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Document and Entity Information - USD ($)	9 Months Ended
Document and Entity Information - USD ($)	Sep. 30, 2012	Oct. 12, 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 Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 4,913,223,000
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		94,470,885
Class A Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,089,512

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 118,998	$ 483,610
Marketable securities	143,554	43,332
Accounts receivable - trade, net	506,682	28,254
Accounts receivable from Sanofi	94,589	74,781
Prepaid expenses and other current assets	84,780	35,800
Total current assets	948,603	665,777
Restricted cash and marketable securities	8,173	7,721
Marketable securities	312,600	275,887
Property, plant, and equipment, at cost, net of accumulated depreciation and amortization	372,917	367,955
Other assets	18,322	6,243
Total assets	1,660,615	1,323,583
Current liabilities:
Accounts payable and accrued expenses	124,224	95,625
Deferred revenue from Sanofi, current portion	19,588	20,011
Deferred Revenue, Current	33,479	31,629
Facility lease obligations, current portion	1,277	1,006
Total current liabilities	178,568	148,271
Deferred revenue from Sanofi	77,446	86,017
Deferred Revenue, Noncurrent	141,132	162,593
Facility lease obligations	159,499	159,508
Convertible senior notes	290,959	275,019
Other long term liabilities	6,987	6,443
Total liabilities	854,591	837,851
Commitments and Contingencies
Stockholders' equity:
Preferred stock
Common Stock	94	91
Additional paid-in capital	1,795,293	1,754,824
Accumulated deficit	(987,461)	(1,267,323)
Accumulated other comprehensive loss	(1,904)	(1,862)
Total stockholders' equity	806,024	485,732
Total liabilities and stockholders' equity	1,660,615	1,323,583
Class A Stock
Stockholders' equity:
Common Stock	$ 2	$ 2

CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2012	Dec. 31, 2011
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	160,000,000	160,000,000
Common Stock, shares issued (in shares)	94,410,423	90,692,071
Common Stock, shares outstanding (in shares)	94,410,423	90,692,071
Class A Stock
Stockholders' equity:
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	40,000,000	40,000,000
Common Stock, shares issued (in shares)	2,089,512	2,109,512
Common Stock, shares outstanding (in shares)	2,089,512	2,109,512

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues:
Net product sales	$ 249,172	$ 5,468	$ 576,622	$ 14,934
Sanofi collaboration revenue	145,042	79,802	319,035	249,577
Bayer HealthCare collaboration revenue	26,701	10,094	48,308	33,698
Technology licensing	5,893	5,893	17,679	18,966
Contract research and other	879	1,576	2,231	5,672
Total revenues	427,687	102,833	963,875	322,847
Expenses:
Research and development	158,295	127,924	444,530	400,465
Selling, general, and administrative	46,883	32,916	153,016	80,912
Cost of goods sold	20,145	450	54,286	1,227
Total expenses	225,323	161,290	651,832	482,604
Income (loss) from operations	202,364	(58,457)	312,043	(159,757)
Other income (expense):
Investment income	517	715	1,628	2,750
Interest expense	(11,413)	(4,061)	(33,809)	(11,827)
Total other income (expense)	(10,896)	(3,346)	(32,181)	(9,077)
Income (loss) before income taxes	191,468	(61,803)	279,862	(168,834)
Income tax (expense) benefit		(562)		517
Net income (loss)	$ 191,468	$ (62,365)	$ 279,862	$ (168,317)
Net income (loss) per share - basic	$ 2.02	$ (0.68)	$ 2.97	$ (1.87)
Net income (loss) per share - diluted	$ 1.72	$ (0.68)	$ 2.55	$ (1.87)
Weighted average shares outstanding - basic	95,012	91,046	94,349	90,215
Weighted average shares outstanding - diluted	115,830	91,046	109,780	90,215
Condensed Statements of Comprehensive Income (Loss)
Net income (loss)	$ 191,468	$ (62,365)	$ 279,862	$ (168,317)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities, net of tax	467	(827)	(42)	760
Comprehensive income (loss)	$ 191,935	$ (63,192)	$ 279,820	$ (167,557)

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Class A Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance, shares at Dec. 31, 2010		2,182	87,238
Balance at Dec. 31, 2010	$ 527,815	$ 2	$ 87	$ 1,575,780	$ (1,045,563)	$ (2,491)
Increase (decrease) in stockholders' equity [Roll Forward]
Issuance of Common Stock in connection with exercise of stock options (in shares)			3,284
Issuance of Common Stock in connection with exercise of stock options	40,138		$ 3	40,135
Common Stock tendered upon exercise of stock options in connection with employee tax obligations (in shares)			(284)
Common Stock tendered upon exercise of stock options in connection with employee tax obligations	(16,316)			(16,316)
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution (in shares)			92
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution	3,405			3,405
Issuance of restricted Common Stock under Long-Term Incentive Plan (in shares)			16
Issuance of restricted Common Stock under Long-Term Incentive Plan
Conversion of Class A Stock to Common Stock (in shares)		(73)	73
Conversion of Class A Stock to Common Stock
Stock-based compensation charges	40,768			40,768
Net income (loss)	(168,317)				(168,317)
Other comprehensive income (loss), net of tax	760					760
Balance, shares at Sep. 30, 2011		2,109	90,419
Balance at Sep. 30, 2011	428,253	$ 2	$ 90	1,643,772	(1,213,880)	(1,731)
Balance, shares at Dec. 31, 2011		2,109	90,692
Balance at Dec. 31, 2011	485,732	$ 2	$ 91	1,754,824	(1,267,323)	(1,862)
Increase (decrease) in stockholders' equity [Roll Forward]
Issuance of Common Stock in connection with exercise of stock options (in shares)			3,773
Issuance of Common Stock in connection with exercise of stock options	48,440		$ 4	48,436
Common Stock tendered upon exercise of stock options in connection with employee tax obligations (in shares)			(639)
Common Stock tendered upon exercise of stock options in connection with employee tax obligations	(71,475)		$ (1)	(71,474)
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution (in shares)			64
Issuance of Common Stock in connection with Company 401(k) Savings Plan contribution
Issuance of restricted Common Stock under Long-Term Incentive Plan (in shares)			500
Issuance of restricted Common Stock under Long-Term Incentive Plan
Conversion of Class A Stock to Common Stock (in shares)		(20)	20
Conversion of Class A Stock to Common Stock
Stock-based compensation charges	63,507			63,507
Net income (loss)	279,862				279,862
Other comprehensive income (loss), net of tax	(42)					(42)
Balance, shares at Sep. 30, 2012		2,089	94,410
Balance at Sep. 30, 2012	$ 806,024	$ 2	$ 94	$ 1,795,293	$ (987,461)	$ (1,904)

