Regeneron reports 1Q net loss of $0.36 per share, revenues up to $18.2 million

By Lisa Kerner

Erie, Pa., May 3 - Regeneron Pharmaceuticals, Inc. reported a first-quarter net loss of $20.4 million, or $0.36 per basic and diluted share, compared with a net loss of $4.1 million, or $0.07 per basic and diluted share, for the first quarter of 2005.

Regeneron noted that first-quarter 2005 results included a $25.0 million one-time, non-recurring payment from the Sanofi-Aventis Group.

The company's total revenue increased in the first quarter to $18.2 million from $16.2 million in the same period in 2005. Regeneron attributed $1.1 million of the increase to contract research and development revenue and $0.9 million of the increase to contract manufacturing revenue.

The company had cash and marketable securities of $324.2 million on March 31, up from $316.7 million on Dec.31.

In January, Regeneron received an up-front payment of $25.0 million from Sanofi-Aventis related to the companies' VEGF Trap collaboration program.

During the first quarter, the company expanded its clinical development program focused on product candidates in oncology, eye diseases and inflammatory indications.

Additionally, Regeneron and Sanofi-Aventis began a phase 2 single-agent program for the VEGF Trap in cancer and patient enrollment is underway in studies of non-small cell lung adenocarcinoma and advanced ovarian cancer.

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

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