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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2011	Feb. 10, 2012	Jun. 30, 2011
Entity Information [Line Items]
Entity Registrant Name	REGENERON PHARMACEUTICALS INC
Entity Central Index Key	0000872589
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4,913,223,000
Entity Common Stock, Shares Outstanding		91,779,465
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Class A Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,109,512

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Current assets
Cash and cash equivalents	$ 483,610	$ 112,572
Marketable securities	43,332	136,796
Accounts receivable from Sanofi	74,781	79,603
Accounts receivable - trade, net	28,254	2,314
Prepaid expenses and other current assets	22,898	26,337
Total current assets	652,875	357,622
Restricted cash and marketable securities	7,721	7,518
Marketable securities	275,887	370,053
Property, plant, and equipment, at cost, net of accumulated depreciation and amortization	367,955	347,450
Other assets	19,145	6,789
Total assets	1,323,583	1,089,432
Current liabilities
Accounts payable and accrued expenses	95,625	53,658
Deferred revenue from Sanofi, current portion	20,011	19,506
Deferred revenue - other, current portion	31,629	35,217
Facility lease obligations, current portion	1,006	675
Total current liabilities	148,271	109,056
Deferred revenue from Sanofi	86,017	97,081
Deferred revenue - other	162,593	188,775
Facility lease obligations	159,508	159,355
Convertible senior notes	275,019	0
Other long term liabilities	6,443	7,350
Total liabilities	837,851	561,617
Commitments and contingencies (Note 12)
Stockholders' equity
Preferred stock	0	0
Common Stock	91	87
Additional paid-in capital	1,754,824	1,575,780
Accumulated deficit	(1,267,323)	(1,045,563)
Accumulated other comprehensive loss	(1,862)	(2,491)
Total stockholders' equity	485,732	527,815
Total liabilities and stockholders' equity	1,323,583	1,089,432
Class A Stock [Member]
Stockholders' equity
Common Stock	$ 2	$ 2

BALANCE SHEETS (Parenthetical) - PerShare	Dec. 31, 2011	Dec. 31, 2010
Stockholders' equity
Preferred stock, par value (in dollars per share)	PerShare 0.01	PerShare 0.01
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Stock, par value (in dollars per share)	PerShare 0.001	PerShare 0.001
Common Stock, shares authorized (in shares)	160,000,000	160,000,000
Common Stock, shares issued (in shares)	90,692,071	87,238,301
Common Stock, shares outstanding (in shares)	90,692,071	87,238,301
Class A Stock [Member]
Stockholders' equity
Common Stock, par value (in dollars per share)	PerShare 0.001	PerShare 0.001
Common Stock, shares authorized (in shares)	40,000,000	40,000,000
Common Stock, shares issued (in shares)	2,109,512	2,182,036
Common Stock, shares outstanding (in shares)	2,109,512	2,182,036

STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues
Sanofi collaboration revenue	$ 326,609	$ 311,332	$ 247,140
Other collaboration revenue	43,072	75,393	67,317
Net product sales	44,686	25,254	18,364
Technology licensing	24,858	40,150	40,013
Contract research and other	6,599	6,945	6,434
Total revenues	445,824	459,074	379,268
Expenses
Research and development	529,506	489,252	398,762
Selling, general, and admistrative	117,261	65,201	52,923
Cost of goods sold	4,216	2,093	1,686
Total expenses	650,983	556,546	453,371
Loss from operations	(205,159)	(97,472)	(74,103)
Other income (expense)
Investment income	3,549	2,122	4,488
Interest expense	(21,282)	(9,118)	(2,337)
Total other income (expense)	(17,733)	(6,996)	2,151
Net loss before income tax benefit	(222,892)	(104,468)	(71,952)
Income tax benefit	(1,132)	0	(4,122)
Net loss	$ (221,760)	$ (104,468)	$ (67,830)
Net loss per share, basic and diluted (in dollars per share)	$ (2.45)	$ (1.26)	$ (0.85)
Weighted average shares outstanding, basic and diluted (in shares)	90,610	82,926	79,782

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class A Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Comprehensive Loss [Member]
Balance at Dec. 31, 2008	$ 421,514	$ 2	$ 78	$ 1,294,813	$ (873,265)	$ (114)
Balance (in shares) at Dec. 31, 2008		2,249	77,642
Increase (decrease) in stockholders' equity [Roll Forward]
Issuance of Common Stock in connection with exercise of stock options, net of shares tendered	9,270		$ 1	9,269
Issuance of Common Stock in connection with exercise of stock options, net of shares tendered (in shares)			1,134
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution	1,391			1,391
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution (in shares)			81
Conversion of Class A Stock to Common Stock	0
Conversion of Class A Stock to Common Stock (in shares)		(4)	4
Stock-based compensation charges	31,259			31,259
Net loss	(67,830)				(67,830)		$ (67,830)
Change in net unrealized gain (loss) on marketable securities, net of tax effect	1,158					1,158	1,158
Balance at Dec. 31, 2009	396,762	$ 2	$ 79	1,336,732	(941,095)	1,044	(66,672)
Balance (in shares) at Dec. 31, 2009		2,245	78,861
Increase (decrease) in stockholders' equity [Roll Forward]
Issuance of Common Stock in a public offering, net of issuance costs	174,828		$ 6	174,822
Issuance of Common Stock in a public offering, net of issuance costs (in shares)			6,325
Issuance of Common Stock in connection with exercise of stock options, net of shares tendered	21,464		$ 2	21,462
Issuance of Common Stock in connection with exercise of stock options, net of shares tendered (in shares)			1,533
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution	2,867			2,867
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution (in shares)			111
Issuance of restricted Common Stock under Long-Term Incentive Plan	0
Issuance of restricted Common Stock under Long-Term Incentive Plan (in shares)			345
Conversion of Class A Stock to Common Stock	0
Conversion of Class A Stock to Common Stock (in shares)		(63)	63
Stock-based compensation charges	39,897			39,897
Net loss	(104,468)				(104,468)		(104,468)
Change in net unrealized gain (loss) on marketable securities, net of tax effect	(3,535)					(3,535)	(3,535)
Balance at Dec. 31, 2010	527,815	$ 2	$ 87	1,575,780	(1,045,563)	(2,491)	(108,003)
Balance (in shares) at Dec. 31, 2010		2,182	87,238
Increase (decrease) in stockholders' equity [Roll Forward]
Issuance of Common Stock in connection with exercise of stock options, net of shares tendered	21,175		$ 4	21,171
Issuance of Common Stock in connection with exercise of stock options, net of shares tendered (in shares)			3,324
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution	6,979			6,979
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution (in shares)			92
Issuance of restricted Common Stock under Long-Term Incentive Plan	0
Issuance of restricted Common Stock under Long-Term Incentive Plan (in shares)			16
Restricted Common Stock tendered upon vesting in connection with employee tax obligations	(2,638)			(2,638)
Restricted Common Stock tendered upon vesting in connection with employee tax obligations (in shares)			(51)
Conversion of Class A Stock to Common Stock	0
Conversion of Class A Stock to Common Stock (in shares)		(73)	73
Stock-based compensation charges	56,609			56,609
Equity component of convertible senior notes, net of issuance costs				120,623
Purchase of convertible note hedges	(117,500)			(117,500)
Issuance of warrants in connection with issuance of convertible senior notes	93,800			93,800
Net loss	(221,760)				(221,760)		(221,760)
Change in net unrealized gain (loss) on marketable securities, net of tax effect	629					629	629
Balance at Dec. 31, 2011	$ 485,732	$ 2	$ 91	$ 1,754,824	$ (1,267,323)	$ (1,862)	$ (221,131)
Balance (in shares) at Dec. 31, 2011		2,109	90,692

STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2009
STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract]
Change in net unrealized gain on marketable securities, tax effect	$ 0.4	$ 0.7

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities
Net loss	$ (221,760)	$ (104,468)	$ (67,830)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization	31,082	19,687	14,247
Non-cash compensation expense	56,094	39,897	31,259
Other non-cash charges and expenses, net	10,366	3,171	2,238
Changes in assets and liabilities
Increase in Sanofi and trade accounts receivable	(21,118)	(17,518)	(30,494)
Increase in prepaid expenses and other assets	(6,033)	(7,303)	(4,436)
(Decrease) increase in deferred revenue	(40,329)	158,151	(27,497)
Increase in accounts payable, accrued expenses, and other liabilities	50,016	7,605	12,577
Total adjustments	80,078	203,690	(2,106)
Net cash (used in) provided by operating activities	(141,682)	99,222	(69,936)
Cash flows from investing activities
Purchases of marketable securities	(240,391)	(605,124)	(199,997)
Sales or maturities of marketable securities	426,356	273,723	295,117
(Increase) decrease in restricted cash and marketable securities	(277)	(5,941)	50
Capital expenditures	(57,217)	(99,689)	(97,318)
Net cash provided by (used in) investing activities	128,471	(437,031)	(2,148)
Cash flows from financing activities
Proceeds in connection with facility lease obligation	0	47,544	23,640
Payments in connection with facility lease obligation	(674)	(924)	(875)
Payments in connection with capital lease obligation	(993)	(104)	0
Proceeds in connection with issuance of convertible notes, net of debt issuance costs	391,107	0	0
Proceeds in connection with issuance of warrants	93,800	0	0
Payment in connection with purchase of convertible note hedges	(117,500)	0	0
Net proceeds in connection with issuance of Common Stock	18,509	196,790	8,598
Net cash provided by financing activities	384,249	243,306	31,363
Net increase (decrease) in cash and cash equivalents	371,038	(94,503)	(40,721)
Cash and cash equivalents at beginning of period	112,572	207,075	247,796
Cash and cash equivalents at end of period	483,610	112,572	207,075
Supplemental disclosure of cash flow information
Cash paid for interest	$ 14,725	$ 12,737	$ 2,525

Organization and Business

12 Months Ended

Dec. 31, 2011

Organization and Business [Abstract]

Organization and Business

1.	Organization and Business

Regeneron Pharmaceuticals, Inc. (the “Company” or “Regeneron”) was incorporated in January 1988 in the State of New York. The Company is a fully integrated biopharmaceutical company that discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions. In 2008, the Company received marketing approval from the U.S. Food and Drug Administration (“FDA”) for the Company’s first commercial drug product, ARCALYSTÒ (rilonacept) Injection for Subcutaneous Use for the treatment of Cryopyrin-Associated Periodic Syndromes (“CAPS”). In November 2011, the Company received marketing approval from the FDA for EYLEAÒ (aflibercept) Injection for the treatment of neovascular wet age-related macular degeneration (“wet AMD”). The Company's facilities are primarily located in New York. The Company’s business is subject to certain risks including, but not limited to, uncertainties relating to conducting pharmaceutical research, obtaining regulatory approvals, commercializing products, and obtaining and enforcing patents.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Cash and Cash Equivalents

For purposes of the statement of cash flows and the balance sheet, the Company considers all highly liquid debt instruments with a maturity of three months or less when purchased to be cash equivalents. The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair value.

Marketable Securities

The Company has an investment policy that includes guidelines on acceptable investment securities, minimum credit quality, maturity parameters, and concentration and diversification. The Company has invested its excess cash primarily in direct obligations of the U.S. government and its agencies, other debt securities guaranteed by the U.S. government, and money market funds that invest in U.S. government securities. The Company considers its marketable securities to be “available-for-sale,” as defined by authoritative guidance issued by the Financial Accounting Standards Board (“FASB”). These assets are carried at fair value and the unrealized gains and losses are included in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. If the decline in the value of a marketable security in the Company’s investment portfolio is deemed to be other-than-temporary, the Company writes down the security to its current fair value and recognizes a loss as a charge against income. As described under “Use of Estimates” below, the Company reviews its portfolio of marketable securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost are other-than-temporary.

Accounts Receivable - Trade

The Company’s trade accounts receivable represents amounts due from its distributors and specialty pharmacies (collectively, the Company’s “customers”), which are all located in the United States. The Company monitors the financial performance and credit worthiness of its large customers so that it can properly assess and respond to changes in their credit profile. The Company provides reserves against trade receivables for estimated losses that may result from a customer’s inability to pay. Amounts determined to be uncollectible are written-off against the reserve. As of December 31, 2011 and 2010, there were no reserves against trade accounts receivable. In addition, during the years ended December 31, 2011, 2010 and 2009, no trade accounts receivable were written-off.

Inventory

Inventories are stated at the lower of cost or estimated realizable value. The Company determines the cost of inventory using the first-in, first-out, or FIFO, method. The Company capitalizes inventory costs associated with the Company’s products prior to regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. The Company periodically analyzes its inventory levels to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value, and writes-down such inventories as appropriate. In addition, the Company’s products are subject to strict quality control and monitoring which the Company performs throughout the manufacturing process. If certain batches or units of product no longer meet quality specifications or become obsolete due to expiration, the Company records a charge to cost of goods sold to write down such unmarketable inventory to its estimated realizable value.

Property, Plant, and Equipment

Property, plant, and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Expenditures for maintenance and repairs which do not materially extend the useful lives of the assets are charged to expense as incurred. The cost and accumulated depreciation or amortization of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in operations. The estimated useful lives of property, plant, and equipment are as follows:

Building and improvements 10-40 years

Laboratory and other equipment 3-10 years

Furniture and fixtures 5 years

Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the lease term, without assuming renewal features, if any, are exercised. Costs of construction of certain long-lived assets include capitalized interest which is amortized over the estimated useful life of the related asset.

Accounting for the Impairment of Long-Lived Assets

The Company periodically assesses the recoverability of long-lived assets, such as property, plant, and equipment, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future undiscounted cash flows are less than the carrying amount. For all periods presented, no impairment losses were recorded.

Patents

As a result of the Company’s research and development efforts, the Company obtains and applies for patents to protect proprietary technology and inventions. All costs associated with patents for product candidates under development are expensed as incurred. Patent costs related to commercial products are capitalized and amortized over the shorter of their estimated useful life or the remaining patent term. To date, the Company has no capitalized patent costs.

Operating Leases

On certain of its operating lease agreements, the Company may receive rent holidays and other incentives. The Company recognizes operating lease costs on a straight-line basis without regard to deferred payment terms, such as rent holidays, that defer the commencement date of required payments. In addition, lease incentives that the Company receives are treated as a reduction of rent expense over the term of the related agreements.

Revenue Recognition

a. Collaboration Revenue

The Company earns collaboration revenue in connection with collaboration agreements to develop and commercialize product candidates and utilize the Company’s technology platforms. The terms of these agreements typically include non-refundable up-front licensing payments, research progress (milestone) payments, and payments for development activities. Non-refundable up-front license payments, where continuing involvement is required of the Company, are deferred and recognized over the related performance period. The Company estimates its performance period based on the specific terms of each agreement, and adjusts the performance periods, if appropriate, based on the applicable facts and circumstances. Although the Company did not enter into, or materially modify, any collaboration arrangements with multiple-deliverables during the year ended December 31, 2011, any future arrangements with multiple deliverables will be divided into separate units of accounting if the deliverables in the arrangement meet certain criteria, including whether the delivered item or items has value to the collaborator on a standalone basis. Payments which are based on achieving a specific performance milestone, involving a degree of risk, are recognized as revenue when the milestone is achieved and the related payment is due and non-refundable, provided there is no future service obligation associated with that milestone. Substantive performance milestones typically consist of significant achievements in the development life-cycle of the related product candidate, such as completion of clinical trials, filing for approval with regulatory agencies, and receipt of approvals by regulatory agencies. In determining whether a payment is deemed to be a substantive performance milestone, the Company takes into consideration (i) the enhancement in value to the related development product candidate, (ii) the Company’s performance and relative level of effort required to achieve the milestone, (iii) whether the milestone relates solely to past performance, and (iv) whether the milestone payment is considered reasonable relative to all of the deliverables and payment terms. Payments for achieving milestones which are not considered substantive are deferred and recognized over the related performance period.

The Company enters into collaboration agreements that include varying arrangements regarding which parties perform and bear the costs of research and development activities. The Company may share the costs of research and development activities with a collaborator, such as in the Company’s EYLEAÒ collaboration with Bayer HealthCare LLC, or the Company may be reimbursed for all or a significant portion of the costs of the Company’s research and development activities, such as in the Company’s ZALTRAP® (aflibercept) and antibody collaborations with Sanofi. The Company records its internal and third-party development costs associated with these collaborations as research and development expenses. When the Company is entitled to reimbursement of all or a portion of the research and development expenses that it incurs under a collaboration, the Company records those reimbursable amounts as collaboration revenue proportionately as the Company recognizes its expenses. If the collaboration is a cost-sharing arrangement in which both the Company and its collaborator perform development work and share costs, in periods when the Company’s collaborator incurs development expenses that benefit the collaboration and Regeneron, the Company also recognizes, as additional research and development expense, the portion of the collaborator’s development expenses that the Company is obligated to reimburse. In certain cases, the Company may also share the costs of pre-launch commercialization activities with its collaborators. The Company records its share of these costs as a reduction of collaboration revenue.

In connection with non-refundable licensing payments, the Company’s performance period estimates are principally based on projections of the scope, progress, and results of its research and development activities. Due to the variability in the scope of activities and length of time necessary to develop a drug product, changes to development plans as programs progress, and uncertainty in the ultimate requirements to obtain governmental approval for commercialization, revisions to performance period estimates are likely to occur periodically, and could result in material changes to the amount of revenue recognized each year in the future. In addition, estimated performance periods may change if development programs encounter delays, or the Company and its collaborators decide to expand or contract the clinical plans for a drug candidate in various disease indications. Also, if a collaborator terminates an agreement in accordance with the terms of the agreement, the Company would recognize any unamortized remainder of an up-front or previously deferred payment at the time of the termination.

b. VelocImmune® Technology Licensing

The Company enters into non-exclusive license agreements with third parties that allow the third party to utilize the Company’s VelocImmune® technology in its internal research programs. The terms of these agreements include up-front payments and entitle the Company to receive royalties on any future sales of products discovered by the third party using the Company’s VelocImmune® technology. Up-front payments under these agreements, where continuing involvement is required of the Company, are deferred and recognized ratably over their respective license periods.

c. Product Revenue

Product sales consist of U.S. sales of the Company’s two marketed products, EYLEAÒ and ARCALYSTÒ. Revenue from product sales is recognized when persuasive evidence of an arrangement exists, title to product and associated risk of loss have passed to the customer, the price is fixed or determinable, collection from the customer is reasonably assured, the Company has no further performance obligations, and returns can be reasonably estimated. The Company’s written contracts with its customers stipulate product is shipped freight on board destination (FOB destination). The Company records revenue from product sales upon delivery to its customers.

The Company sells EYLEAÒ in the United States to three distributors and several specialty pharmacies. The Company sells ARCALYSTÒ in the United States to two specialty pharmacies. Under these distribution models, the distributors and specialty pharmacies generally take physical delivery of product. For EYLEAÒ, the distributors and specialty pharmacies generally sell the product directly to healthcare providers; whereas for ARCALYSTÒ, the specialty pharmacies sell the product directly to patients.

Revenue from product sales are recorded net of applicable provisions for prompt pay discounts, rebates and chargebacks under governmental programs (including Medicaid), product returns, distribution-related fees, and other sales-related deductions. Calculating these provisions involves estimates and judgments. The Company reviews its estimates of rebates, chargebacks, and other applicable provisions each period and records any necessary adjustments in the current period’s net product sales.

Prompt Pay Discounts: No prompt pay discounts are currently offered to the Company’s customers on sales of EYLEAÒ. In connection with sales of ARCALYSTÒ, the Company offers discounts to its customers for prompt payments. The Company estimates these discounts based on customer terms and historical experience, and expects that its customers will always take advantage of this discount. Therefore, the Company accrues 100% of the prompt pay discount that is based on the gross amount of each ARCALYSTÒ invoice, at the time of sale.

The Company’s accrual for prompt pay discounts was not material at December 31, 2011 and 2010.

Government Rebates and Chargebacks: The Company estimates reductions to product sales for Medicaid and Veterans’ Administration (VA) programs, and for certain other qualifying federal and state government programs. Based upon the Company’s contracts with government agencies, statutorily-defined discounts applicable to government-funded programs, historical experience, and, in the case of EYLEAÒ, estimated payer mix based on third-party market research data, the Company estimates and records an allowance for rebates and chargebacks. The Company’s liability for Medicaid rebates consists of estimates for claims that a state will make for a current quarter, claims for prior quarters that have been estimated for which an invoice has not been received, and invoices received for claims from prior quarters that have not been paid. The Company’s reserves related to discounted pricing offered to VA, Public Health Services (PHS), and other institutions (collectively, “qualified healthcare providers”) represent the Company’s estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices the Company charges to its customers (i.e., distributors and specialty pharmacies). The Company’s customers charge the Company for the difference between what they pay for the products and the ultimate selling price to the qualified healthcare providers. The Company’s reserve for this discounted pricing is based on expected sales to qualified healthcare providers and the chargebacks that customers have already claimed.

The Company’s government rebate and chargeback accruals were $0.6 million at December 31, 2011, which was based on a percentage of gross sales. Government rebate and chargeback accruals were not material at December 31, 2010.

Product Returns: Consistent with industry practice, the Company offers its customers a limited right to return product purchased directly from the Company, which is principally based upon the product’s expiration date. The Company will accept returns for three months prior to and up to six months after the product expiration date. Product returned is generally not resalable given the nature of the Company’s products and method of administration. The Company develops estimates for product returns based upon historical experience, inventory levels in the distribution channel, and other relevant factors.

