Regeneron Reports Second Quarter 2009 Financial and Operating ResultsTARRYTOWN, N.Y.--(BUSINESS WIRE)--Aug. 4, 2009--
Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) today announced
financial and operating results for the second quarter of 2009. The
Company reported a net loss of
$14.9 million, or
$0.19 per share (basic
and diluted), for the second quarter of 2009 compared with a net loss of
$18.7 million, or
$0.24 per share (basic and diluted), for the second
quarter of 2008. The Company reported a net loss of
$30.3 million, or
$0.38 per share (basic and diluted), for the six months ended
June 30,
2009 compared with a net loss of
$30.5 million, or
$0.39 per share
(basic and diluted), for the same period in 2008.
At June 30, 2009, cash, restricted cash, and marketable securities
totaled $466.4 million compared with $527.5 million at December 31, 2008.
Current Business Highlights
ARCALYST®
(rilonacept) – Inflammatory Diseases
The Company shipped $5.4 million of ARCALYST® (rilonacept)
Injection for Subcutaneous Use to its U.S. distributors during the
second quarter of 2009, compared to $1.6 million during the same period
of 2008. Shipments during the first six months of 2009 were $9.8 million
compared to $2.4 million in the prior year period. ARCALYST, an
interleukin-1 (IL-1) blocker, was approved in February 2008 for the
treatment of Cryopyrin-Associated Periodic Syndromes (CAPS), including
Familial Cold Auto-inflammatory Syndrome (FCAS) and Muckle-Wells
Syndrome (MWS) in adults and children 12 and older. The Company
currently projects shipments of ARCALYST to its U.S. distributors to
total approximately $15-20 million in 2009. In July 2009, the Committee
for Medicinal Products for Human Use (CHMP) of the European Medicines
Agency (EMEA) issued a positive opinion for the marketing authorization
in the European Union of rilonacept for the treatment of CAPS with
severe symptoms in adults and children aged 12 years and older.
ARCALYST is in a Phase 3 clinical development program for the treatment
of gout. The program includes four clinical trials, three of which are
currently enrolling patients. Two Phase 3 clinical trials (called
PRE-SURGE 1 and PRE-SURGE 2) are evaluating ARCALYST versus placebo for
the prevention of gout flares in patients initiating urate-lowering drug
therapy. A third Phase 3 trial in acute gout (SURGE) is evaluating
treatment with ARCALYST alone versus ARCALYST in combination with a
non-steroidal anti-inflammatory drug (NSAID) versus an NSAID alone. The
Phase 3 clinical development program also includes a separate
placebo-controlled safety study (RE-SURGE). The Company expects to
report initial data from the Phase 3 program in 2010. Regeneron owns
worldwide rights to ARCALYST.
Additional data from the previously reported Phase 2 study of ARCALYST
for the prevention of gout flares induced by the initiation of
urate-lowering drug therapy were presented at the annual meeting of the
European League Against Rheumatism (EULAR) in June 2009. Through 16
weeks of treatment, patients treated with ARCALYST®
(rilonacept) on average experienced significantly fewer gout flares per
patient than did patients treated with placebo. The mean number of
flares per patient was 0.93 with placebo and 0.22 with ARCALYST
(p=0.0036). These data are consistent with the previously reported
results through 12 weeks of treatment, in which the mean number of
flares per patient was 0.79 with placebo and 0.15 with ARCALYST
(p=0.0011). Adverse events after 16 weeks of treatment were similar to
those reported after 12 weeks. Reported adverse events were similar
between treatment groups, with the most common categories being
infections and musculoskeletal system disorders.