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net income (loss)	$ 279,862	$ (168,317)
Adjustments to reconcile net income (loss) to net cash used in by operating activities:
Depreciation and amortization	27,162	23,156
Non-cash compensation expense	63,385	40,561
Other non-cash charges and expenses, net	21,293	2,121
Changes in assets and liabilites
(Increase) decrease in Sanofi and trade accounts receivable	(498,236)	4,933
(Increase) decrease in prepaid expenses and other assets	(61,892)	3,425
Decrease in deferred revenue	(28,605)	(32,498)
Increase in accounts payable, accrued expenses and other liabilities	29,231	35,254
Total adjustments	(447,662)	76,952
Net cash used in operating activities	(167,800)	(91,365)
Cash flows from investing activities:
Purchases of marketable securities	(398,253)	(115,538)
Sales or maturities of marketable securities	260,770	324,530
Increase in restricted cash and marketable securities	(518)	(685)
Capital expenditures	(34,175)	(45,928)
Net cash (used in) provided by investing activities	(172,176)	162,379
Cash flows from financing activities:
Payments in connection with facility and capital lease obligations	(1,601)	(1,010)
Net proceeds from issuances of Common Stock	48,440	40,135
Payments in connection with Common Stock tendered for employee tax obligations	(71,475)	(16,316)
Net cash (used in) provided by financing activities	(24,636)	22,809
Net (decrease) increase in cash and cash equivalents	(364,612)	93,823
Cash and cash equivalents at beginning of period	483,610	112,572
Cash and cash equivalents at end of period	$ 118,998	$ 206,395

Interim Financial Statements	9 Months Ended
Interim Financial Statements	Sep. 30, 2012
Interim Financial Statements [Abstract]
Interim Financial Statements	Interim Financial Statements The interim Condensed Financial Statements of Regeneron Pharmaceuticals, Inc. (“Regeneron” or the “Company”) have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company’s financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, these financial statements reflect all normal recurring adjustments and accruals necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for such periods. The results of operations for any interim periods are not necessarily indicative of the results for the full year. The December 31, 2011 Condensed Balance Sheet data were derived from audited financial statements, but do not include all disclosures required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. Certain reclassifications have been made to prior period amounts to conform with the current period’s presentation.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-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
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-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 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Revenue

9 Months Ended

Sep. 30, 2012

Revenues [Abstract]

Revenue

Revenues

Net Product Sales

In November 2011, the Company received marketing approval from the U.S. Food and Drug Administration (“FDA”) for EYLEA^® (aflibercept) Injection for the treatment of neovascular wet age-related macular degeneration (“wet AMD”). In September 2012, the Company received marketing approval from the FDA for EYLEA Injection for the treatment of macular edema following central retinal vein occlusion ("CRVO"). EYLEA net product sales totaled $244.4 million and $561.9 million for the three and nine months ended September 30, 2012, respectively.

In February 2008, the Company received marketing approval from the FDA for ARCALYST^® Injection for Subcutaneous Use for the treatment of Cryopyrin-Associated Periodic Syndromes (“CAPS”). ARCALYST net product sales totaled $4.8 million and $5.5 million for the three months ended September 30, 2012 and 2011, respectively, and $14.7 million and $14.9 million for the nine months ended September 30, 2012 and 2011, respectively.

The Company sells EYLEA in the United States to three distributors and several specialty pharmacies. The Company sells ARCALYST in the United States to two specialty pharmacies. Under these distribution agreements, the distributors and specialty pharmacies (collectively, the Company’s “customers”) generally take physical delivery of product. For EYLEA, the distributors and specialty pharmacies generally sell the product directly to healthcare providers; whereas for ARCALYST, the specialty pharmacies sell the product directly to patients. The Company records revenue from product sales upon delivery to its customers. For both the three and nine months ended September 30, 2012, the Company recorded 79% of its gross product revenue from sales to Besse Medical, a subsidiary of AmerisourceBergen Corporation.

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. The following table summarizes the provisions, and credits/payments, for government rebates and chargebacks, distribution-related fees, and other sales-related deductions; such amounts were not significant as of and for the nine months ended September 30, 2011.



	Rebates & Chargebacks			Distribution- Related Fees			Other Sales- Related Deductions			Total
Balance as of December 31, 2011	$	585		$	1,451		$	182		$	2,218
Provision related to current period sales	10,021			31,545			2,905			44,471
Credits/payments	(7,185		)	(16,847		)	(1,193		)	(25,225		)
Balance as of September 30, 2012	$	3,421		$	16,149		$	1,894		$	21,464

Collaboration Revenue

In August 2012, the FDA approved ZALTRAP^®(ziv-aflibercept) Injection for Intravenous Infusion, in combination with 5-fluorouracil, leucovorin, irinotecan (FOLFIRI), for patients with metastatic colorectal cancer (“mCRC”) that is resistant to or has progressed following an oxaliplatin-containing regimen, and Sanofi commenced ZALTRAP sales in the United States. The Company and Sanofi globally collaborate on the development and commercialization of ZALTRAP. Under the terms of the companies' September 2003 collaboration agreement, as amended, Regeneron and Sanofi share co-promotion rights and profits and losses on sales of ZALTRAP in the United States. For the three months ended September 30, 2012, the Company recorded its $7.4 million share of the collaboration's loss in connection with commercialization of ZALTRAP within Sanofi collaboration revenue in the Company's condensed statements of operations and comprehensive income (loss).

