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Inventory

3 Months Ended

Mar. 31, 2013

The components of inventory are summarized as follows:



(In millions)	As of March 31, 2013		As of December 31, 2012
Raw materials	$	109.8	$	101.8
Work in process	276.1		230.5
Finished goods	120.7		115.1
Total inventory	$	506.6	$	447.4

As of March 31, 2013, the carrying value of our inventory includes $54.2 million associated with our Factor VIII, Factor IX, Serum-Free AVONEX and PLEGRIDY programs, which have been capitalized in advance of regulatory approval.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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