of period | $ | (142,676 | ) | ||||||||||||||
Changes in fair value | (1,951 | ) | |||||||||||||||
Balance at end of period | $ | (144,627 | ) |
Income_Taxes
Income Taxes | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
The following table provides a comparative summary of our income tax provision and effective tax rate for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Provision for income taxes | $ | 52,151 | $ | 41,378 | $ | 104,708 | $ | 75,902 | ||||||||
Effective tax rate | 23.9 | % | 30.1 | % | 24.3 | % | 29.9 | % | ||||||||
The tax provision for the three and six months ended June 30, 2014 is attributable to the U.S. federal, state and foreign income taxes on our operations. Additionally, included in the six months ended June 30, 2014 is $2,128 of tax attributable to our agreement with the French government that provided reimbursement for shipments of Soliris made prior to January 1, 2014. The tax provision for the three and six months ended June 30, 2013 is attributable to the U.S. federal, state and foreign income taxes on our operations. Additionally, included in the six months ended June 30, 2013 is a benefit of $3,033 attributable to the 2012 U.S. Federal tax credit for research and experimentation. The reduction in the effective tax rate for the three and six months ended June 30, 2014 as compared to the same periods in the prior year is primarily attributable to the centralization of our global supply chain and technical operations in Ireland. | ||||||||||||||||
The U.S. Federal tax credit for research and experimentation expenses expired December 31, 2011. In connection with this expiration, our 2012 tax expense did not include any benefit from the U.S. Federal tax credit for research and experimentation. In January 2013, the American Taxpayer Relief Act of 2012, which retroactively extended the tax credit for research and experimentation back to January 1, 2012 through the end of 2013, was signed into law. The effects of a change in tax law is recognized in the period that includes the date of enactment and, therefore, our tax benefit attributable to the 2012 U.S. Federal tax credit for research and experimentation was recorded in the first quarter of 2013. | ||||||||||||||||
The U.S. Federal tax credit for research and experimentation expenses expired again on December 31, 2013. In connection with this expiration, our 2014 tax provision does not include any benefit from the U.S. Federal tax credit for research and experimentation. | ||||||||||||||||
We continue to maintain a valuation allowance against certain other deferred tax assets where realization is not certain. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
Deferred Compensation Plan | ||||||||||||||||
Effective June 15, 2013, we began sponsoring a nonqualified deferred compensation plan which allows certain highly-compensated employees to make voluntary deferrals of up to 80% of their base salary and incentive bonuses. The plan is designed to work in conjunction with the 401(k) plan and provides for a total combined employer match of up to 6% of an employee's eligible earnings, up to the IRS annual 401(k) contribution limitations. Employee deferrals and employer matching contributions under the plan began in the third quarter of 2013. Matching contributions were not material for the three and six months ended June 30, 2014. As of June 30, 2014 and December 31, 2013, we recorded a liability of $2,857 and $1,097 associated with our nonqualified deferred compensation plan. We invest employee deferrals and employer matching contributions in mutual fund investments. These investments, which are recorded at the same value as the liability, are classified as trading securities and are included in marketable securities in our condensed consolidated balance sheet. | ||||||||||||||||
Defined Contribution Plan | ||||||||||||||||
We have one qualified 401(k) plan covering all eligible employees. Under the plan, employees may contribute up to the statutory allowable amount for any calendar year. We make matching contributions equal to $1.00 for each dollar contributed up to the first 6% of an individual's base salary and incentive cash bonus. For the three months ended June 30, 2014 and 2013, we recorded matching contributions of approximately $2,279, and $1,497, respectively. For the six months ended June 30, 2014 and 2013, we recorded matching contributions of approximately $4,936 and $3,264, respectively. | ||||||||||||||||
Defined Benefit Plans | ||||||||||||||||
We maintain defined benefit plans for employees in certain countries outside the United States, including retirement benefit plans required by applicable local law. The plans are valued by independent actuaries using the projected unit credit method. The liabilities correspond to the projected benefit obligations of which the discounted net present value is calculated based on years of employment, expected salary increases, and pension adjustments. | ||||||||||||||||
The components of net periodic benefit cost were as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 2,622 | $ | 1,326 | $ | 4,185 | $ | 2,711 | ||||||||
Interest cost | 200 | 123 | 400 | 249 | ||||||||||||
Expected return on plan assets | (232 | ) | (156 | ) | (463 | ) | (314 | ) | ||||||||
Employee contributions | (482 | ) | (358 | ) | (877 | ) | (713 | ) | ||||||||
Amortization | 359 | 131 | 438 | 207 | ||||||||||||
Total net periodic benefit cost | $ | 2,467 | $ | 1,066 | $ | 3,683 | $ | 2,140 | ||||||||
Leases
Leases | 6 Months Ended |
Jun. 30, 2014 | |
Leases [Abstract] | ' |
Leases | ' |
Leases | |
In November 2012, we entered into a lease agreement for office and laboratory space to be constructed in New Haven, Connecticut. Although we will not legally own the premises, we are deemed to be the owner of the building during the construction period based on applicable accounting guidance for build-to-suit leases due to our involvement during the construction period. Accordingly, the landlord's costs of constructing the facility are required to be capitalized, as a non-cash transaction, offset by a corresponding facility lease obligation in our condensed consolidated balance sheet. | |