In addition, under the terms of the Company's collaboration agreement with Sanofi, the Company earned, and recorded as revenue in the third quarter of 2012, a $50.0 million substantive milestone payment from Sanofi upon FDA approval of ZALTRAP, and such payment was received by the Company in August 2012.

In September 2012, the Japanese Ministry of Health, Labour and Welfare (“MHLW”) approved EYLEA for the treatment of wet AMD. The Company and Bayer HealthCare globally collaborate on the development and commercialization of EYLEA outside of the United States. Under the terms of the companies' collaboration agreement, the Company earned, and recorded as revenue in the third quarter of 2012, a $15.0 million substantive milestone payment from Bayer HealthCare upon receipt of approval from MHLW of EYLEA for wet AMD, and such payment was received by the Company in October 2012. Commercial sales of EYLEA in Japan had not commenced as of the end of the third quarter of 2012.

Per Share Data

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Per Share Data

The Company’s basic net income (loss) per share amounts have been computed by dividing net income (loss) by the weighted average number of shares of Common Stock and Class A Stock outstanding. Net income (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. Diluted net income per share includes the potential dilutive effect of other securities as if such securities were converted or exercised during the period, when the effect is dilutive. For the three and nine months ended September 30, 2011, the Company reported a net loss; therefore, no common stock equivalents were included in the computation of diluted net loss per share for this period, since such inclusion would have been antidilutive. The calculations of basic and diluted net income (loss) per share are as follows:



	Three Months Ended September 30,
	2012		2011
Net income (loss) - basic	$	191,468	$	(62,365	)
Effect of dilutive securities:
Convertible senior notes - interest expense related to contractual coupon interest rate and amortization of discount and note issuance costs	7,374
Net income (loss) - diluted	$	198,842	$	(62,365	)

(Shares in thousands)
Weighted average shares - basic	95,012		91,046
Effect of dilutive securities:
Stock options	14,106
Restricted stock	797
Convertible senior notes	4,761
Warrants	1,154
Dilutive potential shares	20,818
Weighted average shares - diluted	115,830		91,046

Net income (loss) per share - basic	$	2.02	$	(0.68	)
Net income (loss) per share - diluted	$	1.72	$	(0.68	)

	Nine Months Ended September 30,
	2012		2011
Net income (loss) - basic and diluted	$	279,862	$	(168,317	)

(Shares in thousands)
Weighted average shares - basic	94,349		90,215
Effect of dilutive securities:
Stock options	14,080
Restricted stock	699
Warrants	652
Dilutive potential shares	15,431
Weighted average shares - diluted	109,780		90,215

Net income (loss) per share - basic	$	2.97	$	(1.87	)
Net income (loss) per share - diluted	$	2.55	$	(1.87	)

Shares which have been excluded from the September 30, 2012 and 2011 diluted per share amounts because their effect would have been antidilutive, include the following (shares in thousands):



	Three Months Ended September 30,
	2012	2011
Stock options	175	20,395
Restricted stock		854
Warrants	3,607

	Nine Months Ended September 30,
	2012	2011
Stock options	91	21,239
Restricted stock		848
Convertible senior notes	4,761
Warrants	4,109

Statement of Cash Flows	9 Months Ended
Statement of Cash Flows	Sep. 30, 2012
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Statement of Cash Flows	Statement of Cash Flows Supplemental disclosure of non-cash investing and financing activities: Included in accounts payable and accrued expenses at September 30, 2012 and December 31, 2011 were $7.0 million and $6.2 million, respectively, of accrued capital expenditures. Included in accounts payable and accrued expenses at September 30, 2011 and December 31, 2010 were $4.9 million and $10.7 million, respectively, of accrued capital expenditures. In addition, during the nine months ended September 30, 2012, the Company incurred non-cash charges of $2.7 million in connection with disposals and retirements of fixed assets. Included in marketable securities at September 30, 2012 and December 31, 2011 were $1.7 million and $0.7 million, respectively, of accrued interest income. Included in marketable securities at September 30, 2011 and December 31, 2010 were $1.1 million and $1.4 million, respectively, of accrued interest income.

Marketable Securities

9 Months Ended

Sep. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable securities at September 30, 2012 and December 31, 2011 consisted of debt securities, as detailed below, and equity securities. The aggregate fair value of the equity securities was $2.5 million and $3.0 million at September 30, 2012 and December 31, 2011, respectively, and the aggregate cost basis was $4.0 million at both September 30, 2012 and December 31, 2011. The Company also held restricted marketable securities at both September 30, 2012 and December 31, 2011, 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 September 30, 2012 and December 31, 2011. 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. The debt securities listed at September 30, 2012, excluding mortgage-backed securities, mature at various dates through August 2015. The mortgage-backed securities listed at September 30, 2012 mature at various dates through April 2028.



