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Inventories

9 Months Ended

Sep. 30, 2012

Note 4—Inventories

At September 30, 2012 and December 31, 2011, inventories at cost, net of reserves, were as follows:


	September 30, 2012			December 31, 2011
	(In thousands)
Raw materials	$	2,949		$	3,146
Work-in-progress		14,218			10,828
Finished goods		2,029			1,621


Inventory at cost		19,196			15,595
Inventory reserves		(8,524	)		(4,671	)


Total	$	10,672		$	10,924

For the three-month periods ended September 30, 2012 and 2011, the Company recorded charges of $2.8 million and $3.4 million, respectively, against operations, to reflect reserves for in-process and finished goods KRYSTEXXA inventory and related purchase commitment liabilities. For the nine-month periods ended September 30, 2012 and 2011, the Company recorded charges of $7.8 million and $3.4 million, respectively, against operations to reflect reserves for in-process and finished goods KRYSTEXXA inventory and related purchase commitment liabilities.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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