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Business


1.	Business

Overview

Biogen Idec is a global biotechnology company focused on discovering, developing, manufacturing and marketing products for the treatment of serious diseases with a focus on neurological disorders. We currently have four marketed products: AVONEX, RITUXAN, TYSABRI, and FUMADERM. Our marketed products are used for the treatment of multiple sclerosis (MS), non-Hodgkin’s lymphoma (NHL), rheumatoid arthritis (RA), Crohn’s disease, chronic lymphocytic leukemia (CLL), and psoriasis.

Basis of Presentation

In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of our financial statements for interim periods in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The information included in this quarterly report on Form 10-Q should be read in conjunction with our consolidated financial statements and the accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2010 (2010 Form 10-K). Our accounting policies are described in the “Notes to Consolidated Financial Statements” in our 2010 Form 10-K and updated, as necessary, in this Form 10-Q. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for the three and six months ended June 30, 2011 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period.

Consolidation

Our condensed consolidated financial statements reflect our financial statements, those of our wholly-owned subsidiaries and those of certain variable interest entities in which we are the primary beneficiary. For consolidated entities in which we own less than a 100% interest, we record net income (loss) attributable to noncontrolling interests in our consolidated statement of income equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties. All material intercompany balances and transactions have been eliminated in consolidation.

In determining whether we are the primary beneficiary of an entity, we apply a qualitative approach, that determines whether we have both (1) the power to direct the economically significant activities of the entity and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. These considerations impact the way we account for our existing collaborative and joint venture relationships and determine whether we consolidate companies or entities with which we have collaborative or other arrangements. Determination about whether an enterprise should consolidate a variable interest entity is required to be evaluated continuously as changes to existing relationships or future transactions may result in us consolidating or deconsolidating our partner(s) to collaborations and other arrangements.

Use of Estimates

The preparation of our condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, judgments, and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and judgments and methodologies, including those related to revenue recognition and related allowances, our collaborative relationships, clinical trial expenses, the consolidation of variable interest entities, the valuation of contingent consideration resulting from a business combination, the valuation of acquired intangible assets including in-process research and development, inventory, impairment and amortization of long-lived assets including intangible assets, impairments of goodwill, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments, derivatives and hedging activities, contingencies, litigation, and restructuring charges. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions.

Subsequent Events

We did not have any material recognizable subsequent events. However, we did have the following non-recognizable subsequent events:


	•	On July 20, 2011, the European Commission (EC) granted a conditional marketing authorisation for FAMPYRA (prolonged release fampridine) in the E.U., which triggered a $25.0 million milestone payment payable to Acorda Therapeutics, Inc. (Acorda). FAMPYRA is an oral compound indicated as a treatment to improve walking ability in people with MS.

	•	On July 14, 2011, we executed leases for two office buildings to be built in Cambridge, Massachusetts. These buildings, totaling approximately 500,000 square feet, will serve as the future location of our corporate headquarters and commercial operations. The buildings will also provide additional general and administrative and research and development office space. For a more detailed description of these transactions, please read Note 11, Property, Plant and Equipment to these condensed consolidated financial statements.

Acquisitions

6 Months Ended

Jun. 30, 2011

Acquisitions [Abstract]

Acquisitions


2.	Acquisitions

Acquisition of Panima Pharmaceuticals AG

On December 17, 2010, we acquired 100% of the stock of Panima Pharmaceuticals AG (Panima), an affiliate of Neurimmune AG. The purchase price was comprised of a $32.5 million cash payment plus up to $395.0 million in contingent consideration payable upon the achievement of development milestones. Panima is a business involved in the discovery of antibodies designed to treat neurological disorders.

Upon acquisition, we recorded a liability of $81.2 million representing the acquisition date fair value of the contingent consideration. Subsequent changes in the fair value of this obligation are recognized as adjustments to contingent consideration within our consolidated statements of income. As of June 30, 2011, the fair value of the total contingent consideration obligation within our condensed consolidated balance sheet was $84.6 million, of which $4.9 million was reflected as a component of accrued expenses and other, and $79.7 million was reflected as a component of other long-term liabilities. We recorded contingent consideration expense of $2.2 million and $3.4 million for the three and six months ended June 30, 2011, respectively, reflecting the change in the fair value of this obligation. For additional information related to this transaction, please read Note 2, Acquisitions to our consolidated financial statements included within our 2010 Form 10-K.

Acquisition of Biogen Idec Hemophilia Inc.

In connection with our acquisition of Biogen Idec Hemophilia Inc. (BIH), formerly Syntonix Pharmaceuticals, Inc. (Syntonix), in January 2007, we agreed to make additional milestone payments associated with the development of long-lasting recombinant Factor IX, a product for the treatment of hemophilia B. In January 2010, we initiated patient enrollment in a registrational trial of Factor IX, which triggered an approximately $40.0 million milestone payment to the former shareholders of Syntonix. We recorded this payment as a charge to acquired in-process research and development within our condensed consolidated statement of income for the six months ended June 30, 2010, in accordance with the accounting standards applicable to business combinations when we acquired BIH.

Restructuring

6 Months Ended

Jun. 30, 2011

Restructuring [Abstract]

Restructuring


3.	Restructuring

In November 2010, we announced a number of strategic, operational, and organizational initiatives designed to provide a framework for the future growth of our business and realign our overall structure to become a more efficient and cost effective organization. As part of this initiative:


	•	We have out-licensed, terminated or are in the process of discontinuing certain research and development programs, including those in oncology and cardiovascular medicine, that are no longer a strategic fit for us.

	•	We have completed a 13% reduction in workforce spanning our sales, research and development, and administrative functions.

	•	As of June 30, 2011, we have vacated the San Diego, California facility and consolidated certain of our Massachusetts facilities. For a more detailed description of transactions affecting our facilities, please read Note 11, Property, Plant and Equipment to these condensed consolidated financial statements.

Based upon our most recent estimates, we expect to incur total restructuring charges of approximately $100.0 million associated with the implementation of these initiatives, which we expect will be substantially incurred and paid by the end of 2011. Costs associated with our workforce reduction primarily relate to employee severance and benefits. Facility consolidation costs are primarily comprised of charges associated with closing these facilities, related lease obligations and additional depreciation recognized when the expected useful lives of certain assets have been shortened due to the consolidation and closing of related facilities and the discontinuation of certain research and development programs. We incurred $16.6 million of these charges in the six months ended June 30, 2011 and $75.2 million of these charges in the fourth quarter of 2010.

For the three and six months ended June 30, 2011, we recognized restructuring charges of $1.5 million and $6.0 million, respectively, in relation to the consolidation of our facilities inclusive of amounts related to additional depreciation. For the six months ended June 30, 2011, we recognized net restructuring charges of $10.5 million in relation to our workforce reduction initiatives. Restructuring charges related to workforce reduction for the three months ended June 30, 2011 reflect $2.7 million of expense offset by net adjustments of $4.4 million, which primarily resulted from revisions to our previous estimates for health and welfare benefit costs for terminated employees.

The following table summarizes the activity of our restructuring liability:


	Workforce			Facility
(In millions)	Reduction			Consolidation			Total

Restructuring reserve as of December 31, 2010	$	60.6		$	5.8		$	66.4
Expense		12.1			2.4			14.5
(Payments) receipts, net		(73.8	)		(2.0	)		(75.8	)
Adjustments to previous estimates, net		(1.6	)		—			(1.6	)
Other adjustments		8.6			(3.2	)		5.4

Restructuring reserve as of June 30, 2011	$	5.9		$	3.0		$	8.9

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

Revenue Recognition

6 Months Ended

Jun. 30, 2011

Revenue Recognition [Abstract]

Revenue Recognition


4.	Revenue Recognition

We recognize revenue when all of the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; our price to the customer is fixed or determinable; and collectibility is reasonably assured.

Product Revenues

Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon delivery. However, sales of TYSABRI in the U.S. are recognized on the “sell-through” model, that is, upon shipment of the product by Elan Pharma International, Ltd. (Elan), an affiliate of Elan Corporation, plc., to its third party distributor rather than upon shipment to Elan. Product revenues are recorded net of applicable reserves for discounts and allowances.

Reserves for Discounts and Allowances

We establish reserves for trade term discounts, wholesaler incentives, Medicaid rebates, Veterans Administration (VA) and Public Health Service (PHS) discounts, managed care rebates, product returns and other governmental rebates or applicable allowances. Reserves established for these discounts and allowances are classified as reductions of accounts receivable (if the amount is payable to our direct customer) or a liability (if the amount is payable to a party other than our customer). In addition, we distribute no-charge product to qualifying patients under our patient assistance and patient replacement goods program. This program is administered through one of our distribution partners, which ships product to qualifying patients from its own inventory received from us. Gross revenue and the related reserves are not recorded on product shipped under this program and cost of sales is recorded when the product is shipped.

Product revenue reserves are categorized as follows: discounts, contractual adjustments and returns. An analysis of the amount of, and change in, reserves is summarized as follows:


				Contractual
(In millions)	Discounts			Adjustments			Returns			Total

Balance, as of December 31, 2010	$	13.9		$	107.0		$	21.1		$	142.0
Current provisions relating to sales in current year		47.2			174.6			6.8			228.6
Adjustments relating to prior years		—			(8.4	)		—			(8.4	)
Payments/returns relating to sales in current year		(33.3	)		(101.4	)		(0.3	)		(135.0	)
Payments/returns relating to sales in prior years		(13.0	)		(58.5	)		(4.9	)		(76.4	)

Balance, as of June 30, 2011	$	14.8		$	113.3		$	22.7		$	150.8

Our product revenue reserves are based on estimates of the amounts earned or to be claimed on the related sales. These estimates take into consideration our historical experience, current contractual and statutory requirements, specific known market events and trends and forecasted customer buying patterns. Actual amounts may ultimately differ from our estimates. If actual results vary, it will result in an adjustment to these estimates, which could have an effect on earnings in the period of adjustment.

During the six months ended June 30, 2011, we reduced our reserves for contractual adjustments by $8.4 million, which was primarily due to a revision of our previous estimates associated with the impact of healthcare reform.

The total reserves above, included in our condensed consolidated balance sheets, are summarized as follows:


	As of		As of
	June 30,		December 31,
(In millions)	2011		2010

Reduction of accounts receivable	$	38.4	$	36.7
Current liability		112.4		105.3

Total reserves	$	150.8	$	142.0

Revenues from Unconsolidated Joint Business

We collaborate with Genentech on the development and commercialization of RITUXAN. Revenues from unconsolidated joint business consist of (1) our share of pre-tax co-promotion profits in the U.S.; (2) reimbursement of our selling and development expense in the U.S.; and (3) revenue on sales of RITUXAN in the rest of world, which consists of our share of pretax co-promotion profits in Canada and royalty revenue on sales of RITUXAN outside the U.S. and Canada by F. Hoffmann-La Roche Ltd. (Roche) and its sublicensees. Pre-tax co-promotion profits are calculated and paid to us by Genentech in the U.S. and by Roche in Canada. Pre-tax co-promotion profits consist of U.S. and Canadian sales of RITUXAN to third-party customers net of discounts and allowances less the cost to manufacture RITUXAN, third-party royalty expenses, distribution, selling and marketing, and development expenses incurred by Genentech, Roche and us. We record our share of the pretax co-promotion profits in Canada and royalty revenues on sales of RITUXAN outside the U.S. on a cash basis. Additionally, our share of the pretax co-promotion profits in the U.S. includes estimates supplied by Genentech.

Royalty Revenues

We receive royalty revenues on sales by our licensees of other products covered under patents that we own. We do not have future performance obligations under these license arrangements. We record these revenues based on estimates of the sales that occurred during the relevant period. The relevant period estimates of sales are based on interim data provided by licensees and analysis of historical royalties that have been paid to us, adjusted for any changes in facts and circumstances, as appropriate. We maintain regular communication with our licensees in order to assess the reasonableness of our estimates. Differences between actual royalty revenues and estimated royalty revenues are adjusted in the period in which they become known, typically the following quarter. Historically, adjustments have not been material when compared to actual amounts paid by licensees. If we are ever unable to accurately estimate revenue, then we record revenues on a cash basis.