	Amortized		Unrealized					Fair
At September 30, 2012	Cost Basis		Gains		Losses			Value
Unrestricted
Maturities within one year:
U.S. government obligations	$	76,443	$	84	$	(1	)	$	76,526
U.S. government guaranteed corporate bonds	57,963		18		(1		)	57,980
Municipal bonds	9,052							9,052
	143,458		102		(2		)	143,558
Maturities after one year through five years:
U.S. government obligations	291,751		695		(9		)	292,437
Municipal bonds	17,530		2		(7		)	17,525
	309,281		697		(16		)	309,962
Maturities after five years through ten years:
Mortgage-backed securities	157				(66		)	91
	452,896		799		(84		)	453,611
Restricted
Maturities within one year:
U.S. government obligations	4,248		4					4,252

Maturities after one year through five years:
U.S. government obligations	3,767		9					3,776
	8,015		13					8,028
	$	460,911	$	812	$	(84	)	$	461,639



	Amortized		Unrealized					Fair
At December 31, 2011	Cost Basis		Gains		(Losses)			Value
Unrestricted
Maturities within one year:
U.S. government obligations	$	12,025	$	42				$	12,067
U.S. government guaranteed corporate bonds	15,263		53					15,316
U.S. government guaranteed collateralized mortgage obligations	623				$	(1	)	622
Municipal bonds	15,314		13		(1		)	15,326
	43,225		108		(2		)	43,331
Maturities after one year through five years:
U.S. government obligations	272,433		400		(81		)	272,752
Mortgage-backed securities	104				(76		)	28
	272,537		400		(157		)	272,780
Maturities after five years through ten years:
Mortgage-backed securities	164				(77		)	87
	315,926		508		(236		)	316,198
Restricted
Maturities within one year:
U.S. government obligations	3,347		10					3,357

Maturities after one year through five years:
U.S. government obligations	2,572		11					2,583
	5,919		21					5,940
	$	321,845	$	529	$	(236	)	$	322,138

At September 30, 2012 and December 31, 2011, marketable securities included an additional unrealized loss of $1.5 million and $1.0 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 September 30, 2012 and December 31, 2011.



	Less than 12 Months					12 Months or Greater					Total
At September 30, 2012	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Unrestricted
U.S. government obligations	$	27,033	$	(10	)						$	27,033	$	(10	)
U.S. government guaranteed corporate bonds	25,411		(1		)						25,411		(1		)
Municipal bonds	11,073		(7		)						11,073		(7		)
Equity security						$	2,543	$	(1,501	)	2,543		(1,501		)
Mortgage-backed securities						91		(66		)	91		(66		)
	$	63,517	$	(18	)	$	2,634	$	(1,567	)	$	66,151	$	(1,585	)

At December 31, 2011
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	)

Realized gains and losses are included as a component of investment income. For the three and nine months ended September 30, 2012 and 2011, total realized gains and losses on sales of marketable securities were not material.

Fair Value Measurements

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s assets that are measured at fair value on a recurring basis, at September 30, 2012 and December 31, 2011, consist of the following:



			Fair Value Measurements at Reporting Date Using
At September 30, 2012	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Unrestricted
Available-for-sale marketable securities:
U.S. government obligations	$	368,963			$	368,963
U.S. government guaranteed corporate bonds	57,980				57,980
Municipal bonds	26,577				26,577
Mortgage-backed securities	91				91
Equity security	2,543		$	2,543
	456,154		2,543		453,611

Restricted
Available-for-sale marketable securities:
U.S. government obligations	8,028				8,028
	$	464,182	$	2,543	$	461,639

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

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. The Company did not record any charges for other-than-temporary impairment of its Level 2 marketable securities during the three and nine months ended September 30, 2012 and 2011.

The Company holds one Level 3 marketable security, which had a fair value of $0 at September 30, 2012 and December 31, 2011. 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 security’s lack of liquidity. 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 three and nine months ended September 30, 2012 and 2011. There were no transfers of marketable securities between Levels 1, 2, or 3 classifications during the three and nine months ended September 30, 2012 and 2011.

As of September 30, 2012, the Company had $400.0 million in aggregate principal amount of 1.875% convertible senior notes that will mature on October 1, 2016 unless earlier converted or repurchased. The fair value of the outstanding convertible senior notes was estimated to be $763.9 million as of September 30, 2012, and was determined based on quoted market rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-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 107
-Paragraph 15C, 15D
-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 107
-Paragraph 15A
-Subparagraph a-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-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 107
-Paragraph 3, 10, 14, 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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: 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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Inventory

9 Months Ended

Sep. 30, 2012

Inventory Disclosure [Abstract]

Inventory

Inventories as of September 30, 2012 and December 31, 2011, which were included in prepaid expenses and other current assets in the Company's condensed balance sheets, consist of the following:



	September 30, 2012		December 31, 2011
Raw materials	$	6,553	$	4,666
Work in process	18,580		10,806
Finished goods	4,437		1,142
	$	29,570	$	16,614

For the three and nine months ended September 30, 2012, cost of goods sold included inventory write-downs and reserves totaling $0.2 million and $8.6 million, respectively. For the three and nine months ended September 30, 2011, there were no inventory write-downs or reserves included in cost of goods sold.

Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2012

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of September 30, 2012 and December 31, 2011 consist of the following:



	September 30, 2012		December 31, 2011
Accounts payable	$	21,943	$	27,736
Accrued payroll and related costs	46,620		42,835
Accrued clinical trial expense	11,502		9,850
Accrued sales-related deductions and royalties	21,961		3,947
Other accrued expenses and liabilities	22,198		11,257
	$	124,224	$	95,625

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2012
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and nine months ended September 30, 2012, income tax expense relating to the Company’s pre-tax income was fully offset by a reversal of a portion of the Company’s valuation allowance. The Company continues to recognize a full valuation allowance against its net operating loss carry-forward and other deferred tax assets since the Company has an extended history of losses. On a quarterly basis, the Company re-assesses the need for a valuation allowance against its deferred tax assets based upon various factors including its historical earnings trends to date, demonstration of sustained profitability, and forecasts of future operating results and utilization of net operating losses and tax credits prior to their expiration. Although objective and verifiable negative evidence continues to outweigh positive evidence, the Company is experiencing increased sales and profitability resulting from the approval of EYLEA. To the extent this trend continues, it is possible the Company's conclusion regarding the need for a full valuation allowance could change, resulting in the reversal of some or all of the valuation allowance in the near-term. For the three and nine months ended September 30, 2011, the Company incurred a net loss for tax purposes and recognized a full valuation allowance against deferred tax assets. For the three and nine months ended September 30, 2011, the Company recognized an income tax expense of $0.6 million and an income tax benefit of $0.5 million, respectively, 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).