Aflibercept (VEGF Trap) – Oncology
Aflibercept, an anti-angiogenic protein product candidate designed to
bind all forms of vascular endothelial growth factor A (VEGF-A), is
being developed worldwide by Regeneron and its collaborator,
sanofi-aventis. At the end of the second quarter of 2009, more than 60
percent of the planned number of patients were enrolled in four Phase 3
trials that are evaluating combinations of aflibercept with standard
chemotherapy regimens for the treatment of cancer. One trial (called
VELOUR) is evaluating aflibercept as a 2nd line treatment for
metastatic colorectal cancer in combination with FOLFIRI (folinic acid
(leucovorin), 5-fluorouracil, and irinotecan). A second trial (VANILLA)
is evaluating aflibercept as a 1st line treatment for
metastatic pancreatic cancer in combination with gemcitabine. A third
trial (VITAL) is evaluating aflibercept as a 2nd line
treatment for metastatic non-small cell lung cancer in combination with
docetaxel. The fourth trial (VENICE) is evaluating aflibercept as a 1st
line treatment for metastatic androgen-independent prostate cancer in
combination with docetaxel/prednisone. All four trials are studying the
current standard of chemotherapy care for the cancer being studied with
and without aflibercept. Initial data from the Phase 3 program are
expected in 2010. In addition, a Phase 2 study (AFFIRM) of aflibercept
in 1st line metastatic colorectal cancer in combination with
folinic acid (leucovorin), 5-fluorouracil, and oxaliplatin began
recruiting patients in January 2009.
Results of a Phase 2 single-agent study of aflibercept in advanced
ovarian cancer (AOC) patients with symptomatic malignant ascites (SMA)
were reported in a press release issued on June 11, 2009. Symptomatic
malignant ascites is an abnormal build-up of fluid in the abdominal
cavity in patients with advanced cancer. Patients treated with
aflibercept experienced a statistically significant improvement in the
primary study endpoint, mean time to first repeat paracentesis (removal
of fluid from the abdominal cavity), versus placebo control. The types
and frequencies of adverse events reported with aflibercept in this
study were generally consistent with those reported in clinical studies
with other anti-VEGF therapies in advanced ovarian cancer patients.
Regeneron and sanofi-aventis decided that because it is difficult, based
on this study, to definitively assess the overall clinical benefit that
might be derived from treatment in a clinical practice setting, they
will not submit these Phase 2 data to regulatory authorities for
accelerated approval in symptomatic malignant ascites.
VEGF Trap-Eye – Ophthalmologic Diseases
VEGF Trap-Eye, a specially purified and formulated form of VEGF Trap for
use in intraocular treatment of retinal disease, is being developed by
Regeneron and its collaborator, Bayer HealthCare. Full enrollment in the
Phase 3 program (consisting of the VIEW 1 and VIEW 2 studies) evaluating
VEGF Trap-Eye in patients with the neovascular form of Age-related
Macular Degeneration (wet AMD) is expected later in 2009, and initial
data from this program are expected to be reported in late 2010. A Phase
2 study (called DA VINCI) of VEGF Trap-Eye for the treatment of the
Diabetic Macular Edema (DME) completed enrollment in July 2009, and
initial data are expected during the first half of 2010. Regeneron and
Bayer HealthCare also initiated a Phase 3 program in Central Retinal
Vein Occlusion (CRVO) in July 2009. In connection with dosing the first
patient in a Phase 3 study in CRVO, Regeneron received a $20.0 million
milestone payment.
Bayer HealthCare has rights to market VEGF Trap-Eye outside the United
States, where the companies will share equally in profits from any
future sales of VEGF Trap-Eye. Regeneron maintains exclusive rights to
VEGF Trap-Eye in the United States.
Monoclonal Antibodies
Phase 1 clinical studies are underway with three human monoclonal
antibodies generated by Regeneron using its VelocImmune®
technology. REGN88 is an antibody to the interleukin-6 receptor (IL-6R)
that is being evaluated in rheumatoid arthritis. REGN475, an antibody to
Nerve Growth Factor (NGF) that binds NGF selectively without
cross-reacting with other members of the neurotrophin family, is being
developed for the treatment of pain. REGN421, an antibody to Delta-like
ligand-4 (Dll4), is being studied in patients with advanced
malignancies. These antibodies are being developed within the Company’s
human antibody collaboration with sanofi-aventis. Over the course of the
next several years, the Company and sanofi-aventis plan to advance an
average of two to three new fully human monoclonal antibodies into
clinical development each year.