Accounts Receivable

6 Months Ended

Jun. 30, 2011

Accounts Receivable [Abstract]

Accounts Receivable


5.	Accounts Receivable

Our accounts receivable primarily arise from product sales in the U.S. and Europe and primarily represent amounts due from our wholesale distributors, large pharmaceutical companies, public hospitals and other government entities. The majority of our accounts receivable have standard payment terms which are generally between 30 and 90 days. We monitor the financial performance and credit worthiness of our large customers so that we can properly assess and respond to changes in their credit profile. We provide reserves against trade receivables for estimated losses that may result from a customer’s inability to pay. Amounts determined to be uncollectible are charged or written-off against the reserve. To date, such losses have not exceeded management’s estimates.

Concentrations of credit risk with respect to receivables, which are typically unsecured, are limited due to the wide variety of customers and markets using our products, as well as their dispersion across many different geographic areas. We monitor economic conditions, including volatility associated with international economies, and related impacts on the relevant financial markets and our business, especially in light of sovereign credit issues. The credit and economic conditions within Italy, Spain, Portugal and Greece, among other members of the European Union, have deteriorated. These conditions have increased, and may continue to increase, the average length of time that it takes to collect on our accounts receivable outstanding in these countries.

Our net accounts receivable balances from product sales in these countries are summarized as follows:


	As of June 30, 2011
	Balance Included		Balance Included
	within Accounts		within Investments
(In millions)	Receivable, Net		and Other Assets		Total

Italy	$	116.5	$	11.3	$	127.8
Spain	$	81.7	$	36.7	$	118.4
Portugal	$	23.9	$	7.4	$	31.3
Greece	$	10.7	$	—	$	10.7


	As of December 31, 2010
	Balance Included		Balance Included
	within Accounts		within Investments
(In millions)	Receivable, Net		and Other Assets		Total

Italy	$	103.2	$	14.8	$	118.0
Spain	$	70.8	$	29.8	$	100.6
Portugal	$	17.8	$	5.5	$	23.3
Greece	$	3.9	$	—	$	3.9

Of the amounts included within the tables above, approximately $53.5 million and $45.0 million were outstanding for more than one year as of June 30, 2011 and December 31, 2010, respectively. Amounts included as a component of investments and other assets within our condensed consolidated balance sheets represent amounts that are expected to be collected beyond one year.

In May 2011, European Union finance ministers approved a three-year EUR78 billion rescue package for Portugal. Under the terms of the package, Portugal is required to correct its excessive deficit by 2013 and improve the efficiency and effectiveness of its health care system, including through austerity measures aimed at reducing healthcare costs. These measures include plans to standardize control procedures to reduce outstanding balances payable to drug suppliers.

Our concentrations of credit risk related to our accounts receivable from product sales in Greece to date have been limited as our receivables within this market are due from our distributor. These receivables remain current and substantially in compliance with their contractual due dates.

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

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Intangible Assets and Goodwill [Abstract]

Inventory

6 Months Ended

Jun. 30, 2011

Inventory [Abstract]

Inventory


6.	Inventory

The components of inventory are summarized as follows:


	As of		As of
	June 30,		December 31,
(In millions)	2011		2010

Raw materials	$	59.8	$	59.0
Work in process		165.6		142.2
Finished goods		82.9		87.9

Total inventory	$	308.3	$	289.1

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2011

Intangible Assets and Goodwill


7.	Intangible Assets and Goodwill

Intangible Assets

Intangible assets, net of accumulated amortization, impairment charges and adjustments, are summarized as follows:


			As of June 30, 2011							As of December 31, 2010
	Estimated				Accumulated							Accumulated
(In millions)	Life		Cost		Amortization			Net		Cost		Amortization			Net

Out-licensed patents		12 years	$	578.0	$	(370.9	)	$	207.1	$	578.0	$	(350.2	)	$	227.8
Core developed technology		15-23 years		3,005.3		(1,723.4	)		1,281.9		3,005.3		(1,636.9	)		1,368.4
In process research and development		Up to 15 years upon commercialization		110.9		—			110.9		110.9		—			110.9
Trademarks and tradenames		Indefinite		64.0		—			64.0		64.0		—			64.0
In-licensed patents		Up to 14 years		17.5		(2.5	)		15.0		3.0		(1.3	)		1.7
Assembled workforce		4 years		2.1		(2.1	)		—		2.1		(2.1	)		—
Distribution rights		2 years		12.7		(12.7	)		—		12.7		(12.7	)		—

Total intangible assets			$	3,790.5	$	(2,111.6	)	$	1,678.9	$	3,776.0	$	(2,003.2	)	$	1,772.8

Our most significant intangible asset is the core technology related to our AVONEX product. The net book value of this asset as of June 30, 2011 was $1,268.8 million.

In the first quarter of 2011, we entered into a license agreement granting us exclusive patent rights for the diagnostic and therapeutic application of recombinant virus-like particles, known as VP1 proteins. These VP1 proteins are used to detect antibodies of the JC virus (JCV) in serum or blood. Under the terms of this agreement, we expect to make payments totaling approximately $47.1 million through 2016. These payments include upfront and milestone payments as well as the greater of an annual maintenance fee or usage-based royalty payment. As of June 30, 2011, we recognized an intangible asset in the amount of $14.5 million, reflecting the total of upfront payments made and other time-based milestone payments expected to be made. We will further capitalize additional payments due under this arrangement as an intangible asset as they become payable. We will amortize the intangible asset resulting from these payments utilizing an economic consumption amortization model with the amount of amortization determined by the ratio of actual JCV assay tests performed in the current period to the total number of JCV assay tests expected to be performed through 2016.

For the three and six months ended June 30, 2011, amortization for acquired intangible assets totaled $55.1 million and $108.4 million, respectively, as compared to $53.1 million and $102.0 million, respectively, in the prior year comparative periods. Amortization for acquired intangible assets is expected to be in the range of approximately $180.0 million to $220.0 million annually through 2015.

Other than the amounts recorded in connection with the license agreement described above, total intangible assets was unchanged as of June 30, 2011 compared to December 31, 2010, excluding the impact of amortization.

Goodwill

Our goodwill balance remained unchanged as of June 30, 2011 compared to December 31, 2010. As of June 30, 2011, we had no accumulated impairment losses.

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements


8.	Fair Value Measurements

A majority of our financial assets and liabilities have been classified as Level 2. Our financial assets and liabilities (which include our cash equivalents, derivative contracts, marketable debt securities, and plan assets for deferred compensation) have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, typically utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation models, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. We validate the prices provided by our third party pricing services by reviewing their pricing methods and matrices, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. After completing our validation procedures, we did not adjust or override any fair value measurements provided by our pricing services as of June 30, 2011 and December 31, 2010.

Our strategic investments in publicly traded equity securities are classified as Level 1 assets as their fair values are readily determinable and based on quoted market prices.

We also maintain venture capital investments classified as Level 3 whose fair value is initially measured at transaction prices and subsequently valued using the pricing of recent financing or by reviewing the underlying economic fundamentals and liquidation value of the companies. These investments are the only investments for which we used Level 3 inputs to determine the fair value and represented approximately 0.2% and 0.3% of our total assets as of June 30, 2011 and December 31, 2010, respectively. These investments include investments in certain biotechnology oriented venture capital funds which primarily invest in small privately-owned, venture-backed biotechnology companies. The fair value of our investments in these venture capital funds has been estimated using the net asset value of the fund. The investments cannot be redeemed within the funds. Distributions from each fund will be received as the underlying investments of the fund are liquidated. The funds and therefore a majority of the underlying assets of the funds will not be liquidated in the near future. The underlying assets in these funds are initially measured at transaction prices and subsequently valued using the pricing of recent financings or by reviewing the underlying economic fundamentals and liquidation value of the companies that the funds invest in. We apply judgments and estimates when we validate the prices provided by third parties. While we believe the valuation methodologies are appropriate, the use of valuation methodologies is highly judgmental and changes in methodologies can have a material impact on our results of operations. Gains and losses (realized and unrealized) included in earnings for the period are reported in other income (expense), net.

In addition, in the fourth quarter of 2010, we recognized an in-process research and development asset and recorded a contingent consideration obligation related to our acquisition of Panima. Upon acquisition, we recorded a liability of $81.2 million representing the acquisition date fair value of the contingent consideration. Subsequent changes in the fair value of this obligation are recognized as adjustments to contingent consideration within our consolidated statement of income. We determined the fair value of the contingent consideration obligation based upon probability-weighted assumptions related to the achievement of certain milestone events and thus the likelihood of us making payments. We revalue the acquisition-related contingent consideration obligation on a recurring basis each reporting period. This fair value measurement is based on inputs not observable in the market and therefore represents a Level 3 measurement.

The fair value of our Level 3 contingent consideration obligation as of June 30, 2011 and December 31, 2010, was $84.6 million and $81.2 million, respectively. These valuations were determined based upon net cash outflow projections of $395.0 million, discounted using a rate of 5.7% and 6.1%, respectively, which is the cost of debt financing for market participants. The change in fair value of this obligation, of $2.2 million and $3.4 million for the three and six months ended June 30, 2011, respectively, was primarily due to changes in the discount rate and in the expected timing related to the achievement of certain developmental milestones and was recognized as a fair value adjustment of contingent consideration within our condensed consolidated statements of income for the three and six months ended June 30, 2011.

There were no transfers between fair value measurement levels during the six months ended June 30, 2011.

The tables below present information about our financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2011 and December 31, 2010, and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value:


							Significant
	Balance as of		Quoted Prices in		Significant Other		Unobservable
	June 30,		Active Markets		Observable Inputs		Inputs
(In millions)	2011		(Level 1)		(Level 2)		(Level 3)

Assets:
Cash equivalents	$	440.6	$	—	$	440.6	$	—
Marketable debt securities:
Corporate debt securities		475.1		—		475.1		—
Government securities		1,095.4		—		1,095.4		—
Mortgage and other asset backed securities		242.3		—		242.3		—
Strategic investments		2.0		2.0		—		—
Venture capital investments		20.6		—		—		20.6
Derivative contracts		0.5		—		0.5		—
Plan assets for deferred compensation		15.2		—		15.2		—

Total	$	2,291.7	$	2.0	$	2,269.1	$	20.6

Liabilities:
Derivative contracts	$	24.9	$	—	$	24.9	$	—
Acquisition-related contingent consideration		84.6		—		—		84.6

Total	$	109.5	$	—	$	24.9	$	84.6


							Significant
	Balance as of		Quoted Prices in		Significant Other		Unobservable
	December 31,		Active Markets		Observable Inputs		Inputs
(In millions)	2010		(Level 1)		(Level 2)		(Level 3)

Assets:
Cash equivalents	$	651.8	$	—	$	651.8	$	—
Marketable debt securities:
Corporate debt securities		313.0		—		313.0		—
Government securities		785.3		—		785.3		—
Mortgage and other asset backed securities		92.9		—		92.9		—
Strategic investments		44.8		44.8		—		—
Venture capital investments		20.8		—		—		20.8
Derivative contracts		1.3		—		1.3		—
Plan assets for deferred compensation		13.0		—		13.0		—

Total	$	1,922.9	$	44.8	$	1,857.3	$	20.8

Liabilities:
Derivative contracts	$	12.2	$	—	$	12.2	$	—
Acquisition-related contingent consideration		81.2		—		—		81.2

Total	$	93.4	$	—	$	12.2	$	81.2

The following table provides a roll forward of the fair value of our venture capital investments, which are all Level 3 assets:


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
(In millions)	2011			2010			2011			2010

Beginning balance	$	20.5		$	20.8		$	20.8		$	21.9
Unrealized gains included in earnings		0.1			—			0.7			—
Unrealized losses included in earnings		(0.3	)		(0.1	)		(1.3	)		(1.6	)
Purchases		0.3			(0.3	)		0.4			0.1
Issuances		—			—			—			—
Settlements		—			—			—			—

Ending balance	$	20.6		$	20.4		$	20.6		$	20.4

The fair and carrying values of our debt instruments, which are all Level 2 liabilities, are summarized as follows:


	As of June 30, 2011				As of December 31, 2010
	Fair		Carrying		Fair		Carrying
(In millions)	Value		Value		Value		Value

Credit line from Dompé	$	4.3	$	4.3	$	8.1	$	8.0
Note payable to Fumedica		24.4		21.7		24.2		22.0
6.0% Senior Notes due 2013		482.9		449.8		485.5		449.8
6.875% Senior Notes due 2018		639.4		595.1		618.0		597.9

Total	$	1,151.0	$	1,070.9	$	1,135.8	$	1,077.7

The fair values of the credit line from Dompé Farmaceutici SpA and our note payable to Fumedica were estimated using market observable inputs, including current interest and foreign currency exchange rates. The fair value of our Senior Notes was determined through market, observable, and corroborated sources.