The Company has developed estimates for EYLEAÒ product returns, based on several factors, including (i) the Company’s historical experience to date, and the Company’s expectation, that its customers will not stock significant supplies of EYLEAÒ due to contractual limitations and other mitigating circumstances, (ii) historical industry information regarding product return rates for similar specialty products, and (iii) the shelf life of the product. Estimates for ARCALYSTÒ product returns have been developed based primarily on historical returns experience; to date, actual ARCALYSTÒ product returns have been negligible. The Company monitors product supply levels in the distribution channel, as well as sales by its customers of EYLEAÒ to healthcare providers and ARCALYSTÒ to patients using product-specific data provided by its customers. If necessary, the Company’s estimates of product returns may be adjusted in the future based on actual returns experience, known or expected changes in the marketplace, or other factors.

The Company’s product returns accruals were not material at December 31, 2011 and 2010.

Distribution-Related Fees: The Company has written contracts with its customers that include terms for distribution-related fees. The Company estimates and records distribution and related fees due to its customers based on a percentage of gross sales. The Company’s accrual for distribution-related fees was $1.5 million at December 31, 2011. The Company’s accrual for distribution-related fees at December 31, 2010 was not material.

Investment Income

Interest income, which is included in investment income, is recognized as earned.

Research and Development Expenses

Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, materials, supplies, depreciation on and maintenance of research equipment, costs related to research collaboration and licensing agreements, the cost of services provided by outside contractors, including services related to the Company’s clinical trials, clinical trial expenses, the full cost of manufacturing drug for use in research, preclinical development, and clinical trials, amounts that the Company is obligated to reimburse to collaborators for research and development expenses that they incur, and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. All costs associated with research and development are expensed.

Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company outsources a substantial portion of its clinical trial activities, utilizing external entities such as contract research organizations (“CROs”), independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical studies. For each clinical trial that the Company conducts, certain clinical trial costs are expensed immediately, while others are expensed over time based on the expected total number of patients in the trial, the rate at which patients enter the trial, and/or the period over which clinical investigators or CROs are expected to provide services.

Clinical activities which relate principally to clinical sites and other administrative functions to manage the Company’s clinical trials are performed primarily by CROs. CROs typically perform most of the start-up activities for the Company’s trials, including document preparation, site identification, screening and preparation, pre-study visits, training, and program management. On a budgeted basis, these start-up costs are typically 10% to 20% of the total contract value. On an actual basis, this percentage range can be significantly wider, as many of the Company’s contracts with CROs are either expanded or reduced in scope compared to the original budget, while start-up costs for the particular trial may not change materially. These start-up costs usually occur within a few months after the contract has been executed and are event driven in nature. The remaining activities and related costs, such as patient monitoring and administration, generally occur ratably throughout the life of the individual contract or study. In the event of early termination of a clinical trial, the Company accrues and recognizes expenses in an amount based on its estimate of the remaining non-cancelable obligations associated with the winding down of the clinical trial and/or penalties.

For clinical study sites, where payments are made periodically on a per-patient basis to the institutions performing the clinical study, the Company accrues expense on an estimated cost-per-patient basis, based on subject enrollment and activity in each quarter. The amount of clinical study expense recognized in a quarter may vary from period to period based on the duration and progress of the study, the activities to be performed by the sites each quarter, the required level of patient enrollment, the rate at which patients actually enroll in and drop-out of the clinical study, and the number of sites involved in the study. Clinical trials that bear the greatest risk of change in estimates are typically those that have a significant number of sites, require a large number of patients, have complex patient screening requirements, and span multiple years. During the course of a trial, the Company adjusts its rate of clinical expense recognition if actual results differ from the Company’s estimates. The Company’s estimates and assumptions for clinical expense recognition could differ significantly from its actual results, which could cause material increases or decreases in research and development expenses in future periods when the actual results become known.

Stock-based Compensation

The Company recognizes stock-based compensation expense for grants of stock option awards and restricted stock under the Company’s Long-Term Incentive Plan to employees and non-employee members of the Company’s board of directors based on the grant-date fair value of those awards. The grant-date fair value of an award is generally recognized as compensation expense over the award’s requisite service period. In addition, the Company has granted performance-based stock option awards which vest based upon the optionee satisfying certain performance and service conditions as defined in the agreements. Potential compensation cost, measured on the grant date, related to these performance options will be recognized only if, and when, the Company estimates that these options will vest, which is based on whether the Company consider the options’ performance conditions to be probable of attainment. The Company’s estimates of the number of performance-based options that will vest will be revised, if necessary, in subsequent periods.

The Company uses the Black-Scholes model to compute the estimated fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to (i) expected volatility of the Company’s Common Stock price, (ii) the periods of time over which employees and members of the board of directors are expected to hold their options prior to exercise (expected lives), (iii) expected dividend yield on the Common Stock, and (iv) risk-free interest rates. Stock-based compensation expense also includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. This estimate is revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

Income Taxes

The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Uncertain tax positions are accounted for in accordance with FASB authoritative guidance, which prescribes a comprehensive model for the manner in which a company should recognize, measure, present, and disclose in its financial statements all material uncertain tax positions that the company has taken or expects to take on a tax return. Those positions, for which management's assessment is that there is more than a 50% probability of sustaining the position upon challenge by a taxing authority based upon its technical merits, are subjected to certain measurement criteria.

The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense.

Comprehensive Income (Loss)

Comprehensive income (loss) of the Company includes net income (loss) adjusted for the change in net unrealized gain or loss on marketable securities, net of any tax effect. Comprehensive income (loss) for the years ended December 31, 2011, 2010, and 2009 have been included in the Statements of Stockholders’ Equity.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, marketable securities (see Note 6), and accounts receivable.

Per Share Data

Net income (loss) per share, basic and diluted, is computed on the basis of the net income (loss) for the period divided by the weighted average number of shares of Common Stock and Class A Stock outstanding during the period. Basic net income (loss) per share excludes restricted stock awards until vested. Diluted net income per share is based upon the weighted average number of shares of Common Stock and Class A Stock outstanding, and of common stock equivalents outstanding when dilutive. Common stock equivalents include: (i) outstanding stock options and restricted stock awards under the Company’s Long-Term Incentive Plans, which are included under the “treasury stock method” when dilutive, (ii) Common Stock to be issued upon the assumed conversion of the Company’s convertible senior notes, which are included under the “if-converted method” when dilutive, and (iii) Common Stock to be issued upon the exercise of outstanding warrants, which are included under the “treasury stock method” when dilutive. The computation of diluted net loss per share for the years ended December 31, 2011, 2010, and 2009 does not include common stock equivalents, since such inclusion would be antidilutive.

Risks and Uncertainties

Developing and commercializing new medicines entails significant risk and expense. Before revenues from the commercialization of the Company’s current or future product candidates can be realized, the Company (or its collaborators) must overcome a number of hurdles which include successfully completing research and development and obtaining regulatory approval from the FDA and regulatory authorities in other countries. In addition, the biotechnology and pharmaceutical industries are rapidly evolving and highly competitive, and new developments may render the Company’s products and technologies uncompetitive or obsolete. The Company may be subject to legal claims by third parties seeking to enforce patents to limit or prohibit the Company from marketing or selling its products. The Company is also dependent upon the services of its employees, consultants, collaborators, and certain third-party suppliers, including single-source unaffiliated third-party suppliers of certain raw materials and equipment. Regeneron, as licensee, licenses certain technologies that are important to the Company’s business which impose various obligations on the Company. If Regeneron fails to comply with these requirements, licensors may have the right to terminate the Company’s licenses.

The Company has generally incurred net losses and negative cash flows from operations since its inception. The Company received regulatory approval from the FDA for ARCALYST® for the treatment of CAPS in February 2008 and EYLEAÒ for the treatment of wet AMD in November 2011; however, the Company has not generated significant sales or profits to date from these two drug products. Revenues to date have principally been limited to (i) up-front, license, milestone, and reimbursement payments from the Company’s collaborators and other entities related to the Company’s development activities and technology platforms, (ii) ARCALYST® and EYLEAÒ product sales, (iii) payments for past contract manufacturing activities, and (iv) investment income. Collaboration revenue in 2011 was earned from Sanofi and Bayer HealthCare under collaboration agreements (see Note 3 for the terms of these agreements). These collaboration agreements contain early termination provisions that are exercisable by Sanofi or Bayer HealthCare, as applicable.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Estimates which could have a significant impact on the Company’s financial statements include:

·	Product rebates, chargebacks, and returns in connection with the recognition of product sales revenue.

·	Periods over which payments, including non-refundable up-front, license, and milestone payments, are recognized as revenue in connection with collaboration and other agreements to develop and commercialize product candidates and utilize the Company’s technology platforms.

·	Periods over which certain clinical trial costs, including costs for clinical activities performed by contract research organizations, are recognized as research and development expenses.

·	In connection with the recognition of expense, using a blended royalty rate, related to the Company’s non-exclusive license with Genentech, Inc., the Company’s estimate of cumulative EYLEAÒ sales through May 7, 2016 (see Note 12b).

In connection with stock option awards, (i) the fair value of stock options on their date of grant using the Black-Scholes option-pricing model, based on assumptions with respect to (a) expected volatility of the Company’s Common Stock price, (b) the periods of time for which employees and members of the Company’s board of directors are expected to hold their options prior to exercise (expected lives), (c) expected dividend yield on the Company’s Common Stock, and (d) risk-free interest rates, which are based on quoted U.S. Treasury rates for securities with maturities approximating the options’ expected lives; (ii) the number of stock option awards that are expected to be forfeited; and (iii) with respect to performance-based stock option awards, if and when the options’ performance conditions are considered to be probable of attainment.

The Company’s determination of whether marketable securities are other-than-temporarily impaired. The Company conducts a review of its portfolio of marketable securities, using both quantitative and qualitative factors, to determine, for securities whose current fair value is less than their cost, whether the decline in fair value below cost is other-than-temporary. In making this determination, the Company considers factors such as the length of time and the extent to which fair value has been less than cost, financial condition and near-term prospects of the issuer, recommendations of investment advisors, and forecasts of economic, market, or industry trends. This review process also includes an evaluation of the Company’s ability and intent to hold individual securities until they mature or their full value can be recovered. This review is subjective and requires a high degree of judgment.

·	Useful lives of property, plant, and equipment.

Inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value, which is written-down, as appropriate. In addition, capitalization of inventory costs associated with the Company’s products prior to regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized.

·	The extent to which deferred tax assets and liabilities are offset by a valuation allowance.

In addition, the Company’s share of EYLEAÒ development expenses incurred by Bayer HealthCare, including the Company’s share of Bayer HealthCare’s estimated EYLEAÒ development expenses for the most recent fiscal quarter, are included in research and development expenses. The Bayer HealthCare estimate for the most recent fiscal quarter is adjusted in the subsequent quarter to reflect actual expenses for the quarter. Also, the Company’s share of ZALTRAP® pre-launch commercialization expenses incurred by Sanofi, including the Company’s share of Sanofi’s estimated ZALTRAP® pre-launch commercialization expenses for the most recent fiscal quarter, are included as a reduction of Sanofi collaboration revenue. The Sanofi estimate for the most recent fiscal quarter is adjusted in the subsequent quarter to reflect actual expenses for the quarter.

Impact of Recently Issued Accounting Standards

Multiple-deliverable revenue arrangements

During the first quarter of 2011 the Company adopted amended authoritative guidance issued by the FASB on multiple-deliverable revenue arrangements. The amended guidance provides greater ability to separate and allocate consideration to be received in a multiple-deliverable revenue arrangement by requiring the use of estimated selling prices to allocate the consideration, thereby eliminating the use of the residual method of allocation. The amended guidance also requires expanded qualitative and quantitative disclosures surrounding multiple-deliverable revenue arrangements. The Company is applying this amended guidance prospectively for new or materially modified arrangements, of which there were none during the year ended December 31, 2011; therefore, the adoption of this guidance did not have an impact on the Company’s financial statements.

Milestone method of revenue recognition

During the first quarter of 2011, the Company adopted amended authoritative guidance issued by the FASB codifying the milestone method of revenue recognition as an acceptable revenue recognition model when a milestone is deemed to be substantive. The Company earns substantive performance milestone payments in connection with its collaboration agreements to develop and commercialize product candidates with Sanofi and Bayer HealthCare. Descriptions of these collaboration agreements, including various financial terms and conditions, are provided in Note 3. Since the Company has historically accounted for milestones under the milestone method, the adoption of this guidance did not have a material impact on the Company’s financial statements.

Fees paid to the federal government by pharmaceutical manufacturers

In December 2010, the FASB provided authoritative guidance on how pharmaceutical manufacturers should recognize and classify in their income statement annual fees mandated by the Patient Protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act. This guidance became effective for calendar years beginning after December 31, 2010. The adoption of this guidance did not have an impact on the Company’s financial statements for the year ended December 31, 2011, since (i) ARCALYST® for the treatment of CAPS, has been approved as an orphan drug and orphan drugs are not subject to this annual fee and (ii) since EYLEAÒ received regulatory approval from the FDA, and was launched, in November 2011.

Presentation of comprehensive income

In June 2011, the FASB amended its authoritative guidance on the presentation of comprehensive income. Under the amendment, an entity will have the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This amendment, therefore, eliminates the currently available option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendment does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The Company will adopt this amended guidance for the fiscal year beginning January 1, 2012. As this guidance relates to presentation only, the adoption of this guidance will not have any other effect on the Company's financial statements.

Reclassifications

Certain reclassifications have been made to prior period amounts to conform with the current period’s presentation.

Collaboration and Contract Research Agreements

12 Months Ended

Dec. 31, 2011

Collaboration and Contract Research Agreements [Abstract]

Collaboration and Contract Research Agreements

3.	Collaboration and Contract Research Agreements

The Company has entered into various agreements related to its activities to develop and commercialize product candidates and utilize its technology platforms. Significant agreements of this kind are described below.

a. Sanofi

As described in Note 13, Sanofi has purchased a total of 15,816,953 shares of the Company’s Common Stock, principally in connection with the companies’ ZALTRAP® and antibody collaborations described below. Total Company-incurred expenses associated with these Sanofi collaborations, which include reimbursable and non-reimbursable amounts and an allocable portion of general and administrative costs, were $318.2 million in 2011, $282.4 million in 2010, and $209.4 million in 2009.

ZALTRAP® ( aflibercept)

In September 2003, the Company entered into a collaboration agreement (the “ZALTRAP® Agreement”) with Aventis Pharmaceuticals Inc. (predecessor to Sanofi U.S.), to jointly develop and commercialize ZALTRAP®. In connection with this agreement, Sanofi made a non-refundable up-front payment of $80.0 million and purchased 2,799,552 newly issued unregistered shares of the Company’s Common Stock for $45.0 million.

In January 2005, the Company and Sanofi amended the ZALTRAP® Agreement to exclude intraocular delivery of aflibercept to the eye (“Intraocular Delivery”) from joint development under the agreement, and product rights to aflibercept in Intraocular Delivery reverted to Regeneron. In connection with this amendment, Sanofi made a $25.0 million non-refundable payment to Regeneron (the “Intraocular Termination Payment”).

In December 2005, the Company and Sanofi amended the ZALTRAP® Agreement to expand the territory in which the companies are collaborating on the development of ZALTRAP® to include Japan. In connection with this amendment, Sanofi agreed to make a $25.0 million non-refundable up-front payment to the Company, which was received in January 2006. Under the ZALTRAP® Agreement, as amended, the Company and Sanofi will share co-promotion rights and profits on sales, if any, of ZALTRAP® outside of Japan, for disease indications included in the companies’ collaboration. The Company is entitled to a royalty of approximately 35% on annual sales of ZALTRAP® in Japan, subject to certain potential adjustments. The Company may also receive up to $400 million in substantive milestone payments upon receipt of specified marketing approvals, including up to $360 million in milestone payments related to the receipt of marketing approvals for up to eight ZALTRAP® oncology and other indications in the United States or the European Union and up to $40 million related to the receipt of marketing approvals for up to five ZALTRAP® oncology indications in Japan.

Under the ZALTRAP® Agreement, as amended, agreed upon worldwide development expenses incurred by both companies during the term of the agreement will be funded by Sanofi. If the collaboration becomes profitable, Regeneron will be obligated to reimburse Sanofi for 50% of these development expenses, or half of $763.4 million as of December 31, 2011, in accordance with a formula based on the amount of development expenses and Regeneron’s share of the collaboration profits and Japan royalties, or at a faster rate at Regeneron’s option. Regeneron has the option to conduct additional pre-Phase III studies at its own expense. In connection with the January 2005 amendment to the ZALTRAP® Agreement, the Intraocular Termination Payment of $25.0 million will also be subject to 50% reimbursement by Regeneron to Sanofi if the collaboration becomes profitable. In addition, if the first commercial sale of an aflibercept product in Intraocular Delivery predates the first commercial sale of a ZALTRAP® product under the collaboration by two years, Regeneron will begin reimbursing Sanofi for up to $7.5 million of ZALTRAP® development expenses in accordance with a formula until the first commercial ZALTRAP® sale under the collaboration occurs.

Sanofi has the right to terminate the agreement without cause with at least twelve months advance notice. Upon termination of the agreement for any reason, Regeneron’s obligation to reimburse Sanofi, for 50% of ZALTRAP® development expenses will terminate, and the Company will retain all rights to ZALTRAP®.

In accordance with the Company’s revenue recognition policy described in Note 2, the up-front payments received in September 2003 and January 2006, of $80.0 million and $25.0 million, respectively, and reimbursement of Regeneron-incurred development expenses, are being recognized as collaboration revenue over the related performance period. In addition, in 2011, the Company and Sanofi began equally sharing ZALTRAP® pre-launch commercialization expenses under the ZALTRAP® Agreement. The Company’s share of these expenses was $9.3 million in 2011, which reduced collaboration revenue in connection with the ZALTRAP® Agreement.

The Company recognized $17.5 million, $26.4 million, and $36.5 million of collaboration revenue in 2011, 2010, and 2009, respectively, in connection with the ZALTRAP® Agreement, as amended. In connection with the ZALTRAP® Agreement, (i) at December 31, 2011, there was a net payable of $3.7 million to Sanofi, (ii) at December 31, 2010, amounts receivable from Sanofi were $3.9 million, and (iii) deferred revenue at December 31, 2011 and 2010 was $22.9 million and $32.6 million, respectively.

Antibodies

In November 2007, the Company entered into a global, strategic collaboration (the “Antibody Collaboration”) with Sanofi to discover, develop, and commercialize fully human monoclonal antibodies. In connection with the collaboration, in December 2007, Sanofi purchased 12 million newly issued, unregistered shares of the Company’s Common Stock for $312.0 million (see Note 13).

The Antibody Collaboration is governed by a Discovery and Preclinical Development Agreement (the “Discovery Agreement”) and a License and Collaboration Agreement (the “License Agreement”). In connection with the execution of the Discovery Agreement in 2007, the Company received a non-refundable up-front payment of $85.0 million from Sanofi. In addition, under the Discovery Agreement, Sanofi is funding the Company’s research to identify and validate potential drug discovery targets and develop fully human monoclonal antibodies against these targets. In November 2009, the Company and Sanofi amended these collaboration agreements to expand and extend the Antibody Collaboration. Pursuant to the Discovery Agreement, as amended, Sanofi agreed to fund up to $160 million per year of the Company’s research activities in 2010 through 2017, subject to a one-time option for Sanofi to adjust the maximum reimbursement amount down to $120 million per year commencing in 2014 if over the prior two years certain specified criteria were not satisfied. In 2010, as the Company scaled up its capacity to conduct antibody discovery activities, Sanofi funded $137.7 million of the Company’s preclinical research under the amended Discovery Agreement. The balance between that amount and $160 million, or $22.3 million, has been added to the funding otherwise available to the Company in 2011-2012 under the amended Discovery Agreement. The amended Discovery Agreement will expire on December 31, 2017; however, Sanofi has an option to extend the agreement for up to an additional three years for further antibody development and preclinical activities.

For each drug candidate identified under the Discovery Agreement, Sanofi has the option to license rights to the candidate under the License Agreement. If it elects to do so, Sanofi will co-develop the drug candidate with the Company through product approval. Under certain defined circumstances, upon exercising its option to license rights to particular candidates, Sanofi must make a $10 million substantive milestone payment to the Company. If Sanofi does not exercise its option to license rights to a particular drug candidate under the License Agreement, the Company retains the exclusive right to develop and commercialize such drug candidate, and Sanofi will receive a royalty on sales, if any. The Company and Sanofi are currently co-developing seven therapeutic antibodies under the License Agreement.

Under the License Agreement, agreed upon worldwide development expenses incurred by both companies during the term of the agreement are funded by Sanofi, except that following receipt of the first positive Phase 3 trial results for a co-developed drug candidate, subsequent Phase 3 trial-related costs for that drug candidate (“Shared Phase 3 Trial Costs”) are shared 80% by Sanofi and 20% by Regeneron. If the Antibody Collaboration becomes profitable, Regeneron will be obligated to reimburse Sanofi for 50% of development expenses that were fully funded by Sanofi (or half of $582.3 million as of December 31, 2011) and 30% of Shared Phase 3 Trial Costs, in accordance with a defined formula based on the amounts of these expenses and the Company’s share of collaboration profits from commercialization of collaboration products. However, the Company is not required to apply more than 10% of its share of the profits from the antibody collaboration in any calendar quarter to reimburse Sanofi for these development costs.

Sanofi will lead commercialization activities for products developed under the License Agreement, subject to the Company’s right to co-promote such products. The parties will equally share profits and losses from sales within the United States. The parties will share profits outside the United States on a sliding scale based on sales starting at 65% (Sanofi)/35% (Regeneron) and ending at 55% (Sanofi)/45% (Regeneron), and losses outside the United States at 55% (Sanofi)/45% (Regeneron). In addition to profit sharing, the Company is entitled to receive up to $250 million in sales milestone payments, with milestone payments commencing only if and after aggregate annual sales outside the United States exceed $1.0 billion on a rolling 12-month basis.

