Segment Reporting

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

Note 13 — Segment Reporting

We operate in one business segment which focuses on applying our technology platforms to improve the performance of established and novel medicines. We operate in one segment because our business offerings have similar economics and other characteristics, including the nature of products and manufacturing processes, types of customers, distribution methods and regulatory environment. We are comprehensively managed as one business segment by our Chief Executive Officer and his management team. Within our one business segment we have two components, PEGylation technology and pulmonary technology.

Our revenue is derived primarily from clients in the pharmaceutical and biotechnology industries. AstraZeneca, UCB and Roche represented 52%, 16%, and 11% of our revenue, respectively, for the year ended December 31, 2014. Revenue from Roche, UCB, AstraZeneca and Bayer represented 28%, 21%, 17% and 10% of our revenue, respectively, for the year ended December 31, 2013. Revenue from UCB, Roche and Affymax represented 30%, 23% and 11% of our revenue, respectively, for the year ended December 31, 2012.

Revenue by geographic area is based on the locations of our partners. The following table sets forth revenue by geographic area (in thousands):

	Year Ended December 31,
	2014		2013		2012
United States	$	32,514	$	42,535	$	34,591
Europe		168,193		106,386		46,600
Total revenue	$	200,707	$	148,921	$	81,191

At December 31, 2014, $63.3 million, or approximately 90%, of the net book value of our property and equipment was located in the United States and $7.1 million, or approximately 10%, was located in India. At December 31, 2013, $57.3 million, or approximately 88%, of the net book value of our property and equipment was located in the United States and $7.7 million, or approximately 12%, was located in India.