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.

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Financial Instruments

6 Months Ended

Jun. 30, 2011

Financial Instruments [Abstract]

Financial Instruments


9.	Financial Instruments

Marketable Securities, including Strategic Investments

The following tables summarize our marketable securities and strategic investments:


			Gross		Gross
	Fair		Unrealized		Unrealized			Amortized
As of June 30, 2011 (In millions)	Value		Gains		Losses			Cost

Available-for-sale
Corporate debt securities
Current	$	122.3	$	0.2	$	—		$	122.1
Non-current		352.8		1.3		(0.2	)		351.7
Government securities
Current		504.7		0.3		—			504.4
Non-current		590.7		0.8		(0.1	)		590.0
Mortgage and other asset backed securities
Current		2.2		—		—			2.2
Non-current		240.1		0.5		(0.6	)		240.2

Total available-for-sale securities	$	1,812.8	$	3.1	$	(0.9	)	$	1,810.6

Other Investments
Strategic investments, non-current	$	2.0	$	0.5	$	—		$	1.5


			Gross		Gross
	Fair		Unrealized		Unrealized			Amortized
As of December 31, 2010 (In millions)	Value		Gains		Losses			Cost

Available-for-sale
Corporate debt securities
Current	$	93.2	$	0.1	$	—		$	93.1
Non-current		219.8		2.1		(0.5	)		218.2
Government securities
Current		352.8		0.2		—			352.6
Non-current		432.5		0.6		(0.6	)		432.5
Mortgage and other asset backed securities
Current		2.1		—		—			2.1
Non-current		90.8		0.5		(0.2	)		90.5

Total available-for-sale securities	$	1,191.2	$	3.5	$	(1.3	)	$	1,189.0

Other Investments
Strategic investments, non-current	$	44.8	$	17.5	$	—		$	27.3

In the tables above, as of June 30, 2011 and December 31, 2010, government securities included $247.0 million and $163.5 million, respectively, of Federal Deposit Insurance Corporation (FDIC) guaranteed senior notes issued by financial institutions under the Temporary Liquidity Guarantee Program.

The following table summarizes our financial assets with original maturities of less than 90 days included within cash and cash equivalents on the accompanying condensed consolidated balance sheet:


	As of		As of
	June 30,		December 31,
(In millions)	2011		2010

Commercial paper	$	8.0	$	4.0
Repurchase agreements		80.9		26.0
Short-term debt securities		351.7		621.8

Total	$	440.6	$	651.8

The carrying values of our commercial paper, including accrued interest, repurchase agreements, and our short-term debt securities approximate fair value.

Summary of Contractual Maturities: Available-for-Sale Securities

The estimated fair value and amortized cost of securities, excluding strategic investments, available-for-sale by contractual maturity are summarized as follows:


	As of June 30, 2011				As of December 31, 2010
	Estimated		Amortized		Estimated		Amortized
(In millions)	Fair Value		Cost		Fair Value		Cost

Due in one year or less	$	629.2	$	628.7	$	448.1	$	447.8
Due after one year through five years		1,040.9		1,039.0		664.1		662.4
Due after five years		142.7		142.9		79.0		78.8

Total	$	1,812.8	$	1,810.6	$	1,191.2	$	1,189.0

The average maturity of our marketable securities as of June 30, 2011 and December 31, 2010 was 13 months and 11 months, respectively.

Proceeds from Marketable Securities

The proceeds from maturities and sales of marketable securities, excluding strategic investments and resulting realized gains and losses, are generally reinvested, and are summarized as follows:


	For the Three Months					For the Six Months
	Ended June 30,					Ended June 30,
(In millions)	2011			2010		2011			2010

Proceeds from maturities and sales	$	381.8		$	973.2	$	1,169.8		$	2,002.5
Realized gains	$	0.7		$	7.4	$	3.1		$	13.1
Realized losses	$	(0.5	)	$	1.1	$	(1.3	)	$	1.8

In the first quarter of 2011, we also recognized within other income (expense), a net gain of $13.8 million on the sale of stock from our strategic investment portfolio.

Impairments

We conduct periodic reviews to identify and evaluate each investment that has an unrealized loss in accordance with the meaning of other-than-temporary impairment and its application to certain investments.

For the three and six months ended June 30, 2011, we recognized $5.5 million and $6.8 million, respectively, in charges for the impairment of our investments in venture capital funds and investments in privately-held companies. No impairments were recognized in relation to our publicly-held strategic investments.

For the three and six months ended June 30, 2010, we recognized $1.2 million and $17.0 million, respectively, in charges for the impairment of our publicly-held strategic investments, investments in venture capital funds and investments in privately-held companies.

Derivative Instruments

6 Months Ended

Jun. 30, 2011

Derivative Instruments [Abstract]

Derivative Instruments


10.	Derivative Instruments

Foreign Currency Forward Contracts

Due to the global nature of our operations, portions of our revenues are earned in currencies other than the U.S. dollar. The value of revenues measured in U.S. dollars is subject to changes in currency exchange rates. In order to mitigate these changes we use foreign currency forward contracts to lock in exchange rates associated with a portion of our forecasted international revenues.

Foreign currency forward contracts in effect as of June 30, 2011 and December 31, 2010 had durations of 1 to 12 months. These contracts have been designated as cash flow hedges and accordingly, to the extent effective, any unrealized gains or losses on these foreign currency forward contracts are reported in accumulated other comprehensive income (loss). Realized gains and losses for the effective portion of such contracts are recognized in revenue when the sale of product in the currency being hedged is recognized. To the extent ineffective, hedge transaction gains and losses are reported in other income (expense), net.

The notional value of foreign currency forward contracts that were entered into to hedge forecasted revenue is summarized as follows:


	Notional Amount
	As of		As of
	June 30,		December 31,
Foreign Currency (In millions)	2011		2010

Euro	$	537.1	$	460.3
Canadian dollar		11.4		24.0
Swedish krona		4.8		9.9

Total foreign currency forward contracts	$	553.3	$	494.2

The portion of the fair value of these foreign currency forward contracts that was included in accumulated other comprehensive income (loss) within total equity reflected net losses of $23.3 million and $11.0 million as of June 30, 2011 and December 31, 2010, respectively. We expect all contracts to be settled over the next 12 months and any amounts in accumulated other comprehensive income (loss) to be reported as an adjustment to revenue. We consider the impact of our and our counterparties’ credit risk on the fair value of the contracts as well as the ability of each party to execute its obligations under the contract. As of June 30, 2011 and December 31, 2010, credit risk did not materially change the fair value of our foreign currency forward contracts.

In relation to our foreign currency forward contracts, we recognized in other income (expense), net losses of $1.2 million and $0.5 million due to hedge ineffectiveness for the three and six months ended June 30, 2011, respectively, as compared to net losses of $0.6 million and $0.5 million, respectively, in the prior year comparable periods.

In addition, we recognized in product revenue net losses of $18.5 million and $26.8 million for the settlement of certain effective cash flow hedge instruments for the three and six months ended June 30, 2011, respectively, as compared to net gains of $19.7 million and $19.9 million, respectively, in the prior year comparable periods. These settlements were recorded in the same period as the related forecasted revenue.

Summary of Derivatives Designated as Hedging Instruments

The following table summarizes the fair value and presentation in our condensed consolidated balance sheets for derivatives designated as hedging instruments:


		Fair Value
		As of June 30,
(In millions)	Balance Sheet Location	2011

Foreign Currency Contracts
Asset derivatives	Other current assets	$	—
Liability derivatives	Accrued expenses and other	$	23.8


		Fair Value
		As of December 31,
(In millions)	Balance Sheet Location	2010

Foreign Currency Contracts
Asset derivatives	Other current assets	$	—
Liability derivatives	Accrued expenses and other	$	11.0

The following table summarizes the effect of derivatives designated as hedging instruments within our condensed consolidated statements of income:

Amount

Recognized in

Reclassified from

Accumulated

Other

Comprehensive

Income (Loss)

Income

Income (Loss)

Income

Amount of

on Derivative

Statement

into Income

Statement

Gain/(Loss)

Location

Gain/(Loss)

Location

Recorded

(In millions)

(Effective Portion)

(Ineffective Portion)

For the Three Months Ended

June 30, 2011:

Other income

Foreign currency contracts

(23.3

)

Revenue

(18.5

)

(expense)

(1.2

)

June 30, 2010:

Other income

Foreign currency contracts

62.1

Revenue

19.7

(expense)

(0.6

)

For the Six Months Ended

June 30, 2011:

Other income

Foreign currency contracts

(23.3

)

Revenue

(26.8

)

(expense)

(0.5

)

June 30, 2010:

Other income

Foreign currency contracts

62.1

Revenue

19.9

(expense)

(0.5

)

Other Derivatives

We also enter into other foreign currency forward contracts, usually with one month durations, to mitigate the foreign currency risk related to certain balance sheet positions. We have not elected hedge accounting for these transactions.

The aggregate notional amount of our outstanding foreign currency contracts was $243.2 million as of June 30, 2011. The fair value of these contracts was a net liability of $0.7 million. A net gain of $0.6 million and a net loss of $4.3 million related to these contracts were recognized as a component of other income (expense), net, for the three and six months ended June 30, 2011, respectively, as compared to net gains of $7.9 million and $13.1 million in the prior year comparative periods.

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

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-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2011

Property, Plant and Equipment


11.	Property, Plant and Equipment

Property, plant and equipment are recorded at historical cost, net of accumulated depreciation. Accumulated depreciation on property, plant and equipment was $771.1 million and $767.2 million as of June 30, 2011 and December 31, 2010, respectively.

San Diego Facility

On October 1, 2010, we sold the San Diego facility for cash proceeds, net of transaction costs, of approximately $127.0 million. As part of this transaction, we agreed to lease back the San Diego facility for a period of 15 months. We are accounting for this transaction as a financing arrangement as we have determined that the transaction does not qualify as a sale due to our continuing involvement under the leaseback terms. Accordingly, we recorded an obligation for the proceeds received in October and the facility assets remain classified as held for use and the carrying value of the facility remains reflected as a component of property, plant and equipment, net within our condensed consolidated balance sheets as of June 30, 2011 and December 31, 2010. Our remaining obligation, which is reflected as a component of current portion of notes payable, line of credit and other financing arrangements within our condensed consolidated balance sheets, was $124.5 million and $125.9 million as of June 30, 2011 and December 31, 2010, respectively. We have not recognized a loss or impairment charge related to the San Diego facility.

In the first quarter of 2011, we terminated our 15 month lease of the San Diego facility effective August 31, 2011 and will have no continuing involvement or remaining obligation after that date. Once the lease arrangement has concluded we will account for the San Diego facility as a sale of property.

Hillerød, Denmark Facility

As of June 30, 2011 and December 31, 2010, the construction in progress balance related to the construction of our large-scale biologic manufacturing facility in Hillerød, Denmark totaled $494.2 million and $440.2 million, respectively. This facility is intended to manufacture large molecule products. In connection with our construction of this facility, we capitalized interest costs totaling approximately $7.2 million and $14.4 million for the three and six months ended June 30, 2011, respectively.

Based on our current manufacturing utilization strategy, we plan to begin manufacturing product in 2012, upon completion of the facility’s process validation activities.