Construction of the new facility began in June 2013 and is expected to be completed in 2015. As of June 30, 2014, we recorded a construction-in-process asset of $62,157, inclusive of the landlord's costs as well as costs incurred by Alexion, and an offsetting facility lease obligation of $59,515 associated with the new facility. |
License_Agreements_Notes
License Agreements (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Research and Development [Abstract] | ' |
License Agreements | ' |
License Agreements | |
In January 2014, we entered into an agreement with Moderna Therapeutics, Inc. (Moderna) that allows us to purchase ten product options to develop and commercialize treatments for rare diseases with Moderna's messenger RNA (mRNA) therapeutics platform. Alexion will lead the discovery, development and commercialization of the treatments produced through this broad, long-term strategic agreement, while Moderna will retain responsibility for the design and manufacture of the messenger RNA against selected targets. Due to the early stage of these assets, we recorded expense for an upfront payment of $100,000. We will also be responsible for funding research activities under the program. In addition, for each drug target, up to a maximum of ten targets, we could be required to make an option exercise payment of $15,000 and to pay up to an additional $120,000 with respect to a rare disease product and $400,000 with respect to a non-rare disease product in development and sales milestones if the specific milestones are met over time as well as royalties on commercial sales. | |
In addition to the option agreement, we purchased $25,000 of non-voting preferred equity of Moderna LLC, Moderna's non-public parent company. We recorded this investment at cost within other assets in our condensed consolidated balance sheets. We regularly monitor the investment to evaluate whether there has been an other-than-temporary decline in its fair value, based on the implied value of recent company financings, public market prices of comparable companies, and general market conditions. The carrying value of this investment was not impaired as of June 30, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Commitments | |
Lonza Agreement | |
We have supply agreements with Lonza Group AG and its affiliates (Lonza), a third party manufacturer, relating to the manufacture of Soliris and asfotase alfa. We have various agreements with Lonza, with remaining total commitments of approximately $146,000 through 2018. Such commitments may be canceled only in limited circumstances. If we terminate certain supply agreements with Lonza without cause, we will be required to pay for product scheduled for manufacture under our arrangement. Under an existing arrangement with Lonza, we also pay Lonza a royalty on sales of Soliris manufactured at Alexion Rhode Island Manufacturing Facility (ARIMF). | |
Contingent Liabilities | |
We are currently involved in various claims, lawsuits and legal proceedings. On a quarterly basis, we review the status of each significant matter and assess its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, we accrue a liability for the estimated loss. Because of uncertainties related to claims and litigation, accruals are based on our best estimates based on available information. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation or settlement of claims, we may reassess the potential liability related to these matters and may revise these estimates, which could result in a material adverse adjustment to our operating results. | |
In March 2013, we received a Warning Letter from the U.S. Food and Drug Administration (FDA) regarding compliance with current Good Manufacturing Practices at ARIMF. The Warning Letter followed an FDA inspection which concluded in August 2012. At the conclusion of that inspection, the FDA issued a Form 483 Inspectional Observations, to which we responded in August 2012 and provided additional information to the FDA in September and December 2012. The observations relate to commercial and clinical manufacture of Soliris at ARIMF. We responded to the Warning Letter in a letter to the FDA in April 2013. We continue to manufacture products, including Soliris, in this facility. In the first quarter of 2014, we submitted our request for inspection to the FDA, and we are currently awaiting this re-inspection of ARIMF. While the resolution of this Warning Letter is difficult to predict, we do not currently believe a loss related to this matter is probable or that the potential magnitude of such loss or range of loss, if any, can be reasonably estimated. | |
In 2013 and 2014, we initiated voluntary recalls and replacements of certain lots of Soliris due to the presence of visible particles detected in a limited number of vials in these lots. These recalls did not interrupt the supply of Soliris to patients. Following investigation, we believe that we have identified the filling process step that resulted in the presence of the visible particles and we have implemented the changes necessary to modify the process step. During the fourth quarter of 2013, we recorded expense of $14,277 in cost of sales resulting from the expected disposal of inventory in 2014, and we do not expect a material impact from these recalls in 2014. |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
The components of inventory are as follows: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 16,693 | $ | 12,170 | ||||
Work-in-process | 56,783 | 62,192 | ||||||
Finished goods | 71,383 | 28,240 | ||||||
$ | 144,859 | $ | 102,602 | |||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Intangible Assets and Goodwill | ' | ||||||||
The following table summarizes the carrying amount of our intangible assets and goodwill, net of accumulated amortization: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Licenses, patents and purchased technology, net | $ | 4,736 | $ | 11,205 | |||||
Acquired in-process research and development | 595,050 | 598,514 | |||||||
Intangible assets | $ | 599,786 | $ | 609,719 | |||||
Goodwill | $ | 254,073 | $ | 254,073 | |||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Common Share [Abstract] | ' | |||||||||||||||
Schedule Of Basic And Diluted Earnings Per Share | ' | |||||||||||||||
The following table summarizes the calculation of basic and diluted EPS for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income used for basic and diluted calculation | $ | 166,495 | $ | 95,885 | $ | 325,849 | $ | 178,102 | ||||||||
