Regeneron reports second-quarter loss of $23.6 million, revenue up to $19.3 million

By Lisa Kerner

Charlotte, N.C., Aug. 3 - Regeneron Pharmaceuticals, Inc. said its net loss for the second-quarter 2006 decreased to $23.6 million, or $0.41 per share, from $27.0 million, or $0.48 per share, for the second-quarter 2005.

The company's total revenue for the second quarter increased to $19.3 million from $16.4 million in the prior-year period.

For the first six months of 2006, Regeneron's net loss increased to $44.0 million, or $0.77 per share, from $31.1 million, or $0.56 per share, for the same period in 2005.

Total revenue for the six-month period was up at $37.5 million from $32.6 million for the same period of 2005 due to increases in contract research and development and contract manufacturing revenue.

At June 30, Regeneron had cash and marketable securities totaling $304.1 million, down from $316.7 million at Dec. 31, 2005.

Clinical development progress in the second quarter included development of the Vascular Endothelial Growth Factor (VEGF) Trap in collaboration with Sanofi-Aventis and starting a phase 2 trial of the VEGF Trap-Eye in the neovascular form of age-related macular degeneration.

The company said it has also made significant progress in its proprietary VelocImmune program for producing fully human monoclonal antibodies.

Regeneron is a Tarrytown, N.Y., biopharmaceutical company.

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