Other
In June 2009, the Company announced that it had entered into two royalty
agreements with Novartis Pharma AG that replaced a previous
collaboration and license agreement. Under the first royalty agreement,
Regeneron is entitled to receive royalties on worldwide sales of
Novartis’ canakinumab (ACZ885), a fully human anti-interleukin-IL1β
antibody approved to treat CAPS and in development for a number of other
inflammatory diseases. On the basis of the same agreement, Regeneron
waived its rights to opt-in to the development and commercialization of
canakinumab. Under the second royalty agreement, Novartis is entitled to
receive royalties on worldwide sales of a second-generation
interleukin-1 Trap, should Regeneron decide to proceed in the
development of this Trap. The financial terms of both agreements are
identical in relation to stepped royalties to be paid on the basis of
future sales, which start at 4 percent and reach 15 percent when annual
sales exceed $1.5 billion. The agreements do not include any upfront or
milestone payments or any sharing of development expenses.
Financial Results
Revenues
Total revenues increased to $90.0 million in the second quarter of 2009
from $60.7 million in the same quarter of 2008 and increased to $165.0
million for the first half of 2009 from $117.0 million for the same
period of 2008. The Company’s revenue was comprised of contract research
and development revenue, technology licensing revenue, and net product
sales.
Contract Research and Development Revenue
Contract research and development revenue relates primarily to the
Company’s aflibercept and antibody collaborations with sanofi-aventis
and the Company’s VEGF Trap-Eye collaboration with Bayer HealthCare.
Contract research and development revenue for the three and six months
ended June 30, 2009 and 2008 consisted of the following:
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
June 30,
|
|
June 30,
|
(In millions)
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
Contract research & development revenue
|
|
|
|
|
|
|
|
|
|
Sanofi-aventis
|
|
$
|
60.7
|
|
$
|
38.6
|
|
$
|
110.4
|
|
$
|
74.3
|
|
Bayer HealthCare
|
|
|
12.8
|
|
|
10.2
|
|
|
22.8
|
|
|
19.2
|
|
Other
|
|
|
2.0
|
|
|
1.9
|
|
|
3.4
|
|
|
3.5
|
|
Total contract research & development revenue
|
|
$
|
75.5
|
|
$
|
50.7
|
|
$
|
136.6
|
|
$
|
97.0
|
For the three and six months ended June 30, 2009 and 2008, contract
research and development revenue from sanofi-aventis consisted of the
following:
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
June 30,
|
|
June 30,
|
|
(In millions)
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
Aflibercept:
|
|
|
|
|
|
|
|
|
|
Regeneron expense reimbursement
|
|
$
|
9.2
|
|
$
|
10.3
|
|
$
|
14.6
|
|
$
|
22.0
|
|
Recognition of deferred revenue related to up-front payments
|
|
|
2.5
|
|
|
2.1
|
|
|
5.0
|
|
|
4.2
|
|
Total aflibercept
|
|
|
11.7
|
|
|
12.4
|
|
|
19.6
|
|
|
26.2
|
|
Antibody:
|
|
|
|
|
|
|
|
|
Regeneron expense reimbursement
|
|
|
45.7
|
|
|
23.6
|
|
|
84.1
|
|
|
42.9
|
|
Recognition of deferred revenue related to up-front payment
|
|
|
2.6
|
|
|
2.6
|
|
|
5.3
|
|
|
5.2
|
Recognition of revenue related to VelociGene®
agreement
|
|
|
0.7
|
|
|
|
|
1.4
|
|
|
Total antibody
|
|
|
49.0
|
|
|
26.2
|
|
|
90.8
|
|
|
48.1
|
Total sanofi-aventis contract research & development revenue
|
|
$
|
60.7
|
|
$
|
38.6
|
|
$
|
110.4
|
|
$
|
74.3
|
Sanofi-aventis’ reimbursement of Regeneron’s aflibercept expenses
decreased for the three and six months ended June 30, 2009, compared to
the same periods in 2008, primarily due to lower Company costs
associated with internal research activities and manufacturing clinical
drug supplies. Sanofi-aventis also incurs aflibercept development
expenses directly, including costs related to the Phase 3 clinical
trials sanofi-aventis is overseeing in the oncology program.
