Inventories

3 Months Ended

Mar. 31, 2012

INVENTORIES

Inventories are summarized as follows (in thousands):



	March 31, 2012		December 31, 2011
Raw materials	$	584,835	$	697,621
Work in process	603,428		466,499
Finished goods	229,770		225,863
Total	$	1,418,033	$	1,389,983

As of March 31, 2012 and December 31, 2011, we held $974.3 million and $995.7 million of efavirenz in inventory, which was 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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