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Inventories

12 Months Ended

Dec. 31, 2011

8. Inventories

Inventories are stated at the lower of cost or market value and comprise:

	December 31,	December 31,
	2011	2010
	$’M	$’M
	____________	____________
Finished goods	99.9	91.9
Work-in-progress	162.6	113.9
Raw materials	77.6	54.2
	____________	____________
	340.1	260.0
	____________	____________

At December 31, 2011 inventories included $22.7 million (December 31, 2010: $4.1 million) of costs capitalized prior to regulatory approval of the related product or relevant manufacturing process. At December 31, 2011 pre-approval inventory relates solely to VPRIV manufactured at the Company's new manufacturing facility at Lexington Technology Park (“LTP”).

- 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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