Regeneron is obligated to use commercially reasonable efforts to supply clinical requirements of each drug candidate under the Antibody Collaboration until commercial supplies of that drug candidate are being manufactured. In connection with the November 2009 amendment of the collaboration’s Discovery Agreement, Sanofi is funding up to $30 million of agreed-upon costs incurred by the Company to expand its manufacturing capacity at the Company’s Rensselaer, New York facilities, of which $28.2 million has been received or is receivable at December 31, 2011.

With respect to each antibody product which enters development under the License Agreement, Sanofi or the Company may, by giving twelve months notice, opt-out of further development and/or commercialization of the product, in which event the other party retains exclusive rights to continue the development and/or commercialization of the product. The Company may also opt-out of the further development of an antibody product if it gives notice to Sanofi within thirty days of the date that Sanofi enters joint development of such antibody product under the License Agreement. Each of the Discovery Agreement and the License Agreement contains other termination provisions, including for material breach by the other party. Prior to December 31, 2017, Sanofi has the right to terminate the amended Discovery Agreement without cause with at least three months advance written notice; however, except under defined circumstances, Sanofi would be obligated to immediately pay to the Company the full amount of unpaid research funding during the remaining term of the research agreement through December 31, 2017. Upon termination of the collaboration in its entirety, the Company’s obligation to reimburse Sanofi for development costs out of any future profits from collaboration products will terminate. Upon expiration of the amended Discovery Agreement, Sanofi has an option to license the Company’s VelocImmuneÒ technology for agreed upon consideration.

In connection with the Antibody Collaboration, in August 2008, the Company entered into a separate agreement with Sanofi to use Regeneron's proprietary VelociGeneÒ technology platform to supply Sanofi with genetically modified mammalian models of gene function and disease (the “VelociGene® Agreement”). The VelociGene® Agreement provides for minimum annual order quantities for the term of the agreement, which extends through December 2012, for which the Company expects to receive payments totaling a minimum of $21.5 million.

In accordance with the Company’s revenue recognition policy described in Note 2, the (i) $85.0 million up-front payment received in December 2007, (ii) reimbursement of Regeneron-incurred expenses under the Discovery and License Agreements, (iii) $21.5 million of aggregate minimum payments under the VelociGene® Agreement, and (iv) reimbursement of agreed-upon costs to expand the Company’s manufacturing capacity are being recognized as collaboration revenue over the related performance period. In connection with the amendments to expand and extend the Company’s antibody collaboration with Sanofi, during the fourth quarter of 2009, the Company extended its estimated performance period related to the $85.0 million up-front payment received from Sanofi under the Discovery Agreement and the $21.5 million of aggregate minimum payments under the VelociGene® Agreement. The effect of this change in estimate resulted in the recognition of $5.3 million less in collaboration revenue in both 2011 and 2010, compared to 2009.

In connection with the Antibody Collaboration, the Company recognized $309.1 million, $284.9 million, and $210.7 million of collaboration revenue in 2011, 2010, and 2009, respectively. In addition, at December 31, 2011 and 2010, amounts receivable from Sanofi totaled $78.5 million and $75.7 million and deferred revenue was $83.1 million and $84.0 million, respectively.

b.	Bayer HealthCare LLC

In October 2006, the Company entered into a license and collaboration agreement with Bayer HealthCare for the global development and commercialization outside the United States of EYLEAÒ. Under the terms of the agreement, Bayer HealthCare made a non-refundable up-front payment to the Company of $75.0 million. In August 2007, the Company received a $20.0 million milestone payment from Bayer HealthCare following dosing of the first patient in a Phase 3 study of EYLEAÒ in the neovascular form of wet AMD. In July 2009, the Company received a $20.0 million substantive milestone payment from Bayer HealthCare following dosing of the first patient in a Phase 3 study of EYLEAÒ in central retinal vein occlusion (“CRVO”). In the fourth quarter of 2010, the Company earned two $10.0 million substantive milestone payments (for a total of $20.0 million) from Bayer HealthCare for achieving positive 52-week results in the Phase 3 study of EYLEAÒ in wet AMD and positive 6-month results in the Phase 3 study of EYLEAÒ in CRVO. One of these $10.0 million payments was received in December 2010 and the other $10.0 million payment was received in January 2011. The Company is eligible to receive up to $50 million in future substantive milestone payments related to marketing approvals of EYLEAÒ in major market countries outside the United States. The Company is also eligible to receive up to $135 million in sales milestone payments when and if total annual sales of EYLEAÒ outside the United States achieve certain specified levels starting at $200 million.

The Company will share equally with Bayer HealthCare in any future profits arising from the commercialization of EYLEAÒ outside the United States. If EYLEAÒ is granted marketing authorization in a major market country outside the United States and the collaboration becomes profitable, the Company will be obligated to reimburse Bayer HealthCare out of its share of the collaboration profits for 50% of the agreed upon development expenses that Bayer HealthCare has incurred (or half of $370.9 million as of December 31, 2011) in accordance with a formula based on the amount of development expenses that Bayer HealthCare has incurred and the Company’s share of the collaboration profits, or at a faster rate at the Company’s option. Within the United States, the Company is responsible for commercialization of EYLEAÒ and retains exclusive rights to any profits from such commercialization in the United States.

Starting in 2009, all agreed upon EYLEAÒ development expenses incurred by the Company and Bayer HealthCare, under a global development plan, are being shared equally. The Company is also obligated to use commercially reasonable efforts to supply clinical and commercial product requirements.

Bayer HealthCare has the right to terminate the Bayer Agreement without cause with at least six months or twelve months advance notice depending on defined circumstances at the time of termination. In the event of termination of the agreement for any reason, the Company retains all rights to EYLEAÒ.

The $75.0 million up-front licensing payment and the $20.0 million milestone payment received in August 2007 from Bayer HealthCare are being recognized as collaboration revenue over the related estimated performance period in accordance with the Company’s revenue recognition policy as described in Note 2. In periods when the Company recognizes EYLEAÒ development expenses that the Company incurs under the collaboration, the Company also recognizes, as collaboration revenue, the portion of those EYLEAÒ development expenses that is reimbursable from Bayer HealthCare. In periods when Bayer HealthCare incurs agreed upon EYLEAÒ development expenses that benefit the collaboration and Regeneron, the Company also recognizes, as additional research and development expense, the portion of Bayer HealthCare’s EYLEAÒ development expenses that the Company is obligated to reimburse.

The Company recognized $43.1 million, $75.4 million, and $67.3 million of collaboration revenue from Bayer HealthCare in 2011, 2010, and 2009, respectively. In both 2010 and 2009, collaboration revenue from Bayer HealthCare included $20.0 million in milestone payments, as described above, which, for the purpose of revenue recognition, were considered substantive. In addition, in 2011, 2010, and 2009, the Company recognized as additional research and development expense $47.8 million, $48.9 million, and $37.7 million, respectively, of EYLEAÒ development expenses that the Company was obligated to reimburse to Bayer HealthCare.

In connection with cost-sharing of EYLEAÒ expenses under the collaboration, $4.5 million was receivable from Bayer HealthCare at December 31, 2011 and $2.3 million was payable to Bayer HealthCare at December 31, 2010. In addition, at December 31, 2011 and 2010, deferred revenue from the Company’s collaboration with Bayer HealthCare was $42.4 million and $47.0 million, respectively.

c.	National Institute of Health

In September 2006, the Company was awarded a grant from the National Institutes of Health (“NIH”) as part of the NIH’s Knockout Mouse Project. As amended, the NIH grant provided a minimum of $25.3 million in funding over a five-year period, including $1.5 million in funding to optimize certain existing technology, subject to compliance with its terms and annual funding approvals, for the Company’s use of its VelociGene® technology to generate a collection of targeting vectors and targeted mouse embryonic stem cells which can be used to produce knockout mice. The Company records revenue in connection with the NIH grant using a proportional performance model as it incurs expenses related to the grant, subject to the grant’s terms and annual funding approvals. In 2011, 2010, and 2009, the Company recognized contract research revenue of $3.6 million, $4.6 million, and $5.5 million, respectively, from the NIH Grant. As of the end of 2011, no further revenue will be recognized by the Company in connection with this NIH Grant.

- Definition

The entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 2
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 86
-Paragraph 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-FGC
-Chapter 3
-Paragraph 56, 57
-IssueDate 2006-05-01
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 68
-Paragraph 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 730
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6420387&loc=d3e23199-108380

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 730
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6420387&loc=d3e23221-108380

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 985
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 730
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 730
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6420387&loc=d3e23218-108380

+ Details

Technology Licensing Agreements

12 Months Ended

Dec. 31, 2011

Technology Licensing Agreements [Abstract]

Technology Licensing Agreements

4.	Technology Licensing Agreements

In March 2007, the Company entered into a six-year, non-exclusive license agreement with Astellas Pharma Inc. to allow Astellas to utilize the Company’s VelocImmune® technology in its internal research programs to discover human monoclonal antibodies. Under the terms of the agreement, Astellas made a $20.0 million annual, non-refundable payment to the Company in each of 2010, 2009, 2008, and 2007. In July 2010, the license agreement with Astellas was amended and extended through June 2023. Under the terms of the amended agreement, Astellas made a $165.0 million up-front payment to the Company in August 2010, which was deferred upon receipt and will be recognized as revenue ratably over the seven-year period beginning in mid-2011. In addition, Astellas will make a $130.0 million second payment to the Company in June 2018 unless the license agreement has been terminated prior to that date. Astellas has the right to terminate the agreement at any time by providing 90 days’ advance written notice. Under certain limited circumstances, such as a material breach of the agreement by the Company, Astellas may terminate the agreement and receive a refund of a portion of its up-front payment or, if such termination occurs after June 2018, a portion of its second payment, to the Company under the July 2010 amendment to the agreement. The Company is entitled to receive a mid-single digit royalty on any future sales of antibody products discovered by Astellas using the Company’s VelocImmune® technology. In connection with the Astellas license agreement, for each of the years ended December 31, 2011, 2010, and 2009, the Company recognized $22.0 million, $20.0 million, and $20.0 million of technology licensing revenue, respectively. In addition, deferred revenue at December 31, 2011 and 2010 was $151.7 million and $173.7 million, respectively.

In February 2007, the Company entered into a six-year, non-exclusive license agreement with AstraZeneca UK Limited to allow AstraZeneca to utilize the Company’s VelocImmuneÒ technology in its internal research programs to discover human monoclonal antibodies. Under the terms of the agreement, AstraZeneca made a $20.0 million annual, non-refundable payment to the Company in each of 2010, 2009, 2008, and 2007. Each annual payment was deferred and recognized as revenue ratably over approximately the ensuing twelve-month period. In November 2010, as permitted by the agreement, MedImmune Limited (as successor by novation from AstraZeneca) gave written notice of voluntary termination of the agreement, effective in February 2011, thereby canceling its obligation to make either of the final two annual payments. Regeneron remains entitled to receive mid-single digit royalties on any future sales of antibody products discovered by MedImmune/AstraZeneca using the VelocImmune® technology. In connection with the AstraZeneca license agreement, for the years ended December 31, 2011, 2010, and 2009, the Company recognized $2.9 million, $20.0 million, and $20.0 million, respectively, of technology licensing revenue.

Product Revenue

12 Months Ended

Dec. 31, 2011

Product Revenue [Abstract]

Product Revenue

5.	Product Revenue

In November 2011, the Company received marketing approval from the FDA for EYLEAÒ for the treatment of wet AMD. In accordance with the Company’s revenue recognition policy described in Note 2, the Company recorded EYLEAÒ net product sales of $24.8 million for the year ended December 31, 2011.

In February 2008, the Company received marketing approval from the FDA for ARCALYST® Injection for Subcutaneous Use for the treatment of CAPS. ARCALYST® net product sales totaled $19.9 million, $25.3 million, and $18.4 million for the years ended December 31, 2011, 2010, and 2009, respectively. The Company had limited historical return experience for ARCALYST® beginning with initial sales in 2008 through the end of 2009; therefore, ARCALYST® net product sales were deferred until the right of return no longer existed and rebates could be reasonably estimated. Effective in the first quarter of 2010, the Company determined that it had accumulated sufficient historical data to reasonably estimate both product returns and rebates of ARCALYST®. As a result, ARCALYST® net product sales during 2010 included $20.5 million of net product sales made during this period and $4.8 million of previously deferred net product sales. The effect of recognizing the previously deferred ARCALYST® net product sales revenue was to lower the Company’s net loss per share by $0.06 in 2010.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 21, 22, 24
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6327-108592

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13531-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6351-108592

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6404-108592

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6442-108592

+ Details

Marketable Securities

12 Months Ended

Dec. 31, 2011

Marketable Securities [Abstract]

Marketable Securities

6.	Marketable Securities

Marketable securities at December 31, 2011 and 2010 consisted of debt securities, as detailed below, and equity securities. The aggregate fair value of the equity securities was $3.0 million and $3.6 million at December 31, 2011 and 2010, respectively, and the aggregate cost basis was $4.0 million at both December 31, 2011 and 2010. The Company also held restricted marketable securities at both December 31, 2011 and December 31, 2010, which consisted of debt securities, as detailed below, that collateralize letters of credit and lease obligations.

The following tables summarize the amortized cost basis of debt securities included in marketable securities, the aggregate fair value of those securities, and gross unrealized gains and losses on those securities at December 31, 2011 and 2010. The Company classifies its debt securities, other than mortgage-backed securities, based on their contractual maturity dates. Maturities of mortgage-backed securities have been estimated based primarily on repayment characteristics and experience of the senior tranches that the Company holds.

	Amortized	Fair	Unrealized
At December 31, 2011	Cost Basis	Value	Gains	(Losses)	Net
Unrestricted
Maturities within one year
U.S. government obligations	$12,025	$12,067	$42		$42
U.S. government guaranteed corporate bonds	15,263	15,316	53		53
U.S. government guaranteed collateralized mortgage obligations	623	622		(1)	(1)
Municipal bonds	15,314	15,326	13	(1)	12
	43,225	43,331	108	(2)	106
Maturities after one year through five years
U.S. government obligations	272,433	272,752	400	(81)	319
Mortgage-backed securities	104	28	___	(76)	(76)
	272,537	272,780	400	(157)	243
Maturities after five years through ten years
Mortgage-backed securities	164	87	___	(77)	(77)
	315,926	316,198	508	(236)	272

Restricted
Maturities within one year
U.S. government obligations	3,347	3,357	10		10

Maturities after one year through five years
U.S. government obligations	2,572	2,583	11	___	11
	5,919	5,940	21	___	21

	$321,845	$322,138	$529	$(236)	$293


	Amortized	Fair	Unrealized
At December 31, 2010	Cost Basis	Value	Gains	(Losses)	Net

Unrestricted
Maturities within one year
U.S. government obligations	$83,635	$83,684	$54	$(5)	$49
U.S. government guaranteed corporate bonds	48,173	48,531	358		358
U.S. government guaranteed collateralized mortgage obligations	2,027	2,131	104		104
Municipal bonds	1,597	1,603	6		6
Mortgage-backed securities	875	847	___	(28)	(28)
	136,307	136,796	522	(33)	489
Maturities after one year through five years
U.S. government obligations	352,345	350,683	64	(1,726)	(1,662)
U.S. government guaranteed corporate bonds	15,522	15,477		(45)	(45)
Mortgage-backed securities	110	38	___	(72)	(72)
	367,977	366,198	64	(1,843)	(1,779)
Maturities after five years through ten years
Mortgage-backed securities	284	243	___	(41)	(41)
	504,568	503,237	586	(1.917)	(1,331)

Restricted
Maturities within one year
U.S. government obligations	2,922	2,921		(1)	(1)

Maturities after one year through five years
U.S. government obligations	4,135	4,118	___	(17)	(17)
	7,057	7,039	___	(18)	(18)

	$511,625	$510,276	$586	$(1,935)	$(1,349)

At December 31, 2011 and 2010, marketable securities included an additional unrealized loss of $1.0 million and $0.4 million, respectively, related to one equity security in the Company’s marketable securities portfolio.

The following table shows the fair value of the Company’s marketable securities that have unrealized losses and that are deemed to be only temporarily impaired, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2011 and 2010. The debt securities listed at December 31, 2011, excluding mortgage-backed securities, mature at various dates through December 2014. The mortgage-backed securities listed at December 31, 2011 mature at various dates through April 2018.

	Less than 12 Months		12 Months or Greater		Total
At December 31, 2011	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Unrestricted
U.S. government obligations	$103,529	$(81)			$103,529	$(81)
U.S. government guaranteed collateralized mortgage obligations	623	(1)			623	(1)
Municipal bonds	4,603	(1)			4,603	(1)
Equity security	3,019	(1,025)			3,019	(1,025)
Mortgage-backed securities	_____	____	$116	$(152)	116	(152)
	$111,774	$(1,108)	$116	$(152)	$111,890	$(1,260)


At December 31, 2010
Unrestricted
U.S. government obligations	$340,444	$(1,731)			$340,444	$(1,731)
U.S. government guaranteed corporate bonds	19,005	(45)			19,005	(45)
Equity security	3,612	(433)			3,612	(433)
Mortgage-backed securities	_____	____	$1,128	$(141)	1,128	(141)
	363,061	(2,209)	1,128	(141)	364,189	(2,350)

Restricted
U.S. government obligations	6,154	(18)	____	____	6,154	(18)
	6,154	(18)	____	____	6,154	(18)

	$369,215	$(2,227)	$1,128	$(141)	$370,343	$(2,368)

Realized gains and losses are included as a component of investment income. For the years ended December 31, 2011, 2010, and 2009, total realized gains and losses on sales of marketable securities were not material. In computing realized gains and losses, the Company computes the cost of its investments on a specific identification basis. Such cost includes the direct costs to acquire the security, adjusted for the amortization of any discount or premium.

The Company’s assets that are measured at fair value on a recurring basis, at December 31, 2011 and 2010, were as follows:

		Fair Value Measurements at Reporting Date Using
	Fair Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
At December 31, 2011
Unrestricted
Available-for-sale marketable securities
U.S. government obligations	$284,819		$284,819
U.S. government guaranteed corporate bonds	15,316		15,316
U.S. government guaranteed collateralized mortgage obligations	622		622
Municipal bonds	15,326		15,326
Mortgage-backed securities	115		115
Equity security	3,019	$3,019	_______
	319,217	3,019	316,198


Restricted
Available-for-sale marketable securities
U.S. government obligations	5,940	_____	5,940

	$325,157	$3,019	$322,138

At December 31, 2010
Unrestricted
Available-for-sale marketable securities
U.S. government obligations	$434,367		$434,367
U.S. government guaranteed corporate bonds	64,008		64,008
U.S. government guaranteed collateralized mortgage obligations	2,131		2,131
Municipal bonds	1,603		1,603
Mortgage-backed securities	1,128		1,128
Equity security	3,612	$3,612	_______
	506,849	3,612	503,237

Restricted
Available-for-sale marketable securities
U.S. government obligations	7,039	_____	7,039

	$513,888	$3,612	$510,276

Marketable securities included in Level 2 were valued using a market approach utilizing prices and other relevant information, such as interest rates, yield curves, prepayment speeds, loss severities, credit risks, and default rates, generated by market transactions involving identical or comparable assets. The Company considers market liquidity in determining the fair value for these securities. During the year ended December 31, 2010, deterioration in the credit quality of a marketable security subjected the Company to the risk of not being able to recover the carrying value of these securities. As a result, the Company recognized a $0.1 million impairment charge related to its Level 2 marketable securities in 2010, which the Company considered to be other-than-temporarily impaired. The Company did not record any charges for other-than-temporary impairment of its Level 2 marketable securities in 2011 and 2009.

The Company held one Level 3 marketable security, which had a fair value of $0 at December 31, 2011 and 2010. This Level 3 security was valued using information provided by the Company’s investment advisors and other sources, including quoted bid prices which took into consideration the securities’ lack of liquidity. In 2009, the Company recorded a charge of $0.1 million for other-than-temporary impairment of this Level 3 marketable security; therefore, as of December 31, 2009, the fair value of this security had been written down to zero. There were no purchases, sales, or maturities of Level 3 marketable securities and no unrealized gains or losses related to Level 3 marketable securities for the years ended December 31, 2011 and 2010. There were no transfers of marketable securities between Levels 1, 2, or 3 classifications during the years ended December 31, 2011 and 2010.

Inventory

12 Months Ended

Dec. 31, 2011

Inventory [Abstract]

Inventory

Inventories as of December 31, 2011 and December 31, 2010 consist of the following:

	2011	2010
Raw materials	$1,608	$592
Work in process	10,806	699
Finished goods	1,142	132
	$13,556	$1,423

At December 31, 2011, $3.5 million of inventories were included in prepaid expenses and other current assets and $10.1 million of inventories were included in other assets. At December 31, 2010, inventories were included in prepaid expenses and other current assets.

In 2011, cost of goods sold included inventory write-downs of $0.5 million. In 2010, there were no inventory write-downs included in cost of goods sold.

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2011

Property, Plant, and Equipment [Abstract]

Property, Plant, and Equipment

8.	Property, Plant, and Equipment

Property, plant, and equipment as of December 31, 2011 and 2010 consist of the following:

	2011	2010
Land	$2,117	$2,117
Building and improvements	322,753	242,035
Leasehold improvements	4,479	4,063
Construction-in-progress	10,880	70,356
Laboratory and other equipment	156,397	137,951
Furniture, computer and office equipment, and other	29,468	22,235
	526,094	478,757
Less, accumulated depreciation and amortization	(158,139)	(131,307)
	$367,955	$347,450

Depreciation and amortization expense on property, plant, and equipment amounted to $31.1 million, $19.7 million, and $14.2 million for the years ended December 31, 2011, 2010, and 2009, respectively. Effective in the first quarter of 2010, the estimated useful lives of certain capitalized laboratory and other equipment, which is a component of property, plant, and equipment, were extended. The effect of this change in estimate was to lower depreciation expense by $4.0 million and to lower the Company’s net loss per share by $0.05 for the year ended December 31, 2010.