Sanofi-aventis’ reimbursement of Regeneron’s expenses under the antibody
collaboration increased for the three and six months ended June 30,
2009, compared to the same periods in 2008, due to an increase in
research activities conducted under the collaboration’s discovery
agreement and increases in development activities for REGN88, REGN421,
and REGN475 under the collaboration’s license agreement.
For the three and six months ended June 30, 2009 and 2008, contract
research and development revenue from Bayer HealthCare consisted of the
following:
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
June 30,
|
|
June 30,
|
(In millions)
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
Cost-sharing of Regeneron VEGF Trap-Eye development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
|
$
|
10.4
|
|
$
|
6.9
|
|
$
|
17.9
|
|
$
|
12.6
|
Recognition of deferred revenue related to up-front and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
milestone payments
|
|
|
2.4
|
|
|
3.3
|
|
|
4.9
|
|
|
6.6
|
|
Total Bayer HealthCare contract research & development
|
|
|
|
|
|
|
|
|
|
|
|
|
revenue
|
|
$
|
12.8
|
|
$
|
10.2
|
|
$
|
22.8
|
|
$
|
19.2
|
In periods when the Company recognizes VEGF Trap-Eye development
expenses that the Company incurs under the collaboration with Bayer
HealthCare, the Company also recognizes, as contract research and
development revenue, the portion of those VEGF Trap-Eye development
expenses that is reimbursable by Bayer HealthCare. The Company incurred
higher VEGF Trap-Eye development expenses under the collaboration for
the three and six months ended June 30, 2009, compared to the same
period in 2008, primarily in connection with the collaboration’s
clinical development programs in wet AMD, DME, and CRVO.
Technology Licensing Revenue
Regeneron has entered into non-exclusive license agreements with
AstraZeneca and Astellas that allow those companies to utilize VelocImmune®
technology in their internal research programs to discover human
monoclonal antibodies. Each company is required to make six $20.0
million annual, non-refundable payments, subject to the ability to
terminate their agreements after making a total of four such payments.
To date, the Company has received $60.0 million in payments from each of
AstraZeneca and Astellas under these agreements. Upon receipt, these
payments are deferred and recognized as revenue ratably over the ensuing
year of each agreement. Regeneron will also receive a mid-single-digit
royalty on sales of any antibodies discovered utilizing VelocImmune.
Net Product Sales
Revenue and deferred revenue from product sales are recorded net of
applicable provisions for prompt pay discounts, product returns,
estimated rebates payable under governmental programs (including
Medicaid), distributor fees, and other sales-related costs. For the
three and six months ended June 30, 2009, the Company recognized as
revenue $4.5 million and $8.4 million of ARCALYST®
(rilonacept) net product sales, respectively, for which the right of
return no longer exists and rebates can be reasonably estimated. At June
30, 2009 and 2008, deferred revenue related to ARCALYST net product
sales totaled $4.9 million and $2.3 million, respectively.
Expenses
Total operating expenses for the second quarter of 2009 were $106.3
million, 32 percent higher than the same period in 2008, and $198.4
million for the first six months of 2009, 30 percent higher than the
same period in 2008. Average headcount increased to 966 in the second
quarter of 2009 from 771 in the same period of 2008 and increased to 952
for the first half of 2009 from 742 in the same period of 2008, due
primarily to the Company’s expanding research and development activities
principally in connection with the sanofi-aventis antibody
collaboration. Operating expenses included non-cash compensation expense
related to employee stock option and restricted stock awards of $7.4
million in the second quarter of 2009 and $15.1 million for the first
six months of 2009, compared with $8.2 million and $16.5 million,
respectively, for the same periods of 2008.