Shares used in computing earnings per common share—basic | 197,880 | 195,247 | 197,838 | 193,944 | ||||||||||||
Weighted-average effect of dilutive securities: | ||||||||||||||||
Stock awards | 3,644 | 4,052 | 3,877 | 4,152 | ||||||||||||
Dilutive potential common shares | 3,644 | 4,052 | 3,877 | 4,152 | ||||||||||||
Shares used in computing earnings per common share—diluted | 201,524 | 199,299 | 201,715 | 198,096 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.84 | $ | 0.49 | $ | 1.65 | $ | 0.92 | ||||||||
Diluted | $ | 0.83 | $ | 0.48 | $ | 1.62 | $ | 0.9 | ||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ||||||||||||||||
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and estimated fair value of available-for-sale investments by type of security at June 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Estimated Fair Value | ||||||||||||||
Commercial paper | $ | 66,448 | $ | — | $ | — | $ | 66,448 | |||||||||
Corporate bonds | 484,588 | 916 | (120 | ) | 485,384 | ||||||||||||
Municipal bonds | 207,643 | 251 | — | 207,894 | |||||||||||||
Other government-related obligations: | |||||||||||||||||
U.S. | 51,969 | 37 | (21 | ) | 51,985 | ||||||||||||
Foreign | 149,573 | 208 | (41 | ) | 149,740 | ||||||||||||
Bank certificates of deposit | 18,004 | 5 | — | 18,009 | |||||||||||||
$ | 978,225 | $ | 1,417 | $ | (182 | ) | $ | 979,460 | |||||||||
December 31, 2013 | |||||||||||||||||
Amortized Cost Basis | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Aggregate Fair Value | ||||||||||||||
Commercial paper | $ | 112,679 | $ | — | $ | — | $ | 112,679 | |||||||||
Corporate bonds | 476,459 | 487 | (588 | ) | 476,358 | ||||||||||||
Municipal bonds | 202,396 | 47 | (40 | ) | 202,403 | ||||||||||||
Other government-related obligations: | |||||||||||||||||
U.S. | 46,466 | 30 | (7 | ) | 46,489 | ||||||||||||
Foreign | 156,974 | 54 | (204 | ) | 156,824 | ||||||||||||
Bank certificates of deposit | 33,004 | — | — | 33,004 | |||||||||||||
$ | 1,027,978 | $ | 618 | $ | (839 | ) | $ | 1,027,757 | |||||||||
Available-for-sale Securities by Balance Sheet Location Classification [Table Text Block] | ' | ||||||||||||||||
The fair values of available-for-sale securities by classification in the condensed consolidated balance sheet were as follows: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | 43,780 | |||||||||||||
Marketable securities | 979,460 | 983,977 | |||||||||||||||
$ | 979,460 | $ | 1,027,757 | ||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||
The fair values of available-for-sale debt securities at June 30, 2014, by contractual maturity, are summarized as follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Due in one year or less | $ | 417,471 | |||||||||||||||
Due after one year through three years | 561,989 | ||||||||||||||||
Due after three years through five years | — | ||||||||||||||||
$ | 979,460 | ||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Other Comprehensive Income and Earnings from Foreign Exchange Contracts | ' | ||||||||||||||||||||||||
The impact on accumulated other comprehensive income (AOCI) and earnings from foreign exchange contracts that qualified as cash flow hedges, for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Gain (loss) recognized in AOCI, net of tax | $ | (4,119 | ) | $ | (1,388 | ) | $ | (8,063 | ) | $ | 29,537 | ||||||||||||||
Gain (loss) reclassified from AOCI to net product sales (effective portion), net of tax | $ | (608 | ) | $ | 6,864 | $ | 500 | $ | 11,579 | ||||||||||||||||
Gain reclassified from AOCI to other income and expense (ineffective portion), net of tax | $ | 164 | $ | 196 | $ | 7 | $ | 628 | |||||||||||||||||
Schedule of Fair Value of Outstanding Derivatives | ' | ||||||||||||||||||||||||
The following tables summarize the fair value of outstanding derivatives at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 13,018 | Other current liabilities | $ | 19,729 | |||||||||||||||||||
Foreign exchange forward contracts | Other non-current assets | 4,115 | Other non-current liabilities | 11,285 | |||||||||||||||||||||
Total fair value of derivative instruments | $ | 17,133 | $ | 31,014 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 21,815 | Other current liabilities | $ | 20,228 | |||||||||||||||||||
Foreign exchange forward contracts | Other non-current assets | 9,839 | Other non-current liabilities | 14,864 | |||||||||||||||||||||
Total fair value of derivative instruments | $ | 31,654 | $ | 35,092 | |||||||||||||||||||||
Offsetting Assets and Liabilities | ' | ||||||||||||||||||||||||
The following table summarizes the potential effect on our condensed consolidated balance sheets of offsetting our foreign exchange forward contracts subject to such provisions: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet | Derivative Financial Instruments | Cash Collateral Received (Pledged) | Net Amount | |||||||||||||||||||
Derivative assets | $ | 17,133 | $ | — | $ | 17,133 | $ | (15,934 | ) | $ | — | $ | 1,199 | ||||||||||||
Derivative liabilities | (31,014 | ) | — | (31,014 | ) | 15,934 | — | (15,080 | ) | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Amounts of Assets/Liabilities Presented in the Condensed Consolidated Balance Sheet | Derivative Financial Instruments | Cash Collateral Received (Pledged) | Net Amount | |||||||||||||||||||
Derivative assets | $ | 31,654 | $ | — | $ | 31,654 | $ | (27,256 | ) | $ | — | $ | 4,398 | ||||||||||||
Derivative liabilities | (35,092 | ) | — | (35,092 | ) | 27,256 | — | (7,836 | ) | ||||||||||||||||
Other_Comprehensive_Income_and1
Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
The following tables summarize the changes in AOCI, by component, for the six months ended June 30, 2014 and 2013: | ||||||||||||||||||||
Defined Benefit Pension Plans | Unrealized Gains (Losses) from Marketable Securities | Unrealized Gains (Losses) from Hedging Activities | Foreign Currency Translation Adjustment | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balances, December 31, 2013 | $ | (11,502 | ) | $ | (146 | ) | $ | (3,827 | ) | $ | (7,382 | ) | $ | (22,857 | ) | |||||
Other comprehensive income before reclassifications | (3,086 | ) | 1,111 | (8,063 | ) | 552 | (9,486 | ) | ||||||||||||
