Product Revenue

12 Months Ended

Dec. 31, 2011

Product Revenue [Abstract]

Product Revenue

5.   Product Revenue

In November 2011, the Company received marketing approval from the FDA for EYLEAÒ for the treatment of wet AMD.  In accordance with the Company’s revenue recognition policy described in Note 2, the Company recorded EYLEAÒ net product sales of $24.8 million for the year ended December 31, 2011.

In February 2008, the Company received marketing approval from the FDA for ARCALYST® Injection for Subcutaneous Use for the treatment of CAPS.  ARCALYST® net product sales totaled $19.9 million, $25.3 million, and $18.4 million for the years ended December 31, 2011, 2010, and 2009, respectively.  The Company had limited historical return experience for ARCALYST® beginning with initial sales in 2008 through the end of 2009; therefore, ARCALYST® net product sales were deferred until the right of return no longer existed and rebates could be reasonably estimated.  Effective in the first quarter of 2010, the Company determined that it had accumulated sufficient historical data to reasonably estimate both product returns and rebates of ARCALYST®.  As a result, ARCALYST® net product sales during 2010 included $20.5 million of net product sales made during this period and $4.8 million of previously deferred net product sales.  The effect of recognizing the previously deferred ARCALYST® net product sales revenue was to lower the Company’s net loss per share by $0.06 in 2010.