- 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	9 Months Ended
Legal Matters	Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	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 EYLEA 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 (the “Genentech Agreement”) that covers making, using, and selling EYLEA in the United States for the prevention and treatment of human eye diseases and disorders in the United States, and ends the litigation relating to those matters. 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 EYLEA through May 7, 2016, the date the Davis-Smyth patents expire. As required by the Genentech Agreement, in the third quarter of 2012, the Company made a lump-sum payment of $60.0 million when cumulative U.S. sales of EYLEA reached $400 million. The Company will also pay royalties of 4.75% on cumulative U.S. sales of EYLEA between $400 million and $3 billion and 5.5% on any cumulative U.S. sales of EYLEA 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 EYLEA) (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 remaining claims in the First Davis Smyth Case and the Second Davis Smyth Case are without merit and intends 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 relating in each case to a patent that expires on October 28, 2012. The Company 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. In the United Kingdom, an adverse decision dated March 22, 2012 is under appeal. This decision found the designation of European patent EP 1 238 986 in the United Kingdom to be valid and potential acts relating to VEGF Trap-Eye in the United Kingdom before expiration of the patent on October 28, 2012 to infringe this patent.

Recently Issued Accounting Standards	9 Months Ended
Recently Issued Accounting Standards	Sep. 30, 2012
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Presentation of comprehensive income In June and December 2011, the Financial Accounting Standards Board (“FASB”) amended its authoritative guidance on the presentation of comprehensive income. Under the amendments, an entity has the option to present comprehensive income and net income either in a single continuous statement or in two separate but consecutive statements. This amendment, therefore, eliminated the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendment did 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 adopted this amended guidance for the fiscal year beginning January 1, 2012. As this guidance relates to presentation only, the adoption of this guidance did not have any other effect on the Company's financial statements.

Revenue (Policies)	9 Months Ended
Revenue (Policies)	Sep. 30, 2012
Revenues [Abstract]
Revenue Recognition, Product Revenue	The Company records revenue from product sales upon delivery to its customers.
Revenue Recognition, Revenue Reductions	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.

- Definition

Disclosure of accounting policy of sales arrangements for goods or services that reduce the amount of revenue recognized for example sales returns, allowances, incentives, rebates, discounts and loyalty programs.

+ References + Details

Legal Matters (Policies)	9 Months Ended
Legal Matters (Policies)	Sep. 30, 2012
Loss Contingency, Information about Litigation Matters [Abstract]
Legal Matters	Costs associated with the Company’s involvement in legal proceedings are expensed as incurred.

Revenue (Tables)

9 Months Ended

Sep. 30, 2012

Revenues [Abstract]

Sales Related Deductions Activity

The following table summarizes the provisions, and credits/payments, for government rebates and chargebacks, distribution-related fees, and other sales-related deductions; such amounts were not significant as of and for the nine months ended September 30, 2011.



	Rebates & Chargebacks			Distribution- Related Fees			Other Sales- Related Deductions			Total
Balance as of December 31, 2011	$	585		$	1,451		$	182		$	2,218
Provision related to current period sales	10,021			31,545			2,905			44,471
Credits/payments	(7,185		)	(16,847		)	(1,193		)	(25,225		)
Balance as of September 30, 2012	$	3,421		$	16,149		$	1,894		$	21,464

Per Share Data (Tables)

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Basic and Diluted Net Income (Loss) Per Share

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



	Three Months Ended September 30,
	2012		2011
Net income (loss) - basic	$	191,468	$	(62,365	)
Effect of dilutive securities:
Convertible senior notes - interest expense related to contractual coupon interest rate and amortization of discount and note issuance costs	7,374
Net income (loss) - diluted	$	198,842	$	(62,365	)

(Shares in thousands)
Weighted average shares - basic	95,012		91,046
Effect of dilutive securities:
Stock options	14,106
Restricted stock	797
Convertible senior notes	4,761
Warrants	1,154
Dilutive potential shares	20,818
Weighted average shares - diluted	115,830		91,046

Net income (loss) per share - basic	$	2.02	$	(0.68	)
Net income (loss) per share - diluted	$	1.72	$	(0.68	)

	Nine Months Ended September 30,
	2012		2011
Net income (loss) - basic and diluted	$	279,862	$	(168,317	)

(Shares in thousands)
Weighted average shares - basic	94,349		90,215
Effect of dilutive securities:
Stock options	14,080
Restricted stock	699
Warrants	652
Dilutive potential shares	15,431
Weighted average shares - diluted	109,780		90,215

Net income (loss) per share - basic	$	2.97	$	(1.87	)
Net income (loss) per share - diluted	$	2.55	$	(1.87	)

Antidilutive Securities

Shares which have been excluded from the September 30, 2012 and 2011 diluted per share amounts because their effect would have been antidilutive, include the following (shares in thousands):



	Three Months Ended September 30,
	2012	2011
Stock options	175	20,395
Restricted stock		854
Warrants	3,607

	Nine Months Ended September 30,
	2012	2011
Stock options	91	21,239
Restricted stock		848
Convertible senior notes	4,761
Warrants	4,109

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Marketable Securities, Based on Contractual Maturity Dates



	Amortized		Unrealized					Fair
At September 30, 2012	Cost Basis		Gains		Losses			Value
Unrestricted
Maturities within one year:
U.S. government obligations	$	76,443	$	84	$	(1	)	$	76,526
U.S. government guaranteed corporate bonds	57,963		18		(1		)	57,980
Municipal bonds	9,052							9,052
	143,458		102		(2		)	143,558
Maturities after one year through five years:
U.S. government obligations	291,751		695		(9		)	292,437
Municipal bonds	17,530		2		(7		)	17,525
	309,281		697		(16		)	309,962
Maturities after five years through ten years:
Mortgage-backed securities	157				(66		)	91
	452,896		799		(84		)	453,611
Restricted
Maturities within one year:
U.S. government obligations	4,248		4					4,252