Amounts reclassified from other comprehensive income | 401 | (1 | ) | (507 | ) | — | (107 | ) | ||||||||||||
Net other comprehensive income (loss) | (2,685 | ) | 1,110 | (8,570 | ) | 552 | (9,593 | ) | ||||||||||||
Balances, June 30, 2014 | $ | (14,187 | ) | $ | 964 | $ | (12,397 | ) | $ | (6,830 | ) | $ | (32,450 | ) | ||||||
Defined Benefit Pension Plans | Unrealized Gains (Losses) from Marketable Securities | Unrealized Gains (Losses) from Hedging Activities | Foreign Currency Translation Adjustment | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balances, December 31, 2012 | $ | (5,712 | ) | $ | — | $ | 15,156 | $ | (2,809 | ) | $ | 6,635 | ||||||||
Other comprehensive income before reclassifications | (2,873 | ) | (225 | ) | 29,537 | (1,529 | ) | 24,910 | ||||||||||||
Amounts reclassified from other comprehensive income | 189 | (1 | ) | (12,207 | ) | — | (12,019 | ) | ||||||||||||
Net other comprehensive income (loss) | (2,684 | ) | (226 | ) | 17,330 | (1,529 | ) | 12,891 | ||||||||||||
Balances, June 30, 2013 | $ | (8,396 | ) | $ | (226 | ) | $ | 32,486 | $ | (4,338 | ) | $ | 19,526 | |||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
The table below provides details regarding significant reclassifications from AOCI during the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified From Accumulated Other Comprehensive Income during the three months ended June 30, | Amount Reclassified From Accumulated Other Comprehensive Income during the six months ended June 30, | Affected Line Item in the Condensed Consolidated Statements of Operations | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Unrealized Gains (Losses) from Hedging Activity | ||||||||||||||||||||
Effective portion of foreign exchange contracts | $ | (695 | ) | $ | 7,502 | $ | 571 | $ | 12,655 | Net product sales | ||||||||||
Ineffective portion of foreign exchange contracts | 187 | 214 | 8 | 686 | Foreign currency gain (loss) | |||||||||||||||
(508 | ) | 7,716 | 579 | 13,341 | ||||||||||||||||
64 | (656 | ) | (72 | ) | (1,134 | ) | Income tax provision | |||||||||||||
$ | (444 | ) | $ | 7,060 | $ | 507 | $ | 12,207 | ||||||||||||
Unrealized Gains (Losses) from Marketable Securities | ||||||||||||||||||||
Realized gains (losses) on sale of securities | $ | — | $ | 2 | $ | 2 | $ | 2 | Investment income | |||||||||||
— | 2 | 2 | 2 | |||||||||||||||||
— | (1 | ) | (1 | ) | (1 | ) | Income tax provision | |||||||||||||
$ | — | $ | 1 | $ | 1 | $ | 1 | |||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||
Amortization of prior service costs and actuarial losses | $ | (359 | ) | $ | (131 | ) | $ | (438 | ) | $ | (207 | ) | (a) | |||||||
(359 | ) | (131 | ) | (438 | ) | (207 | ) | |||||||||||||
31 | 11 | 37 | 18 | Income tax provision | ||||||||||||||||
$ | (328 | ) | $ | (120 | ) | $ | (401 | ) | $ | (189 | ) | |||||||||
(a) This AOCI component is included in the computation of net periodic pension benefit cost (see Note 13 for additional details). |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule Of Assets And Liabilites Measured At Fair Value | ' | ||||||||||||||||
The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value. | |||||||||||||||||
Fair Value Measurement at | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Balance Sheet | Type of Instrument | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Classification | |||||||||||||||||
Cash equivalents | Institutional money market funds | $ | 256,300 | $ | — | $ | 256,300 | $ | — | ||||||||
Marketable securities | Mutual funds | $ | 2,857 | $ | 2,857 | $ | — | $ | — | ||||||||
Marketable securities | Commercial paper | $ | 66,448 | $ | — | $ | 66,448 | $ | — | ||||||||
Marketable securities | Corporate bonds | $ | 485,384 | $ | — | $ | 485,384 | $ | — | ||||||||
Marketable securities | Municipal bonds | $ | 207,894 | $ | — | $ | 207,894 | $ | — | ||||||||
Marketable securities | Other government-related obligations | $ | 201,725 | $ | — | $ | 201,725 | $ | — | ||||||||
Marketable securities | Bank certificates of deposit | $ | 18,009 | $ | — | $ | 18,009 | $ | — | ||||||||
Other current assets | Foreign exchange forward contracts | $ | 13,018 | $ | — | $ | 13,018 | $ | — | ||||||||
Other assets | Foreign exchange forward contracts | $ | 4,115 | $ | — | $ | 4,115 | $ | — | ||||||||
Other current liabilities | Foreign exchange forward contracts | $ | 19,729 | $ | — | $ | 19,729 | $ | — | ||||||||
Other liabilities | Foreign exchange forward contracts | $ | 11,285 | $ | — | $ | 11,285 | $ | — | ||||||||
Other current liabilities | Acquisition-related contingent consideration | $ | 36,395 | $ | — | $ | — | $ | 36,395 | ||||||||
Contingent consideration | Acquisition-related contingent consideration | $ | 108,232 | $ | — | $ | — | $ | 108,232 | ||||||||
Fair Value Measurement at | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Balance Sheet | Type of Instrument | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Classification | |||||||||||||||||
Cash equivalents | Institutional money market funds | $ | 234,212 | $ | — | $ | 234,212 | $ | — | ||||||||
Cash equivalents | Commercial paper | $ | 6,298 | $ | — | $ | 6,298 | $ | — | ||||||||
Cash equivalents | Corporate bonds | $ | 15,255 | $ | — | $ | 15,255 | $ | — | ||||||||
Cash equivalents | Municipal bonds | $ | 2,225 | $ | — | $ | 2,225 | $ | — | ||||||||
Cash equivalents | Bank certificates of deposit | $ | 20,003 | $ | — | $ | 20,003 | $ | — | ||||||||
Marketable securities | Mutual funds | $ | 1,017 | $ | 1,017 | $ | — | $ | — | ||||||||
Marketable securities | Commercial paper | $ | 106,381 | $ | — | $ | 106,381 | $ | — | ||||||||
Marketable securities | Corporate bonds | $ | 461,103 | $ | — | $ | 461,103 | $ | — | ||||||||
Marketable securities | Municipal bonds | $ | 200,178 | $ | — | $ | 200,178 | $ | — | ||||||||
Marketable securities | Other government-related obligations | $ | 203,313 | $ | — | $ | 203,313 | $ | — | ||||||||
Marketable securities | Bank certificates of deposit | $ | 13,001 | $ | — | $ | 13,001 | $ | — | ||||||||
Other current assets | Foreign exchange forward contracts | $ | 21,815 | $ | — | $ | 21,815 | $ | — | ||||||||
Other assets | Foreign exchange forward contracts | $ | 9,839 | $ | — | $ | 9,839 | $ | — | ||||||||
