Eyetech achieves profit in third quarter

NEW YORK — Eyetech Pharmaceuticals posted revenue of $67.4 million for the third quarter of 2005, with net product revenue from its age-related macular degeneration drug gaining 18% in year-to-year comparisons, the company said in a press release. Excluding certain charges, the company achieved profitability in the quarter, according to the release.

Macugen (pegaptanib sodium, Pfizer/Eyetech) had a gross product revenue of $58.6 million and net product revenue of $55.5 million for the quarter. Collaboration revenue for the third quarter of 2005 totaled $10.8 million, down from $13.5 million during the same period in 2004. Collaboration revenue came primarily from Pfizer, with whom Eyetech co-promotes Macugen.

Macugen is currently the most prescribed treatment for neovascular AMD, according to the release; more than 50,000 patients have been treated since the product was launched.

Enrollment in a phase 2 study of Macugen for the treatment of retinal vein occlusion was completed during the quarter, the company said. In addition, enrollment in a phase 3 study of Macugen for the treatment of diabetic macular edema and diabetic retinopathy began during the quarter.

Macugen received a positive opinion from an advisory committee to the European Medicines Agency during the quarter as well, and approval is expected by the end of the year, the press release said.

Also during the quarter, OSI Pharmaceuticals agreed to acquire Eyetech. A special shareholders’ meeting will be held next week, and, if approved, the merger could close by the end of the year, according to the press release.