Included in property, plant, and equipment at December 31, 2011 and December 31 2010 was $3.6 million and $2.8 million, respectively, of leased equipment under capital leases, and related accumulated amortization was $0.5 million and $0.1 million at December 31, 2011 and December 31, 2010, respectively.

Property, plant, and equipment at both December 31, 2011 and 2010 includes $86.2 million of costs incurred by the Company’s landlord to construct new laboratory and office facilities in Tarrytown, New York in connection with the Company’s December 2006 lease, as amended, of these facilities. See Note 12a.

The Company capitalized interest costs of $6.4 million in 2010. The Company did not capitalize any interest costs in 2011.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2011

Accounts Payable and Accrued Expenses [Abstract]

Accounts Payable and Accrued Expenses

9.	Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of December 31, 2011 and 2010 consist of the following:

	2011	2010
Accounts payable	$27,736	$15,589
Accrued payroll and related costs	42,835	12,025
Accrued clinical trial expense	9,850	9,727
Accrued property, plant, and equipment costs	1,070	7,622
Other accrued expenses and liabilities	14,134	6,441
Payable to Bayer HealthCare	_____	2,254
	$95,625	$53,658

Deferred Revenue

12 Months Ended

Dec. 31, 2011

Deferred Revenue [Abstract]

Deferred Revenue

10.	Deferred Revenue

Deferred revenue as of December 31, 2011 and 2010 consists of the following:

	2011	2010
Current portion:
Received from Sanofi (see Note 3a)	$20,011	$19,506
Received from Bayer HealthCare (see Note 3b)	7,907	9,884
Received for technology license agreements (see Note 4)	23,572	25,008
Other	150	325
	$51,640	$54,723

Long-term portion:
Received from Sanofi (see Note 3a)	$86,017	$97,081
Received from Bayer HealthCare (see Note 3b)	34,456	37,067
Received for technology license agreements (see Note 4)	128,137	151,708
	$248,610	$285,856

Convertible Debt

12 Months Ended

Dec. 31, 2011

Convertible Debt [Abstract]

Convertible Debt

11.	Convertible Debt

In October 2011, the Company issued $400.0 million aggregate principal amount of 1.875% convertible senior notes (the “Notes”) in a private placement. The net proceeds from the Notes offering were $391.1 million after deducting the initial purchaser’s discount and issuance costs.

The Notes will pay interest semi-annually on April 1 and October 1, beginning April 1, 2012, and will mature on October 1, 2016 unless earlier converted or repurchased. The Notes will be convertible, subject to certain conditions, into cash, shares of the Company’s Common Stock, or a combination of cash and shares of Common Stock, at the Company's option. The initial conversion rate for the Notes will be 11.9021 shares of Common Stock (subject to adjustment in certain circumstances) per $1,000 principal amount of the Notes, or a total of approximately 4,760,840 shares upon conversion, which is equal to an initial conversion price of approximately $84.02 per share. A holder of the Notes may surrender their Notes at their option any time prior to the close of business on the business day immediately preceding July 1, 2016, only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on December 31, 2011 (and only during such calendar quarter), if the last reported sale price of the Company’s Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price, as defined, of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Common Stock and the conversion rate on each such trading day; (iii) if the Company elects to issue to all or substantially all holders of its Common Stock any rights, options or warrants (other than pursuant to a rights plan) entitling them for a period of not more than 60 calendar days after the record date for such issuance, to subscribe for or purchase shares of the Company’s Common Stock, at a price per share less than the average of the last reported sales prices of the Company’s Common Stock for the ten consecutive day period ending on, and including, the trading day immediately preceding the declaration date for such issuance; (iv) upon specified distributions to the Company’s shareholders; or (v) upon the occurrence of specified corporate transactions, such as a fundamental change (i.e., a change in control), or the Company’s Common Stock ceasing to be listed on at least one U.S. national securities exchange. On or after July 1, 2016, holders may convert their Notes at the conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date irrespective of the foregoing conditions. In the event that a fundamental change, as defined in the indenture under which the Notes have been issued, occurs prior to maturity of the Notes, the initial conversion rate may be increased to include additional shares upon conversion, or holders can require the Company to purchase from them all or a portion of their Notes for 100% of the principal value plus any accrued and unpaid interest.

The Company has reserved sufficient shares of its Common Stock to satisfy the conversion requirements related to the Notes. The Company may not redeem the Notes prior to their maturity date.

In accordance with accounting guidance for debt with conversion and other options, the Company accounted for the liability and equity components of the Notes separately. The estimated fair value of the liability component at the date of issuance was $271.1 million, and was computed based on the fair value of similar debt instruments that do not include a conversion feature. The equity component of $120.9 million was recognized as a debt discount and represents the difference between the $392.0 million of gross proceeds from the issuance of the Notes and the $271.1 million estimated fair value of the liability component at the date of issuance. The debt discount is amortized over the expected life of a similar liability without the equity component. The Company determined this expected life to be equal to the term of the Notes, resulting in an amortization period ending October 1, 2016. The effective interest rate used to amortize the debt discount is approximately 10.2%, which was based on the Company’s estimated non-convertible borrowing rate as of the date the Notes were issued.

Issuance costs of $0.9 million related to the issuance of the Notes were allocated to the liability and equity components in proportion to the allocation of the proceeds and accounted for as capitalized debt issuance costs and equity issuance costs, respectively.

The net carrying amount of the liability component of the Notes as of December 31, 2011 consists of the following:

	2011
Total convertible senior notes – par	$400,000
Unamortized discount	124,981
	$275,019

Total interest expense associated with the Notes consisted of the following for the year ended December 31, 2011:

	2011
Contractual coupon interest rate	$1,455
Amortization of discount and note issuance costs	3,944
	$5,399

As of December 31, 2011, the "if converted value" does not exceed the principal amount of the Notes since the closing sales price of the Company’s Common Stock was less than the initial conversion price of the Notes. The fair value of the outstanding Notes was estimated to be $375.5 million as of December 31, 2011, and was determined based on quoted market rates.

In connection with the offering of the Notes, the Company entered into convertible note hedge (“call option”) and warrant transactions with multiple counterparties, including an affiliate of the initial purchaser. The convertible note hedge transactions cover, subject to customary anti-dilution adjustments, the number of shares of the Company's Common Stock that initially underlie the Notes, and are intended to reduce the potential dilutive impact of the conversion feature of the Notes. The convertible note hedge will terminate upon the earlier of the maturity date of the Notes or the first day the Notes are no longer outstanding. The Company paid $117.5 million for the convertible note hedge, which was recorded as a reduction to additional paid-in capital.

The warrant transactions have an initial strike price of approximately $103.41 per share, and may be settled in cash or shares of the Company’s Common Stock, at the Company’s option. The warrant transactions will have a dilutive effect to the extent that the market price per share of the Company's Common Stock exceeds the applicable strike price of the warrants. Proceeds received from the warrant transactions totaled $93.8 million and were recorded as additional paid-in capital. The warrants expire at various dates during 2017.

The convertible note hedge and warrants are both considered indexed to the Company’s Common Stock and classified as equity; therefore, the convertible note hedge and warrants are not accounted for as derivative instruments. The Company has reserved sufficient shares of its Common Stock to satisfy the potential settlement of the warrants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

12.	Commitments and Contingencies

a. Leases

Descriptions of Lease Agreements

The Company leases laboratory and office facilities in Tarrytown, New York, under a December 2006 lease agreement, as amended (the “Tarrytown Lease”). The facilities leased by the Company under the Tarrytown Lease include (i) space in previously existing buildings, (ii) newly constructed space in two new buildings (“Buildings A and B”) that was completed in the third quarter of 2009 and, (iii) under a December 2009 amendment to the Tarrytown Lease, additional newly constructed space in a third new building (“Building C”) that was completed in the first quarter of 2011. The Tarrytown Lease will expire in June 2024 and contains three renewal options to extend the term of the lease by five years each, escalations at 2.5% per annum, and early termination options for various portions of the space exclusive of the newly constructed space in Buildings A and B. The Tarrytown Lease provides for monthly payments over its term and additional charges for utilities, taxes, and operating expenses. Certain premises under the Tarrytown Lease are accounted for as operating leases. However, for Buildings A, B, and C that the Company is leasing, the Company is deemed, in substance, to be the owner of the landlord’s buildings in accordance with the application of FASB authoritative guidance, and the landlord’s costs of constructing these new facilities are required to be capitalized on the Company’s books as a non-cash transaction, offset by a corresponding lease obligation on the Company’s balance sheet.

In connection with the Tarrytown Lease, the Company issued a letter of credit in the amount of $3.4 million and collateralized the letter of credit with cash and marketable debt securities totaling $3.6 million at both December 31, 2011 and 2010. Such collateral has been classified as restricted cash and marketable securities.

In October 2008, the Company entered into a sublease with Sanofi U.S. for office space in Bridgewater, New Jersey. The lease commenced in January 2009 and expired in July 2011. In July 2011, the Company entered into an operating lease for office space in Liberty Corner, New Jersey, which expires in January 2017.

The Company also leases certain equipment under operating and capital leases which expire at various times through 2014.

Commitments under Operating Leases

The estimated future minimum noncancelable lease commitments under operating leases were as follows:

December 31,	Facilities	Equipment	Total
2012	$6,072	$1,188	$7,260
2013	7,304	258	7,562
2014	7,428	35	7,463
2015	7,583		7,583
2016	7,738		7,738
Thereafter	59,631	___	59,631
	$95,756	$1,481	$97,237

Rent expense under operating leases was:

Year Ending December 31,	Facilities	Equipment	Total
2011	$7,191	$599	$7,790
2010	7,301	335	7,636
2009	7,722	395	8,117

In addition to its rent expense under operating leases, and payments under facility lease obligations (see below), for various facilities, the Company paid rental charges for utilities, real estate taxes, and operating expenses of $9.3 million, $10.3 million, and $8.4 million for the years ended December 31, 2011, 2010, and 2009, respectively.

Commitments under Capital Leases

In 2011 and 2010, the Company entered into capital leases in connection with acquisitions of new equipment. The lease obligations are collateralized with marketable debt securities totaling $3.3 million and $3.5 at December 31, 2011 and 2010, respectively; such collateral has been classified as restricted cash and marketable securities at December 31, 2011 and 2010.

The estimated future minimum noncancelable lease commitments under capital leases were as follows:

December 31,	Equipment
2012	$1,394
2013	1,254
2014	130
Total minimum lease payments	2,778
Less: amount representing interest	(272)
	$2,506

At the end of the lease term, the Company is required to purchase the leased equipment for a nominal amount defined in the lease agreement. At December 31, 2011 and 2010, capital lease obligations totaled $2.5 million and $2.8 million, respectively, and were included in other liabilities.

Facility Lease Obligations

As described above, in connection with the application of FASB authoritative guidance to the Company’s lease of office and laboratory facilities in Buildings A, B, and C, the Company capitalized the landlord’s costs of constructing the new facilities and recognized a corresponding facility lease obligation. The Company also recognized, as additional facility lease obligation, reimbursements from the Company’s landlord for tenant improvement costs that the Company incurred since, under FASB authoritative guidance, such payments that the Company receives from its landlord are deemed to be a financing obligation. Monthly lease payments on these facilities are allocated between the land element of the lease (which is accounted for as an operating lease) and the facility lease obligation, based on the estimated relative fair values of the land and buildings.

As of December 31, 2010, the Company had capitalized the landlord’s costs of constructing Buildings A and B, which totaled $58.4 million, and of constructing Building C, which totaled $27.8 million. Reimbursements from the Company’s landlord for Buildings A and B tenant improvement costs totaled $56.9 million and were received by the Company during 2010 and 2009. Reimbursements for Building C tenant improvement costs totaled $14.2 million and were received by the Company during 2010. With respect to Buildings A and B, monthly lease payments commenced in August 2009, the buildings were placed in service by the Company in September 2009, and the imputed interest rate applicable to the Company’s facility lease obligation is approximately 11%. With respect to Building C, monthly lease payments commenced in January 2011, the building was placed in service by the Company in February 2011, and the imputed interest rate applicable to the Company’s facility lease obligation is approximately 9%.

In 2011, the Company recognized $15.6 million of interest expense in connection with the Buildings A and B and the Building C facility lease obligations. In 2010 and 2009, the Company recognized $9.1 million and $2.3 million, respectively, of interest expense in connection with the Buildings A and B facility lease obligation. At December 31, 2011 and 2010, the Buildings A and B facility lease obligation balance was $113.0 million and $113.7 million, respectively, and the Building C facility lease obligation balance was $47.5 million and $46.4 million, respectively.

The estimated future minimum noncancelable commitments under these facility lease obligations, as of December 31, 2011, were as follows:

December 31,	Buildings A and B	Building C	Total
2012	$12,847	$2,825	$15,672
2013	13,092	4,370	17,462
2014	13,343	4,490	17,833
2015	13,600	4,614	18,214
2016	13,864	4,740	18,604
Thereafter	113,040	39,899	152,939
	$179,786	$60,938	$240,724

b. Research Collaboration and Licensing Agreements

As part of the Company's research and development efforts, the Company enters into research collaboration and licensing agreements with related and unrelated companies, scientific collaborators, universities, and consultants. These agreements contain varying terms and provisions which include fees and milestones to be paid by the Company, services to be provided, and ownership rights to certain proprietary technology developed under the agreements. Some of the agreements contain provisions which require the Company to pay royalties, as defined, at rates that range from 0.25% to 16.5%, in the event the Company sells or licenses any proprietary products developed under the respective agreements.

In December 2011, the Company and Genentech, Inc., a member of the Roche Group, entered into a Non-Exclusive License and Partial Settlement Agreement (the “Genentech Agreement”) relating to ophthalmic sales of EYLEAÒ in the United States. Pursuant to the Genentech Agreement, the Company received a non-exclusive license to certain patents relating to VEGF receptor proteins, known as the Davis-Smyth patents, and other technology patents. The Davis-Smyth patents are the subject of patent litigation between the Company and Genentech now pending in the United States District Court, Southern District of New York. Patent litigation is continuing with respect to matters not covered by the Genentech Agreement (see Note 18).

Under the terms of the Genentech Agreement, the Company agreed to make payments to Genentech based on U.S. sales of EYLEAÒ commencing upon FDA approval of EYLEAÒ in November 2011 through May 7, 2016. The Company will be required to make a one-time, non-refundable $60 million payment upon cumulative U.S. sales of EYLEAÒ reaching $400 million. In addition, the Company agreed to pay royalties of 4.75% on cumulative U.S. sales of EYLEAÒ between $400 million and $3 billion and 5.5% on any cumulative U.S sales of EYLEAÒ over $3 billion. As the Company records net product sales of EYLEAÒ, the Company is recognizing expense in connection with the Genentech Agreement using a blended mid-single digit royalty rate that reflects both the $60 million payment and the royalties payable on cumulative sales and that is based upon the Company’s estimate of cumulative EYLEAÒ sales through May 7, 2016.

The Company recognizes royalty expense based on net product sales of EYLEAÒ and ARCALYSTÒ under various licensing agreements, including, for EYLEAÒ, the Genentech Agreement described above. For the years ended December 31, 2011, 2010, and 2009, royalties on net product sales totaled $3.2 million, $1.7 million, and $1.5 million, respectively, and are included in cost of goods sold.

In July 2008, the Company and Cellectis S.A. (“Cellectis”) entered into an Amended and Restated Non-Exclusive License Agreement (the “Cellectis Agreement”). The Cellectis Agreement resolved a dispute between the parties related to the interpretation of a license agreement entered into by the parties in December 2003 pursuant to which the Company licensed certain patents and patent applications from Cellectis. Pursuant to the Cellectis Agreement, in July 2008, the Company made a non-refundable $12.5 million payment to Cellectis (the “Cellectis Payment”) and agreed to pay Cellectis a low single-digit royalty based on revenue received by the Company from any future licenses or sales of the Company’s VelociGene® or VelocImmune® products and services. No royalties are payable to Cellectis with respect to the Company’s VelocImmune® license agreements with AstraZeneca and Astellas or the Company’s antibody collaboration with Sanofi. Moreover, no royalties are payable to Cellectis on any revenue from commercial sales of antibodies from the Company’s VelocImmune® technology.

The Company began amortizing the Cellectis Payment in the second quarter of 2008 in proportion to past and future anticipated revenues under the Company’s license agreements with AstraZeneca and Astellas and the Discovery and Preclinical Development Agreement under the Company’s antibody collaboration with Sanofi (as amended in November 2009). In 2011, 2010, and 2009, the Company recognized $1.0 million, $0.9 million, and $2.3 million, respectively, of expense in connection with the Cellectis Payment. At December 31, 2011 and 2010, the unamortized balance of the Cellectis Payment, which was included in other assets, was $5.7 million and $6.6 million, respectively. The Company estimates that it will recognize expense of $1.0 million in each of 2012 and 2013, and $0.9 million in each of 2014, 2015 and 2016, in connection with the Cellectis Payment.

Stockholders Equity

12 Months Ended

Dec. 31, 2011

Stockholders Equity [Abstract]

Stockholders Equity

13.	Stockholders’ Equity

The Company's Restated Certificate of Incorporation provides for the issuance of up to 40 million shares of Class A Stock, par value $0.001 per share, and 160 million shares of Common Stock, par value $0.001 per share. Shares of Class A Stock are convertible, at any time, at the option of the holder into shares of Common Stock on a share-for-share basis. Holders of Class A Stock have rights and privileges identical to Common Stockholders except that each share of Class A is entitled to ten votes per share, while each share of Common Stock is entitled to one vote per share. Class A Stock may only be transferred to specified Permitted Transferees, as defined. Under the Company’s Restated Certificate of Incorporation, the Company’s board of directors is authorized to issue up to 30 million shares of preferred stock, in series, with rights, privileges, and qualifications of each series determined by the board of directors.

In September 2003, Sanofi purchased 2,799,552 newly issued, unregistered shares of the Company’s Common Stock for $45.0 million. See Note 3.

In December 2007, Sanofi purchased 12 million newly issued, unregistered shares of the Company’s Common Stock for an aggregate cash price of $312.0 million. As a condition to the closing of this transaction, Sanofi entered into an investor agreement with the Company, which was amended in November 2009. Under the amended investor agreement, Sanofi has three demand rights to require the Company to use all reasonable efforts to conduct a registered underwritten public offering with respect to shares of the Company’s Common Stock beneficially owned by Sanofi immediately after the closing of the transaction. Until the later of the fifth anniversaries of the expiration or earlier termination of the License and Collaboration Agreement, as amended in 2009, under the Company’s antibody collaboration with Sanofi (see Note 3) and the Company’s collaboration agreement with Sanofi for the development and commercialization of ZALTRAP® (see Note 3), Sanofi will be bound by certain “standstill” provisions. These provisions include an agreement not to acquire more than a specified percentage of the outstanding shares of the Company’s Class A Stock and Common Stock. The percentage increased from 25% to 30% as of December 20, 2011. Under the amended investor agreement, Sanofi has also agreed not to dispose of any shares of the Company’s Common Stock that were beneficially owned by Sanofi immediately after the closing of the transaction until December 20, 2017, subject to certain limited exceptions. Following December 20, 2017, Sanofi will be permitted to sell shares of the Company’s Common Stock (i) in a registered underwritten public offering undertaken pursuant to the demand registration rights granted to Sanofi and described above, subject to the underwriter's broad distribution of securities sold, (ii) pursuant to Rule 144 under the Securities Act and transactions exempt from registration under the Securities Act, subject to a volume limitation of one million shares of the Company’s Common Stock every three months and a prohibition on selling to beneficial owners, or persons that would become beneficial owners as a result of such sale, of 5% or more of the outstanding shares of the Company’s Common Stock, and (iii) into an issuer tender offer, or a tender offer by a third party that is recommended or not opposed by the Company’s board of directors. Sanofi has agreed to vote, and cause its affiliates to vote, all shares of the Company’s voting securities they are entitled to vote, at Sanofi's election, either as recommended by the Company’s board of directors or proportionally with the votes cast by the Company’s other shareholders, except with respect to certain change of control transactions, liquidation or dissolution, stock issuances equal to or exceeding 10% of the then outstanding shares or voting rights of the Company’s Class A Stock and Common Stock, and new equity compensation plans or amendments if not materially consistent with the Company’s historical equity compensation practices. The rights and restrictions under the investor agreement are subject to termination upon the occurrence of certain events.

In October 2010, the Company completed an underwritten public offering of 6,325,000 shares of Common Stock and received net proceeds of $174.8 million. Sanofi purchased 1,017,401 shares of Common Stock in this offering.

In October 2011, the Company completed a private placement of $400.0 million aggregate principal amount of Notes, which are convertible into shares of the Company’s Common Stock. In accordance with accounting guidance for debt with conversion and other options, the Company accounted for the liability and equity components of the Notes separately. The equity component of the Notes was $120.6 million, net of issuance costs. In connection with the offering of the Notes, the Company entered into convertible note hedge and warrant transactions. The Company paid $117.5 million for the convertible note hedge, which was recorded as a reduction to additional paid-in capital. The warrant transactions have an initial strike price of approximately $103.41 per share, and may be settled in cash or shares of the Company’s Common Stock, at the Company’s option. Proceeds received from the warrant transactions totaled $93.8 million and were recorded as additional paid-in capital. The warrants expire at various dates during 2017. See Note 11.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 22: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Long-Term Incentive Plans

12 Months Ended

Dec. 31, 2011

Long-Term Incentive Plans [Abstract]

Long-Term Incentive Plans

14.	Long-Term Incentive Plans

During 2000, the Company established the Regeneron Pharmaceuticals, Inc. 2000 Long-Term Incentive Plan which, as amended and restated (the “2000 Incentive Plan”), provides for the issuance of up to 41,307,016 shares of Common Stock in respect of awards. Employees of the Company, including officers, and nonemployees, including consultants and nonemployee members of the Company’s board of directors, (collectively, “Participants”) may receive awards as determined by a committee of independent directors (“Committee”). The awards that may be made under the 2000 Incentive Plan include: (a) Incentive Stock Options (“ISOs”) and Nonqualified Stock Options, (b) shares of Restricted Stock, (c) shares of Phantom Stock, (d) Stock Bonuses, and (e) Other Awards.

