Regeneron Pharmaceuticals, Inc. (REGN), Tuesday said its third quarter loss narrowed from a year ago, reflecting an increase in revenues mainly from contract research and development and milestone payment from Bayer HealthCare.
Regeneron's net loss for the third quarter was $1.01 million or $0.01 per share, compared to $19.08 million or $0.24 per share in the previous year.
On average, 11 analysts polled by Thomson Reuters expected the company to report a loss of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter rose to $117.45 million from $65.58 million last year. Analysts expected a revenue of $84.08 million for the quarter.
Revenue from contract research and development increased to $82.48 million from $52.88 million a year ago. Research progress payments from Bayer HealthCare in connection with the dosing of the first patient in a Phase 3 trial of VEGF Trap-Eye in CRVO for the quarter was $20.00 million. Technology licensing was $10.00 million, flat with the previous year. Net product sales increased to $4.97 million from $2.71 million.
Total expenses were $118.75 million, compared to $83.48 million last year.
For the nine-month period, net loss narrowed to $31.34 million or $0.39 per share from $49.62 million or $0.63 per share in the same period of the previous year. Total revenues for the period increased to $282.47 million from $182.62 million a year ago.
REGN is currently trading at $16.01, up 0.62 or 4.03%, on a volume of 740K shares on the Nasdaq.
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