Other current liabilities | Foreign exchange forward contracts | $ | 20,228 | $ | — | $ | 20,228 | $ | — | ||||||||
Other liabilities | Foreign exchange forward contracts | $ | 14,864 | $ | — | $ | 14,864 | $ | — | ||||||||
Other current liabilities | Acquisition-related contingent consideration | $ | 35,932 | $ | — | $ | — | $ | 35,932 | ||||||||
Contingent consideration | Acquisition-related contingent consideration | $ | 106,744 | $ | — | $ | — | $ | 106,744 | ||||||||
Schedule Of Acquisition-Related Contingent Consideration | ' | ||||||||||||||||
The following table represents a roll-forward of our acquisition-related contingent consideration: | |||||||||||||||||
Six months ended | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Balance at beginning of period | $ | (142,676 | ) | ||||||||||||||
Changes in fair value | (1,951 | ) | |||||||||||||||
Balance at end of period | $ | (144,627 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Income Tax Provision and Effective Tax Rate | ' | |||||||||||||||
The following table provides a comparative summary of our income tax provision and effective tax rate for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Provision for income taxes | $ | 52,151 | $ | 41,378 | $ | 104,708 | $ | 75,902 | ||||||||
Effective tax rate | 23.9 | % | 30.1 | % | 24.3 | % | 29.9 | % |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Components of Net Periodic Benefit Costs | ' | |||||||||||||||
The components of net periodic benefit cost were as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 2,622 | $ | 1,326 | $ | 4,185 | $ | 2,711 | ||||||||
Interest cost | 200 | 123 | 400 | 249 | ||||||||||||
Expected return on plan assets | (232 | ) | (156 | ) | (463 | ) | (314 | ) | ||||||||
Employee contributions | (482 | ) | (358 | ) | (877 | ) | (713 | ) | ||||||||
Amortization | 359 | 131 | 438 | 207 | ||||||||||||
Total net periodic benefit cost | $ | 2,467 | $ | 1,066 | $ | 3,683 | $ | 2,140 | ||||||||
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Inventory, Raw Materials | $16,693 | $12,170 |
Inventory, Work in Process | 56,783 | 62,192 |
Inventory, Finished Goods | 71,383 | 28,240 |
Inventory, Net | 144,859 | 102,602 |
Capitalized Prelaunch Inventory | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Net | $9,627 | ' |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill (Schedule of Intangible Assets and Goodwill) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Licenses, patents and purchased technology | $4,736 | $11,205 |
Acquired in-process research and development | 595,050 | 598,514 |
Intangible assets | 599,786 | 609,719 |
Goodwill | $254,073 | $254,073 |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $0 | $0 | $3,464 | $0 |
Debt_Details
Debt (Details) (Credit Agreement [Member], USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Feb. 07, 2012 | Jun. 30, 2014 |
Senior Secured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, principal amount | $240,000 | ' |
Debt Instrument, Periodic Payment | 12,000 | ' |
Outstanding debt | ' | 81,500 |
Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | 200,000 | ' |
Possible future increase in credit facility | 150,000 | ' |
Letters of credit, amount outstanding | ' | 12,445 |
Line of credit facility, borrowing availability | ' | 187,555 |
Letter of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Sublimit for letter of credit for working capital requirements and other general corporate purposes | 60,000 | ' |
Bridge Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Sublimit for letter of credit for working capital requirements and other general corporate purposes | $10,000 | ' |
Earnings_Per_Common_Share_Summ
Earnings Per Common Share (Summary Of Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Common Share [Abstract] | ' | ' | ' | ' |
Net income used for basic and diluted calculation | $166,495 | $95,885 | $325,849 | $178,102 |
Shares used in computing earnings per common sharebbasic | 197,880 | 195,247 | 197,838 | 193,944 |
Stock awards | 3,644 | 4,052 | 3,877 | 4,152 |
Dilutive potential common shares | 3,644 | 4,052 | 3,877 | 4,152 |
Shares used in computing earnings per common share-diluted | 201,524 | 199,299 | 201,715 | 198,096 |
Earnings Per Share, Basic | $0.84 | $0.49 | $1.65 | $0.92 |
Earnings Per Share, Diluted | $0.83 | $0.48 | $1.62 | $0.90 |
Earnings_Per_Common_Share_Narr
Earnings Per Common Share (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,698 | 2,265 | 1,151 | 3,037 |
Marketable_Securities_Summary_
Marketable Securities (Summary of Securities Held) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $978,225 | $1,027,978 |
Gross Unrealized Holding Gains | 1,417 | 618 |
Gross Unrealized Holding Losses | -182 | -839 |
Estimated Fair Value | 979,460 | 1,027,757 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 66,448 | 112,679 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Estimated Fair Value | 66,448 | 112,679 |
Corporate Bond Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 484,588 | 476,459 |
Gross Unrealized Holding Gains | 916 | 487 |
Gross Unrealized Holding Losses | -120 | -588 |
Estimated Fair Value | 485,384 | 476,358 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 207,643 | 202,396 |
Gross Unrealized Holding Gains | 251 | 47 |
Gross Unrealized Holding Losses | 0 | -40 |
Estimated Fair Value | 207,894 | 202,403 |
US Government Agencies Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 51,969 | 46,466 |
Gross Unrealized Holding Gains | 37 | 30 |
Gross Unrealized Holding Losses | -21 | -7 |
Estimated Fair Value | 51,985 | 46,489 |
Foreign Government Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 149,573 | 156,974 |
Gross Unrealized Holding Gains | 208 | 54 |
Gross Unrealized Holding Losses | -41 | -204 |
Estimated Fair Value | 149,740 | 156,824 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 18,004 | 33,004 |
Gross Unrealized Holding Gains | 5 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Estimated Fair Value | $18,009 | $33,004 |
Marketable_Securities_Availabl
Marketable Securities (Available-for-sale Investments by Classification in Balance Sheet) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities | $979,460 | $1,027,757 |
Cash and Cash Equivalents [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities | 0 | 43,780 |
Marketable Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities | $979,460 | $983,977 |