Maturities after one year through five years:
U.S. government obligations	3,767		9					3,776
	8,015		13					8,028
	$	460,911	$	812	$	(84	)	$	461,639



	Amortized		Unrealized					Fair
At December 31, 2011	Cost Basis		Gains		(Losses)			Value
Unrestricted
Maturities within one year:
U.S. government obligations	$	12,025	$	42				$	12,067
U.S. government guaranteed corporate bonds	15,263		53					15,316
U.S. government guaranteed collateralized mortgage obligations	623				$	(1	)	622
Municipal bonds	15,314		13		(1		)	15,326
	43,225		108		(2		)	43,331
Maturities after one year through five years:
U.S. government obligations	272,433		400		(81		)	272,752
Mortgage-backed securities	104				(76		)	28
	272,537		400		(157		)	272,780
Maturities after five years through ten years:
Mortgage-backed securities	164				(77		)	87
	315,926		508		(236		)	316,198
Restricted
Maturities within one year:
U.S. government obligations	3,347		10					3,357

Maturities after one year through five years:
U.S. government obligations	2,572		11					2,583
	5,919		21					5,940
	$	321,845	$	529	$	(236	)	$	322,138

Fair Value and Unrealized Losses of Marketable Securities



	Less than 12 Months					12 Months or Greater					Total
At September 30, 2012	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Unrestricted
U.S. government obligations	$	27,033	$	(10	)						$	27,033	$	(10	)
U.S. government guaranteed corporate bonds	25,411		(1		)						25,411		(1		)
Municipal bonds	11,073		(7		)						11,073		(7		)
Equity security						$	2,543	$	(1,501	)	2,543		(1,501		)
Mortgage-backed securities						91		(66		)	91		(66		)
	$	63,517	$	(18	)	$	2,634	$	(1,567	)	$	66,151	$	(1,585	)

At December 31, 2011
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	)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on a recurring basis

The Company’s assets that are measured at fair value on a recurring basis, at September 30, 2012 and December 31, 2011, consist of the following:



			Fair Value Measurements at Reporting Date Using
At September 30, 2012	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Unrestricted
Available-for-sale marketable securities:
U.S. government obligations	$	368,963			$	368,963
U.S. government guaranteed corporate bonds	57,980				57,980
Municipal bonds	26,577				26,577
Mortgage-backed securities	91				91
Equity security	2,543		$	2,543
	456,154		2,543		453,611

Restricted
Available-for-sale marketable securities:
U.S. government obligations	8,028				8,028
	$	464,182	$	2,543	$	461,639

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

- 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 and/or nonrecurring 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)

9 Months Ended

Sep. 30, 2012

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories as of September 30, 2012 and December 31, 2011, which were included in prepaid expenses and other current assets in the Company's condensed balance sheets, consist of the following:



	September 30, 2012		December 31, 2011
Raw materials	$	6,553	$	4,666
Work in process	18,580		10,806
Finished goods	4,437		1,142
	$	29,570	$	16,614

Accounts Payable and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2012

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued expenses as of September 30, 2012 and December 31, 2011 consist of the following:



	September 30, 2012		December 31, 2011
Accounts payable	$	21,943	$	27,736
Accrued payroll and related costs	46,620		42,835
Accrued clinical trial expense	11,502		9,850
Accrued sales-related deductions and royalties	21,961		3,947
Other accrued expenses and liabilities	22,198		11,257
	$	124,224	$	95,625

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net Product Sales [Abstract]
Net product sales	$ 249,172	$ 5,468	$ 576,622	$ 14,934
Activity of Sales Related Deductions [Roll Forward]
Balance as of December 31, 2011			2,218
Provision related to current period sales			44,471
Credits/payments			(25,225)
Balance as of September 30, 2012	21,464		21,464
Rebates and Chargebacks
Activity of Sales Related Deductions [Roll Forward]
Balance as of December 31, 2011			585
Provision related to current period sales			10,021
Credits/payments			(7,185)
Balance as of September 30, 2012	3,421		3,421
Distribution Related Fees
Activity of Sales Related Deductions [Roll Forward]
Balance as of December 31, 2011			1,451
Provision related to current period sales			31,545
Credits/payments			(16,847)
Balance as of September 30, 2012	16,149		16,149
Other Sales Related Deductions
Activity of Sales Related Deductions [Roll Forward]
Balance as of December 31, 2011			182
Provision related to current period sales			2,905
Credits/payments			(1,193)
Balance as of September 30, 2012	$ 1,894		$ 1,894
Customer concentration risk \| Gross Sales Revenue
Risks and Uncertainties [Abstract]
Concentration risk, percentage	79.00%		79.00%
EYLEA
Net Product Sales [Abstract]
Net product sales	$ 244,400		$ 561,900
EYLEA \| Collaboration Agreement with Bayer HealthCare LLC
Revenue Disclosure [Line Items]
Substantive milestone payment	15,000
ARCALYST
Net Product Sales [Abstract]
Net product sales	4,800	$ 5,500	$ 14,700	$ 14,900
ZALTRAP
Net Product Sales [Abstract]
Net profit (loss) from commercialization of products under collaboration agreement	(7,400)
ZALTRAP \| Collaboration Agreement with Sanofi
Revenue Disclosure [Line Items]
Substantive milestone payment	$ 50,000

