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INVENTORIES

12 Months Ended

Dec. 31, 2012

10. INVENTORIES

The components of inventories as of December 31, 2012 and 2011 were as follows:

	2012			2011
Raw materials	$	120,885		$	63,368
Work in process	60,384			64,108
Finished goods	406,018			250,555
	587,287			378,031
Less allowance for obsolescence	(56,031		)	(22,819		)
	$	531,256		$	355,212

In the year ended December 31, 2012, the increase in raw materials and the allowance for obsolescence is primarily driven by (i) the 2012 acquisitions of businesses, including the QLT transaction where a significant amount of active pharmaceutical ingredient was acquired, and the Medicis acquisition, and (ii) investments in inventory to support growth of the business and manufacturing integration initiatives. For further details regarding the 2012 acquisitions, see note 3 titled “BUSINESS COMBINATIONS”.

- 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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