Stock Option awards grant Participants the right to purchase shares of Common Stock at prices determined by the Committee; however, in the case of an ISO, the option exercise price will not be less than the fair market value of a share of Common Stock on the date the Option is granted. Options vest over a period of time determined by the Committee, generally on a pro rata basis over a three to five year period. The Committee also determines the expiration date of each Option; however, no ISO is exercisable more than ten years after the date of grant. The maximum term of options that have been awarded under the 2000 Incentive Plan is ten years.

Restricted Stock awards grant Participants shares of restricted Common Stock or allow Participants to purchase such shares at a price determined by the Committee. Such shares are nontransferable for a period determined by the Committee (“vesting period”). Should employment terminate, as defined by the 2000 Incentive Plan, the ownership of the Restricted Stock, which has not vested, will be transferred to the Company, except under defined circumstances with Committee approval, in consideration of amounts, if any, paid by the Participant to acquire such shares. In addition, if the Company requires a return of the Restricted Shares, it also has the right to require a return of all dividends paid on such shares.

Phantom Stock awards provide the Participant the right to receive, within 30 days of the date on which the share vests, an amount, in cash and/or shares of the Company’s Common Stock as determined by the Committee, equal to the sum of the fair market value of a share of Common Stock on the date such share of Phantom Stock vests and the aggregate amount of cash dividends paid with respect to a share of Common Stock during the period from the grant date of the share of Phantom Stock to the date on which the share vests. Stock Bonus awards are bonuses payable in shares of Common Stock which are granted at the discretion of the Committee.

Other Awards are other forms of awards which are valued based on the Company’s Common Stock. Subject to the provisions of the 2000 Incentive Plan, the terms and provisions of such Other Awards are determined solely on the authority of the Committee.

The 2000 Incentive Plan contains provisions that allow for the Committee to provide for the immediate vesting of awards upon a change in control of the Company, as defined in the plan.

As of December 31, 2011, there were 10,244,318 shares available for future grants under the 2000 Incentive Plan.

Stock Options

Transactions involving stock option awards during 2011 under the 2000 Incentive Plan is summarized in the table below.

Stock Options:	Number of Shares	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (in years)	Intrinsic Value (in thousands)
Outstanding at December 31, 2010	23,362,248	$19.93
2011: Granted	4,286,640	$51.96
Forfeited	(247,898)	$28.11
Expired	(551,456)	$13.31
Exercised	(4,523,173)	$18.73
Outstanding at December 31, 2011	22,326,361	$26.40	6.90	$663,376

Vested and expected to vest at December 31, 2011	21,755,141	$26.04	6.84	$653,990

Exercisable at December 31, 2011	11,963,345	$18.27	5.27	$451,478

The Company satisfies stock option exercises with newly issued shares of the Company’s Common Stock. The total intrinsic value of stock options exercised during 2011, 2010, and 2009 was $49.2 million, $21.4 million, and $13.2 million, respectively. The intrinsic value represents the amount by which the market price of the underlying stock exceeds the exercise price of an option.

The Company grants stock options with exercise prices that are equal to or greater than the average market price of the Company’s Common Stock on the date of grant (“Market Price”). The table below summarizes the weighted-average exercise prices and weighted-average grant-date fair values of options issued during the years ended December 31, 2011, 2010, and 2009. The fair value of each option granted under the 2000 Incentive Plan during 2011, 2010, and 2009 was estimated on the date of grant using the Black-Scholes option-pricing model.

	Number of Options Granted	Weighted-Average Exercise Price	Weighted-Average Fair Value
2011:
Exercise price equal to Market Price	4,286,640	$51.96	$23.82

2010:
Exercise price equal to Market Price	4,319,856	$29.43	$13.36

2009:
Exercise price equal to Market Price	3,490,560	$20.69	$10.89

For the years ended December 31, 2011, 2010, and 2009, the Company recognized $39.2 million, $29.4 million, and $27.4 million, respectively, of non-cash stock-based compensation expense related to non-performance based stock option awards. As of December 31, 2011, there was $93.6 million of stock-based compensation cost related to outstanding non-performance based stock options, net of estimated forfeitures, which had not yet been recognized. The Company expects to recognize this compensation cost over a weighted-average period of 1.9 years.

In addition, there were 2,195,429 performance-based options which were outstanding and unvested as of December 31, 2011 of which, subject to the optionee satisfying certain service conditions, 203,429 options that were issued in 2005 would vest upon achieving certain defined sales targets for the Company’s products and 1,992,000 options that were issued in 2011, 2010, and 2009 would vest upon achieving certain development milestones for the Company’s product candidates. In light of the Company’s receipt of marketing approval for EYLEAÒ for the treatment of wet AMD in November 2011, and the status of the Company’s development programs at December 31, 2011, the Company estimates that all of the remaining performance-based options issued in 2005, 2009, and 2010 will vest and approximately 50% of the performance-based options issued in 2011 will vest.

For the years ended December 31, 2011 and 2010, the Company recognized $11.7 million and $8.1 million, respectively, of non-cash stock-based compensation expense related to these performance options. As of December 31, 2011 there was $17.4 million of stock-based compensation cost which had not yet been recognized related to the performance–based options that the Company currently estimates will vest. The Company expects to recognize this compensation cost over a weighted-average period of 2.5 years. In addition, potential compensation cost of $10.2 million related to the performance options issued in 2011, whose performance conditions (based on current facts and circumstances) are not currently considered by the Company to be probable of attainment, will begin to be recognized only if and when the Company estimates that it is probable that these options will vest. The Company’s estimates of the number of performance-based options that will vest will be revised, if necessary, in subsequent periods. Changes in these estimates may materially affect the amount of stock-based compensation recognized in future periods related to performance-based options.

Fair value Assumptions:

The following table summarizes the weighted average values of the assumptions used in computing the fair value of option grants during 2011, 2010, and 2009.

	2011	2010	2009
Expected volatility	48%	47%	54%
Expected lives from grant date	6.1 years	5.6 years	5.9 years
Expected dividend yield	0%	0%	0%
Risk-free interest rate	1.31%	2.11%	2.87%

Expected volatility has been estimated based on actual movements in the Company’s stock price over the most recent historical periods equivalent to the options’ expected lives. Expected lives are principally based on the Company’s historical exercise experience with previously issued employee and board of directors’ option grants. The expected dividend yield is zero as the Company has never paid dividends and does not currently anticipate paying any in the foreseeable future. The risk-free interest rates are based on quoted U.S. Treasury rates for securities with maturities approximating the options’ expected lives.

Restricted Stock

A summary of the Company’s activity related to Restricted Stock awards for the year ended December 31, 2011 is summarized below:

Restricted Stock:	Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2010	845,000	$25.37
2011: Granted	16,500	$58.59
Released	(110,001)	$30.63
Outstanding at December 31, 2011	751,499	$25.33

The Company recognized non-cash stock-based employee compensation expense from Restricted Stock awards of $5.7 million, $2.4 million, and $2.2 million in 2011, 2010, and 2009, respectively. As of December 31, 2011, there were 751,499 unvested shares of Restricted Stock outstanding and $9.8 million of stock-based compensation cost related to these unvested shares which had not yet been recognized. The Company expects to recognize this compensation cost over a weighted-average period of 1.4 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Executive Stock Purchase Plan

12 Months Ended

Dec. 31, 2011

Executive Stock Purchase Plan [Abstract]

Executive Stock Purchase Plan

15.	Executive Stock Purchase Plan

In 1989, the Company adopted an Executive Stock Purchase Plan (the “Plan”) under which 1,027,500 shares of Class A Stock were reserved for restricted stock awards. The Plan provides for the compensation committee of the board of directors to award employees, directors, consultants, and other individuals (“Plan participants”) who render service to the Company the right to purchase Class A Stock at a price set by the compensation committee. The Plan provides for the vesting of shares as determined by the compensation committee and, should the Company's relationship with a Plan participant terminate before all shares are vested, unvested shares will be repurchased by the Company at a price per share equal to the original amount paid by the Plan participant. During 1989 and 1990, a total of 983,254 shares were issued, all of which vested as of December 31, 1999. As of December 31, 2011, there were 44,246 shares available for future grants under the Plan.

Employee Savings Plan

12 Months Ended

Dec. 31, 2011

Employee Savings Plan [Abstract]

Employee Savings Plan

16.	Employee Savings Plan

In 1993, the Company adopted the provisions of the Regeneron Pharmaceuticals, Inc. 401(k) Savings Plan (the “Savings Plan”). The terms of the Savings Plan provide for employees who have met defined service requirements to participate in the Savings Plan by electing to contribute to the Savings Plan a percentage of their compensation to be set aside to pay their future retirement benefits, as defined. The Savings Plan, as amended and restated, provides for the Company to make discretionary contributions (“Contribution”), as defined. The Company recognized $4.1 million, $3.2 million, and $2.6 million of Contribution expense in 2011, 2010, and 2009, respectively. At December 31, 2011 and 2010, accrued Contribution expense totaled $3.6 million and $2.9 million, respectively. During the first quarter of 2012 and 2011, the Company contributed 63,937 and 91,761 shares, respectively, of Common Stock to the Savings Plan in satisfaction of these obligations.

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

17.	Income Taxes

For the year ended December 31, 2011, the Company incurred a net loss for tax purposes and recognized a full valuation allowance against deferred taxes. In 2011, the Company recognized a $1.1 million income tax benefit, consisting of (i) $0.7 million related to tax legislation that allowed the Company to claim a refund for a portion of its unused pre-2006 research tax credits and (ii) $0.4 million in connection with the net tax effect of the change in the Company’s unrealized gain (loss) on “available for sale” marketable securities, which is included in other comprehensive income (loss).

For the year ended December 31, 2010, the Company incurred a net loss for tax purposes and recognized a full valuation allowance against deferred taxes. No provision or benefit for income taxes was recognized by the Company in 2010.

For the year ended December 31, 2009, the Company incurred a net loss for tax purposes and recognized a full valuation allowance against deferred taxes. In 2009, the Company recognized a $4.1 million income tax benefit, consisting of (i) $2.7 million resulting from tax legislation that allowed the Company to claim a refund of U.S. federal alternative minimum tax (“AMT”) that the Company paid in connection with its 2007 U.S. federal income tax return, (ii) $0.7 million resulting from tax legislation that allowed the Company to claim a refund for a portion of its unused pre-2006 research tax credits on its 2009 U.S. federal income tax return, and (iii) $0.7 million in connection with the net tax effect of the Company’s unrealized gain on “available-for-sale” marketable securities, which is included in other comprehensive income in 2009.

The tax effect of temporary differences, net operating loss carry-forwards, and research and experimental and other tax credit carry-forwards as of December 31, 2011 and 2010 is as follows:

		2011	2010
Deferred tax assets:
	Net operating loss carry-forward	$282,480	$243,893
	Fixed assets	14,847	13,600
	Deferred revenue	120,490	70,443
	Deferred compensation	47,092	39,120
	Research and experimental and other tax credit carry-forwards	67,734	45,588
	Capitalized research and development costs	31,371	38,865
	Other	15,956	10,863
		579,790	462,372
Deferred tax liabilities:
	Convertible senior notes	(1,428)

Net deferred tax assets		578,542
Valuation allowance		(578,542)	(462,372)
		--	--

The Company’s valuation allowance increased by $116.2 million in 2011, due primarily to increases in the Company’s net operating loss carry-forward and tax credit carry-forwards and the full recognition of the $165.0 million up-front payment received from Astellas in 2010 as taxable income in 2011. The Company’s valuation allowance increased by $63.0 million in 2010, due primarily to increases in the net operating loss carry-forward and tax credit carry-forwards.

The Company is primarily subject to U.S. federal and New York State income taxes. The difference between the Company’s effective income tax rate and the U.S federal statutory rate of 35% is primarily attributable to an increase in the deferred tax valuation allowance. In 2011 and early 2012, U.S. federal tax authorities concluded examinations of the Company’s 2007, 2008, and 2009 federal income tax returns. The Company’s 2010 federal income tax return is currently being examined by the U.S. federal tax authorities. In addition, tax years subsequent to 2007 remain open to examination by New York State tax authorities.

As of December 31, 2011 and 2010, the Company had no accruals for interest or penalties related to income tax matters.

As of December 31, 2011, the Company had available for tax purposes unused net operating loss carry-forwards of $800.2 million which will expire in various years from 2018 to 2031 and included $96.2 million of net operating loss carry-forwards related to exercises of Nonqualified Stock Options and disqualifying dispositions of Incentive Stock Options, the tax benefit from which, if realized, will be credited to additional paid-in capital. The Company's research and experimental and other tax credit carry-forwards expire in various years from 2012 to 2031. Under the Internal Revenue Code and similar state provisions, substantial changes in the Company’s ownership have resulted in an annual limitation on the amount of net operating loss and tax credit carry-forwards that can be utilized in future years to offset future taxable income. This annual limitation may result in the expiration of net operating losses and tax credit carry-forwards before utilization.

The following table summarizes the gross amounts of unrecognized tax benefits at the beginning and end of 2011 and 2010:

	2011	2010
Balance as of January 1	$12,819	$ -
Gross increases related to current year tax positions	2,192	3,550
Gross increases related to prior year tax positions		9,269
Gross decreases due to settlements	(9,415)	_____
Balance as of December 31	$5,596	$12,819

In 2011, the gross decrease in unrecognized tax benefits related to prior year tax positions was primarily due to the conclusion of examinations of the Company’s 2007, 2008, and 2009 federal income tax returns by U.S. federal tax authorities. In 2010, the gross increases in unrecognized tax benefits related to prior year tax positions was primarily due to the Company’s calculations of certain pre-2010 tax credits. Due to the amounts of the Company’s net operating loss carry-forward and tax credit carry-forwards, the Company has not accrued interest or penalties related to these unrecognized tax benefits. In addition, unrecognized tax benefits at December 31, 2011 and 2010, if recognized, would not affect the Company’s effective tax rate since the adjustments to deferred tax assets would be fully offset by adjustments to the Company’s valuation allowance. For the year ended December 31, 2009, income tax positions that were deemed uncertain under the recognition thresholds and measurement attributes prescribed in FASB authoritative guidance were not material.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Legal Matters

12 Months Ended

Dec. 31, 2011

Legal Matters [Abstract]

Legal Matters

18.	Legal Matters

From time to time, the Company is a party to legal proceedings in the course of the Company’s business. The Company does not expect any such current ordinary course legal proceedings to have a material adverse effect on the Company’s business or financial condition. Costs associated with the Company’s involvement in legal proceedings are expensed as incurred.

Genentech Patent Litigation

The Company is aware of issued patents and pending patent applications owned by Genentech that claim certain chimeric VEGF receptors. The Company does not believe that ZALTRAP® or EYLEAÒ infringe any valid claim in these patents or patent applications. The Company is involved in five patent litigations with Genentech, two in the United States and three in Europe. In November 2010, the Company commenced a lawsuit against Genentech in the U.S. District Court for the Southern District of New York (the “Court”), seeking a declaratory judgment that no activities relating to the Company’s VEGF Trap infringe any valid claim of certain Genentech patents referred to as the Davis-Smyth patents (the “First Davis-Smyth Case”). Genentech answered the complaint and asserted counterclaims that the Company’s prior or planned activities relating to VEGF Trap have infringed or will infringe claims of four of the five Davis-Smyth patents and requested a judgment against the Company for damages, including for willful infringement, and other relief as the Court deems appropriate.

On December 31, 2011, the Company entered into a Non-Exclusive License and Partial Settlement Agreement with Genentech that covers making, using, and selling EYLEAÒ in the United States for the prevention and treatment of human eye diseases and disorders in the United States. Under the Genentech Agreement, the Company received a non-exclusive license to the Davis-Smyth patents, and certain other technology patents owned or co-owned by Genentech. The Genentech Agreement does not cover any non-U.S. patent rights or non-U.S. patent disputes, and does not cover any use of aflibercept other than for prevention and treatment of human eye diseases and disorders in the United States. The First Davis-Smyth Case is continuing with respect to matters not covered by the Genentech Agreement. The Genentech Agreement provides for the Company to make payments to Genentech based on U.S. sales of EYLEAÒ through May 7, 2016, the date the Davis-Smyth patents expire. The Company will make a lump-sum payment of $60 million once cumulative U.S. sales of EYLEAÒ reach $400 million. The Company will also pay royalties of 4.75% on cumulative U.S. sales of EYLEAÒ between $400 million and $3 billion and 5.5% on any cumulative U.S. sales of EYLEAÒ over $3 billion. As a result of the Genentech Agreement, on January 17, 2012 Genentech filed a second amended answer and counterclaim in the First Davis-Smyth Case, in which it amended its counterclaims alleging infringement of four of the five Davis-Smyth patents. On December 23, 2011, Genentech initiated a related case in the Court against Regeneron and Sanofi alleging infringement of four of the five Davis-Smyth Patents by activities relating to VEGF Trap (but excluding EYLEAÒ) (the “Second Davis-Smyth Case”). As in the First Davis-Smyth Case, in the new complaint Genentech requests a judgment against the Company for damages, including for willful infringement, and other relief as the Court deems appropriate.

The Company believes Genentech's claims in the First Davis Smyth Case and the Second Davis Smyth Case are without merit and intend to continue to defend against all of Genentech’s remaining claims vigorously. As this litigation is at an early stage, at this time the Company is not able to predict the probability of the outcome or an estimate of loss, if any, related to these matters.

The Company has initiated patent-related actions against Genentech in Germany, the United Kingdom, and Italy, and may initiate other actions in other countries outside the United States, which could have similar or other adverse outcomes that would materially harm its business and which, irrespective of the outcomes, may also entail significant costs and expenses.

Net Loss Per Share Data

12 Months Ended

Dec. 31, 2011

Net Loss Per Share Data [Abstract]

Net Loss Per Share Data

19.	Net Loss Per Share Data

The Company’s basic net loss per share amounts have been computed by dividing net loss by the weighted average number of Common and Class A shares outstanding. Net loss per share is presented on a combined basis, inclusive of Common Stock and Class A Stock outstanding, as each class of stock has equivalent economic rights. In 2011, 2010, and 2009, the Company reported net losses; therefore, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive. The calculations of basic and diluted net loss per share are as follows:

	December 31,
	2011	2010	2009

Net loss (Numerator)	$(221,760)	$(104,468)	$(67,830)

Weighted-average shares, in thousands (Denominator)	90,610	82,926	79,782

Basic and diluted net loss per share	$(2.45)	$(1.26)	$(0.85)

Shares issuable upon the exercise of options and warrants, vesting of restricted stock awards, and conversion of convertible senior notes, which have been excluded from the diluted per share amounts because their effect would have been antidilutive, include the following:

		December 31,
	2011	2010	2009
Options:
Weighted average number, in thousands	20,942	21,428	20,040
Weighted average exercise price	$21.21	$18.80	$17.66

Restricted Stock:
Weighted average number, in thousands	846	526	500

Convertible Senior Notes:
Weighted average number, in thousands	939

Warrants:
Weighted average number, in thousands	939

Statement of Cash Flows

12 Months Ended

Dec. 31, 2011

Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]

Statement of Cash Flows

20.	Statement of Cash Flows

Supplemental disclosure of noncash investing and financing activities:

Included in accounts payable and accrued expenses at December 31, 2011, 2010, and 2009 were $6.2 million, $10.7 million, and $9.8 million of accrued capital expenditures, respectively.

Pursuant to the application of FASB authoritative guidance to the Company’s lease of office and laboratory facilities in Tarrytown, New York (see Note 12a), the Company recognized a facility lease obligation of $0.2 million and $31.7 million during 2010 and 2009, respectively, in connection with capitalizing, on the Company’s books, the landlord’s costs of constructing new facilities that the Company has leased. The Company did not recognize any such facility lease obligations during 2011.

Included in facility lease obligations and property, plant, and equipment at December 31, 2010 was $3.7 million of capitalized and deferred interest for the year ended December 31, 2010, as the related facilities being leased by the Company were under construction and lease payments on these facilities did not commence until January 2011. For the years ended December 31, 2011 and 2009, the Company did not capitalize any interest.

The Company incurred capital lease obligations of $0.7 and $2.9 million during 2011 and 2010 in connection with acquisitions of new equipment.

Included in marketable securities at December 31, 2011, 2010, and 2009 were $0.7 million, $1.4 million, and $0.6 million of accrued interest income, respectively.

Unaudited Quarterly Results

12 Months Ended

Dec. 31, 2011

Unaudited Quarterly Results [Abstract]

Unaudited Quarterly Results

21.	Unaudited Quarterly Results

Summarized quarterly financial data for the years ended December 31, 2011 and 2010 are set forth in the following tables.