Per Share Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Earnings Per Share [Abstract]
Net income (loss)	$ 191,468	$ (62,365)	$ 279,862	$ (168,317)
Effect of dilutive securities:
Convertible senior notes - interest expense related to contractual coupon interest rate and amortization of discount and note issuance costs	7,374
Net income (loss) - diluted	$ 198,842	$ (62,365)
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average shares - basic	95,012	91,046	94,349	90,215
Effect of dilutive securities (in shares):
Stock options	14,106		14,080
Restricted stock	797		699
Convertible senior notes	4,761
Warrants	1,154		652
Dilutive potential shares	20,818		15,431
Weighted average shares - diluted	115,830	91,046	109,780	90,215
Earnings Per Share, Basic and Diluted [Abstract]
Net income (loss) per share - basic	$ 2.02	$ (0.68)	$ 2.97	$ (1.87)
Net income (loss) per share - diluted	$ 1.72	$ (0.68)	$ 2.55	$ (1.87)
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares	175	20,395	91	21,239
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares		854		848
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares			4,761
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares	3,607		4,109

Statement of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
Statement of Cash Flows (Details) - USD ($) $ in Millions	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2010
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Accrued capital expenditures	$ 7.0	$ 6.2	$ 4.9	$ 10.7
Non-cash charges of fixed assets disposals and retirements	2.7
Accrued interest income	$ 1.7	$ 0.7	$ 1.1	$ 1.4

Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Total	$ 460,911	$ 321,845
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Total	812	529
Unrealized (Losses) - Total	(84)	(236)
Debt Maturities, Fair Value [Abstract]
Fair Value - Total	461,639	322,138
Unrestricted
Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value - Less than 12 Months	63,517	111,774
Fair Value - 12 Months or Greater	2,634	116
Fair Value - Total	66,151	111,890
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 months	(18)	(1,108)
Unrealized Loss - 12 Months or Greater	(1,567)	(152)
Unrealized Loss - Total	(1,585)	(1,260)
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Fair value of equity securities	2,500	3,000
Cost basis of equity securities	4,000	4,000
Unrealized Gains (Losses), Net [Abstract]
Unrealized (Losses) - Total	(1,500)	(1,000)
Equity securities \| Unrestricted
Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value - Less than 12 Months		3,019
Fair Value - 12 Months or Greater	2,543
Fair Value - Total	2,543	3,019
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 months		(1,025)
Unrealized Loss - 12 Months or Greater	(1,501)
Unrealized Loss - Total	(1,501)	(1,025)
Debt securities \| Unrestricted
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	143,458	43,225
Amortized Cost Basis - Maturities after one year through five years	309,281	272,537
Amortized Cost Basis - Maturities after five years through ten years	157	164
Amortized Cost Basis - Total	452,896	315,926
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year	102	108
Unrealized Gains - Maturities after one year through five years	697	400
Unrealized Gains - Total	799	508
Unrealized (Losses) - Maturities within one year	(2)	(2)
Unrealized (Losses) - Maturities after one year through five years	(16)	(157)
Unrealized (Losses) - Maturities after five years through ten years	(66)	(77)
Unrealized (Losses) - Total	(84)	(236)
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	143,558	43,331
Fair Value - Maturities after one year through five years	309,962	272,780
Fair Value - Maturities after five years through ten years	91	87
Fair Value - Total	453,611	316,198
Debt securities \| Restricted
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Total	8,015	5,919
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Total	13	21
Unrealized (Losses) - Total
Debt Maturities, Fair Value [Abstract]
Fair Value - Total	8,028	5,940
U.S. government obligations \| Unrestricted
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	76,443	12,025
Amortized Cost Basis - Maturities after one year through five years	291,751	272,433
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year	84	42
Unrealized Gains - Maturities after one year through five years	695	400
Unrealized (Losses) - Maturities within one year	(1)
Unrealized (Losses) - Maturities after one year through five years	(9)	(81)
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	76,526	12,067
Fair Value - Maturities after one year through five years	292,437	272,752
Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value - Less than 12 Months	27,033	103,529
Fair Value - 12 Months or Greater
Fair Value - Total	27,033	103,529
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 months	(10)	(81)
Unrealized Loss - 12 Months or Greater
Unrealized Loss - Total	(10)	(81)
U.S. government obligations \| Restricted
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	4,248	3,347
Amortized Cost Basis - Maturities after one year through five years	3,767	2,572
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year	4	10
Unrealized Gains - Maturities after one year through five years	9	11
Unrealized (Losses) - Maturities within one year
Unrealized (Losses) - Maturities after one year through five years
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	4,252	3,357
Fair Value - Maturities after one year through five years	3,776	2,583
U.S. government guaranteed corporate bonds \| Unrestricted
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	57,963	15,263
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year	18	53
Unrealized (Losses) - Maturities within one year	(1)
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	57,980	15,316
Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value - Less than 12 Months	25,411
Fair Value - 12 Months or Greater
Fair Value - Total	25,411
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 months	(1)
Unrealized Loss - 12 Months or Greater
Unrealized Loss - Total	(1)
Municipal bonds \| Unrestricted
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year	9,052	15,314
Amortized Cost Basis - Maturities after one year through five years	17,530
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year		13
Unrealized Gains - Maturities after one year through five years	2
Unrealized (Losses) - Maturities within one year		(1)
Unrealized (Losses) - Maturities after one year through five years	(7)
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year	9,052	15,326
Fair Value - Maturities after one year through five years	17,525
Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value - Less than 12 Months	11,073	4,603
Fair Value - 12 Months or Greater
Fair Value - Total	11,073	4,603
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 months	(7)	(1)
Unrealized Loss - 12 Months or Greater
Unrealized Loss - Total	(7)	(1)
Mortgage-backed securities \| Unrestricted
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities after one year through five years		104
Amortized Cost Basis - Maturities after five years through ten years	157	164
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities after one year through five years
Unrealized Gains - Maturities after five years through ten years
Unrealized (Losses) - Maturities after one year through five years		(76)
Unrealized (Losses) - Maturities after five years through ten years	(66)	(77)
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities after one year through five years		28
Fair Value - Maturities after five years through ten years	91	87
Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value - Less than 12 Months
Fair Value - 12 Months or Greater	91	116
Fair Value - Total	91	116
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 months
Unrealized Loss - 12 Months or Greater	(66)	(152)
Unrealized Loss - Total	$ (66)	(152)
U.S. government guaranteed collateralized mortgage obligations \| Unrestricted
Debt Maturities, Amortized Cost Basis [Abstract]
Amortized Cost Basis - Maturities within one year		623
Unrealized Gains (Losses), Net [Abstract]
Unrealized Gains - Maturities within one year
Unrealized (Losses) - Maturities within one year		(1)
Debt Maturities, Fair Value [Abstract]
Fair Value - Maturities within one year		622
Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value - Less than 12 Months		623
Fair Value - 12 Months or Greater
Fair Value - Total		623
Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Unrealized Loss - Less than 12 months		(1)
Unrealized Loss - 12 Months or Greater
Unrealized Loss - Total		$ (1)