New Cambridge Leases

In July 2011, we executed leases for two office buildings to be built in Cambridge, Massachusetts. We expect construction to begin in late 2011, with a planned occupancy during the second half of 2013. These buildings, totaling approximately 500,000 square feet, will serve as the future location of our corporate headquarters and commercial operations. These buildings will also provide additional general and administrative and research and development office space. The leases both have 15 year terms and we have options to extend the term of each lease for two additional five-year terms. Future minimum rental commitments under these leases will total approximately $340.0 million over the initial 15 year lease terms. In addition to rent, the leases require us to pay additional amounts for taxes, insurance, maintenance and other operating expenses.

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.

Equity and Comprehensive Income [Abstract]

Equity

6 Months Ended

Jun. 30, 2011

Equity


12.	Equity

Preferred Stock

In March 2011, the remaining 8,221 shares of our Series A Preferred Stock were converted into 493,260 shares of common stock by the holder pursuant to the conversion terms of the Series A Preferred Stock. As of June 30, 2011, there are no shares of preferred stock issued and outstanding.

Share Repurchases

In February 2011, our Board of Directors authorized the repurchase of up to 20.0 million shares of our common stock. We expect to use this repurchase program principally to offset common stock issued under our share-based compensation plans. This repurchase program does not have an expiration date. Under this authorization, we repurchased approximately 2.2 million and 5.0 million shares of our common stock at a cost of $191.3 million and $386.6 million, respectively, during the three and six months ended June 30, 2011.

For the three and six months ended June 30, 2010, we repurchased approximately 20.8 million and 31.3 million shares at a cost of approximately $1.0 billion and $1.6 billion, respectively, under our 2010 and 2009 stock repurchase authorizations. We retired all of these shares as they were acquired. In connection with this retirement, in accordance with our policy, we recorded a reduction in additional paid-in-capital by the same amount.

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.

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
-Publisher AICPA
-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
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

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-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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-Name Accounting Standards Codification
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 5
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Reference 17: 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.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 18: 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 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Equity and Comprehensive Income [Abstract]

Comprehensive Income

6 Months Ended

Jun. 30, 2011

Comprehensive Income


13.	Comprehensive Income

The following tables reflect the activity in comprehensive income included within equity attributable to the shareholders of Biogen Idec, equity attributable to noncontrolling interests, and total equity:


	For the Three Months						For the Three Months
	Ended June 30, 2011						Ended June 30, 2010
	Biogen Idec				Total		Biogen Idec						Total
	Shareholders’		Noncontrolling		Shareholders’		Shareholders’			Noncontrolling			Shareholders’
(In millions)	Equity		Interests		Equity		Equity			Interests			Equity

Comprehensive income:
Net income	$	288.0	$	16.0	$	304.0	$	293.4		$	1.2		$	294.6
Unrealized gains (losses) on securities available for sale, net of tax of $0.6 and $3.8		1.1		—		1.1		(6.5	)		—			(6.5	)
Unrealized gains (losses) on foreign currency forward contracts, net of tax of $0.8 and $3.6		6.3		—		6.3		26.5			—			26.5
Unrealized gains (losses) on pension benefit obligation, net of tax of $0 and $0		—		—		—		(0.2	)		—			(0.2	)
Currency translation adjustment		19.3		2.9		22.2		(71.8	)		(3.4	)		(75.2	)

Comprehensive income (loss)	$	314.7	$	18.9	$	333.6	$	241.4		$	(2.2	)	$	239.2


	For the Six Months								For the Six Months
	Ended June 30, 2011								Ended June 30, 2010
	Biogen Idec					Total			Biogen Idec						Total
	Shareholders’			Noncontrolling		Shareholders’			Shareholders’			Noncontrolling			Shareholders’
(In millions)	Equity			Interests		Equity			Equity			Interests			Equity

Comprehensive income:
Net income	$	582.4		$	30.4	$	612.8		$	510.9		$	3.8		$	514.7
Unrealized gains (losses) on securities available for sale, net of tax of $6.3 and $5.5		(10.7	)		—		(10.7	)		(9.4	)		—			(9.4	)
Unrealized gains (losses) on foreign currency forward contracts, net of tax of $1.2 and $6.5		(11.1	)		—		(11.1	)		54.3			—			54.3
Unrealized gains (losses) on pension benefit obligation, net of tax of $0 and $0		—			—		—			(0.3	)		—			(0.3	)
Currency translation adjustment		69.1			5.7		74.8			(124.2	)		(6.0	)		(130.2	)

Comprehensive income (loss)	$	629.7		$	36.1	$	665.8		$	431.3		$	(2.2	)	$	429.1

The following table reconciles equity attributable to noncontrolling interests:


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
(In millions)	2011			2010			2011			2010

Noncontrolling interests, beginning of period	$	70.1		$	41.2		$	52.9		$	40.4
Net income attributable to noncontrolling interests		16.0			1.2			30.4			3.8
Translation adjustments		2.9			(3.4	)		5.7			(6.0	)
Distributions to noncontrolling interests		(9.9	)		—			(9.9	)		—
Capital contributions from noncontrolling interests		—			1.4			—			2.2

Noncontrolling interests, end of period	$	79.1		$	40.4		$	79.1		$	40.4

Total distributions to us from our joint ventures were negligible for the three and six months ended June 30, 2011 and 2010.

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-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 Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e709-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e716-108580

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e689-108580

Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings per Share [Abstract]

Earnings per Share


14.	Earnings per Share

Basic and diluted earnings per share are calculated as follows:


	For the Three Months					For the Six Months
	Ended June 30,					Ended June 30,
(In millions)	2011		2010			2011			2010

Numerator:
Net income attributable to Biogen Idec Inc	$	288.0	$	293.4		$	582.4		$	510.9
Adjustment for net income allocable to preferred stock		—		(0.6	)		(0.5	)		(0.9	)

Net income used in calculating basic and diluted earnings per share	$	288.0	$	292.8		$	581.9		$	510.0

Denominator:
Weighted average number of common shares outstanding		242.4		259.9			241.9			265.0
Effect of dilutive securities:
Stock options and employee stock purchase plan		1.0		0.8			1.3			0.9
Time-vested restricted stock units		1.4		1.0			1.5			1.4
Market stock units		0.2		—			0.2			—
Performance-vested restricted stock units settled in shares		—		—			—			—

Dilutive potential common shares		2.6		1.8			3.0			2.3

Shares used in calculating diluted earnings per share		245.0		261.7			244.9			267.3

The following amounts were not included in the calculation of net income per diluted share because their effects were anti-dilutive:


	For the Three Months				For the Six Months
	Ended June 30,				Ended June 30,
(In millions)	2011		2010		2011		2010

Numerator:
Net income allocable to preferred stock	$	—	$	0.6	$	0.5	$	0.9

Denominator:
Stock options		—		5.3		—		5.1
Time-vested restricted stock units		—		1.4		—		1.0
Market stock units		—		—		—		—
Performance-vested restricted stock units settled in shares		—		—		—		—
Convertible preferred stock		—		0.5		0.2		0.5

Total		—		7.2		0.2		6.6

Share-based Payments

6 Months Ended

Jun. 30, 2011

Share-based Payments [Abstract]

Share-based Payments


15.	Share-based Payments

The following table summarizes our equity grants to employees, officers and directors under our current stock plans:


	For the Six Months
	Ended June 30,
	2011		2010

Stock options		—		124,000
Market stock units(a)		373,000		334,000
Cash settled performance shares(b)		483,000		373,000
Time-vested restricted stock units(c)		1,303,000		1,700,000
Performance-vested restricted stock units(d)		1,000		4,000


(a)		Market stock units (MSUs) granted for the six months ended June 30, 2010, represents the target number of shares eligible to be earned at the time of grant.

		MSUs granted for the six months ended June 30, 2011, includes approximately 18,000 additional MSUs issued in 2011 based upon the attainment of performance criteria set for 2010 in relation to shares granted in 2010. The remainder of the MSUs granted in 2011 represent the target number of shares eligible to be earned at the time of grant. These grants were made in conjunction with the hiring of employees and our annual awards made in February.

(b)		Cash settled performance shares (CSPSs) granted for the six months ended June 30, 2010, represents the target number of shares eligible to be earned at the time of grant.

		CSPSs granted for the six months ended June 30, 2011, includes approximately 95,000 additional CSPSs issued in 2011 based upon the attainment of performance criteria set for 2010 in relation to shares granted in 2010. The remainder of the CSPSs granted in 2011 represent the target number of shares eligible to be earned at the time of grant. These grants were made in conjunction with the hiring of employees and our annual awards made in February.

(c)		Time-vested restricted stock units (RSUs) granted for the six months ended June 30, 2011, includes approximately 1.2 million RSUs granted in connection with our annual awards made in February 2011, and 135,000 RSUs granted in conjunction with new hires and grants made to our Board of Directors.

(d)		Performance-vested restricted stock units (PVRSUs) granted for the six months ended June 30, 2010, represents the target number of shares eligible to be earned at the time of grant; approximately 1,000 additional PVRSUs were issued in 2011 based upon the attainment of performance criteria set for 2010 in relation to shares granted in 2010.

In addition, for the six months ended June 30, 2011, approximately 316,000 shares were issued under the ESPP compared to approximately 335,000 shares issued in the prior year comparative period.

The following table summarizes share-based compensation expense included within our condensed consolidated statements of income:


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
(In millions)	2011			2010			2011			2010

Research and development	$	13.9		$	15.4		$	32.2		$	32.1
Selling, general and administrative		22.2			34.0			42.8			70.2
Restructuring charges		—			—			(0.6	)		—

Subtotal		36.1			49.4			74.4			102.3
Capitalized share-based compensation costs		(1.0	)		(0.7	)		(2.0	)		(1.6	)

Share-based compensation expense included in total cost and expenses		35.1			48.7			72.4			100.7
Income tax effect		(10.9	)		(15.7	)		(23.0	)		(32.4	)

Share-based compensation expense included in net income attributable to Biogen Idec Inc	$	24.2		$	33.0		$	49.4		$	68.3

The following table summarizes share-based compensation expense associated with each of our share-based compensation programs:


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
(In millions)	2011			2010			2011			2010

Stock options	$	1.6		$	9.3		$	2.7		$	20.1
Market stock units		4.3			1.9			7.7			5.5
Time-vested restricted stock units		19.1			32.3			46.2			65.8
Performance-vested restricted stock units settled in shares		0.3			1.3			0.7			3.7
Cash settled performance shares		10.7			4.2			15.5			5.2
Employee stock purchase plan		0.1			0.4			1.6			2.0

Subtotal		36.1			49.4			74.4			102.3
Capitalized share-based compensation costs		(1.0	)		(0.7	)		(2.0	)		(1.6	)

Share-based compensation expense included in total cost and expenses	$	35.1		$	48.7		$	72.4		$	100.7

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.

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
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-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
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-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
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

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

Income Taxes

6 Months Ended

Jun. 30, 2011

Income Taxes [Abstract]

Income Taxes


16.	Income Taxes

For the three and six months ended June 30, 2011, our effective tax rate was 23.8% and 25.7%, respectively, compared to 25.8% and 25.7%, respectively, in the prior year comparative periods.

The decrease in our tax rate for the three and six months ended June 30, 2011, compared to the same periods in 2010, was primarily due to an increase in research and development expenditures eligible for the orphan drug credit and a lower effective state tax rate resulting from a change in state law, offset by a higher percentage of our 2011 profits being earned in higher tax rate jurisdictions, principally the U.S. In addition, our effective tax rate was favorably impacted by the settlement of an outstanding IRS audit matter in the first quarter of 2011.

