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Regeneron reports $11.6 million net loss, $56.4 million in total revenue for first quarter

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TARRYTOWN, N.Y. — Regeneron Pharmaceuticals reported a net loss of $11.6 million, or $0.15 per share, in the first quarter, compared with a net loss of $29.9 million, or $0.46 per share, in the first quarter of 2007, the company announced in a press release.

Regeneron's total revenue rose to $56.4 million in the quarter, compared with $15.8 million in revenue during the same period last year.

Regeneron and Bayer HealthCare recently announced the ocular anti-angiogenesis drug VEGF Trap-Eye for wet age-related macular degeneration maintained a statistically significant gain in visual acuity and decrease in retinal thickness at 32 weeks in a phase 2 trial, according to the release.

In the first quarter, Regeneron recorded $9 million of contract research and development revenue from Bayer HealthCare, consisting of $3.3 million related to Bayer's $75 million initial licensing payment and $20 million milestone payment, as well as $5.7 million in reimbursements related to the company's first quarter VEGF Trap-Eye development expenses.