Fair Value Measurements (Details) $ in Thousands	Sep. 30, 2012 USD ($) marketable_securities	Dec. 31, 2011 USD ($) marketable_securities
Convertible Debt [Abstract]
Principal amount	$ 400,000
Interest rate, stated percentage	1.875%
Fair value of the outstanding notes	$ 763,900
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of marketable securities held \| marketable_securities	1	1
Available-for-sale marketable securities:
Total fair value of available-for-sale marketable securities	$ 0	$ 0
Measured on a recurring basis \| Fair Value
Available-for-sale marketable securities:
Total fair value of available-for-sale marketable securities	464,182	325,157
Measured on a recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Available-for-sale marketable securities:
Total fair value of available-for-sale marketable securities	2,543	3,019
Measured on a recurring basis \| Significant Other Observable Inputs (Level 2)
Available-for-sale marketable securities:
Total fair value of available-for-sale marketable securities	461,639	322,138
Measured on a recurring basis \| Significant Unobservable Inputs (Level 3)
Available-for-sale marketable securities:
Total fair value of available-for-sale marketable securities
Measured on a recurring basis \| Unrestricted \| Fair Value
Available-for-sale marketable securities:
U.S. government obligations	368,963	284,819
U.S. government guaranteed corporate bonds	57,980	15,316
U S government guaranteed collateralized mortgage obligations		622
Municipal bonds	26,577	15,326
Mortgage-backed securities	91	115
Equity security	2,543	3,019
Total fair value of available-for-sale marketable securities	456,154	319,217
Measured on a recurring basis \| Unrestricted \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Available-for-sale marketable securities:
U.S. government obligations
U.S. government guaranteed corporate bonds
U S government guaranteed collateralized mortgage obligations
Municipal bonds
Mortgage-backed securities
Equity security	2,543	3,019
Total fair value of available-for-sale marketable securities	2,543	3,019
Measured on a recurring basis \| Unrestricted \| Significant Other Observable Inputs (Level 2)
Available-for-sale marketable securities:
U.S. government obligations	368,963	284,819
U.S. government guaranteed corporate bonds	57,980	15,316
U S government guaranteed collateralized mortgage obligations		622
Municipal bonds	26,577	15,326
Mortgage-backed securities	91	115
Equity security
Total fair value of available-for-sale marketable securities	453,611	316,198
Measured on a recurring basis \| Unrestricted \| Significant Unobservable Inputs (Level 3)
Available-for-sale marketable securities:
U.S. government obligations
U.S. government guaranteed corporate bonds
U S government guaranteed collateralized mortgage obligations
Municipal bonds
Mortgage-backed securities
Equity security
Total fair value of available-for-sale marketable securities
Measured on a recurring basis \| Restricted \| Fair Value
Available-for-sale marketable securities:
U.S. government obligations	8,028	5,940
Measured on a recurring basis \| Restricted \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Available-for-sale marketable securities:
U.S. government obligations
Measured on a recurring basis \| Restricted \| Significant Other Observable Inputs (Level 2)
Available-for-sale marketable securities:
U.S. government obligations	8,028	5,940
Measured on a recurring basis \| Restricted \| Significant Unobservable Inputs (Level 3)
Available-for-sale marketable securities:
U.S. government obligations

Inventory (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Sep. 30, 2012	Dec. 31, 2011
Inventory Disclosure [Abstract]
Raw materials	$ 6,553	$ 6,553	$ 4,666
Work in process	18,580	18,580	10,806
Finished goods	4,437	4,437	1,142
Total Inventories	29,570	29,570	$ 16,614
Inventory write down and reserves	$ 200	$ 8,600

- 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

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 21,943	$ 27,736
Accrued payroll and related costs	46,620	42,835
Accrued clinical trial expense	11,502	9,850
Accrued sales-related deductions and royalties	21,961	3,947
Other accrued expenses and liabilities	22,198	11,257
Accounts payable and accrued expenses	$ 124,224	$ 95,625

- 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

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2011	Sep. 30, 2011
Income Tax Disclosure [Abstract]
Change in unrealized gain (loss) on marketable securities, income tax expense (benefit)	$ 0.6	$ (0.5)

- Definition

This item represents the tax effects occurring during the period which are related to the net unrealized gain (loss) resulting from changes in the fair [carrying] value during the period of available-for-sale securities. Such tax affects would have been charged or credited directly to other comprehensive income or to related components of shareholders' equity.

+ References + Details

Legal Matters (Details) $ in Millions	9 Months Ended
Legal Matters (Details) $ in Millions	Sep. 30, 2012 USD ($)
Genentech patent-related matters
Loss Contingencies [Line Items]
Number of patent litigations	5
Genentech patent-related matters \| United States
Loss Contingencies [Line Items]
Number of patent litigations	2
Genentech patent-related matters \| Europe
Loss Contingencies [Line Items]
Number of patent litigations	3
License agreement with Genentech \| United States
Loss Contingencies [Line Items]
Amount of payment to be made upon reaching minimum sales target	$ 60.0
Cumulative sales range, minimum	$ 400.0
Royalty payment percentage of cumulative sales within cumulative sales range	4.75%
Cumulative sales range, maximum	$ 3,000.0
Royalty payment percentage of cumulative sales over range	5.50%