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Inventories

3 Months Ended

Mar. 31, 2012

H. Inventories

The following table sets forth the Company's inventories as of March 31, 2012 and December 31, 2011:

	As of March 31, 2012		As of December 31, 2011

	(in thousands)
Raw materials	$	28,510	$	32,213
Work in process		74,740		47,010
Finished goods		26,345		33,207

Total	$	129,595	$	112,430

The Company's inventories as of March 31, 2012 consisted of INCIVEK™ (telaprevir) and KALYDECO manufacturing costs and as of December 31, 2011 consisted solely of INCIVEK manufacturing costs. The Company began capitalizing inventory costs for KALYDECO on January 1, 2012.

- 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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