Reconciliation between the U.S. federal statutory tax rate and our effective tax rate is summarized as follows:


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011			2010

Statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
State taxes		0.4			1.9			1.4			1.9
Taxes on foreign earnings		(7.3	)		(10.3	)		(6.3	)		(10.1	)
Credits and net operating loss utilization		(4.1	)		(1.6	)		(3.1	)		(1.6	)
Purchased intangible assets		1.4			1.5			1.4			1.5
IPR&D		—			0.8			—			0.8
Permanent items		(1.1	)		(1.7	)		(1.2	)		(1.7	)
Other		(0.5	)		0.2			(1.5	)		(0.1	)

Effective tax rate		23.8	%		25.8	%		25.7	%		25.7	%

Accounting for Uncertainty in Income Taxes

We and our subsidiaries are routinely examined by various taxing authorities. We file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal tax examination for years before 2007 or state, local, or non-U.S. income tax examinations by tax authorities for years before 2001. During the second quarter of 2011, we adjusted our unrecognized tax benefits to reflect new information arising during our ongoing audit examinations.

Contingencies

In 2006, the Massachusetts Department of Revenue (DOR) issued a Notice of Assessment against Biogen Idec MA Inc. (BIMA), one of our wholly-owned subsidiaries, for $38.9 million of corporate excise tax for 2002, which includes associated interest and penalties. The assessment asserts that the portion of sales attributable to Massachusetts (sales factor), the computation of BIMA’s research and development credits and certain deductions claimed by BIMA were not appropriate, resulting in unpaid taxes for 2002. We filed an abatement application with the DOR seeking abatement for 2001, 2002 and 2003. Our abatement application was denied and on July 25, 2007 we filed a petition with the Massachusetts Appellate Tax Board (the Massachusetts ATB) seeking, among other items, abatements of corporate excise tax for 2001, 2002 and 2003 and adjustments in certain credits and credit carryforwards for 2001, 2002 and 2003. Issues before the Massachusetts ATB include the computation of BIMA’s sales factor for 2001, 2002 and 2003, computation of BIMA’s research credits for those same years, and the availability of deductions for certain expenses and partnership flow-through items. The hearing on our petition has been stayed by the Massachusetts ATB to allow the parties to discuss a negotiated resolution of all disputes as to 2001, 2002 and 2003. The Massachusetts ATB has ordered a status conference for September 6, 2011, at which the parties will report on the status of the settlement discussions. If a negotiated resolution is concluded, we do not expect it to have a significant impact on our financial position or results of operations. We have and will continue to evaluate the facts, circumstances and information available in accordance with our financial reporting policies to reflect management’s best estimate of the outcome. Based upon our most recent estimates, we currently expect to settle this matter in exchange for a payment of $7.0 million in taxes, plus interest, and expect to reach an agreement on the tax credits carried forward into 2004.

On June 8, 2010, we received Notices of Assessment from the DOR against BIMA for $103.5 million of corporate excise tax, including associated interest and penalties, related to our 2004, 2005 and 2006 tax filings. We believe the asserted basis for these assessments is consistent with that for 2002. Assessments related to periods under dispute, including associated interest and penalties, total $142.4 million. We filed an abatement application with the DOR seeking abatement for 2004, 2005 and 2006. Our abatement application was denied and we filed a petition appealing the denial with the ATB on February 3, 2011. For all periods under dispute, we believe that positions taken in our tax filings are valid and believe that we have meritorious defenses in these disputes. We are contesting these matters vigorously.

Our tax filings for 2007 and 2008 have not yet been audited by the DOR but have been prepared in a manner consistent with prior filings which may result in an assessment for those years. Due to tax law changes effective January 1, 2009, the computation and deductions at issue in previous tax filings have not been part of our tax filings in Massachusetts starting in 2009.

We believe that these assessments do not impact the level of liabilities for income tax contingencies. However, there is a possibility that we may not prevail in defending all of our assertions with the DOR. If these matters are resolved unfavorably in the future, the resolution could have a material adverse impact on the effective tax rate and our results of operations.

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.

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

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-Name Accounting Standards Codification
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-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

Other Consolidated Financial Statement Detail

6 Months Ended

Jun. 30, 2011

Other Consolidated Financial Statement Detail


17.	Other Consolidated Financial Statement Detail

Other Income (Expense), Net

Components of other income (expense), net, are summarized as follows:


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
(In millions)	2011			2010			2011			2010

Interest income	$	4.3		$	6.7		$	8.0		$	15.6
Interest expense		(8.4	)		(9.0	)		(17.6	)		(17.3	)
Impairments of investments		(5.5	)		(1.2	)		(6.8	)		(17.0	)
Foreign exchange gains (losses), net		(0.6	)		(0.7	)		(1.0	)		0.3
Gain (loss) on sales of investments, net		0.2			6.3			15.5			11.3
Other, net		(1.7	)		(1.1	)		0.1			(0.3	)

Total other income (expense), net	$	(11.7	)	$	1.0		$	(1.8	)	$	(7.4	)

Other Current Assets

Other current assets consist of the following:


	As of		As of
	June 30,		December 31,
(In millions)	2011		2010

Deferred tax assets	$	66.9	$	112.2
Prepaid taxes		33.1		31.4
Receivable from collaborations		8.8		7.3
Interest receivable		6.1		4.9
Other prepaid expenses		60.1		47.9
Other		26.8		12.1

Total other current assets	$	201.8	$	215.8

Accrued Expenses and Other

Accrued expenses and other consists of the following:


	As of		As of
	June 30,		December 31,
(In millions)	2011		2010

Employee compensation and benefits	$	134.3	$	159.7
Revenue-related rebates		112.4		105.3
Restructuring charges		8.9		66.4
Royalties and licensing fees		40.0		45.1
Deferred revenue		59.1		41.3
Collaboration expenses		57.1		31.6
Clinical development expenses		33.7		24.4
Interest payable		21.6		21.6
Construction in progress acrual		13.3		16.4
Current portion of contingent consideration		4.9		11.9
Derivative liability		24.9		12.2
Other		131.1		130.0

Total accrued expenses and other	$	641.3	$	665.9

For a discussion of restructuring charges accrued as of June 30, 2011 and December 31, 2010, please read Note 3, Restructuring to these condensed consolidated financial statements.

Investments in Variable Interest Entities

6 Months Ended

Jun. 30, 2011

Investments in Variable Interest Entities [Abstract]

Investments in Variable Interest Entities


18.	Investments in Variable Interest Entities

Consolidated Variable Interest Entities

Our condensed consolidated financial statements include the financial results of variable interest entities in which we are the primary beneficiary.

Investments in Joint Ventures

We consolidate 100% of the operations of Biogen Dompé SRL and Biogen Dompé Switzerland GmbH, our respective sales affiliates in Italy and Switzerland, as we retain the contractual power to direct the activities of these entities which most significantly and directly impact their economic performance. The activity of each of these joint ventures is significant to our overall operations. The assets of these joint ventures were restricted, from the standpoint of Biogen Idec, in that they are not available for our general business use outside the context of each joint venture. The holders of the liabilities of each joint venture, including the credit line from Dompé described in our 2010 Form 10-K, had no recourse to Biogen Idec. Other than the line of credit from us and Dompé Farmaceutici SpA to Biogen-Dompé SRL, we have provided no financing to these joint ventures. In addition, Biogen-Dompé SRL has an operating lease for office space as well as a contract for the provision of administrative services with Dompé Farmaceutici SpA.

The following table summarizes total joint venture assets and liabilities:


	As of		As of
	June 30,		December 31,
(In millions)	2011		2010

Assets	$	193.6	$	159.2
Liabilities	$	74.6	$	63.3

The joint ventures’ most significant assets were accounts receivable from the ordinary course of business. As of June 30, 2011, accounts receivable held by our joint ventures totaled $134.2 million, of which $127.8 million were related to Biogen Dompé SRL, compared to $124.2 million as of December 31, 2010, of which $118.0 million were related to Biogen Dompé SRL. For additional information related to our accounts receivable balances in Italy, please read Note 5, Accounts Receivable to these condensed consolidated financial statements.

Knopp

In August 2010, we entered into a license agreement with Knopp Neurosciences, Inc. (Knopp), a subsidiary of Knopp Holdings, LLC, for the development, manufacture and commercialization of dexpramipexole, an orally administered small molecule in clinical development for the treatment of amyotrophic lateral sclerosis (ALS). We are responsible for all development activities and, if successful, we will also be responsible for the manufacture and global commercialization of dexpramipexole. Under the terms of the license agreement we made a $26.4 million upfront payment and agreed to pay Knopp up to an additional $265.0 million in development and sales-based milestone payments, as well as royalties on future commercial sales. In addition, we also purchased 30.0% of the Class B common shares of Knopp for $60.0 million.

Due to the terms of the license agreement and our investment in Knopp, we determined that we are the primary beneficiary of Knopp as we have the power to direct the activities that most significantly impact Knopp’s economic performance. As such, we consolidate the results of Knopp. Although we have assumed responsibility for the development of dexpramipexole, we may also be required to reimburse certain Knopp expenses directly attributable to the license agreement. Any additional amounts incurred by Knopp that we reimburse will be reflected within total costs and expenses in our consolidated statement of income. Future development and sales-based milestone payments will be reflected within our consolidated statement of income as charges to noncontrolling interests when such milestones are achieved.

In March 2011, we dosed the first patient in a registrational study for dexpramipexole. The achievement of this milestone resulted in a $10.0 million payment due to Knopp. As we consolidate Knopp, we recognized this payment as a charge to noncontrolling interests in the first quarter of 2011.

For the three and six months ended June 30, 2011, the collaboration incurred $9.0 million and $14.7 million, respectively, of expense related to the development of dexpramipexole, which is reflected as research and development expense within our condensed consolidated statements of income. The assets and liabilities of Knopp are not significant to our financial position or results of operations. We have provided no financing to Knopp other than previously contractually required amounts disclosed above.

Neurimmune SubOne AG

In 2007, we entered into a collaboration agreement with Neurimmune SubOne AG (Neurimmune), a subsidiary of Neurimmune AG, for the development and commercialization of antibodies for the treatment of Alzheimer’s disease. Neurimmune conducts research to identify potential therapeutic antibodies and we are responsible for the development, manufacturing and commercialization of all products. Based upon our current development plans, we may pay Neurimmune up to $345.0 million in remaining milestone payments, as well as royalties on sales of any resulting commercial products.

We determined that we are the primary beneficiary of Neurimmune because we have the power through the collaboration to direct the activities that most significantly impact SubOne’s economic performance and are required to fund 100% of the research and development costs incurred in support of the collaboration agreement. Amounts that are incurred by Neurimmune for research and development expenses in support of the collaboration that we reimburse are reflected in research and development expense in our consolidated statements of income. Future milestone payments will be reflected within our consolidated statements of income as a charge to the noncontrolling interest when such milestones are achieved.

For the three and six months ended June 30, 2011, the collaboration incurred development expense totaling $3.0 million and $4.8 million, respectively, which is reflected as research and development expense within our condensed consolidated statements of income, compared to $5.3 million and $10.4 million, respectively, in the prior year comparative periods.

In April 2011, we submitted an Investigational New Drug (IND) application for BIIB037 (human anti-Amyloid β mAb), a beta-amyloid removal therapy. BIIB037 is being developed for the treatment of Alzheimer’s disease. The achievement of this milestone resulted in a $15.0 milestone payment made to Neurimmune. As we consolidate Neurimmune, we have recognized this payment as a charge to noncontrolling interests in the second quarter of 2011.

The assets and liabilities of Neurimmune are not significant as it is a research and development organization. We have provided no financing to Neurimmune other than previously contractually required amounts disclosed above.

Unconsolidated Variable Interest Entities

We have relationships with other variable interest entities which we do not consolidate as we lack the power to direct the activities that significantly impact the economic success of these entities. These relationships include investments in certain biotechnology companies and research collaboration agreements. For additional information related to our significant collaboration arrangements, please read Note 19, Collaborations to our consolidated financial statements included within our 2010 Form 10-K.

As of June 30, 2011 and December 31, 2010, the total carrying value of our investments in biotechnology companies that we determined to be variable interest entities and which are not consolidated were $17.7 million and $22.9 million, respectively. Our maximum exposure to loss related to these variable interest entities is limited to the carrying value of our investments.

We have entered into research collaborations with certain variable interest entities where we are required to fund certain development activities. These development activities are included in research and development expense within our consolidated statements of income as they are incurred. Depending on the collaborative arrangement, we may record funding receivables or payable balances with our partners, based on the nature of the cost-sharing mechanism and activity within the collaboration. As of June 30, 2011 and December 31, 2010, we had no significant receivables or payables related to cost sharing arrangements with unconsolidated variable interest entities.

