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Regeneron net loss grows in fourth quarter of 2006

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TARRYTOWN, N.Y. — Regeneron Pharmaceuticals reported a net loss of $31 million for the fourth quarter of 2006, an increase in net loss from the $29.7 million reported for the fourth quarter 2005. Regeneron's revenue for the current quarter fell to $10.3 million from $17.4 million for the same quarter 2005, according to a press release from the company.

For the 2006 full year, Regeneron reported a net loss of $102.3 million, compared with a net loss of $95.4 million for 2005. Revenues fell to $63.4 million in 2006 from $66.2 in 2005, according to the release.

In October 2006, the company entered into a collaboration with Bayer HealthCare for development and commercialization of the ocular anti-angiogenesis drug VEGF Trap outside the United States. Regeneron reported a $75 million upfront payment from Bayer as deferred revenue, which it will recognize once global development plans are finalized, the release said.

VEGF Trap is currently in phase 2 studies for age-related macular degeneration, with a phase 3 trial planned for the second half of 2007.