	First Quarter Ended March 31, 2011	Second Quarter Ended June 30, 2011	Third Quarter Ended September 30, 2011	Fourth Quarter Ended December 31, 2011
	(Unaudited)
Revenues	$112,204	$107,810	$102,833	$122,977
Net loss	(43,447)	(62,505)	(62,365)	(53,443)
Net loss per share, basic and diluted:	$(0.49)	$(0.69)	$(0.68)	$(0.58)

	First Quarter Ended March 31, 2010	Second Quarter Ended June 30, 2010	Third Quarter Ended September 30, 2010	Fourth Quarter Ended December 31, 2010
	(Unaudited)
Revenues	$103,534	$115,886	$105,979	$133,675
Net loss	(30,522)	(25,474)	(33,875)	(14,597)
Net loss per share, basic and diluted:	$(0.38)	$(0.31)	$(0.41)	$(0.17)

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies [Abstract]

Cash and Cash Equivalents

Marketable Securities

The Company has an investment policy that includes guidelines on acceptable investment securities, minimum credit quality, maturity parameters, and concentration and diversification. The Company has invested its excess cash primarily in direct obligations of the U.S. government and its agencies, other debt securities guaranteed by the U.S. government, and money market funds that invest in U.S. government securities. The Company considers its marketable securities to be "available-for-sale," as defined by authoritative guidance issued by the Financial Accounting Standards Board ("FASB"). These assets are carried at fair value and the unrealized gains and losses are included in accumulated other comprehensive income (loss) as a separate component of stockholders' equity. If the decline in the value of a marketable security in the Company's investment portfolio is deemed to be other-than-temporary, the Company writes down the security to its current fair value and recognizes a loss as a charge against income. As described under "Use of Estimates" below, the Company reviews its portfolio of marketable securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost are other-than-temporary.

Accounts Receivable - Trade

Inventory

Inventories are stated at the lower of cost or estimated realizable value. The Company determines the cost of inventory using the first-in, first-out, or FIFO, method. The Company capitalizes inventory costs associated with the Company's products prior to regulatory approval when, based on management's judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. The Company periodically analyzes its inventory levels to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value, and writes-down such inventories as appropriate. In addition, the Company's products are subject to strict quality control and monitoring which the Company performs throughout the manufacturing process. If certain batches or units of product no longer meet quality specifications or become obsolete due to expiration, the Company records a charge to cost of goods sold to write down such unmarketable inventory to its estimated realizable value.

Property, Plant, and Equipment

Building and improvements 10-40 years

Laboratory and other equipment 3-10 years

Furniture and fixtures 5 years

Accounting for the Impairment of Long-Lived Assets

Patents

As a result of the Company's research and development efforts, the Company obtains and applies for patents to protect proprietary technology and inventions. All costs associated with patents for product candidates under development are expensed as incurred. Patent costs related to commercial products are capitalized and amortized over the shorter of their estimated useful life or the remaining patent term. To date, the Company has no capitalized patent costs.

Operating Leases

Revenue Recognition, Collaboration Revenue

a. Collaboration Revenue

Revenue Recognition, Technology Licensing

b. VelocImmune® Technology Licensing

Revenue Recognition, Product Revenue

c. Product Revenue

The Company’s accrual for prompt pay discounts was not material at December 31, 2011 and 2010.

The Company’s product returns accruals were not material at December 31, 2011 and 2010.

Investment Income

Interest income, which is included in investment income, is recognized as earned.

Research and Development Expenses

Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, materials, supplies, depreciation on and maintenance of research equipment, costs related to research collaboration and licensing agreements, the cost of services provided by outside contractors, including services related to the Company's clinical trials, clinical trial expenses, the full cost of manufacturing drug for use in research, preclinical development, and clinical trials, amounts that the Company is obligated to reimburse to collaborators for research and development expenses that they incur, and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. All costs associated with research and development are expensed.

Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company outsources a substantial portion of its clinical trial activities, utilizing external entities such as contract research organizations ("CROs"), independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical studies. For each clinical trial that the Company conducts, certain clinical trial costs are expensed immediately, while others are expensed over time based on the expected total number of patients in the trial, the rate at which patients enter the trial, and/or the period over which clinical investigators or CROs are expected to provide services.

Clinical activities which relate principally to clinical sites and other administrative functions to manage the Company's clinical trials are performed primarily by CROs. CROs typically perform most of the start-up activities for the Company's trials, including document preparation, site identification, screening and preparation, pre-study visits, training, and program management. On a budgeted basis, these start-up costs are typically 10% to 20% of the total contract value. On an actual basis, this percentage range can be significantly wider, as many of the Company's contracts with CROs are either expanded or reduced in scope compared to the original budget, while start-up costs for the particular trial may not change materially. These start-up costs usually occur within a few months after the contract has been executed and are event driven in nature. The remaining activities and related costs, such as patient monitoring and administration, generally occur ratably throughout the life of the individual contract or study. In the event of early termination of a clinical trial, the Company accrues and recognizes expenses in an amount based on its estimate of the remaining non-cancelable obligations associated with the winding down of the clinical trial and/or penalties.

For clinical study sites, where payments are made periodically on a per-patient basis to the institutions performing the clinical study, the Company accrues expense on an estimated cost-per-patient basis, based on subject enrollment and activity in each quarter. The amount of clinical study expense recognized in a quarter may vary from period to period based on the duration and progress of the study, the activities to be performed by the sites each quarter, the required level of patient enrollment, the rate at which patients actually enroll in and drop-out of the clinical study, and the number of sites involved in the study. Clinical trials that bear the greatest risk of change in estimates are typically those that have a significant number of sites, require a large number of patients, have complex patient screening requirements, and span multiple years. During the course of a trial, the Company adjusts its rate of clinical expense recognition if actual results differ from the Company's estimates. The Company's estimates and assumptions for clinical expense recognition could differ significantly from its actual results, which could cause material increases or decreases in research and development expenses in future periods when the actual results become known

Stock-based Compensation

The Company recognizes stock-based compensation expense for grants of stock option awards and restricted stock under the Company's Long-Term Incentive Plan to employees and non-employee members of the Company's board of directors based on the grant-date fair value of those awards. The grant-date fair value of an award is generally recognized as compensation expense over the award's requisite service period. In addition, the Company has granted performance-based stock option awards which vest based upon the optionee satisfying certain performance and service conditions as defined in the agreements. Potential compensation cost, measured on the grant date, related to these performance options will be recognized only if, and when, the Company estimates that these options will vest, which is based on whether the Company consider the options' performance conditions to be probable of attainment. The Company's estimates of the number of performance-based options that will vest will be revised, if necessary, in subsequent periods.

The Company uses the Black-Scholes model to compute the estimated fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to (i) expected volatility of the Company's Common Stock price, (ii) the periods of time over which employees and members of the board of directors are expected to hold their options prior to exercise (expected lives), (iii) expected dividend yield on the Common Stock, and (iv) risk-free interest rates. Stock-based compensation expense also includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. This estimate is revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

Income Taxes

The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts ("temporary differences") at enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company's policy is to recognize interest and penalties related to income tax matters in income tax expense.

Comprehensive Income (Loss)

Per Share Data

Net income (loss) per share, basic and diluted, is computed on the basis of the net income (loss) for the period divided by the weighted average number of shares of Common Stock and Class A Stock outstanding during the period. Basic net income (loss) per share excludes restricted stock awards until vested. Diluted net income per share is based upon the weighted average number of shares of Common Stock and Class A Stock outstanding, and of common stock equivalents outstanding when dilutive. Common stock equivalents include: (i) outstanding stock options and restricted stock awards under the Company's Long-Term Incentive Plans, which are included under the "treasury stock method" when dilutive, (ii) Common Stock to be issued upon the assumed conversion of the Company's convertible senior notes, which are included under the "if-converted method" when dilutive, and (iii) Common Stock to be issued upon the exercise of outstanding warrants, which are included under the "treasury stock method" when dilutive. The computation of diluted net loss per share for the years ended December 31, 2011, 2010, and 2009 does not include common stock equivalents, since such inclusion would be antidilutive.

Use of Estimates

·	Product rebates, chargebacks, and returns in connection with the recognition of product sales revenue.

·	Periods over which payments, including non-refundable up-front, license, and milestone payments, are recognized as revenue in connection with collaboration and other agreements to develop and commercialize product candidates and utilize the Company’s technology platforms.

·	Periods over which certain clinical trial costs, including costs for clinical activities performed by contract research organizations, are recognized as research and development expenses.

·	In connection with the recognition of expense, using a blended royalty rate, related to the Company’s non-exclusive license with Genentech, Inc., the Company’s estimate of cumulative EYLEAÒ sales through May 7, 2016 (see Note 12b).

·	Useful lives of property, plant, and equipment.

·	The extent to which deferred tax assets and liabilities are offset by a valuation allowance.

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2011
Summary of Significant Accounting Policies [Abstract]
Estimated Useful Lives of Property, Plant, and Equipment	The estimated useful lives of property, plant, and equipment are as follows: Building and improvements 10-40 years Laboratory and other equipment 3-10 years Furniture and fixtures 5 years

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2011

Marketable Securities [Abstract]

Marketable Securities, Based on Contractual Maturity Dates

	Amortized	Fair	Unrealized
At December 31, 2011	Cost Basis	Value	Gains	(Losses)	Net
Unrestricted
Maturities within one year
U.S. government obligations	$12,025	$12,067	$42		$42
U.S. government guaranteed corporate bonds	15,263	15,316	53		53
U.S. government guaranteed collateralized mortgage obligations	623	622		(1)	(1)
Municipal bonds	15,314	15,326	13	(1)	12
	43,225	43,331	108	(2)	106
Maturities after one year through five years
U.S. government obligations	272,433	272,752	400	(81)	319
Mortgage-backed securities	104	28	___	(76)	(76)
	272,537	272,780	400	(157)	243
Maturities after five years through ten years
Mortgage-backed securities	164	87	___	(77)	(77)
	315,926	316,198	508	(236)	272

Restricted
Maturities within one year
U.S. government obligations	3,347	3,357	10		10

Maturities after one year through five years
U.S. government obligations	2,572	2,583	11	___	11
	5,919	5,940	21	___	21

	$321,845	$322,138	$529	$(236)	$293


	Amortized	Fair	Unrealized
At December 31, 2010	Cost Basis	Value	Gains	(Losses)	Net

Unrestricted
Maturities within one year
U.S. government obligations	$83,635	$83,684	$54	$(5)	$49
U.S. government guaranteed corporate bonds	48,173	48,531	358		358
U.S. government guaranteed collateralized mortgage obligations	2,027	2,131	104		104
Municipal bonds	1,597	1,603	6		6
Mortgage-backed securities	875	847	___	(28)	(28)
	136,307	136,796	522	(33)	489
Maturities after one year through five years
U.S. government obligations	352,345	350,683	64	(1,726)	(1,662)
U.S. government guaranteed corporate bonds	15,522	15,477		(45)	(45)
Mortgage-backed securities	110	38	___	(72)	(72)
	367,977	366,198	64	(1,843)	(1,779)
Maturities after five years through ten years
Mortgage-backed securities	284	243	___	(41)	(41)
	504,568	503,237	586	(1.917)	(1,331)

Restricted
Maturities within one year
U.S. government obligations	2,922	2,921		(1)	(1)

Maturities after one year through five years
U.S. government obligations	4,135	4,118	___	(17)	(17)
	7,057	7,039	___	(18)	(18)

	$511,625	$510,276	$586	$(1,935)	$(1,349)

Fair Value and Unrealized Losses of Marketable Securities

The following table shows the fair value of the Company's marketable securities that have unrealized losses and that are deemed to be only temporarily impaired, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2011 and 2010. The debt securities listed at December 31, 2011, excluding mortgage-backed securities, mature at various dates through December 2014. The mortgage-backed securities listed at December 31, 2011 mature at various dates through April 2018.

	Less than 12 Months		12 Months or Greater		Total
At December 31, 2011	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Unrestricted
U.S. government obligations	$103,529	$(81)			$103,529	$(81)
U.S. government guaranteed collateralized mortgage obligations	623	(1)			623	(1)
Municipal bonds	4,603	(1)			4,603	(1)
Equity security	3,019	(1,025)			3,019	(1,025)
Mortgage-backed securities	_____	____	$116	$(152)	116	(152)
	$111,774	$(1,108)	$116	$(152)	$111,890	$(1,260)


At December 31, 2010
Unrestricted
U.S. government obligations	$340,444	$(1,731)			$340,444	$(1,731)
U.S. government guaranteed corporate bonds	19,005	(45)			19,005	(45)
Equity security	3,612	(433)			3,612	(433)
Mortgage-backed securities	_____	____	$1,128	$(141)	1,128	(141)
	363,061	(2,209)	1,128	(141)	364,189	(2,350)

Restricted
U.S. government obligations	6,154	(18)	____	____	6,154	(18)
	6,154	(18)	____	____	6,154	(18)

	$369,215	$(2,227)	$1,128	$(141)	$370,343	$(2,368)

Fair Value, Assets Measured on a Recurring Basis

The Company's assets that are measured at fair value on a recurring basis, at December 31, 2011 and 2010, were as follows:

		Fair Value Measurements at Reporting Date Using
	Fair Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
At December 31, 2011
Unrestricted
Available-for-sale marketable securities
U.S. government obligations	$284,819		$284,819
U.S. government guaranteed corporate bonds	15,316		15,316
U.S. government guaranteed collateralized mortgage obligations	622		622
Municipal bonds	15,326		15,326
Mortgage-backed securities	115		115
Equity security	3,019	$3,019	_______
	319,217	3,019	316,198


Restricted
Available-for-sale marketable securities
U.S. government obligations	5,940	_____	5,940

	$325,157	$3,019	$322,138

At December 31, 2010
Unrestricted
Available-for-sale marketable securities
U.S. government obligations	$434,367		$434,367
U.S. government guaranteed corporate bonds	64,008		64,008
U.S. government guaranteed collateralized mortgage obligations	2,131		2,131
Municipal bonds	1,603		1,603
Mortgage-backed securities	1,128		1,128
Equity security	3,612	$3,612	_______
	506,849	3,612	503,237

Restricted
Available-for-sale marketable securities
U.S. government obligations	7,039	_____	7,039

	$513,888	$3,612	$510,276

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References + Details

Inventory (Tables)

12 Months Ended

Dec. 31, 2011

Inventory [Abstract]

Inventories

Inventories as of December 31, 2011 and December 31, 2010 consist of the following:

	2011	2010
Raw materials	$1,608	$592
Work in process	10,806	699
Finished goods	1,142	132
	$13,556	$1,423

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2011

Property, Plant, and Equipment [Abstract]

Property, Plant, and Equipment

Property, plant, and equipment as of December 31, 2011 and 2010 consist of the following:

	2011	2010
Land	$2,117	$2,117
Building and improvements	322,753	242,035
Leasehold improvements	4,479	4,063
Construction-in-progress	10,880	70,356
Laboratory and other equipment	156,397	137,951
Furniture, computer and office equipment, and other	29,468	22,235
	526,094	478,757
Less, accumulated depreciation and amortization	(158,139)	(131,307)
	$367,955	$347,450

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2011

Accounts Payable and Accrued Expenses [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of December 31, 2011 and 2010 consist of the following:

	2011	2010
Accounts payable	$27,736	$15,589
Accrued payroll and related costs	42,835	12,025
Accrued clinical trial expense	9,850	9,727
Accrued property, plant, and equipment costs	1,070	7,622
Other accrued expenses and liabilities	14,134	6,441
Payable to Bayer HealthCare	_____	2,254
	$95,625	$53,658

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2011

Deferred Revenue [Abstract]

Deferred Revenue

Deferred revenue as of December 31, 2011 and 2010 consists of the following:

	2011	2010
Current portion:
Received from Sanofi (see Note 3a)	$20,011	$19,506
Received from Bayer HealthCare (see Note 3b)	7,907	9,884
Received for technology license agreements (see Note 4)	23,572	25,008
Other	150	325
	$51,640	$54,723

Long-term portion:
Received from Sanofi (see Note 3a)	$86,017	$97,081
Received from Bayer HealthCare (see Note 3b)	34,456	37,067
Received for technology license agreements (see Note 4)	128,137	151,708
	$248,610	$285,856

Convertible Debt (Tables)

12 Months Ended

Dec. 31, 2011

Convertible Debt [Abstract]

Net Carrying Amount of the Liability Component of Convertible Notes

The net carrying amount of the liability component of the Notes as of December 31, 2011 consists of the following:

	2011
Total convertible senior notes - par	$400,000
Unamortized discount	124,981
	$275,019

Interest Expense Associated with Convertible Notes

Total interest expense associated with the Notes consisted of the following for the year ended December 31, 2011:

	2011
Contractual coupon interest rate	$1,455
Amortization of discount and note issuance costs	3,944
	$5,399

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies [Abstract]

Commitments Under Operating Leases

The estimated future minimum noncancelable lease commitments under operating leases were as follows:

December 31,	Facilities	Equipment	Total
2012	$6,072	$1,188	$7,260
2013	7,304	258	7,562
2014	7,428	35	7,463
2015	7,583		7,583
2016	7,738		7,738
Thereafter	59,631	___	59,631
	$95,756	$1,481	$97,237

Rent Expense Under Operating Leases

Rent expense under operating leases was:

Year Ending December 31,	Facilities	Equipment	Total
2011	$7,191	$599	$7,790
2010	7,301	335	7,636
2009	7,722	395	8,117

Commitments Under Capital Leases

The estimated future minimum noncancelable lease commitments under capital leases were as follows:

December 31,	Equipment
2012	$1,394
2013	1,254
2014	130
Total minimum lease payments	2,778
Less: amount representing interest	(272)
	$2,506

Commitments Under Facility Lease Obligations

The estimated future minimum noncancelable commitments under these facility lease obligations, as of December 31, 2011, were as follows:

December 31,	Buildings A and B	Building C	Total
2012	$12,847	$2,825	$15,672
2013	13,092	4,370	17,462
2014	13,343	4,490	17,833
2015	13,600	4,614	18,214
2016	13,864	4,740	18,604
Thereafter	113,040	39,899	152,939
	$179,786	$60,938	$240,724

Long-Term Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2011

Long-Term Incentive Plans [Abstract]

Transactions Involving Stock Option Awards

Transactions involving stock option awards during 2011 under the 2000 Incentive Plan is summarized in the table below.

Stock Options:	Number of Shares	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (in years)	Intrinsic Value (in thousands)
Outstanding at December 31, 2010	23,362,248	$19.93
2011: Granted	4,286,640	$51.96
Forfeited	(247,898)	$28.11
Expired	(551,456)	$13.31
Exercised	(4,523,173)	$18.73
Outstanding at December 31, 2011	22,326,361	$26.40	6.90	$663,376

Vested and expected to vest at December 31, 2011	21,755,141	$26.04	6.84	$653,990

Exercisable at December 31, 2011	11,963,345	$18.27	5.27	$451,478

Weighted-Average Exercise Prices and Weighted-Average Grant-Date Fair Values of Options Issued

The fair value of each option granted under the 2000 Incentive Plan during 2011, 2010, and 2009 was estimated on the date of grant using the Black-Scholes option-pricing model.

	Number of Options Granted	Weighted-Average Exercise Price	Weighted-Average Fair Value
2011:
Exercise price equal to Market Price	4,286,640	$51.96	$23.82

2010:
Exercise price equal to Market Price	4,319,856	$29.43	$13.36

2009:
Exercise price equal to Market Price	3,490,560	$20.69	$10.89

Weighted-Average Values of Assumptions Used in Computing Fair Value of Option Grants

The following table summarizes the weighted average values of the assumptions used in computing the fair value of option grants during 2011, 2010, and 2009.

	2011	2010	2009
Expected volatility	48%	47%	54%
Expected lives from grant date	6.1 years	5.6 years	5.9 years
Expected dividend yield	0%	0%	0%
Risk-free interest rate	1.31%	2.11%	2.87%

A summary of the Company's activity related to Restricted Stock awards for the year ended December 31, 2011 is summarized below:

Restricted Stock:	Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2010	845,000	$25.37
2011: Granted	16,500	$58.59
Released	(110,001)	$30.63
Outstanding at December 31, 2011	751,499	$25.33

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Deferred Tax Assets

The tax effect of temporary differences, net operating loss carry-forwards, and research and experimental and other tax credit carry-forwards as of December 31, 2011 and 2010 is as follows:

		2011	2010
Deferred tax assets:
	Net operating loss carry-forward	$282,480	$243,893
	Fixed assets	14,847	13,600
	Deferred revenue	120,490	70,443
	Deferred compensation	47,092	39,120
	Research and experimental and other tax credit carry-forwards	67,734	45,588
	Capitalized research and development costs	31,371	38,865
	Other	15,956	10,863
		579,790	462,372
Deferred tax liabilities:
	Convertible senior notes	(1,428)

Net deferred tax assets:		578,542
Valuation allowance		(578,542)	(462,372)
		--	--

Unrecognized Tax Benefits

The following table summarizes the gross amounts of unrecognized tax benefits at the beginning and end of 2011 and 2010:

	2011	2010
Balance as of January 1	$12,819	$ -
Gross increases related to current year tax positions	2,192	3,550
Gross increases related to prior year tax positions		9,269
Gross decreases due to settlements	(9,415)	_____
Balance as of December 31	$5,596	$12,819

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References + Details

Net Loss Per Share Data (Tables)

12 Months Ended

Dec. 31, 2011

Net Loss Per Share Data [Abstract]

Basic and Diluted Net Loss Per Share

The calculations of basic and diluted net loss per share are as follows:

	December 31,
	2011	2010	2009

Net loss (Numerator)	$(221,760)	$(104,468)	$(67,830)

Weighted-average shares, in thousands (Denominator)	90,610	82,926	79,782

Basic and diluted net loss per share	$(2.45)	$(1.26)	$(0.85)

Antidilutive Securities

		December 31,
	2011	2010	2009
Options:
Weighted average number, in thousands	20,942	21,428	20,040
Weighted average exercise price	$21.21	$18.80	$17.66

Restricted Stock:
Weighted average number, in thousands	846	526	500

Convertible Senior Notes:
Weighted average number, in thousands	939

Warrants:
Weighted average number, in thousands	939

Unaudited Quarterly Results (Tables)

12 Months Ended

Dec. 31, 2011

Unaudited Quarterly Results [Abstract]

Summarized Quarterly Financial Data

Summarized quarterly financial data for the years ended December 31, 2011 and 2010 are set forth in the following tables.

