Regeneron reports $29.7 million 4Q net loss, predicts first regulatory submission in 2007/2008

By Angela McDaniels

Seattle, Feb. 24 - Regeneron Pharmaceuticals Inc. reported a fourth-quarter 2005 net loss of $29.7 million, or $0.53 per basic and diluted share, down from net income of $2.8 million, or $0.05 per basic and diluted share, for the year-ago period.

For the full year, the company had a net loss of $95.4 million, or $1.71 per share basic and diluted share, down from net income of $41.7 million, or $0.75 per basic share and $0.74 per diluted share, for the full-year 2004, according to a company news release.

Regeneron said the net loss for the full-year 2005 included non-recurring payments of $25 million from sanofi-aventis and $5.6 million from The Procter & Gamble Co. in connection with amendments to Regeneron's collaboration agreements with sanofi-aventis and Procter & Gamble.

Regeneron's total revenue decreased to $17.4 million in the fourth quarter of 2005 from $47.1 million in the comparable quarter of 2004, and to $66.2 million for the full year 2005 from $174.0 million in 2004.

The company attributed the decrease to declines in contract research and development revenue and research progress payments.

Since the beginning of 2006, Regeneron has received an up-front payment of $25 million from sanofi-aventis related to the expansion of the companies' VEGF Trap collaboration program to include Japan.

In addition, sanofi-aventis has begun a phase 2 study of VEGF Trap in non-small cell lung adenocarcinoma, it plans to begin two additional phase 2 studies of the drug in advanced ovarian cancer and symptomatic malignant ascities and expects to submit the first marketing approval for the VEGF Trap in 2007/2008, according to an 8-K report filed with the Securities and Exchange Commission on Friday.

Regeneron is a development-state biopharmaceutical company based in Tarrytown, N.Y., that discovers, develops and intends to commercialize therapeutic medicines for the treatment of serious medical conditions such as cancer, eye diseases and inflammatory diseases.

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