Regeneron 1Q loss widens on higher costs
Regeneron Pharmaceuticals Inc. said Tuesday its loss widened in the first quarter on higher research, development and personnel costs.
The biotechnology company lost $43.7 million, or 49 cents per share, compared with a loss of $30.5 million, or 38 cents per share, a year ago. Its revenue rose 8 percent to $112.2 million from $103.5 million.
Analysts expected Regeneron to post a loss of 41 cents per share and revenue of $114.5 million, according to a survey by FactSet.
Revenue from Regeneron's drug Arcalyst fell 56 percent to $4.4 million. Arcalyst is used to treat patients with CAPS, a group of rare, inherited, auto-inflammatory conditions. The bulk of the remaining revenue came from drug development partnerships.
Expenses rose 16 percent to $153.2 million. The company said its research and development expenses rose along with personnel costs connected with the company's Sanofi-Aventis partnership.
Regeneron is running multiple late-stage clinical trials. It is developing aflibercept for cancer with Sanofi-Aventis and developing the VEGF Trap-Eye drug, which is intended to improve the sight of patients with a diabetes-related eye problem, with partner Bayer.