Regeneron's quarterly net loss improves to $27.4 million from year ago

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Regeneron Pharmaceuticals, Inc. said it had a net loss of $27.4 million, or $0.48 per share, for the third quarter of 2006, an improvement from the net loss of $34.7 million, or $0.62 per share, for the third quarter of 2005.

The company's total revenue decreased to $15.6 million in the quarter from $16.2 million in the prior-year period.

Contract research and development revenue declined to $10.0 million in the third-quarter 2006, from $11.2 million for the same period in 2005.

Third-quarter 2006 operating expenses decreased 13% to $43.9 million from the prior-year period.

Research and development expenses were also down in the third quarter at $34.8 million, from $41.1 million in the comparable quarter of 2005.

At Sept. 30, Regeneron had cash and marketable securities totaling $289.6 million, compared with $316.7 million at Dec. 31.

For the first nine months of 2006, Regeneron reported a net loss of $71.4 million, or $1.25 per share, compared with a net loss of $65.8 million, or $1.18 per share, for the same period in 2005.

Total revenue increased to $53.1 million for the nine-month period from $48.8 million for the same period of 2005.

The company said its contract research and development revenue was up for the nine months ended Sept. 30 to $38.7 million from $30.4 million for the first nine months of 2005.

Nine-month operating expenses were down 11% to $127.3 million for the nine-month period of 2006.

Regeneron's research and development expenses also declined in the period to $101.3 million from $117.7 million for the prior-year period.

The company said it entered into a collaboration with Bayer HealthCare on Oct. 18 in which Bayer made a $75 million up-front payment to the company of $75 million.

In the third quarter of 2006, Regeneron said it expanded clinical development programs for its lead product candidates in oncology, eye disease and inflammatory indications.

The company was awarded a five-year grant, worth at last $18.9 million, from the National Institutes of Health in September enabling Regeneron to use its VelociGene technology to target 3,500 difficult genes not currently the focus of other large-scale knockout mouse programs.

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

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