Regeneron Pharmaceuticals Inc. said Thursday its loss almost doubled in the first quarter while it conducted multiple late-stage clinical trials.
The biotechnology company lost $30.5 million, or 38 cents per share, compared with $15.4 million, or 19 cents per share, a year ago. Its revenue rose 38 percent to $103.5 million from $75 million. However, that revenue was countered by faster growth in research and development spending.
Analysts expected Regeneron to post a larger loss of 49 cents per share and revenue of $99.1 million, according to a survey by Thomson Reuters.
The stock rose 93 cents, or 3.8 percent, to $25.55 in midday trading.
Regeneron said revenue from collaborations increased 37 percent to $81.8 million. That revenue consisted of $68.7 million from French drugmaker Sanofi-Aventis and $13.1 million from Bayer of Germany.
Revenue from Regeneron's drug Arcalyst to $9.9 million from $3.9 million. Arcalyst is used to treat patients with CAPS, a group of rare, inherited, auto-inflammatory conditions. The company reported $5.1 million in Arcalyst sales during the quarter and $4.8 million in deferred revenue.
Regeneron also got $10 million in technology license payments and $1.9 million in contract research and other revenue.
The company's research and development costs climbed 46 percent to $117.5 million. Regeneron is running multiple late-stage clinical trials testing Arcalyst as a treatment for gout, aflibercept for cancer and, with Bayer, VEGF Trap-Eye drug, which is intended to improve the eyesight of patients with diabetic macular edema.