Eyetech reports ‘collaboration revenue’ of $49.4 million for 2004

NEW YORK — Eyetech Pharmaceuticals reported “collaboration revenue” of $49.4 million in 2004, compared with $41.4 million in 2003, the company announced in a press release. Most of this amount consisted of reimbursement from Pfizer for the costs of drug development, the press release said.

During the fourth quarter of 2004, Eyetech recorded $90 million of deferred license fee revenue from Pfizer following the approval of Eyetech’s age-related macular degeneration drug in the United States. Macugen (pegaptanib sodium injection, Eyetech/Pfizer) was approved by the Food and Drug Administration in December for the treatment of all subtypes of neovascular choroidal neovascularization in AMD.

Outside the United States, where Pfizer is responsible for seeking regulatory approval of Macugen, applications have been filed with the European Medical Evaluation Agency and six other countries, Eyetech said in its release.

In addition, Eyetech and Pfizer are planning a clinical study of Macugen and Visudyne (verteporfin for injection, QLT/Novartis) to determine whether patients with the predominantly classic form of the disease can benefit from combination therapy.

The Eyetech release predicted that full-year sales of Macugen for 2005 would be approximately $125 to $140 million.