Marketable_Securities_Availabl1
Marketable Securities (Available-for-sale Debt Securities by Contractual Maturity) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Due in one year or less | $417,471 | ' |
Due after one year through three years | 561,989 | ' |
Due after three years through five years | 0 | ' |
Estimated Fair Value | $979,460 | $1,027,757 |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Aggregate fair value of investments in continuous unrealized loss position | $210,079 | $461,634 |
Trading securities. fair value | $2,857 | $1,017 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | |
Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Exchange Forward Contracts Term | '36 months | ' | ' | '30 days | ' | ' | ' | ' |
Notional Amount of Derivative Instruments | ' | ' | ' | ' | ' | $1,410,389,000 | $239,318,000 | ' |
Estimated gains (losses) to be reclassified from other comprehenisve income in next 12 months | -7,000,000 | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) in other income and expense | ' | -1,640,000 | 1,837,000 | 649,000 | 8,787,000 | ' | ' | ' |
Derivative, fair value, net | ' | ' | ' | ' | ' | ' | $0 | $0 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Schedule Of Other Comprehensive Income And Earnings From Foreign Exchange Contracts) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments and Hedging Activities [Abstract] | ' | ' | ' | ' |
Gain (loss) recognized in AOCI, net of tax | ($4,119) | ($1,388) | ($8,063) | $29,537 |
Gain (loss) reclassified from AOCI to net product sales (Effective portion), net of tax | -608 | 6,864 | 500 | 11,579 |
Gain (loss) reclassified from AOCI to other income and expense (Ineffective portion), net of tax | $164 | $196 | $7 | $628 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Schedule Of Fair Value Of Outstanding Derivatives) (Details) (Foreign Exchange Forward [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $17,133 | $31,654 |
Liability Derivatives, Fair Value | 31,014 | 35,092 |
Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 13,018 | 21,815 |
Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | 19,729 | 20,228 |
Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 4,115 | 9,839 |
Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | $11,285 | $14,864 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Offsetting Assets and Liabilities) (Details) (Foreign Exchange Forward [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Exchange Forward [Member] | ' | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral [Abstract] | ' | ' |
Gross Amounts of Recognized Assets | $17,133 | $31,654 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | 17,133 | 31,654 |
Derivative Financial Instruments | -15,934 | -27,256 |
Cash Collateral Received | 0 | 0 |
Net Amount | 1,199 | 4,398 |
Derivative Liability, Fair Value, Amount Offset Against Collateral [Abstract] | ' | ' |
Gross Amounts of Recognized Liabilities | -31,014 | -35,092 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | -31,014 | -35,092 |
Derivative Financial Instruments | 15,934 | 27,256 |
Cash Collateral Pledged | 0 | 0 |
Net Amount | ($15,080) | ($7,836) |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Nov. 30, 2012 | Jun. 30, 2014 | Jul. 25, 2014 |
Common Stock [Member] | Common Stock [Member] | Subsequent Event [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | $400,000 | ' | ' |
Treasury Stock, Shares, Acquired | 1,012 | 353 | 1,149 | 758 | ' | ' | 180 |
Treasury Stock, Value, Acquired, Cost Method | 156,458 | 31,029 | 178,515 | 66,136 | ' | ' | 28,968 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | ' | $143,796 | ' |
Other_Comprehensive_Income_and2
Other Comprehensive Income and Accumulated Other Comprehensive Income (Changes in AOCI) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($22,857) | $6,635 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | -9,486 | 24,910 |
Amounts reclassified from other comprehensive income | ' | ' | -107 | -12,019 |
Other comprehensive loss, net of tax | -6,015 | -11,435 | -9,593 | 12,891 |
Ending balance | -32,450 | 19,526 | -32,450 | 19,526 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -11,502 | -5,712 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | -3,086 | -2,873 |
Amounts reclassified from other comprehensive income | ' | ' | 401 | 189 |
Other comprehensive loss, net of tax | ' | ' | -2,685 | -2,684 |
Ending balance | -14,187 | -8,396 | -14,187 | -8,396 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -146 | 0 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | 1,111 | -225 |
Amounts reclassified from other comprehensive income | ' | ' | -1 | -1 |
Other comprehensive loss, net of tax | ' | ' | 1,110 | -226 |
Ending balance | 964 | -226 | 964 | -226 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -3,827 | 15,156 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | -8,063 | 29,537 |
Amounts reclassified from other comprehensive income | ' | ' | -507 | -12,207 |
Other comprehensive loss, net of tax | ' | ' | -8,570 | 17,330 |
Ending balance | -12,397 | 32,486 | -12,397 | 32,486 |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -7,382 | -2,809 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | 552 | -1,529 |
Amounts reclassified from other comprehensive income | ' | ' | 0 | 0 |
Other comprehensive loss, net of tax | ' | ' | 552 | -1,529 |
Ending balance | ($6,830) | ($4,338) | ($6,830) | ($4,338) |
Other_Comprehensive_Income_and3
Other Comprehensive Income and Accumulated Other Comprehensive Income (Significant Reclassifications from AOCI) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Net product sales | $512,495 | $370,091 | $1,079,111 | $709,032 | ||||
Foreign currency gain (loss) | -1,202 | -90 | 56 | 413 | ||||
Investment income | 1,714 | 718 | 3,927 | 1,155 | ||||
Income before income taxes | 218,646 | 137,263 | 430,557 | 254,004 | ||||
Income tax provision | -52,151 | -41,378 | -104,708 | -75,902 | ||||
Net income | 166,495 | 95,885 | 325,849 | 178,102 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Net product sales | -695 | 7,502 | 571 | 12,655 | ||||
Foreign currency gain (loss) | 187 | 214 | 8 | 686 | ||||
Income before income taxes | -508 | 7,716 | 579 | 13,341 | ||||
