Regeneron reports significant gains in second quarter

Regeneron Pharmaceuticals reported net product sales of $200 million for the second quarter of 2012, up from $5 million in the same quarter last year, according to a news release.

Eylea (aflibercept), which was approved for the treatment of neovascular age-related macular degeneration and launched in November, accounted for $194 million in second-quarter sales, the release said.

"The Eylea launch continues to progress extremely well and is driving strong sales and earnings growth," Leonard S. Schleifer, MD, PhD, president and chief executive officer of Regeneron, said in the release. "Based on the results to date, we now forecast 2012 U.S. Eylea net product sales of $700 to $750 million and expect to be profitable for the full year.”

Regeneron’s net income amounted to $76.7 million for the quarter, up from a loss of $62.5 million in the same quarter last year.

The company’s expenses increased sharply in the quarter, from $168.1 million to $216.9 million, almost entirely due to increased sales, according to the release. Research and development expenses were up less than 3%. Selling, general and administrative expenses almost doubled, and cost of goods sold increased from $395,000 to $21.8 million.

Regeneron is expecting a decision in late September by the U.S. Food and Drug Administration on the application to market Eylea for central retinal vein occlusion.