We have provided no financing to these variable interest entities other than previously contractually required amounts.

Collaborations

6 Months Ended

Jun. 30, 2011

Collaborations


19.	Collaborations

In April 2011, we agreed to terminate our collaboration with Vernalis plc. (Vernalis) for the development and commercialization of an adenosine A2a receptor antagonist for treatment of Parkinson’s disease effective April 11, 2011. Under the terms of the agreement, we will return the program to Vernalis and have no further license to, or continuing involvement in the development of, this compound and its related intellectual property. In exchange, we will receive a royalty on future net sales if this compound is ultimately commercialized. We funded development costs through the termination date and have no other remaining development obligations after that date. Development expense incurred by this collaboration in 2011 was insignificant.

Litigation

6 Months Ended

Jun. 30, 2011

Litigation [Abstract]

Litigation


20.	Litigation

Massachusetts Department of Revenue

In 2006, the Massachusetts Department of Revenue (DOR) issued a Notice of Assessment against Biogen Idec MA, Inc. (BIMA) for $38.9 million of corporate excise tax for 2002, which includes associated interest and penalties. The assessment asserts that the portion of sales attributable to Massachusetts (sales factor), the computation of BIMA’s research and development credits and certain deductions claimed by BIMA were not appropriate, resulting in unpaid taxes for 2002. We filed an abatement application with the DOR seeking abatements for 2001, 2002 and 2003. Our abatement application was denied and on July 25, 2007, we filed a petition with the Massachusetts Appellate Tax Board (the Massachusetts ATB) seeking, among other items, abatements of corporate excise tax for 2001, 2002 and 2003 and adjustments in certain credits and credit carry forwards for 2001, 2002 and 2003. Issues before the Massachusetts ATB include the computation of BIMA’s sales factor for 2001, 2002 and 2003, computation of BIMA’s research credits for those same years, and the availability of deductions for certain expenses and partnership flow-through items. The hearing on our petition has been stayed by the Massachusetts ATB to allow the parties to discuss a negotiated resolution of all disputes as to 2001, 2002 and 2003. The Massachusetts ATB has ordered a status conference for September 6, 2011, at which the parties will report on the status of the settlement discussions.

On June 8, 2010, we received Notices of Assessment from the DOR against BIMA for $103.5 million of corporate excise tax, including associated interest and penalties, related to our 2004, 2005 and 2006 tax filings. We believe the asserted basis for these assessments is consistent with that for 2002. We filed an abatement application with the DOR seeking abatements for 2004, 2005, and 2006. Our abatement application was denied on December 15, 2010 and we filed a petition appealing the denial with the Massachusetts ATB on February 3, 2011. For all periods under dispute, we believe that positions taken in our tax filings are valid and believe that we have meritorious defenses in these disputes. We are contesting these matters vigorously.

Hoechst — Genentech Arbitration

On October 24, 2008, Hoechst GmbH (“Hoechst”), predecessor to Sanofi-Aventis Deutschland GmbH (“Sanofi”), filed with the ICC International Court of Arbitration (Paris) a request for arbitration against Genentech, relating to a license agreement (the “Hoechst License”) between Hoechst’s predecessor and Genentech that was entered as of January 1, 1991 and terminated by Genentech on October 27, 2008. The Hoechst License granted Genentech certain rights with respect to U.S. Patents 5,849,522 (’522 patent) and 6,218,140 (’140 patent) and related patents outside the U.S. The license agreement provided for royalty payments of 0.5% on net sales of certain products defined by the agreement. In June 2011, the arbitrator issued an intermediate decision indicating that RITUXAN is such a product and ordering Genentech to provide certain RITUXAN sales information for the period from December 15, 1998 to October 27, 2008. The arbitrator will use this information to ascertain the amount of damages to be awarded to Hoechst. Genentech has filed a Declaration of Appeal from the intermediate decision in the Court of Appeal in Paris, which is pending. Although we are not a party to the arbitration, we expect that certain damages that may be awarded to Hoechst will be a cost charged to our collaboration with Genentech. Accordingly, we have reduced our share of RITUXAN revenues from unconsolidated joint business by approximately $50.0 million in the second quarter of 2011, as a result of an accrual for estimated compensatory damages (including interest) relating to the arbitrator’s intermediate decision. We expect the impact in subsequent quarters will be limited to adjustments necessary to reflect the difference between our estimate and the damages attributable to our collaboration or a successful challenge by Genentech of the arbitrator’s decision.

Sanofi ’522 and ’140 Patent Litigation

On October 27, 2008, Sanofi, successor to Hoechst, filed suit against Genentech and Biogen Idec in federal court in Texas (E.D. Tex.) (Texas Action) claiming that RITUXAN and certain other Genentech products infringe the ’522 patent and the ’140 patent. The patents are due to expire in December 2015. Sanofi seeks preliminary and permanent injunctions, compensatory and exemplary damages, and other relief. The same day Genentech and Biogen Idec filed a complaint against Sanofi in federal court in California (N.D. Cal.) (California Action) seeking a declaratory judgment that RITUXAN and other Genentech products do not infringe the ’522 patent or the ’140 patent and a declaratory judgment that those patents are invalid. The Texas Action was ordered transferred to the federal court in the Northern District of California and consolidated with the California Action and we refer to the two actions together as the Consolidated Sanofi Patent Actions. On April 21, 2011, the court entered a separate and final judgment that the manufacture and sale of RITUXAN do not infringe the ’522 patent or the ’140 patent and stayed the trial of the remaining claims, including Biogen Idec’s and Genentech’s invalidity claims. Sanofi has filed a notice of appeal from the court’s non-infringement ruling to the U.S. Court of Appeals for the Federal Circuit. We have not formed an opinion that a decision in favor of Sanofi in its appeal of the non-infringement ruling, or an unfavorable outcome on the now stayed invalidity claims in the Consolidated Sanofi Patent Actions, is either “probable” or “remote.” We believe that we have good and valid defenses and are vigorously defending against Sanofi’s allegations. In the event that we and Genentech are found liable we estimate that the range of any potential loss could extend to a royalty of up to 0.5% of net sales of RITUXAN, based on, among other things, the royalty rate set forth in the terminated Hoechst License and an analysis of royalty rates charged for comparable technologies. We believe that Sanofi would seek a substantially higher royalty rate, and we will continue to vigorously oppose its claims and position. One of the issues to be resolved in the Consolidated Sanofi Patent Actions is whether any award of reasonable royalty damages would begin running from October 27, 2008, when Genentech terminated the Hoechst License, or from October 27, 2002, six years before Sanofi filed the Texas Action, the statutory limitations period for damages in patent cases. In the event that Genentech is ordered in the arbitration described above to pay royalties on RITUXAN sales under the Hoechst License up to the date of the termination of the Hoechst License (October 27, 2008), we do not anticipate that either we or Genentech would be subject to any damages award in the Consolidated Sanofi Patent Actions for any period before October 27, 2008. Certain damages that may be awarded to Sanofi may be a cost charged to our collaboration with Genentech.

’755 Patent Litigation

On September 15, 2009, we were issued U.S. Patent No. 7,588,755 (’755 Patent), which claims the use of interferon beta for immunomodulation or treating a viral condition, viral disease, cancers or tumors. This patent, which expires in September 2026, covers, among other things, the treatment of MS with our product AVONEX. On May 27, 2010, Bayer Healthcare Pharmaceuticals Inc. (Bayer) filed a lawsuit against us in the U.S. District Court for the District of New Jersey seeking a declaratory judgment of patent invalidity and noninfringement and seeking monetary relief in the form of attorneys’ fees, costs and expenses. On May 28, 2010, BIMA filed a lawsuit in the U.S. District Court for the District of New Jersey alleging infringement of the ’755 Patent by EMD Serono, Inc. (manufacturer, marketer and seller of REBIF), Pfizer, Inc. (co-marketer of REBIF), Bayer (manufacturer, marketer and seller of BETASERON and manufacturer of EXTAVIA), and Novartis Pharmaceuticals Corp. (marketer and seller of EXTAVIA) and seeking monetary damages, including lost profits and royalties. The court has consolidated the two lawsuits, and we refer to the two actions as the Consolidated ‘755 Patent Actions. On August 16, 2010, BIMA amended its complaint to add Ares Trading S.A. (Ares), an affiliate of EMD Serono, as a defendant, and to seek a declaratory judgment that a purported “nonsuit and option agreement” between Ares and BIMA dated October 12, 2000, that purports to provide that Ares will have an option to obtain a license to the ’755 Patent, is not a valid and enforceable agreement or, alternatively, has been revoked and/or terminated by the actions of Ares or its affiliates. Ares moved to compel arbitration of the claims against it, and on June 7, 2011, a United States Magistrate Judge recommended allowance of Ares’ motion. On June 21, 2011, we filed objections to the recommendation. Pending a decision on our objections by the U.S. District Court Judge, an arbitration tribunal has convened and has scheduled a hearing for October 19-21, 2011. Bayer, Pfizer, Novartis and EMD Serono have all filed counterclaims in the Consolidated ‘755 Patent Actions seeking declaratory judgments of patent invalidity and noninfringement, and seeking monetary relief in the form of costs and attorneys’ fees, and EMD Serono and Bayer have each filed a counterclaim seeking a declaratory judgment that the ’755 Patent is unenforceable based on alleged inequitable conduct. Bayer has also amended its complaint to seek such a declaration. No trial date has yet been ordered, but we expect that the trial of the Consolidated ‘755 Patent Actions will take place in 2013.

GSK ’612 Patent Litigation

On March 23, 2010, we and Genentech were issued U.S. Patent No. 7,682,612 (‘612 Patent) relating to a method of treating CLL using an anti-CD20 antibody. The patent which expires in November 2019 covers, among other things, the treatment of CLL with RITUXAN. On March 23, 2010, we filed a lawsuit in federal court in the Southern District of California against Glaxo Group Limited and GlaxoSmithKline LLC (collectively, GSK) alleging infringement of that patent based upon GSK’s manufacture, marketing and sale, offer to sell, and importation of ARZERRA. We seek damages, including a royalty and lost profits, and injunctive relief. GSK has filed a counterclaim seeking a declaratory judgment of patent invalidity, noninfringement, unenforceability, and inequitable conduct, and seeking monetary relief in the form of costs and attorneys’ fees.

Novartis V&D ’688 Patent Litigation

On January 26, 2011, Novartis Vaccines and Diagnostics, Inc. (Novartis V&D) filed suit against us in federal district court in Delaware, alleging that TYSABRI infringes U.S. Patent No. 5,688,688 “Vector for Expression of a Polypeptide in a Mammalian Cell” (‘688 Patent), which was granted in November 1997 and expires in November 2014. Novartis V&D seeks a declaration of infringement, a finding of willful infringement, compensatory damages, treble damages, interest, costs and attorneys’ fees. We have not formed an opinion that an unfavorable outcome is either “probable” or “remote”, and are unable to estimate the magnitude or range of any potential loss. We believe that we have good and valid defenses to the complaint and will vigorously defend against it.

Product Liability and Other Legal Proceedings

We are also involved in product liability claims and other legal proceedings generally incidental to our normal business activities. While the outcome of any of these proceedings cannot be accurately predicted, we do not believe the ultimate resolution of any of these existing matters would have a material adverse effect on our business or financial conditions.

Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information [Abstract]

Segment Information


21.	Segment Information

We operate as one business segment, which is the business of discovering, developing, manufacturing and marketing products for the treatment of serious diseases with a focus on neurological disorders and therefore, our chief operating decision-maker manages the operations of our Company as a single operating segment.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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New Accounting Pronouncements [Abstract]

New Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

New Accounting Pronouncements


22.	New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.

In June 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-05, “Comprehensive Income (Topic 220)” (ASU 2011-05). This newly issued accounting standard (1) eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity; (2) requires the consecutive presentation of the statement of net income and other comprehensive income; and (3) requires an entity to present reclassification adjustments on the face of the financial statements from other comprehensive income to net income. The amendments in this ASU do 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 nor do the amendments affect how earnings per share is calculated or presented. This ASU is required to be applied retrospectively and is effective for fiscal years and interim periods within those years beginning after December 15, 2011, which for Biogen Idec means January 1, 2012. As this accounting standard only requires enhanced disclosure, the adoption of this standard will not impact our financial position or results of operations.