	First Quarter Ended March 31, 2011	Second Quarter Ended June 30, 2011	Third Quarter Ended September 30, 2011	Fourth Quarter Ended December 31, 2011
	(Unaudited)
Revenues	$112,204	$107,810	$102,833	$122,977
Net loss	(43,447)	(62,505)	(62,365)	(53,443)
Net loss per share, basic and diluted:	$(0.49)	$(0.69)	$(0.68)	$(0.58)

	First Quarter Ended March 31, 2010	Second Quarter Ended June 30, 2010	Third Quarter Ended September 30, 2010	Fourth Quarter Ended December 31, 2010
	(Unaudited)
Revenues	$103,534	$115,886	$105,979	$133,675
Net loss	(30,522)	(25,474)	(33,875)	(14,597)
Net loss per share, basic and diluted:	$(0.38)	$(0.31)	$(0.41)	$(0.17)

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) Decimal Percent
Summary of Significant Accounting Policies [Abstract]
Percentage Of Prompt Pay Discount The Compay Accrues \| Percent	100.00%
Government Rebate and Chargeback Accruals \| $	$ 0.6
Distribution-Related Fees Accruals \| $	$ 1.5
Research and Development Expenses [Abstract]
Percentage of start-up costs of total contract value, minimum (in hundredths) \| Percent	10.00%
Percentage of start-up costs of total contract value, maximum (in hundredths) \| Percent	20.00%
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life, minimum (in years)	10
Useful life, maximum (in years)	40
Laboratory and Other Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful life, minimum (in years)	3
Useful life, maximum (in years)	10
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Useful life, maximum (in years)	5

Collaboration and Contract Research Agreements (Details) $ in Thousands	1 Months Ended											3 Months Ended	12 Months Ended
	Jan. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Jul. 31, 2009 USD ($)	Dec. 31, 2007 USD ($) shares	Nov. 30, 2007 USD ($)	Aug. 31, 2007 USD ($)	Oct. 31, 2006 USD ($)	Sep. 30, 2006 USD ($)	Jan. 31, 2006 USD ($)	Jan. 31, 2005 USD ($)	Jan. 31, 2003 USD ($) shares	Dec. 31, 2010 USD ($) Integer	Dec. 31, 2011 USD ($) Integer Percent shares	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Nov. 30, 2009 USD ($)
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Amounts receivable from collaboration agreements		$ 79,603										$ 79,603	$ 74,781	$ 79,603
Contract research revenue													$ 6,599	6,945	$ 6,434
Collaboration Agreement with Sanofi [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Total number of newly issued unregistered shares of common stock purchased (in shares) \| shares													15,816,953
Maximum amount of milestone payments that may be received relating to marketing approvals													$ 400,000
Maximum amount of milestone payments that may be received relating to marketing approvals in the U.S. or European Union													$ 360,000
Maximum number of product candidates for which milestone payments may be received relating to marketing approvals in the U.S. or European Union \| Integer													8
Maximum amount of milestone payments that may be received relating to marketing approvals in Japan													$ 40,000
Maximum number of product candidates for which milestone payments may be received relating to marketing approvals in Japan \| Integer													5
Development expenses incurred to date													$ 763,400
Company-incurred expenses associated with Sanofi collaborations													381,200	282,400	209,400
Collaboration Agreement with Sanofi [Member] \| ZALTRAP Agreement [Memeber]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Collaboration development revenue													$ 17,500	26,400	36,500
Amount of non-refundable payment received for collaboration agreement									$ 25,000	$ 25,000	$ 80,000
Number of newly issued, unregistered shares of Common Stock purchased (in shares) \| shares											2,799,552
Cash price of newly issued, unregistered shares of Common Stock purchased											$ 45,000
Royalty based on percentage of annual sales in Japan (in hundredths) \| Percent													35.00%
Percentage of development expenses to be reimbursed due to profitability of agreement (in hundredths) \| Percent													50.00%
Number of years of first commercial sale of the product (in years)													2Y
Reimbursement of development expenses in accordance with formula until first commercial sale													$ 7,500
Minimum advance notice required to terminate collaboration agreement													12M
Amounts receivable from collaboration agreements		3,900										3,900		3,900
Deferred revenue		32,600										32,600	$ 22,900	32,600
Expenses under the collaboration payable to collaborating party													3,700
Shared Pre-Launch Commercialization Expenses With Collaborator													9,300
Collaboration Agreement with Sanofi [Member] \| Antibody Collaboration [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Collaboration development revenue													309,100	284,900	210,700
Amount of non-refundable payment received for collaboration agreement					$ 85,000
Number of newly issued, unregistered shares of Common Stock purchased (in shares) \| shares				12,000,000
Cash price of newly issued, unregistered shares of Common Stock purchased				$ 312,000
Maximum amount of milestone payments that may be received if certain sales are achieved													$ 250,000
Percentage of development expenses to be reimbursed due to profitability of agreement (in hundredths) \| Percent													50.00%
Development expenses incurred to date													$ 582,300
Minimum advance notice required to terminate collaboration agreement													3M
Increase (decrease) in collaboration revenue recognized based on shortened (extended) performance period													$ (5,300)
Amounts receivable from collaboration agreements		75,700										75,700	78,500	75,700
Deferred revenue		84,000										84,000	$ 83,100	84,000
Annual funding maximum of research activities through 2017 per amended agreement																$ 160,000
Adjusted maximum amount of annual funding per amended agreement															120,000
Amount of research funded during the period														137,700
Balance between amount funded and annual funding maximum		22,300										22,300		22,300
Option to extend (in years)													3Y
Substantive milestone payment to be received if option to license rights is exercised													$ 10,000
Number of therapeutic antibodies currently under development \| Integer													7
Percentage of Shared Phase 3 Trial Costs borne by collaborating party (in hundredths) \| Percent													80.00%
Percentage of Shared Phase 3 Trial Costs borne by entity (in hundredths) \| Percent													20.00%
Percentage of Shared Phase 3 Trial Costs to be reimbursed due to profitability of agreement \| Percent													30.00%
Excess share of profit not required to to be applied to reimburse development cost (in hundredths) \| Percent													10.00%
Starting share of profits outside the United States, based on sales, for collaborating party (in hundredths) \| Percent													65.00%
Starting share of profits outside the United States, based on sales, for Company (in hundredths) \| Percent													35.00%
Ending share of profits outside the United States, based on sales, for collaborating party (in hundredths) \| Percent													55.00%
Ending share of profits outside the United States, based on sales, for Company (in hundredths) \| Percent													45.00%
Share of losses outside the United States, for collaborating party (in hundredths) \| Percent													55.00%
Share of losses outside the United States, for Company (in hundredths) \| Percent													45.00%
Conditions for commencement of sales milestone payments													only if and after aggregate annual sales outside the United States exceed $1.0 billion on a rolling 12-month basis
Amount of funding of agreed-upon cost incurred to expand manufacturing capacity													$ 30,000
Amount of funding to expand manufacturing capacity that has been received or is receivable													$ 28,200
Period of notice to opt-out of further development and/or commercialization (in months)													12M
Period of notice to opt-out of further development upon entering of joint development product (in days)													30D
Collaboration Agreement with Sanofi [Member] \| VelociGene Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Minimum payments expected to be received under the agreement													$ 21,500
Collaboration Agreement with Bayer HealthCare LLC [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Collaboration development revenue													$ 43,100	75,400	67,300
Amount of non-refundable payment received for collaboration agreement							$ 75,000
Percentage of development expenses to be reimbursed due to profitability of agreement (in hundredths) \| Percent													50.00%
Development expenses incurred to date													$ 370,900
Minimum advance notice required to terminate collaboration agreement													six months or twelve months
Amounts receivable from collaboration agreements													$ 4,500
Deferred revenue		47,000										$ 47,000	42,400	47,000
Amount of milestone payment received	$ 10,000	10,000	$ 20,000			$ 20,000
Number of substantive milestone payments earned \| Integer												2
Amount of milestone payments earned												$ 20,000
Maximum amount of milestone payments that may be received related to marketing approvals in major market countries outside the U.S.													50,000
Maximum amount of sales milestone payments if total sales achieve specific levels													135,000
Starting specified levels of annual sales at which sales milestone payments may be received													200,000
Additional research and development expenses obligated to reimburse													47,800	48,900	37,700
Payable to Bayer HealthCare		$ 2,300										$ 2,300		2,300
Grant from National Institutes of Health [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Minimum amount of research funding								$ 25,300
Period of funding (in years)								5Y
Additional funding to optimize certain existing technology								$ 1,500
Contract research revenue													$ 3,600	$ 4,600	$ 5,500

Technology Licensing Agreements (Details) $ in Thousands	1 Months Ended				12 Months Ended
Technology Licensing Agreements (Details) $ in Thousands	Feb. 28, 2011 Integer	Aug. 31, 2010 USD ($)	Mar. 31, 2007	Feb. 28, 2007	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2008 USD ($)	Dec. 31, 2007 USD ($)
Deferred Revenue Arrangement [Line Items]
Advance payment received due to amended licensing agreement with Astellas Pharma Inc		$ 165,000
Technology licensing revenue recognized					$ 24,858	$ 40,150	$ 40,013
License Agreement with AstraZeneca UK Limited [Member]
Deferred Revenue Arrangement [Line Items]
Non-exclusive license agreement term (in years)				6Y
Annual, non-refundable licensing payment received						$ 20,000	$ 20,000	$ 20,000	$ 20,000
Period over which annual payment is recognized as revenue (in months)						12M	12M	12M	12M
Number of annual payments not received due to cancellation of obligation \| Integer	2
Technology licensing revenue recognized					2,900	$ 20,000	$ 20,000
License Agreement with Astellas Pharma Inc [Member]
Deferred Revenue Arrangement [Line Items]
Non-exclusive license agreement term (in years)			6Y
Annual, non-refundable licensing payment received						20,000	20,000	$ 20,000	$ 20,000
Recognition period for advance payment (in years)		7Y
Future payment to be made to the Company under the terms of the amended licensing agreement						$ 130,000
Number of days of advance written notice to terminate agreement (in days)						90D
Technology licensing revenue recognized					22,000	$ 20,000	$ 20,000
Deferred revenue					$ 151,700	$ 173,700

Product Revenue (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Concentration Risk [Line Items]
Net product sales		$ 44,686	$ 25,254	$ 18,364
EYLEA Net Product Sales [Member] \| Product Concentration Risk [Member]
Concentration Risk [Line Items]
Net product sales		24,800
ARCALYST Net Product Sales [Member] \| Product Concentration Risk [Member]
Concentration Risk [Line Items]
Deferred net product sales recognized as revenue	$ 4,800
Change in accounting estimate, deferred revenue - lower net loss per share (in dollars per share)			$ (0.06)
Net product sales		$ 19,900	$ 25,300	$ 18,400
Net product sales, excluding deferred sales recognized as revenue			$ 20,500

Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Continuous Unrealized Loss Position, Fair Vaue [Abstract]
Fair Value - Less than 12 Months	$ 111,774	$ 369,215
Fair Value - 12 Months or Greater	116	1,128
Fair Value - Total	111,890	370,343
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 Months	(1,108)	(2,227)
Unrealized Loss - 12 Months or Greater	(152)	(141)
Unrealized Loss - Total	(1,260)	(2,368)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value of equity securities	3,000	3,600
Cost basis of equity securities	4,000	4,000
Unrealized Gains (Losses), Net [Abstract]
Unrealized (Losses) - Total	(1,000)	(400)
Continuous Unrealized Loss Position, Fair Vaue [Abstract]
Fair Value - Less than 12 Months	3,019	3,612
Fair Value - Total	3,019	3,612
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 Months	(1,025)	(433)
Unrealized Loss - Total	(1,025)	(433)
Debt Securities [Member]
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Total	321,845	511,625
Debt Maturities, Fair Value [Abstract]
Fair Value - Total	322,138	510,276
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Total	529	586
Unrealized (Losses) - Total	(236)	(1,935)
Unrealized Net - Total	293	(1,349)
Unrestricted [Member]
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	43,225	136,307
Amortized Cost Basis - Maturities after one year through five years	272,537	367,977
Amortized Cost Basis - Maturities after five years through ten years	164	284
Amortized Cost Basis - Total	315,926	504,568
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	43,331	136,796
Fair Value - Maturities after one year through five years	272,780	366,198
Fair Value - Maturities after five years through ten years	87	243
Fair Value - Total	316,198	503,237
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year	108	522
Unrealized Gains - Maturities after one year through five years	400	64
Unrealized Gains - Total	508	586
Unrealized (Losses) - Maturities within one year	(2)	(33)
Unrealized (Losses) - Maturities after one year through five years	(157)	(1,843)
Unrealized (Losses) - Maturities after five years through ten years	(77)	(41)
Unrealized (Losses) - Total	(236)	(1,917)
Unrealized Net - Maturities within one year	106	489
Unrealized Net - Maturities after one year through five years	243	(1,779)
Unrealized Net - Maturities after five years through ten years	(77)	(41)
Unrealized Net - Total	272	(1,331)
Continuous Unrealized Loss Position, Fair Vaue [Abstract]
Fair Value - Less than 12 Months		363,061
Fair Value - 12 Months or Greater		1,128
Fair Value - Total		364,189
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 Months		(2,209)
Unrealized Loss - 12 Months or Greater		(141)
Unrealized Loss - Total		(2,350)
Unrestricted [Member] \| U.S. Government Obligations [Member]
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	12,025	83,635
Amortized Cost Basis - Maturities after one year through five years	272,433	352,345
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	12,067	83,684
Fair Value - Maturities after one year through five years	272,752	350,683
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year	42	54
Unrealized Gains - Maturities after one year through five years	400	64
Unrealized (Losses) - Maturities within one year		(5)
Unrealized (Losses) - Maturities after one year through five years	(81)	(1,726)
Unrealized Net - Maturities within one year	42	49
Unrealized Net - Maturities after one year through five years	319	(1,662)
Continuous Unrealized Loss Position, Fair Vaue [Abstract]
Fair Value - Less than 12 Months	103,529	340,444
Fair Value - Total	103,529	340,444
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 Months	(81)	(1,731)
Unrealized Loss - Total	(81)	(1,731)
Unrestricted [Member] \| U.S. Government Guaranteed Corporate Bonds [Member]
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	15,263	48,173
Amortized Cost Basis - Maturities after one year through five years		15,522
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	15,316	48,531
Fair Value - Maturities after one year through five years		15,477
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year	53	358
Unrealized (Losses) - Maturities after one year through five years		(45)
Unrealized Net - Maturities within one year	53	358
Unrealized Net - Maturities after one year through five years		(45)
Continuous Unrealized Loss Position, Fair Vaue [Abstract]
Fair Value - Less than 12 Months		19,005
Fair Value - 12 Months or Greater		19,005
Unrestricted [Member] \| U.S. Government Guaranteed Collateralized Mortgage Obligations [Member]
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	623	2,027
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	622	2,131
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year		104
Unrealized (Losses) - Maturities within one year	(1)
Unrealized Net - Maturities within one year	(1)	104
Continuous Unrealized Loss Position, Fair Vaue [Abstract]
Fair Value - Less than 12 Months	623
Fair Value - Total	623
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 Months	(1)	(45)
Unrealized Loss - Total	(1)	(45)
Unrestricted [Member] \| Municipal Bonds [Member]
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	15,314	1,597
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	15,326	1,603
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year	13	6
Unrealized (Losses) - Maturities within one year	(1)
Unrealized Net - Maturities within one year	12	6
Continuous Unrealized Loss Position, Fair Vaue [Abstract]
Fair Value - Less than 12 Months	4,603
Fair Value - Total	4,603
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 Months	(1)
Unrealized Loss - Total	(1)
Unrestricted [Member] \| Mortgage-Backed Securities [Member]
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year		875
Amortized Cost Basis - Maturities after one year through five years	104	110
Amortized Cost Basis - Maturities after five years through ten years	164	284
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year		847
Fair Value - Maturities after one year through five years	28	38
Fair Value - Maturities after five years through ten years	87	243
Unrealized Gains (Losses), Net [Abstract]
Unrealized (Losses) - Maturities within one year		(28)
Unrealized (Losses) - Maturities after one year through five years	(76)	(72)
Unrealized (Losses) - Maturities after five years through ten years	(77)	(41)
Unrealized Net - Maturities within one year		(28)
Unrealized Net - Maturities after one year through five years	(76)	(72)
Unrealized Net - Maturities after five years through ten years	(77)	(41)
Continuous Unrealized Loss Position, Fair Vaue [Abstract]
Fair Value - 12 Months or Greater	116	1,128
Fair Value - Total	116	1,128
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - 12 Months or Greater	(152)	(141)
Unrealized Loss - Total	(152)	(141)
Restricted [Member]
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Total	5,919	7,057
Debt Maturities, Fair Value [Abstract]
Fair Value - Total	5,940	7,039
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Total	21
Unrealized (Losses) - Total		(18)
Unrealized Net - Total	21	(18)
Continuous Unrealized Loss Position, Fair Vaue [Abstract]
Fair Value - Less than 12 Months		6,154
Fair Value - Total		6,154
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 Months		(18)
Unrealized Loss - Total		(18)
Restricted [Member] \| U.S. Government Obligations [Member]
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	3,347	2,922
Amortized Cost Basis - Maturities after one year through five years	2,572	4,135
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	3,357	2,921
Fair Value - Maturities after one year through five years	2,583	4,118
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year	10
Unrealized Gains - Maturities after one year through five years	11
Unrealized (Losses) - Maturities within one year		(1)
Unrealized (Losses) - Maturities after one year through five years		(17)
Unrealized Net - Maturities within one year	10	(1)
Unrealized Net - Maturities after one year through five years	$ 11	(17)
Continuous Unrealized Loss Position, Fair Vaue [Abstract]
Fair Value - Less than 12 Months		6,154
Fair Value - Total		6,154
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 Months		(18)
Unrealized Loss - Total		$ (18)

Marketable Securities, Fair Value (Details)	12 Months Ended
Marketable Securities, Fair Value (Details)	Dec. 31, 2010 USD ($) Integer	Dec. 31, 2009 USD ($)	Dec. 31, 2011 USD ($) Integer
Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Available-for-sale marketable securities
Total available-for-sale marketable securities	$ 3,612,000		$ 3,019,000
Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) [Member]
Available-for-sale marketable securities
Total available-for-sale marketable securities	510,276,000		322,138,000
Impaired securities [Abstract]
Other-than-temporary impairment charge	100,000
Fair Value Measurements at Reporting Date Using Significant Unobservable Inputs (Level 3) [Member]
Available-for-sale marketable securities
Total available-for-sale marketable securities	$ 0		$ 0
Impaired securities [Abstract]
Number of marketable securities held \| Integer	1		1
Other-than-temporary impairment charge		$ 100,000
Unrestricted [Member]
Available-for-sale marketable securities
U.S. government obligations	$ 434,367,000		$ 284,819,000
U.S. government guaranteed corporate bonds	64,008,000		15,316,000
U.S. government guaranteed collateralized mortgage obligations	2,131,000		622,000
Municipal bonds	1,603,000		15,326,000
Mortgage-backed securities	1,128,000		115,000
Equity security	3,612,000		3,019,000
Total available-for-sale marketable securities	506,849,000		319,217,000
Unrestricted [Member] \| Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Available-for-sale marketable securities
Equity security	3,612,000		3,019,000
Total available-for-sale marketable securities	3,612,000		3,019,000
Unrestricted [Member] \| Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) [Member]
Available-for-sale marketable securities
U.S. government obligations	434,367,000		284,819,000
U.S. government guaranteed corporate bonds	64,008,000		15,316,000
U.S. government guaranteed collateralized mortgage obligations	2,131,000		622,000
Municipal bonds	1,603,000		15,326,000
Mortgage-backed securities	1,128,000		115,000
Total available-for-sale marketable securities	503,237,000		316,198,000
Restricted [Member]
Available-for-sale marketable securities
U.S. government obligations	7,039,000		5,940,000
Restricted [Member] \| Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) [Member]
Available-for-sale marketable securities
U.S. government obligations	7,039,000		5,940,000
Measured on a Recurring Basis [Member]
Available-for-sale marketable securities
Total available-for-sale marketable securities	$ 513,888,000		$ 325,157,000

Inventory (Details) - USD ($) $ in Thousands	12 Months Ended
Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Inventory [Abstract]
Raw materials	$ 1,608	$ 592
Work in process	10,806	699
Finished goods	1,142	132
Total inventories	13,556	$ 1,423
Inventories included in prepaid expenses and other current assets	3,500
Inventories included in other assets	10,100
Inventory write down	$ 500

- Definition

Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions.