Income tax provision | 64 | -656 | -72 | -1,134 | ||||
Net income | -444 | 7,060 | 507 | 12,207 | ||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Investment income | 0 | 2 | 2 | 2 | ||||
Income before income taxes | 0 | 2 | 2 | 2 | ||||
Income tax provision | 0 | -1 | -1 | -1 | ||||
Net income | 0 | 1 | 1 | 1 | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Amortization of prior service costs and actuarial losses | -359 | [1] | -131 | [1] | -438 | [1] | -207 | [1] |
Income before income taxes | -359 | -131 | -438 | -207 | ||||
Income tax provision | 31 | 11 | 37 | 18 | ||||
Net income | ($328) | ($120) | ($401) | ($189) | ||||
[1] | This AOCI component is included in the computation of net periodic pension benefit cost (see Note 13 for additional details). |
Fair_Value_Measurement_Schedul
Fair Value Measurement (Schedule Of Assets And Liabilites Measured At Fair Value) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | $19,729 | $20,228 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 0 | 0 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 19,729 | 20,228 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 0 | 0 |
Foreign Exchange Forward [Member] | Other Noncurrent Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 11,285 | 14,864 |
Foreign Exchange Forward [Member] | Other Noncurrent Liabilities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 0 | 0 |
Foreign Exchange Forward [Member] | Other Noncurrent Liabilities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 11,285 | 14,864 |
Foreign Exchange Forward [Member] | Other Noncurrent Liabilities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, liability | 0 | 0 |
Acquisition Related Contingent Consideration [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Business Combination, Contingent Consideration, Liability | 144,627 | ' |
Acquisition Related Contingent Consideration [Member] | Other Current Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Business Combination, Contingent Consideration, Liability | 36,395 | 35,932 |
Acquisition Related Contingent Consideration [Member] | Other Current Liabilities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Acquisition Related Contingent Consideration [Member] | Other Current Liabilities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Acquisition Related Contingent Consideration [Member] | Other Current Liabilities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Business Combination, Contingent Consideration, Liability | 36,395 | 35,932 |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Business Combination, Contingent Consideration, Liability | 108,232 | 106,744 |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Acquisition Related Contingent Consideration [Member] | Contingent Consideration [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Business Combination, Contingent Consideration, Liability | 108,232 | 106,744 |
Money Market Funds [Member] | Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 256,300 | 234,212 |
Money Market Funds [Member] | Cash Equivalents [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Cash Equivalents [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 256,300 | 234,212 |
Money Market Funds [Member] | Cash Equivalents [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Mutual Funds [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 2,857 | 1,017 |
Mutual Funds [Member] | Marketable Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 2,857 | 1,017 |
Mutual Funds [Member] | Marketable Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Mutual Funds [Member] | Marketable Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Commercial Paper [Member] | Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 6,298 |
Commercial Paper [Member] | Cash Equivalents [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 0 |
Commercial Paper [Member] | Cash Equivalents [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 6,298 |
Commercial Paper [Member] | Cash Equivalents [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 0 |
Commercial Paper [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 66,448 | 106,381 |
Commercial Paper [Member] | Marketable Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Commercial Paper [Member] | Marketable Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 66,448 | 106,381 |
Commercial Paper [Member] | Marketable Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Corporate Bond Securities [Member] | Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 15,255 |
Corporate Bond Securities [Member] | Cash Equivalents [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 0 |
Corporate Bond Securities [Member] | Cash Equivalents [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 15,255 |
Corporate Bond Securities [Member] | Cash Equivalents [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 0 |
Corporate Bond Securities [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 485,384 | 461,103 |
Corporate Bond Securities [Member] | Marketable Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Corporate Bond Securities [Member] | Marketable Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 485,384 | 461,103 |
Corporate Bond Securities [Member] | Marketable Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Municipal Bonds [Member] | Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 2,225 |
Municipal Bonds [Member] | Cash Equivalents [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 0 |
Municipal Bonds [Member] | Cash Equivalents [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 2,225 |
Municipal Bonds [Member] | Cash Equivalents [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 0 |
Municipal Bonds [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 207,894 | 200,178 |
Municipal Bonds [Member] | Marketable Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Municipal Bonds [Member] | Marketable Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 207,894 | 200,178 |
Municipal Bonds [Member] | Marketable Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Other Government Obligations [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 201,725 | 203,313 |
Other Government Obligations [Member] | Marketable Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Other Government Obligations [Member] | Marketable Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 201,725 | 203,313 |
