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Inventories

12 Months Ended

Dec. 31, 2011

7.	INVENTORIES

Inventories are summarized as follows (in thousands):


	December 31,
	2011		2010
Raw materials	$	697,621	$	408,015
Work in process		466,499		454,652
Finished goods		225,863		341,142

Total	$	1,389,983	$	1,203,809

As of December 31, 2011 and 2010, the joint ventures formed by Gilead and BMS (See Note 10), which are included in our Consolidated Financial Statements, held $995.7 million and $811.9 million in inventory, respectively, of efavirenz active pharmaceutical ingredient purchased from BMS at BMS's estimated net selling price of efavirenz.

- 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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