+ References + Details

Property, Plant, and Equipment (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 526,094	$ 478,757
Less, accumulated depreciation and amortization	(158,139)	(131,307)
Property, plant and equipment, net	367,955	347,450
Depreciation and amortization expense	31,100	19,700	$ 14,200
Capitalized interest costs		6,400
Change in Accounting Estimate [Line Items]
Change in accounting estimate, decrease in depreciation expense		$ 4,000
Change in accounting estimate, decrease in net loss per share (in dollars per share)		$ 0.05
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,117	$ 2,117
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	322,753	242,035
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,479	4,063
Construction-in-Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,880	70,356
Laboratory and Other Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	156,397	137,951
Furniture, Computer and Office Equipment, and Other [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	29,468	22,235
Leased Equipment Under Capital Leases [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,600	2,800
Less, accumulated depreciation and amortization	(500)	(100)
New Laboratory and Office Facilities [Member]
Property, Plant and Equipment [Line Items]
Costs incurred by the landlord to construct new laboratory and office facilities	$ 86,200	$ 86,200

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Accounts payable and accrued expenses [Abstract]
Accounts payable	$ 27,736	$ 15,589
Accrued payroll and related costs	42,835	12,025
Accrued clinical trial expense	9,850	9,727
Accrued property, plant, and equipment costs	1,070	7,622
Other accrued expenses and liabilities	14,134	6,441
Payable to Bayer HealthCare	0	2,254
Accounts payable and accrued expenses	$ 95,625	$ 53,658

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Current portion:
Deferred revenue, current	$ 51,640	$ 54,723
Long-term portion:
Deferred revenue, noncurrent	248,610	285,856
Collaboration Agreement with Sanofi [Member]
Current portion:
Deferred revenue, current	20,011	19,506
Long-term portion:
Deferred revenue, noncurrent	86,017	97,081
Collaboration Agreement with Bayer HealthCare LLC [Member]
Current portion:
Deferred revenue, current	7,907	9,884
Long-term portion:
Deferred revenue, noncurrent	34,456	37,067
Technology License Agreements [Member]
Current portion:
Deferred revenue, current	23,572	25,008
Long-term portion:
Deferred revenue, noncurrent	128,137	151,708
Other Deferred Revenue Agreements [Member]
Current portion:
Deferred revenue, current	$ 150	$ 325

- Definition

The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References + Details

Convertible Debt (Details)	1 Months Ended		12 Months Ended
Convertible Debt (Details)	Oct. 31, 2011 USD ($) $ / shares	Oct. 17, 2011 USD ($) Decimal Integer $ / shares Percent	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Debt Instrument [Line Items]
Net proceeds from offering, net of discount and issuance costs			$ 391,107,000	$ 0	$ 0
Total interest expense [Abstract]
Fair value of the outstanding Notes			375,500,000
Class of Warrant or Right [Line Items]
Proceeds received from the Warrant			93,800,000	$ 0	$ 0
Call Option [Member]
Option Indexed to Issuer's Equity [Line Items]
Purchase of convertible note hedges	$ 117,500,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount	$ 400,000,000
Interest rate, stated percentage (in hundredths) \| Percent		1.875%
Initial conversion rate \| Decimal		11.9021
Increment of principal amount of conversion		$ 1,000
Total shares upon conversion (in shares) \| Integer		4,760,840
Initial conversion price (in dollars per share) \| $ / shares		$ 84.02
Terms of conversion feature		A holder of the Notes may surrender their Notes at their option any time prior to the close of business on the business day immediately preceding July 1, 2016, only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on December 31, 2011 (and only during such calendar quarter), if the last reported sale price of the Company's Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the "measurement period") in which the trading price, as defined, of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's Common Stock and the conversion rate on each such trading day; (iii) if the Company elects to issue to all or substantially all holders of its Common Stock any right, options or warrants (other than pursuant to a rights plan) entitling them for a period of not more than 60 calendar days after the record date for such issuance, to subscribe for or purchase shares of the Company's Common Stock, at a price per share less than the average of the last reported sales prices of the Company's Common Stock for the ten consecutive day period ending on, and including, the trading day immediately preceding the declaration date for such issuance; (iv) upon specified distributions to the Company's shareholders; or (v) upon the occurrence of specified corporate transactions, such as a fundamental change (i.e., a change in control), or the Company's Common Stock ceasing to be listed on at least one U.S. national securities exchange. On or after July 1, 2016, holders may convert their Notes at the conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date irrespective of the foregoing conditions.
Percentage of principal value that holders can require the Company to repurchase (in hundredths) \| Percent		100.00%
Estimated fair value of the Liability Component		$ 271,100,000
Carrying amount of Equity Component		$ 120,900,000
Effective interest rate used to amortize the discount on the liability component (in hundredths) \| Percent		10.20%
Net carrying amount of the liability component [Abstract]
Total convertible senior notes - par			400,000,000
Unamortized discount			124,981,000
Net carrying amount of the liability component			275,019,000
Total interest expense [Abstract]
Contractual coupon interest rate			1,455,000
Amortization of discount and note issuance costs			3,944,000
Total interest expense			$ 5,399,000
Gross proceeds from the issuance of the Notes		$ 392,000,000
Issuance costs		$ 900,000
Warrant Transactions [Member]
Class of Warrant or Right [Line Items]
Strike price of the warrant transaction (in dollars per share) \| $ / shares	103.41

Commitments and Contingencies, Leases (Details) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2011 USD ($) Integer Percent	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2010 USD ($)
Commitments under operating leases [Abstract]
2012	$ 7,260
2013	7,562
2014	7,463
2015	7,583
2016	7,738
Thereafter	59,631
Total	97,237
Rent expense under operating leases [Abstract]
Rent expense	7,790	$ 7,636	$ 8,117
Rental charges for utilities, real estate taxes, and operating expense	9,300	10,300	8,400
Capital leases [Abstract]
Marketable debt securities collateral	3,300	3,500		$ 3,500
Commitments under capital leases [Abstract]
Capital lease obligations	2,500	2,800		2,800
Facility lease obligations [Abstract]
Interest expense in connection with facility lease obligation	15,600
Commitments under facility leases [Abstract]
2012	15,672
2013	17,462
2014	17,833
2015	18,214
2016	18,604
Thereafter	152,939
Total	240,724
Facilities [Member]
Commitments under operating leases [Abstract]
2012	6,072
2013	7,304
2014	7,428
2015	7,583
2016	7,738
Thereafter	59,631
Total	95,756
Rent expense under operating leases [Abstract]
Rent expense	7,191	7,301	7,722
Equipment [Member]
Commitments under operating leases [Abstract]
2012	1,188
2013	258
2014	35
Total	1,481
Rent expense under operating leases [Abstract]
Rent expense	599	335	395
Commitments under capital leases [Abstract]
2012	1,394
2013	1,254
2014	130
Total	2,778
Less: amount representing interest	(272)
Total	$ 2,506
Tarrytown Lease [Member]
Operating leases [Abstract]
Number of new buildings leased \| Integer	2
Description of leasing arrangement	expire in June 2024 and contains three renewal options to extend the term of the lease by five years each, escalations at 2.5% per annum
Letter of credit amount outstanding in connection with lease	$ 3,400	3,400		3,400
Cash and marketable debt securities collateral	$ 3,600	3,600		3,600
Buildings A and B [Member]
Facility lease obligations [Abstract]
Capitalized costs of constructing the new facility		58,400		58,400
Reimbursements recognized as additional facility lease obligation				56,900
Imputed interest rate applicable to the facility lease obligation (in hundredths) \| Percent	11.00%
Interest expense in connection with facility lease obligation		9,100	$ 2,300
Facility lease obligation	$ 113,000	113,700		113,700
Commitments under facility leases [Abstract]
2012	12,847
2013	13,092
2014	13,343
2015	13,600
2016	13,864
Thereafter	113,040
Total	$ 179,786
Building C [Member]
Facility lease obligations [Abstract]
Capitalized costs of constructing the new facility		27,800		27,800
Reimbursements recognized as additional facility lease obligation		14,200
Imputed interest rate applicable to the facility lease obligation (in hundredths) \| Percent	9.00%
Facility lease obligation	$ 47,500	$ 46,400		$ 46,400
Commitments under facility leases [Abstract]
2012	2,825
2013	4,370
2014	4,490
2015	4,614
2016	4,740
Thereafter	39,899
Total	$ 60,938

Commitments and Contingencies, Research Collaboration and Licensing Agreements (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2011	Jul. 31, 2008	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Agreements with Royalty Provisions [Member]
Research collaboration and licensing agreements [Abstract]
Royalty rate, minimum (in hundredths)			0.25%
Royalty rate, maximum (in hundredths)			16.50%
Royalty expense			$ 3.2	$ 1.7	$ 1.5
Cellectis Agreement [Member]
Research collaboration and licensing agreements [Abstract]
Non-refundable advance payment made under license agreement		$ 12.5
Amortization of advance payment			1.0	0.9	$ 2.3
Unamortized balance of advance payment	$ 5.7		5.7	$ 6.6
Future amortization expense of advance payment [Abstract]
2012			1.0
2013			1.0
2014			0.9
2015			0.9
2016			0.9
License Agreement With Genentech [Member]
Future amortization expense of advance payment [Abstract]
Amount of payment to be made upon reaching minimum sales target	60.0		$ 60.0
Cumulative sales range, minimum	$ 400.0
Royalty payment percentage of cumulative sales within cumulative sales range (in hundredths)	4.75%
Cumulative sales range, maximum	$ 3,000.0
Royalty payment percentage of cumulative sales over range (in hundredths)	5.50%

Stockholders Equity (Details) $ in Thousands	1 Months Ended					12 Months Ended
Stockholders Equity (Details) $ in Thousands	Oct. 31, 2011 USD ($) $ / shares	Oct. 31, 2010 shares	Nov. 30, 2009 Percent	Dec. 31, 2007 USD ($) shares	Jan. 31, 2003 USD ($) shares	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2011 PerShare Percent shares	Dec. 31, 2010 PerShare shares
Class of Stock [Line Items]
Common Stock, shares authorized for issuance (in shares) \| shares									160,000,000	160,000,000
Common Stock, par value (in dollars per share) \| PerShare									PerShare 0.001	PerShare 0.001
Common Stock, voting rights						one vote per share
Preferred stock, authorized (in shares) \| shares									30,000,000	30,000,000
Issuance of Common Stock in a public offering (in shares) \| shares		6,325,000
Net proceeds from issuance of Common Stock							$ 174,828
Debt Instrument [Line Items]
Equity component of convertible senior notes, net of issuance costs	$ 120,623
Class of Warrant or Right [Line Items]
Proceeds received from the Warrant						$ 93,800	$ 0	$ 0
Sanofi [Member]
Class of Stock [Line Items]
Number of newly issued, unregistered shares of Common Stock purchased (in shares) \| shares		1,017,401		12,000,000	2,799,552
Cash price of newly issued, unregistered shares of Common Stock purchased				$ 312,000	$ 45,000
Description of period of 'standstill' provisions			Until the later of the fifth anniversaries of the expiration or earlier termination of the License and Collaboration Agreement
Maximum percentage of outstanding shares that may be acquired, under 'standstill' provisions (in hundredths) \| Percent			25.00%						30.00%
Percentage of outstanding shares of Common Stock related to prohibition on selling to beneficial owners (in hundredths) \| Percent			5.00%
Percentage of outstanding shares or voting rights under the amended investor agreement (in hundredths) \| Percent			10.00%
Call Option [Member]
Option Indexed to Issuer's Equity [Line Items]
Purchase of convertible note hedges	117,500
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount	$ 400,000
Warrant Transactions [Member]
Class of Warrant or Right [Line Items]
Strike price of the warrant transaction (in dollars per share) \| $ / shares	103.41
Class A Stock [Member]
Class of Stock [Line Items]
Common Stock, shares authorized for issuance (in shares) \| shares									40,000,000	40,000,000
Common Stock, par value (in dollars per share) \| PerShare									PerShare 0.001	PerShare 0.001
Common Stock, conversion features						share-for-share basis
Common Stock, voting rights						ten votes per share

Long-Term Incentive Plans (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2005 Percent	Dec. 31, 2011 USD ($) Decimal Integer $ / shares Percent shares	Dec. 31, 2010 USD ($) Integer $ / shares Percent shares	Dec. 31, 2009 USD ($) Integer $ / shares Percent shares
2000 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of Common Stock reserved for future issuance (in shares)		41,307,016
Number of shares available for future grants (in shares)		10,244,318
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term of awards (in years)		10Y
Stock options activity [Roll forward]
Outstanding, beginning of period (in shares)		23,362,248
Granted (in shares)		4,286,640	4,319,856	3,490,560
Forfeited (in shares)		(247,898)
Expired (in shares)		(551,456)
Exercised (in shares)		(4,523,173)
Vested and expected to vest, end of period (in shares)		21,755,141
Exercisable, end of period (in shares)		11,963,345
Outstanding, end of period (in shares)		22,326,361	23,362,248
Stock options activity, additional disclosures [Abstract]
Outstanding, beginning of period, weighted-average exercise price (in dollars per share) \| $ / shares		$ 19.93
Granted, weighted-average exercise price (in dollars per share) \| $ / shares		51.96	$ 29.43	$ 20.69
Forfeited, weighted-average exercise price (in dollars per share) \| $ / shares		28.11
Expired, weighted-average exercise price (in dollars per share) \| $ / shares		13.31
Exercised, weighted-average exercise price (in dollars per share) \| $ / shares		18.73
Outstanding, end of period, weighted-average exercise price (in dollars per share) \| $ / shares		26.40	$ 19.93
Vested and expected to vest, end of period, weighted-average exercise price (in dollars per share) \| $ / shares		26.04
Exercisable, end of period, weighted-average exercise price (in dollars per share) \| $ / shares		$ 18.27
Outstanding, end of period, weighted-average remaining contractual term (in years) \| Integer		6.90
Vested and expected to vest, end of period, weighted-average remaining contractual term (in years) \| Integer		6.84
Exercisable, end of period, weighted-average remaining contractual term (in years) \| Integer		5.27
Outstanding, end of period, intrinsic value \| $		$ 663,376
Vested and expected to vest, end of period, intrinsic value \| $		653,990
Exercisable, end of period, intrinsic value \| $		451,478
Total intrinsic value of stock options exercised \| $		$ 49,200	$ 21,400	$ 13,200
Exercise price equal to Market Price [Abstract]
Number of Options Granted (in shares)		4,286,640	4,319,856	3,490,560
Weighted-Average Exercise Price (in dollars per share) \| $ / shares		$ 51.96	$ 29.43	$ 20.69
Weighted-Average Fair Value (in dollars per share) \| $ / shares		$ 23.82	$ 13.36	$ 10.89
Weighted-average values of assumptions used in computing fair value of option grants [Abstract]
Expected volatility (in hundredths) \| Percent		48.00%	47.00%	54.00%
Expected lives from grant date (in years) \| Integer		6.1	5.6	5.9
Expected dividend yield (in hundredths) \| Percent		0.00%	0.00%	0.00%
Risk-free interest rate (in hundredths) \| Percent		1.31%	2.11%	2.87%
Phantom Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period within vesting date that awards may be received (in days)		30D
Non-Performance Based Stock Options [Member]
Share-based compensation, aggregate disclosures [Abstract]
Non-cash stock-based compensation expense \| $		$ 39,200	$ 29,400	$ 27,400
Unrecognized stock-based compensation cost, net of estimated forfeitures \| $		$ 93,600
Weighted average period for recognition of total unrecognized compensation expense (in years) \| Integer		1.9
Performance-Based Stock Options [Member]
Share-based compensation, aggregate disclosures [Abstract]
Non-cash stock-based compensation expense \| $		$ 11,700	$ 8,100
Unrecognized stock-based compensation cost, net of estimated forfeitures \| $		$ 17,400
Weighted average period for recognition of total unrecognized compensation expense (in years) \| Integer		2.5
Number of unvested options (in shares)		2,195,429
Number of options expected to vest upon achieving sales targets (in shares)		203,429
Number of options that would vest upon achieving certain development milestones (in shares)		1,992,000
Estimated percentage of options issued that will vest (in hundredths) \| Percent	100.00%	50.00%	100.00%	100.00%
Potential compensation cost to be recognized if vesting is probable \| $		$ 10,200
Restricted Stock [Member]
Share-based compensation, aggregate disclosures [Abstract]
Non-cash stock-based compensation expense \| $		5,700	$ 2,400	$ 2,200
Unrecognized stock-based compensation cost, net of estimated forfeitures \| $		$ 9,800
Weighted average period for recognition of total unrecognized compensation expense (in years) \| Decimal		1.4
Number of unvested options (in shares)		751,499
Restricted stock activity [Roll forward]
Outstanding, beginning of period (in shares)		845,000
Granted (in shares)		16,500
Released (in shares)		(110,001)
Outstanding, end of period (in shares)		751,499	845,000
Restricted stock activity, additional disclosures [Abstract]
Outstanding, beginning of period, weighted-average grant date fair value (in dollars per share) \| $ / shares		$ 25.37
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares		58.59
Released, weighted-average grant date fair value (in dollars per share) \| $ / shares		30.63
Outstanding, end of period, weighted-average grant date fair value (in dollars per share) \| $ / shares		$ 25.33	$ 25.37

Executive Stock Purchase Plan (Details) - Executive Stock Purchase Plan [Member] - shares	24 Months Ended
	Dec. 31, 1990	Dec. 31, 2011	Dec. 31, 1989
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Number of shares of Class A Stock reserved for restricted stock awards (in shares)			1,027,500
Number of shares issued (in shares)	983,254
Number of shares available for future grants under the Plan (in shares)		44,246

- Definition

Number of shares issued during the period as a result of an employee stock purchase plan.

+ References + Details

Employee Savings Plan (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Employee Savings Plan [Abstract]
Employer contribution expense to 401(k) Savings Plan			$ 4.1	$ 3.2	$ 2.6
Accrued contribution expense to 401(k) Savings Plan			$ 3.6	$ 2.9
Common Stock contributed to the Savings Plan (in shares, thousands)	64	92

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Aug. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Taxes [Abstract]
Income tax benefit		$ (1,132)	$ 0	$ (4,122)
Income tax expense (benefit) resulting from provision in Worker, Homeownership, and Business Assistance Act of 2009				(2,700)
Income tax expense (benefit) resulting from provision in American Recovery and Reinvestment Act of 2009		(700)		(700)
Income tax expense (benefit) in connection with the net tax effect of unrealized gain on 'available for sale' marketable securities		(400)		$ (700)
Deferred tax assets:
Net operating loss carry-forward		282,480	243,893
Fixed assets		14,847	13,600
Deferred revenue		120,490	70,443
Deferred compensation		47,092	39,120
Research and experimental and other tax credit carry-forwards		67,734	45,588
Capitalized research and development costs		31,371	38,865
Other		15,956	10,863
Deferred tax assets, gross		579,970	462,372
Deferred tax liabilities:
Convertible senior notes		(1,428)
Net deferred tax assets		578,542
Valuation allowance		(578,542)	(462,372)
Deferred tax assets (liabilities), net		$ 0	0
Advance payment received due to amended licensing agreement	$ 165,000
Effective income tax reconciliation [Abstract]
U.S federal statutory income tax rate (in hundredths)		35.00%
Unrecognized tax benefits [Roll forward]
Balance, as of January 1		$ 12,819
Gross increases related to current year tax positions		2,192	3,550
Gross increases related to prior year tax positions			9,269
Gross decreases due to settlements and lapse of statute of limitations		(9,415)
Balance, as of December 31		5,596	12,819
Net Operating Loss Carryforward and Tax Credit Carryforwards [Member]
Valuation Allowance [Line Items]
Increase in valuation allowance		$ 116,200	$ 63,000
Research and Experimental and Other [Member]
Tax Credit Carryforward [Line Items]
Tax credit carry-forwards, expiration dates		2012 to 2031
U.S. Federal and New York State [Member]
Operating Loss Carryforwards [Line Items]
Unused net operating loss carry-forwards		$ 800,200
Net operating loss carry-forwards, expiration dates		2018 to 2031
Net operating loss carry-forwards related to exercises of Nonqualified Stock Options and disqualifying dispositions of Incentive Stock Options		$ 96,200

Legal Matters (Details) - License Agreement With Genentech [Member] $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) Percent
Loss Contingencies [Line Items]
Amount of payment to be made upon reaching minimum sales target	$ 60
Cumulative sales range, minimum	$ 400
Royalty payment percentage of cumulative sales within cumulative sales range (in hundredths) \| Percent	4.75%
Cumulative sales range, maximum	$ 3,000
Royalty payment percentage of cumulative sales over range (in hundredths) \| Percent	5.50%

Net Loss Per Share Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Basic and diluted net loss per share [Abstract]
Net loss (Numerator)	$ (53,443)	$ (62,365)	$ (62,505)	$ (43,447)	$ (14,597)	$ (33,875)	$ (25,474)	$ (30,522)	$ (221,760)	$ (104,468)	$ (67,830)
Weighted-average shares, in thousands (Denominator) (in shares)									90,610	82,926	79,782
Basic and diluted net loss per share (in dollars per share)	$ (0.58)	$ (0.68)	$ (0.69)	$ (0.49)	$ (0.17)	$ (0.41)	$ (0.31)	$ (0.38)	$ (2.45)	$ (1.26)	$ (0.85)
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number, in thousands (in shares)									20,942	21,428	20,040
Weighted average exercise price (in dollars per share)									$ 21.21	$ 18.80	$ 17.66
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number, in thousands (in shares)									846	526	500
Convertible Senior Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number, in thousands (in shares)									939
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number, in thousands (in shares)									939

Statement of Cash Flows (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Accrued capital expenditures	$ 6.2	$ 10.7	$ 9.8

Statement of Cash Flows, Additional Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Facility lease obligation		$ 0.2	$ 31.7
Capitalized and deferred interest		3.7
Capital lease obligations	$ 0.7	2.9
Accrued interest income	$ 0.7	$ 1.4	$ 0.6

Unaudited Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Unaudited Quarterly Results [Abstract]
Revenues	$ 122,977	$ 102,833	$ 107,810	$ 112,204	$ 133,675	$ 105,979	$ 115,886	$ 103,534	$ 445,824	$ 459,074	$ 379,268
Net loss	$ (53,443)	$ (62,365)	$ (62,505)	$ (43,447)	$ (14,597)	$ (33,875)	$ (25,474)	$ (30,522)	$ (221,760)	$ (104,468)	$ (67,830)
Net loss per share, basic and diluted (in dollars per share)	$ (0.58)	$ (0.68)	$ (0.69)	$ (0.49)	$ (0.17)	$ (0.41)	$ (0.31)	$ (0.38)	$ (2.45)	$ (1.26)	$ (0.85)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

+ Details