Il-1 Trap...MTD did not reached by SC route
VEGF-Trap...MTD did not reached by SC route
IL-4/13 Trap...MTD did not reached by SC route
I bet their next Trap will be tested by SC formulation!
Press Release Source: Regeneron Pharmaceuticals, Inc.
Regeneron Reports First Quarter Financial and Operating Results
Monday April 26, 4:57 pm ET
TARRYTOWN, N.Y.--(BUSINESS WIRE)--April 26, 2004--Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN - News) today announced financial and operating results for the first quarter of 2004.
Regeneron reported net income of $64.5 million, or $1.17 per basic share and $1.06 per diluted share, for the first quarter of 2004 compared with a net loss of $30.3 million, or $0.68 per share (basic and diluted), for the first quarter of 2003. The increase in net income was due principally to non-recurring income related to the Company's collaboration with Novartis Pharma AG. In the first quarter of 2004, Novartis notified Regeneron of its decision to forgo its right under the collaboration to jointly develop the Interleuken-1 (IL-1) Trap and agreed to pay $42.75 million to satisfy its obligation to fund development costs for the IL-1 Trap for the nine month period following its notification and for the two months prior to that notice. Regeneron included this $42.75 million in other contract income in the first quarter. In addition, the Company recognized contract research and development revenue of $22.1 million which represents the remaining amount of the March 2003 up-front, non-refundable payment from Novartis that had previously been deferred. Novartis also forgave all of its outstanding loans to Regeneron totaling $17.8 million, based on Regeneron's achieving a pre-defined development milestone, which was recognized as a research progress payment.
At March 31, 2004, cash, marketable securities, and restricted marketable securities totaled $351.4 million compared with $366.6 million at December 31, 2003. In April 2004, the Company received the $42.75 million payments from Novartis described above. The Company expects to end the year with a cash balance of $300 to $325 million. The Company's $200.0 million of convertible notes, which bear interest at 5.5% per annum, mature in 2008.
Regeneron's total revenue increased to $62.0 million in the first quarter of 2004 from $9.9 million in the same period of 2003 due principally to the Company's collaborations with Novartis and Aventis. Contract research and development revenue increased to $41.6 million in the first quarter of 2004 from $9.2 million in the same period of 2003. Contract research and development revenue related to the Novartis collaboration was $22.1 million in the first quarter of 2004 (as described above) compared to $6.5 million in the first quarter of 2003. Regeneron does not expect future contract research and development revenue from Novartis. Contract research and development revenue also increased in the first quarter of 2004 compared with 2003 due to the recognition of $16.4 million of revenue related to the Company's collaboration with Aventis for the joint development and commercialization of the VEGF Trap. The Aventis revenue consists of $13.7 million for reimbursement of VEGF Trap development expenses and $2.7 million related to a September 2003 up-front, non-refundable payment. The Company recognizes revenue in connection with collaborations in accordance with Staff Accounting Bulletin No. 104, Revenue Recognition. As a result, $73.6 million of the Aventis up-front payment has been deferred as of March 31, 2004 and will be recognized as revenue in future periods. <snip> |
