During the first quarter, the Company shipped $25.1 million of Jakafi to its specialty pharmacies.

The Company currently uses the sell-through method for product revenue recognition, which means revenue is deferred until the specialty pharmacy ships product to the patient. For the first quarter of 2012, $21.2 million of product was delivered to patients and recognized as gross revenue. The gross to net adjustment for product revenue recognized was approximately $1.9 million, resulting in net product revenue of $19.3 million for the first quarter.

The Company’s cumulative net product deferred revenue as of March 31, 2012, was $6.0 million.

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