Regeneron reports a smaller 2Q loss
Regeneron Pharmaceuticals Inc., a Tarrytown-based biotech company, reported a smaller second-quarter loss and increased revenues after it increased shipments of a new drug.
The net loss of $14.9 million, or 19 cents a share, during the second quarter compared with a net loss of $18.7 million, or 24 cents a share, a year earlier. Revenues increased to $90 million in the second quarter from $60.7 million a year earlier.
Arcalyst, Regeneron’s only marketable drug, was approved last year for treatment of a rare auto-inflammatory condition known as CAPS. The company said that shipments of Arcalyst rose to $5.4 million during the quarter, up from $1.6 million a year earlier.
The company, hoping to find new markets for the drug, is continuing a clinical development program that is evaluating Arcalyst as a potential treatment for gout. Regeneron projects U.S. shipments of Arcalyst could reach $15 million to $20 million in 2009. In other development programs, Regeneron has a partenership with Bayer HealthCare AG to develop another medication, VEGF Trap-Eye, as a treatment for various eye diseases.