Research and development (R&D) expenses increased to $94.2 million in
the second quarter of 2009 from $66.8 million in the comparable quarter
of 2008, and to $174.5 million in the first six months of 2009 from
$128.2 million in the same period of 2008. In the second quarter and
first half of 2009, the Company incurred higher R&D costs primarily
related to additional R&D headcount, clinical development costs for
ARCALYST, VEGF Trap-Eye, and REGN88, research and preclinical
development costs associated with the antibody programs, and
facility-related costs to support expanded R&D activities.
Selling, general, and administrative (SG&A) expenses decreased to $11.6
million in the second quarter of 2009 from $13.5 million in the
comparable quarter of 2008, and to $23.1 million in the first six months
of 2009 from $24.5 million in the same period of 2008. In the second
quarter and first half of 2009, the Company incurred lower selling
expenses related to ARCALYST, lower SG&A recruitment costs, lower market
research costs related to various development programs, and lower legal
and professional fees related to various corporate matters, which were
partly offset by higher compensation expense associated with additional
SG&A headcount.
Other Income and Expense
Investment income decreased to $1.3 million in the second quarter of
2009 from $4.5 million in the comparable quarter of 2008 and to $3.1
million in the first half of 2009 compared to $11.8 million in the first
half of 2008. The decrease in investment income was due to lower yields
on, and lower balances of, cash and marketable securities in 2009
compared to 2008.
Interest expense in the second quarter and first half of 2008 was
attributable to the Company’s 5.5 percent Convertible Senior
Subordinated Notes; no Notes were outstanding in 2009. In the second
quarter of 2008, the Company repurchased $81.3 million in principal
amount of these convertible notes, which were due in October 2008, and
recognized a $0.9 million loss on early extinguishment of debt.
Revision of Previously Issued Financial
Statements
The Company has revised its financial statements at December 31, 2008
and for the three and six months ended June 30, 2008, in connection with
the application of Emerging Issues Task Force Statement No. 97-10, The
Effect of Lessee Involvement in Asset Construction (EITF 97-10), to
the Company’s December 2006 lease, as amended, of laboratory and office
facilities in Tarrytown, New York. The revisions consisted entirely of
non-cash adjustments, primarily to the Company’s balance sheet at
December 31, 2008, and had no impact to the Company’s business
operations, existing capital resources, or the Company’s ability to fund
its operating needs, including the development of its product
candidates. The revisions, and a description of the basis for the
revisions, are more fully described in the Company’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2009.
About Regeneron Pharmaceuticals
Regeneron is a fully integrated biopharmaceutical company that
discovers, develops, and commercializes medicines for the treatment of
serious medical conditions. In addition to ARCALYST®
(rilonacept) Injection for Subcutaneous Use, its first commercialized
product, Regeneron has therapeutic candidates in clinical trials for the
potential treatment of cancer, eye diseases, inflammatory diseases, and
pain, and has preclinical programs in other diseases and disorders.
Additional information about Regeneron and recent news releases are
available on Regeneron’s web site at www.regeneron.com.
This news release discusses historical information and includes
forward-looking statements about Regeneron and its products, development
programs, finances, and business, all of which involve a number of risks
and uncertainties, such as risks associated with preclinical and
clinical development of Regeneron’s drug candidates, determinations by
regulatory and administrative governmental authorities which may delay
or restrict Regeneron’s ability to continue to develop or commercialize
its product and drug candidates, competing drugs that are superior to
Regeneron’s product and drug candidates, uncertainty of market
acceptance of Regeneron’s product and drug candidates, unanticipated
expenses, the availability and cost of capital, the costs of developing,
producing, and selling products, the potential for any collaboration
agreement, including Regeneron’s agreements with the sanofi-aventis
Group and Bayer HealthCare, to be canceled or to terminate without any
product success, risks associated with third party intellectual
property, and other material risks. A more complete description
of these and other material risks can be found in Regeneron’s filings
with the United States Securities and Exchange Commission (SEC),
including its Form 10-K for the year ended December 31, 2008 and Form
10-Q for the quarter ended June 30, 2009. Regeneron does not
undertake any obligation to update publicly any forward-looking
statement, whether as a result of new information, future events, or
otherwise unless required by law.
