Summary
Regeneron Pharmaceuticals, Inc. (REGN) reported a net loss of $62.5 million ($0.69 per share) for the second quarter ended June 30, 2011, an increase from the $25.5 million ($0.31 per share) net loss in the same period of 2010. This wider loss was driven primarily by increased research and development (R&D) expenses and higher selling, general, and administrative (SG&A) costs, reflecting the company's ongoing investments in its extensive pipeline. Total revenues for the quarter were $107.8 million, a slight decrease from $115.9 million in Q2 2010, impacted by lower technology licensing revenue. Collaboration revenues from Sanofi and Bayer HealthCare remained robust, primarily driven by expense reimbursements for ongoing development programs. Notably, the company submitted a Biologics License Application (BLA) for EYLEATM for wet age-related macular degeneration (AMD) in February 2011, which received Priority Review with a target decision date in August 2011. Positive results were also reported for ZALTRAPTM in colorectal cancer and ARCALYST® for gout flares, with regulatory submissions planned. The company ended the quarter with $254.3 million in cash and cash equivalents and $55.4 million in marketable securities, reflecting significant cash burn but also substantial collaboration funding.
Financial Highlights
44 data points| Revenue | $107.81M |
| Cost of Revenue | $395K |
| Gross Profit | $107.42M |
| R&D Expenses | $143.15M |
| SG&A Expenses | $24.59M |
| Operating Expenses | $168.13M |
| Operating Income | -$60.32M |
| Interest Expense | $4.05M |
| Net Income | -$62.51M |
| EPS (Basic) | $-0.69 |
| EPS (Diluted) | $-0.69 |
| Shares Outstanding (Basic) | 90.44M |
| Shares Outstanding (Diluted) | 90.44M |
Key Highlights
- 1Net loss widened to $62.5 million in Q2 2011 from $25.5 million in Q2 2010, primarily due to increased R&D and SG&A expenses.
- 2Total revenues decreased slightly to $107.8 million in Q2 2011 from $115.9 million in Q2 2010, with lower technology licensing revenue being a key factor.
- 3EYLEATM for wet AMD received Priority Review from the FDA with a target decision date of August 20, 2011; BLA submitted in February 2011.
- 4Positive Phase 3 results for ZALTRAPTM in metastatic colorectal cancer announced, with regulatory submissions planned for H2 2011.
- 5ARCALYST® net product sales for Q2 2011 were $5.0 million, slightly down from $5.2 million in Q2 2010.
- 6Company ended Q2 2011 with $254.3 million in cash and cash equivalents and $55.4 million in marketable securities.
- 7Significant increase in R&D expenses driven by ongoing clinical trials for EYLEATM, ZALTRAPTM, and other pipeline candidates.