In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (ASU 2011-04). This newly issued accounting standard clarifies the application of certain existing fair value measurement guidance and expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs. This ASU is effective on a prospective basis for annual and interim reporting periods beginning on or after December 15, 2011, which for Biogen Idec means January 1, 2012. We do not expect that adoption of this standard will have a material impact on our financial position or results of operations.

In January 2010, we adopted a newly issued accounting standard which requires additional disclosure about the amounts of and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements. This standard also clarified existing disclosure requirements related to the level of disaggregation of fair value measurements for each class of assets and liabilities and requires disclosures about inputs and valuation techniques used to measure fair value for both recurring and nonrecurring Level 2 and Level 3 measurements. In addition, effective for interim and annual periods beginning after December 15, 2010, which for Biogen Idec is January 1, 2011, this standard further requires an entity to present disaggregated information about activity in Level 3 fair value measurements on a gross basis, rather than as one net amount. As this newly issued accounting standard only requires enhanced disclosure, the adoption of this standard did not impact our financial position or results of operations.

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

Business (Policies)

6 Months Ended

Jun. 30, 2011

Overview

Basis of Presentation

Consolidation

Use of Estimates

Subsequent Events

We did not have any material recognizable subsequent events. However, we did have the following non-recognizable subsequent events:


	•	On July 20, 2011, the European Commission (EC) granted a conditional marketing authorisation for FAMPYRA (prolonged release fampridine) in the E.U., which triggered a $25.0 million milestone payment payable to Acorda Therapeutics, Inc. (Acorda). FAMPYRA is an oral compound indicated as a treatment to improve walking ability in people with MS.

	•	On July 14, 2011, we executed leases for two office buildings to be built in Cambridge, Massachusetts. These buildings, totaling approximately 500,000 square feet, will serve as the future location of our corporate headquarters and commercial operations. The buildings will also provide additional general and administrative and research and development office space. For a more detailed description of these transactions, please read Note 11, Property, Plant and Equipment to these condensed consolidated financial statements.

Revenue recognition

Product Revenues

Reserves for Discounts and Allowances

Revenues from Unconsolidated Joint Business

Royalty Revenues

Comprehensive Income

Fair Value Measurement

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 46
-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
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-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 3: http://www.xbrl.org/2003/role/presentationRef
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-Name FASB Interpretation (FIN)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Principles Board Opinion (APB)
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Emerging Issues Task Force (EITF)
-Number 96-16
-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
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 02, 03

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
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-Paragraph k
-Article 1

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph c
-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 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

Analysis of the amount of, and change in, product revenue reserves

Restructuring (Tables)

6 Months Ended

Jun. 30, 2011

Restructuring [Abstract]

Restructuring liability


	Workforce			Facility
(In millions)	Reduction			Consolidation			Total

Restructuring reserve as of December 31, 2010	$	60.6		$	5.8		$	66.4
Expense		12.1			2.4			14.5
(Payments) receipts, net		(73.8	)		(2.0	)		(75.8	)
Adjustments to previous estimates, net		(1.6	)		—			(1.6	)
Other adjustments		8.6			(3.2	)		5.4

Restructuring reserve as of June 30, 2011	$	5.9		$	3.0		$	8.9

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2011

Revenue Recognition [Abstract]


				Contractual
(In millions)	Discounts			Adjustments			Returns			Total

Balance, as of December 31, 2010	$	13.9		$	107.0		$	21.1		$	142.0
Current provisions relating to sales in current year		47.2			174.6			6.8			228.6
Adjustments relating to prior years		—			(8.4	)		—			(8.4	)
Payments/returns relating to sales in current year		(33.3	)		(101.4	)		(0.3	)		(135.0	)
Payments/returns relating to sales in prior years		(13.0	)		(58.5	)		(4.9	)		(76.4	)

Balance, as of June 30, 2011	$	14.8		$	113.3		$	22.7		$	150.8

Summary of total product revenue reserves included in consolidated balance sheets


	As of		As of
	June 30,		December 31,
(In millions)	2011		2010

Reduction of accounts receivable	$	38.4	$	36.7
Current liability		112.4		105.3

Total reserves	$	150.8	$	142.0

Accounts Receivable [Tables]

6 Months Ended

Jun. 30, 2011

Accounts Receivable [Abstract]

Net accounts receivable balance from different countries


	As of June 30, 2011
	Balance Included		Balance Included
	within Accounts		within Investments
(In millions)	Receivable, Net		and Other Assets		Total

Italy	$	116.5	$	11.3	$	127.8
Spain	$	81.7	$	36.7	$	118.4
Portugal	$	23.9	$	7.4	$	31.3
Greece	$	10.7	$	—	$	10.7


	As of December 31, 2010
	Balance Included		Balance Included
	within Accounts		within Investments
(In millions)	Receivable, Net		and Other Assets		Total

Italy	$	103.2	$	14.8	$	118.0
Spain	$	70.8	$	29.8	$	100.6
Portugal	$	17.8	$	5.5	$	23.3
Greece	$	3.9	$	—	$	3.9

Inventory (Tables)

6 Months Ended

Jun. 30, 2011

Inventory [Abstract]

Components of inventories


	As of		As of
	June 30,		December 31,
(In millions)	2011		2010

Raw materials	$	59.8	$	59.0
Work in process		165.6		142.2
Finished goods		82.9		87.9

Total inventory	$	308.3	$	289.1

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2011

Intangible Assets and Goodwill [Abstract]

Intangible assets


			As of June 30, 2011							As of December 31, 2010
	Estimated				Accumulated							Accumulated
(In millions)	Life		Cost		Amortization			Net		Cost		Amortization			Net

Out-licensed patents		12 years	$	578.0	$	(370.9	)	$	207.1	$	578.0	$	(350.2	)	$	227.8
Core developed technology		15-23 years		3,005.3		(1,723.4	)		1,281.9		3,005.3		(1,636.9	)		1,368.4
In process research and development		Up to 15 years upon commercialization		110.9		—			110.9		110.9		—			110.9
Trademarks and tradenames		Indefinite		64.0		—			64.0		64.0		—			64.0
In-licensed patents		Up to 14 years		17.5		(2.5	)		15.0		3.0		(1.3	)		1.7
Assembled workforce		4 years		2.1		(2.1	)		—		2.1		(2.1	)		—
Distribution rights		2 years		12.7		(12.7	)		—		12.7		(12.7	)		—

Total intangible assets			$	3,790.5	$	(2,111.6	)	$	1,678.9	$	3,776.0	$	(2,003.2	)	$	1,772.8

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Summary of Assets and Liabilities Recorded at Fair Value


							Significant
	Balance as of		Quoted Prices in		Significant Other		Unobservable
	June 30,		Active Markets		Observable Inputs		Inputs
(In millions)	2011		(Level 1)		(Level 2)		(Level 3)

Assets:
Cash equivalents	$	440.6	$	—	$	440.6	$	—
Marketable debt securities:
Corporate debt securities		475.1		—		475.1		—
Government securities		1,095.4		—		1,095.4		—
Mortgage and other asset backed securities		242.3		—		242.3		—
Strategic investments		2.0		2.0		—		—
Venture capital investments		20.6		—		—		20.6
Derivative contracts		0.5		—		0.5		—
Plan assets for deferred compensation		15.2		—		15.2		—

Total	$	2,291.7	$	2.0	$	2,269.1	$	20.6

Liabilities:
Derivative contracts	$	24.9	$	—	$	24.9	$	—
Acquisition-related contingent consideration		84.6		—		—		84.6

Total	$	109.5	$	—	$	24.9	$	84.6


							Significant
	Balance as of		Quoted Prices in		Significant Other		Unobservable
	December 31,		Active Markets		Observable Inputs		Inputs
(In millions)	2010		(Level 1)		(Level 2)		(Level 3)

Assets:
Cash equivalents	$	651.8	$	—	$	651.8	$	—
Marketable debt securities:
Corporate debt securities		313.0		—		313.0		—
Government securities		785.3		—		785.3		—
Mortgage and other asset backed securities		92.9		—		92.9		—
Strategic investments		44.8		44.8		—		—
Venture capital investments		20.8		—		—		20.8
Derivative contracts		1.3		—		1.3		—
Plan assets for deferred compensation		13.0		—		13.0		—

Total	$	1,922.9	$	44.8	$	1,857.3	$	20.8

Liabilities:
Derivative contracts	$	12.2	$	—	$	12.2	$	—
Acquisition-related contingent consideration		81.2		—		—		81.2

Total	$	93.4	$	—	$	12.2	$	81.2

Fair value of venture capital investments


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
(In millions)	2011			2010			2011			2010

Beginning balance	$	20.5		$	20.8		$	20.8		$	21.9
Unrealized gains included in earnings		0.1			—			0.7			—
Unrealized losses included in earnings		(0.3	)		(0.1	)		(1.3	)		(1.6	)
Purchases		0.3			(0.3	)		0.4			0.1
Issuances		—			—			—			—
Settlements		—			—			—			—

Ending balance	$	20.6		$	20.4		$	20.6		$	20.4

Summary of fair and carrying value of debt instruments


	As of June 30, 2011				As of December 31, 2010
	Fair		Carrying		Fair		Carrying
(In millions)	Value		Value		Value		Value

Credit line from Dompé	$	4.3	$	4.3	$	8.1	$	8.0
Note payable to Fumedica		24.4		21.7		24.2		22.0
6.0% Senior Notes due 2013		482.9		449.8		485.5		449.8
6.875% Senior Notes due 2018		639.4		595.1		618.0		597.9

Total	$	1,151.0	$	1,070.9	$	1,135.8	$	1,077.7

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-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 FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-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 107
-Paragraph 15
-Subparagraph b-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 157
-Paragraph 32
-Subparagraph a, c(1), c(2), c(3), 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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(2), d, e, f
-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 159
-Paragraph 19
-Subparagraph a, b, c(1), d(1)
-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 Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

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

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Marketable Securities including Strategic Investments

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2011

Financial Instruments [Abstract]


			Gross		Gross
	Fair		Unrealized		Unrealized			Amortized
As of June 30, 2011 (In millions)	Value		Gains		Losses			Cost

Available-for-sale
Corporate debt securities
Current	$	122.3	$	0.2	$	—		$	122.1
Non-current		352.8		1.3		(0.2	)		351.7
Government securities
Current		504.7		0.3		—			504.4
Non-current		590.7		0.8		(0.1	)		590.0
Mortgage and other asset backed securities
Current		2.2		—		—			2.2
Non-current		240.1		0.5		(0.6	)		240.2

Total available-for-sale securities	$	1,812.8	$	3.1	$	(0.9	)	$	1,810.6

Other Investments
Strategic investments, non-current	$	2.0	$	0.5	$	—		$	1.5


			Gross		Gross
	Fair		Unrealized		Unrealized			Amortized
As of December 31, 2010 (In millions)	Value		Gains		Losses			Cost

Available-for-sale
Corporate debt securities
Current	$	93.2	$	0.1	$	—		$	93.1
Non-current		219.8		2.1		(0.5	)		218.2
Government securities
Current		352.8		0.2		—			352.6
Non-current		432.5		0.6		(0.6	)		432.5
Mortgage and other asset backed securities
Current		2.1		—		—			2.1
Non-current		90.8		0.5		(0.2	)		90.5

Total available-for-sale securities	$	1,191.2	$	3.5	$	(1.3	)	$	1,189.0

Other Investments
Strategic investments, non-current	$	44.8	$	17.5	$	—		$	27.3

Summary of financial assets with original maturities of less than 90 days included within cash and cash equivalents


	As of		As of
	June 30,		December 31,
(In millions)	2011		2010

Commercial paper	$	8.0	$	4.0
Repurchase agreements		80.9		26.0
Short-term debt securities		351.7		621.8

