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Inventory

12 Months Ended

Dec. 31, 2014

Inventories

Inventories consist of the following:



	As of December 31,
	2014		2013
Raw materials	$	10,923	$	9,120
Work-in-process	73,519		35,868
Finished goods	10,768		14,352
Deferred costs	33,651		11,014
	$	128,861	$	70,354

Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred (see Note 2). In 2014, 2013, and 2012, cost of goods sold included inventory write-downs and reserves totaling $6.0 million, $9.1 million, and $17.0 million, respectively.

- 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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