|
Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
|
Dec. 31, 2012
|
| Summary of Significant Accounting Policies |
|
| Schedule of assets measured at fair value on a recurring basis |
The following tables represent the fair value hierarchy as of December 31, 2012 and 2011 for those assets that we measure at fair value on a recurring basis (in thousands):
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Fair Value Measurements at December 31, 2012 Using: |
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Total |
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1) |
|
Significant Other
Observable Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Money market funds |
|
$ |
24,058 |
|
$ |
24,058 |
|
$ |
— |
|
$ |
— |
|
|
Corporate debt securities |
|
|
111,690 |
|
|
— |
|
|
111,690 |
|
|
— |
|
|
U.S. treasury and government agency securities |
|
|
59,569 |
|
|
— |
|
|
59,569 |
|
|
— |
|
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Commercial paper |
|
|
9,491 |
|
|
— |
|
|
9,491 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
204,808 |
|
$ |
24,058 |
|
$ |
180,750 |
|
$ |
— |
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| |
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|
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|
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Fair Value Measurements at December 31, 2011 Using: |
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|
Total |
|
Quoted Prices in
Active
Markets for
Identical Assets
(Level 1) |
|
Significant Other
Observable Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Money market funds |
|
$ |
55,995 |
|
$ |
55,995 |
|
$ |
— |
|
$ |
— |
|
|
Corporate debt securities |
|
|
94,626 |
|
|
— |
|
|
94,626 |
|
|
— |
|
|
U.S. treasury and government agency securities |
|
|
48,086 |
|
|
— |
|
|
48,086 |
|
|
— |
|
|
Commercial paper |
|
|
5,991 |
|
|
— |
|
|
5,991 |
|
|
— |
|
|
Auction rate securities |
|
|
17,527 |
|
|
— |
|
|
— |
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|
17,527 |
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| |
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|
|
|
|
|
|
|
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|
$ |
222,225 |
|
$ |
55,995 |
|
$ |
148,703 |
|
$ |
17,527 |
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| |
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| Roll forward of Level 3 assets |
The following table provides a rollforward of Level 3 assets for the years ended December 31, 2012 and 2011 (in thousands):
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December 31, 2012 |
|
December 31, 2011 |
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Balance at beginning of period |
|
$ |
17,527 |
|
$ |
33,597 |
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Transfers to Level 3 |
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— |
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— |
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Total gains (losses) (realized or unrealized): |
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Included in earnings |
|
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(1,471 |
) |
|
(210 |
) |
|
Included in other comprehensive income (loss) |
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2,373 |
|
|
3,790 |
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Purchases, issuances, sales and settlements: |
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Purchases |
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— |
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— |
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Issuances |
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— |
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— |
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Sales |
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(18,329 |
) |
|
— |
|
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Settlements |
|
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(100 |
) |
|
(19,650 |
) |
| |
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Balance at end of period |
|
$ |
— |
|
$ |
17,527 |
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| |
|
|
|
|
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The amount of total gains (losses) for the |
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period included in earnings attributable to |
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the change in unrealized gains (losses) |
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relating to assets still held at end of period |
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$ |
— |
|
$ |
— |
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| |
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| Analysis of product sales allowances and accruals |
An analysis of our product sales allowances and accruals for the years ended December 31, 2012, 2011 and 2010 is as follows (in thousands):
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Years Ended December 31, |
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2012 |
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2011 |
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2010 |
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Provision for U.S. product sales allowances and accruals |
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Discounts and chargebacks |
|
$ |
26,517 |
|
$ |
13,851 |
|
$ |
5,113 |
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Government and other rebates |
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|
6,058 |
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8,544 |
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16,374 |
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Medicaid rebate reserve adjustment |
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(621 |
) |
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(2,532 |
) |
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(599 |
) |
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Returns |
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(1,516 |
) |
|
1,259 |
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|
1,334 |
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| |
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Total provision for U.S. product sales allowances and accruals |
|
$ |
30,438 |
|
$ |
21,122 |
|
$ |
22,222 |
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Total gross U.S. product sales |
|
$ |
88,725 |
|
$ |
73,219 |
|
$ |
81,561 |
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Total provision for U.S. product sales allowances and accruals as a percent of total gross U.S. product sales |
|
|
34 |
% |
|
29 |
% |
|
27 |
% |
|
| Schedule of customers representing 10% or more of revenues |
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Years Ended December 31, |
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2012 |
|
2011 |
|
2010 |
|
|
AmerisourceBergen Drug Corporation |
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|
34 |
% |
|
41 |
% |
|
36 |
% |
|
Takeda Pharmaceuticals Company Limited |
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|
31 |
% |
|
13 |
% |
|
<10 |
% |
|
McKesson Corporation |
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|
17 |
% |
|
21 |
% |
|
<10 |
% |
|
Cardinal Health, Inc. |
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|
12 |
% |
|
13 |
% |
|
<10 |
% |
|
Metro Medical Supply, Inc. |
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|
<10 |
% |
|
<10 |
% |
|
21 |
% |
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| Schedule of components of basic and diluted net income (loss) per share |
The components of basic and diluted net loss per share were as follows (in thousands, except per share data):
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Years Ended December 31, |
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2012 |
|
2011 |
|
2010 |
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|
Net loss |
|
$ |
(16,750 |
) |
$ |
(77,069 |
) |
$ |
(81,153 |
) |
|
Weighted average common shares outstanding |
|
|
21,392 |
|
|
21,189 |
|
|
20,806 |
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Net loss per share: |
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|
Basic and diluted |
|
$ |
(0.78 |
) |
$ |
(3.64 |
) |
$ |
(3.90 |
) |
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| Schedule of anti-dilutive securities excluded from computation of diluted net loss per share |
The following table sets forth the potential common shares issuable upon the exercise of outstanding options and the vesting of restricted stock units (prior to consideration of the treasury stock method), the total of which was excluded from our computation of diluted net loss per share because such options and restricted stock units were anti-dilutive due to a net loss in the relevant periods (in thousands):
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Years Ended December 31, |
|
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|
2012 |
|
2011 |
|
2010 |
|
|
Options to purchase shares of common stock |
|
|
2,190 |
|
|
1,817 |
|
|
2,411 |
|
|
Shares of common stock issuable upon the vesting of restricted stock units |
|
|
374 |
|
|
669 |
|
|
385 |
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| |
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Total |
|
|
2,564 |
|
|
2,486 |
|
|
2,796 |
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| |
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