Total	$	440.6	$	651.8

Summary of Contractual Maturities: Available-for-Sale Securities


	As of June 30, 2011				As of December 31, 2010
	Estimated		Amortized		Estimated		Amortized
(In millions)	Fair Value		Cost		Fair Value		Cost

Due in one year or less	$	629.2	$	628.7	$	448.1	$	447.8
Due after one year through five years		1,040.9		1,039.0		664.1		662.4
Due after five years		142.7		142.9		79.0		78.8

Total	$	1,812.8	$	1,810.6	$	1,191.2	$	1,189.0

Proceeds from Marketable Securities, excluding Strategic Investments


	For the Three Months					For the Six Months
	Ended June 30,					Ended June 30,
(In millions)	2011			2010		2011			2010

Proceeds from maturities and sales	$	381.8		$	973.2	$	1,169.8		$	2,002.5
Realized gains	$	0.7		$	7.4	$	3.1		$	13.1
Realized losses	$	(0.5	)	$	1.1	$	(1.3	)	$	1.8

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-1
-Paragraph 21
-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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 17
-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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 19, 20, 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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Foreign currency forward contracts that were entered into to hedge forecasted revenue

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2011

Derivative Instruments [Abstract]


	Notional Amount
	As of		As of
	June 30,		December 31,
Foreign Currency (In millions)	2011		2010

Euro	$	537.1	$	460.3
Canadian dollar		11.4		24.0
Swedish krona		4.8		9.9

Total foreign currency forward contracts	$	553.3	$	494.2

Summary of Derivatives designated as Hedging Instruments


		Fair Value
		As of June 30,
(In millions)	Balance Sheet Location	2011

Foreign Currency Contracts
Asset derivatives	Other current assets	$	—
Liability derivatives	Accrued expenses and other	$	23.8


		Fair Value
		As of December 31,
(In millions)	Balance Sheet Location	2010

Foreign Currency Contracts
Asset derivatives	Other current assets	$	—
Liability derivatives	Accrued expenses and other	$	11.0

Summary of the effect of derivatives designated as hedging instruments on the consolidated statements of income

Amount

Recognized in

Reclassified from

Accumulated

Other

Comprehensive

Income (Loss)

Income

Income (Loss)

Income

Amount of

on Derivative

Statement

into Income

Statement

Gain/(Loss)

Location

Gain/(Loss)

Location

Recorded

(In millions)

(Effective Portion)

(Ineffective Portion)

For the Three Months Ended

June 30, 2011:

Other income

Foreign currency contracts

(23.3

)

Revenue

(18.5

)

(expense)

(1.2

)

June 30, 2010:

Other income

Foreign currency contracts

62.1

Revenue

19.7

(expense)

(0.6

)

For the Six Months Ended

June 30, 2011:

Other income

Foreign currency contracts

(23.3

)

Revenue

(26.8

)

(expense)

(0.5

)

June 30, 2010:

Other income

Foreign currency contracts

62.1

Revenue

19.9

(expense)

(0.5

)

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

Equity and Comprehensive Income [Abstract]

Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2011

Activities reflected in comprehensive income, included within equity attributable to the shareholders of Biogen Idec, equity attributable to noncontrolling interests, and total shareholders' equity


	For the Three Months						For the Three Months
	Ended June 30, 2011						Ended June 30, 2010
	Biogen Idec				Total		Biogen Idec						Total
	Shareholders’		Noncontrolling		Shareholders’		Shareholders’			Noncontrolling			Shareholders’
(In millions)	Equity		Interests		Equity		Equity			Interests			Equity

Comprehensive income:
Net income	$	288.0	$	16.0	$	304.0	$	293.4		$	1.2		$	294.6
Unrealized gains (losses) on securities available for sale, net of tax of $0.6 and $3.8		1.1		—		1.1		(6.5	)		—			(6.5	)
Unrealized gains (losses) on foreign currency forward contracts, net of tax of $0.8 and $3.6		6.3		—		6.3		26.5			—			26.5
Unrealized gains (losses) on pension benefit obligation, net of tax of $0 and $0		—		—		—		(0.2	)		—			(0.2	)
Currency translation adjustment		19.3		2.9		22.2		(71.8	)		(3.4	)		(75.2	)

Comprehensive income (loss)	$	314.7	$	18.9	$	333.6	$	241.4		$	(2.2	)	$	239.2


	For the Six Months								For the Six Months
	Ended June 30, 2011								Ended June 30, 2010
	Biogen Idec					Total			Biogen Idec						Total
	Shareholders’			Noncontrolling		Shareholders’			Shareholders’			Noncontrolling			Shareholders’
(In millions)	Equity			Interests		Equity			Equity			Interests			Equity

Comprehensive income:
Net income	$	582.4		$	30.4	$	612.8		$	510.9		$	3.8		$	514.7
Unrealized gains (losses) on securities available for sale, net of tax of $6.3 and $5.5		(10.7	)		—		(10.7	)		(9.4	)		—			(9.4	)
Unrealized gains (losses) on foreign currency forward contracts, net of tax of $1.2 and $6.5		(11.1	)		—		(11.1	)		54.3			—			54.3
Unrealized gains (losses) on pension benefit obligation, net of tax of $0 and $0		—			—		—			(0.3	)		—			(0.3	)
Currency translation adjustment		69.1			5.7		74.8			(124.2	)		(6.0	)		(130.2	)

Comprehensive income (loss)	$	629.7		$	36.1	$	665.8		$	431.3		$	(2.2	)	$	429.1

Stockholders' Equity attributable to Noncontrolling interest- roll forward


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
(In millions)	2011			2010			2011			2010

Noncontrolling interests, beginning of period	$	70.1		$	41.2		$	52.9		$	40.4
Net income attributable to noncontrolling interests		16.0			1.2			30.4			3.8
Translation adjustments		2.9			(3.4	)		5.7			(6.0	)
Distributions to noncontrolling interests		(9.9	)		—			(9.9	)		—
Capital contributions from noncontrolling interests		—			1.4			—			2.2

Noncontrolling interests, end of period	$	79.1		$	40.4		$	79.1		$	40.4

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2011

Earnings per Share [Abstract]

Basic and diluted earnings per share


	For the Three Months					For the Six Months
	Ended June 30,					Ended June 30,
(In millions)	2011		2010			2011			2010

Numerator:
Net income attributable to Biogen Idec Inc	$	288.0	$	293.4		$	582.4		$	510.9
Adjustment for net income allocable to preferred stock		—		(0.6	)		(0.5	)		(0.9	)

Net income used in calculating basic and diluted earnings per share	$	288.0	$	292.8		$	581.9		$	510.0

Denominator:
Weighted average number of common shares outstanding		242.4		259.9			241.9			265.0
Effect of dilutive securities:
Stock options and employee stock purchase plan		1.0		0.8			1.3			0.9
Time-vested restricted stock units		1.4		1.0			1.5			1.4
Market stock units		0.2		—			0.2			—
Performance-vested restricted stock units settled in shares		—		—			—			—

Dilutive potential common shares		2.6		1.8			3.0			2.3

Shares used in calculating diluted earnings per share		245.0		261.7			244.9			267.3

Anti dilutive securities excluded from computation of dilutive earnings per share


	For the Three Months				For the Six Months
	Ended June 30,				Ended June 30,
(In millions)	2011		2010		2011		2010

Numerator:
Net income allocable to preferred stock	$	—	$	0.6	$	0.5	$	0.9

Denominator:
Stock options		—		5.3		—		5.1
Time-vested restricted stock units		—		1.4		—		1.0
Market stock units		—		—		—		—
Performance-vested restricted stock units settled in shares		—		—		—		—
Convertible preferred stock		—		0.5		0.2		0.5

Total		—		7.2		0.2		6.6

Share-Based Payments (Tables)

6 Months Ended

Jun. 30, 2011

Share-based Payments [Abstract]

Schedule of stock option and restricted stock unit grants


	For the Six Months
	Ended June 30,
	2011		2010

Stock options		—		124,000
Market stock units(a)		373,000		334,000
Cash settled performance shares(b)		483,000		373,000
Time-vested restricted stock units(c)		1,303,000		1,700,000
Performance-vested restricted stock units(d)		1,000		4,000


(a)		Market stock units (MSUs) granted for the six months ended June 30, 2010, represents the target number of shares eligible to be earned at the time of grant.

		MSUs granted for the six months ended June 30, 2011, includes approximately 18,000 additional MSUs issued in 2011 based upon the attainment of performance criteria set for 2010 in relation to shares granted in 2010. The remainder of the MSUs granted in 2011 represent the target number of shares eligible to be earned at the time of grant. These grants were made in conjunction with the hiring of employees and our annual awards made in February.

(b)		Cash settled performance shares (CSPSs) granted for the six months ended June 30, 2010, represents the target number of shares eligible to be earned at the time of grant.

		CSPSs granted for the six months ended June 30, 2011, includes approximately 95,000 additional CSPSs issued in 2011 based upon the attainment of performance criteria set for 2010 in relation to shares granted in 2010. The remainder of the CSPSs granted in 2011 represent the target number of shares eligible to be earned at the time of grant. These grants were made in conjunction with the hiring of employees and our annual awards made in February.

(c)		Time-vested restricted stock units (RSUs) granted for the six months ended June 30, 2011, includes approximately 1.2 million RSUs granted in connection with our annual awards made in February 2011, and 135,000 RSUs granted in conjunction with new hires and grants made to our Board of Directors.

(d)		Performance-vested restricted stock units (PVRSUs) granted for the six months ended June 30, 2010, represents the target number of shares eligible to be earned at the time of grant; approximately 1,000 additional PVRSUs were issued in 2011 based upon the attainment of performance criteria set for 2010 in relation to shares granted in 2010.

Share-based compensation expense included in consolidated statements of income


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
(In millions)	2011			2010			2011			2010

Research and development	$	13.9		$	15.4		$	32.2		$	32.1
Selling, general and administrative		22.2			34.0			42.8			70.2
Restructuring charges		—			—			(0.6	)		—

Subtotal		36.1			49.4			74.4			102.3
Capitalized share-based compensation costs		(1.0	)		(0.7	)		(2.0	)		(1.6	)

Share-based compensation expense included in total cost and expenses		35.1			48.7			72.4			100.7
Income tax effect		(10.9	)		(15.7	)		(23.0	)		(32.4	)

Share-based compensation expense included in net income attributable to Biogen Idec Inc	$	24.2		$	33.0		$	49.4		$	68.3

Summary of share-based compensation expense associated with different programs


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
(In millions)	2011			2010			2011			2010

Stock options	$	1.6		$	9.3		$	2.7		$	20.1
Market stock units		4.3			1.9			7.7			5.5
Time-vested restricted stock units		19.1			32.3			46.2			65.8
Performance-vested restricted stock units settled in shares		0.3			1.3			0.7			3.7
Cash settled performance shares		10.7			4.2			15.5			5.2
Employee stock purchase plan		0.1			0.4			1.6			2.0

Subtotal		36.1			49.4			74.4			102.3
Capitalized share-based compensation costs		(1.0	)		(0.7	)		(2.0	)		(1.6	)

Share-based compensation expense included in total cost and expenses	$	35.1		$	48.7		$	72.4		$	100.7

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

Reconciliation between the U.S. federal statutory tax rate and effective tax rate

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2011

Income Taxes [Abstract]


	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011			2010

Statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
State taxes		0.4			1.9			1.4			1.9
Taxes on foreign earnings		(7.3	)		(10.3	)		(6.3	)		(10.1	)
Credits and net operating loss utilization		(4.1	)		(1.6	)		(3.1	)		(1.6	)
Purchased intangible assets		1.4			1.5			1.4			1.5
IPR&D		—			0.8			—			0.8
Permanent items		(1.1	)		(1.7	)		(1.2	)		(1.7	)
Other		(0.5	)		0.2			(1.5	)		(0.1	)

Effective tax rate		23.8	%		25.8	%		25.7	%		25.7	%

Other Consolidated Financial Statement Detail (Tables)

6 Months Ended

Jun. 30, 2011