Other Government Obligations [Member] | Marketable Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Certificates of Deposit [Member] | Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 20,003 |
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 0 |
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 20,003 |
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 0 |
Certificates of Deposit [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 18,009 | 13,001 |
Certificates of Deposit [Member] | Marketable Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Certificates of Deposit [Member] | Marketable Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 18,009 | 13,001 |
Certificates of Deposit [Member] | Marketable Securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Foreign Exchange Forward [Member] | Other Current Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 13,018 | 21,815 |
Foreign Exchange Forward [Member] | Other Current Assets [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 0 | 0 |
Foreign Exchange Forward [Member] | Other Current Assets [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 13,018 | 21,815 |
Foreign Exchange Forward [Member] | Other Current Assets [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 0 | 0 |
Foreign Exchange Forward [Member] | Other Noncurrent Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 4,115 | 9,839 |
Foreign Exchange Forward [Member] | Other Noncurrent Assets [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 0 | 0 |
Foreign Exchange Forward [Member] | Other Noncurrent Assets [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | 4,115 | 9,839 |
Foreign Exchange Forward [Member] | Other Noncurrent Assets [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange forward contracts, asset | $0 | $0 |
Fair_Value_Measurement_Schedul1
Fair Value Measurement (Schedule Of Acquisition-Related Contingent Consideration) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $0 |
Business Combination, Contingent Consideration, Arrangements, Range of Outcomes, Value, High | 876,000 |
Acquisition Related Contingent Consideration [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Business Combination, Contingent Consideration, Liability | 144,627 |
Acquisition Related Contingent Consideration [Member] | Level 3 [Member] | ' |
Acquisition-Related Contingent Consideration [Roll Forward] | ' |
Balance at beginning of period | -142,676 |
Change in fair value | -1,951 |
Balance at end of period | ($144,627) |
Acquisition Related Contingent Consideration [Member] | Minimum [Member] | Level 3 [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Fair Value Inputs, Cost of Debt | 5.30% |
Fair Value Inputs, Weighted Average Cost of Capital | 14.00% |
Acquisition Related Contingent Consideration [Member] | Maximum [Member] | Level 3 [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Fair Value Inputs, Cost of Debt | 6.20% |
Fair Value Inputs, Weighted Average Cost of Capital | 21.00% |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Provision and Effective Tax Rate) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Provision for income taxes | $52,151 | $41,378 | $104,708 | $75,902 |
Effective tax rate | 23.90% | 30.10% | 24.30% | 29.90% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Internal Revenue Service (IRS) [Member] | ||
Income Taxes [Line Items] | ' | ' |
Foreign Income Tax Expense (Benefit), Continuing Operations | $2,128 | ' |
Income Tax Reconciliation, Tax Credits, Research | ' | $3,033 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 15, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Voluntary deferrals, percent of employees' gross pay, maximum | 80.00% | ' | ' | ' | ' | ' |
Deferred compensation, matching contribution, percent of match | 6.00% | ' | ' | ' | ' | ' |
Deferred compensation liability | ' | $2,857,000 | ' | $2,857,000 | ' | $1,097,000 |
Amount of each dollar matching contributed up to first six percent of individual base salary and incentive cash bonus | ' | ' | ' | 1 | ' | ' |
Percentage of contribution of individual's base salary and incentive cash bonus | ' | ' | ' | 6.00% | ' | ' |
Defined contribution plan, contributions by employer | ' | $2,279,000 | $1,497,000 | $4,936,000 | $3,264,000 | ' |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule of Components of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Service cost | $2,622 | $1,326 | $4,185 | $2,711 |
Interest cost | 200 | 123 | 400 | 249 |
Expected return on plan assets | -232 | -156 | -463 | -314 |
Employee contributions | -482 | -358 | -877 | -713 |
Amortization | 359 | 131 | 438 | 207 |
Total net periodic benefit cost | $2,467 | $1,066 | $3,683 | $2,140 |
Leases_Details
Leases (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Operating Leased Assets [Line Items] | ' | ' |
Facility Lease Obligation, Noncurrent | $59,515 | $32,230 |
Construction in Progress [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Construction-in-process asset | $62,157 | ' |
License_Agreements_Details
License Agreements (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
target | |
Option to Purchase Drug Product [Member] | ' |
Schedule of License Agreements [Line Items] | ' |
Research and Development Arrangement, Number of Targets | 10 |
Research and Development Expense (Excluding Acquired in Process Cost) | $100,000 |
Research and Development Arrangement, Potential Option Exercise Payment | 15,000 |
Rare Disease Products [Member] | Option to Purchase Drug Product [Member] | ' |
Schedule of License Agreements [Line Items] | ' |
Research and Development Arrangement, Potential Payment, Maximum | 120,000 |
Non-Rare Disease Product [Member] | Option to Purchase Drug Product [Member] | ' |
Schedule of License Agreements [Line Items] | ' |
Research and Development Arrangement, Potential Payment, Maximum | 400,000 |
Preferred Stock [Member] | Moderna LLC [Member] | ' |
Schedule of License Agreements [Line Items] | ' |
Payments to Acquire Investments | $25,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Cost of Sales | |
Other Commitments [Line Items] | ' | ' |
Remaining total commitments with Lonza | $146,000 | ' |
Inventory recall expense | ' | $14,277 |