|
REGENERON PHARMACEUTICALS, INC.
|
CONDENSED BALANCE SHEETS (Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
(Revised)*
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Cash, restricted cash, and marketable securities
|
|
$
|
466,363
|
|
$
|
527,461
|
Receivables
|
|
|
|
60,046
|
|
|
35,212
|
|
Property, plant, and equipment, net
|
|
|
195,408
|
|
|
142,035
|
|
Other assets
|
|
|
|
20,528
|
|
|
19,512
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
742,345
|
|
$
|
724,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
51,881
|
|
$
|
36,168
|
|
Deferred revenue
|
|
|
215,798
|
|
|
209,925
|
|
Facility lease obligation
|
|
|
62,925
|
|
|
56,019
|
|
Other long term liabilities
|
|
|
1,235
|
|
|
594
|
|
Stockholders' equity
|
|
|
410,506
|
|
|
421,514
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
742,345
|
|
$
|
724,220
|
|
|
|
|
|
|
|
* Revised as described in the paragraph of this press release
titled "Revision of Previously
Issued Financial
Statements."
|
|
REGENERON PHARMACEUTICALS, INC.
|
|
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
|
|
For the six months
|
|
|
|
ended June 30,
|
|
ended June 30,
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
|
|
(Revised)*
|
|
|
|
(Revised)*
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Contract research and development
|
|
$
|
75,532
|
|
|
$
|
50,653
|
|
|
$
|
136,622
|
|
|
$
|
97,036
|
|
Technology licensing
|
|
|
10,000
|
|
|
|
10,000
|
|
|
|
20,000
|
|
|
|
20,000
|
|
|
Net product sales
|
|
|
4,500
|
|
|
|
|
|
8,391
|
|
|
|
|
|
|
|
90,032
|
|
|
|
60,653
|
|
|
|
165,013
|
|
|
|
117,036
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
94,231
|
|
|
|
66,777
|
|
|
|
174,538
|
|
|
|
128,246
|
|
Selling, general, and administrative
|
|
|
11,632
|
|
|
|
13,495
|
|
|
|
23,052
|
|
|
|
24,549
|
|
|
Cost of goods sold
|
|
|
435
|
|
|
|
|
|
827
|
|
|
|
|
|
|
|
106,298
|
|
|
|
80,272
|
|
|
|
198,417
|
|
|
|
152,795
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(16,266
|
)
|
|
|
(19,619
|
)
|
|
|
(33,404
|
)
|
|
|
(35,759
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
Investment income
|
|
|
1,328
|
|
|
|
4,535
|
|
|
|
3,078
|
|
|
|
11,839
|
|
|
Interest expense
|
|
|
|
|
(2,674
|
)
|
|
|
|
|
(5,685
|
)
|
|
Loss on early extinguishment of debt
|
|
|
|
|
(931
|
)
|
|
|
|
|
(931
|
)
|
|
|
|
|
1,328
|
|
|
|
930
|
|
|
|
3,078
|
|
|
|
5,223
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(14,938
|
)
|
|
$
|
(18,689
|
)
|
|
$
|
(30,326
|
)
|
|
$
|
(30,536
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share amounts, basic and diluted
|
|
$
|
(0.19
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(0.38
|
)
|
|
$
|
(0.39
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding, basic and diluted
|
|
|
79,626
|
|
|
|
78,689
|
|
|
|
79,562
|
|
|
|
78,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Revised as described in the paragraph of this press release
titled "Revision of Previously
|
Issued Financial Statements."
|
Source: Regeneron Pharmaceuticals, Inc.
Regeneron Pharmaceuticals, Inc.
Peter Dworkin, 914-345-7640
Investor
Relations
peter.dworkin@regeneron.com
or
Laura
Lindsay, 914-345-7800
Media Relations
laura.lindsay@regeneron.com
