Regeneron ups Eylea forecast, posts 2011 results

USA-based biotech firm Regeneron Pharmaceuticals (Nasdaq: REGN) saw its shares leap 12% to $114.10 in morning trading yesterday, when the company lifted its sales forecast for its recently Food and Drug Administration approved Eylea (aflibercept), provided an update on development programs and reported total revenues of $123.0 million for the fourth quarter and $445.8 million for the full-year ended December 31, 2011. The company's shares have more than doubled in value since Eylea's US approval (The Pharma Letter November 21, 2011).

The revenue figure includes net product sales of $24.8 million for the fourth quarter of 2011 for Eylea for the treatment of wet age-related macular degeneration (wet-AMD), to which German drug major Bayer has commercialization rights outside the USA. The company reported a non-GAAP net loss of $34.0 million, or $0.37 per share (basic and diluted), for the fourth quarter and a non-GAAP net loss of $161.7 million, or $1.79 per share (basic and diluted), for the year.

Non-GAAP net loss excludes non-cash share-based compensation expense and non-cash interest expense related to the Company's convertible senior notes. The company reported a GAAP net loss of $53.4 million, or $0.58 per share (basic and diluted), for the fourth quarter and a GAAP net loss of $221.8 million, or $2.45 per share (basic and diluted), for the year. Regeneron ended the year with around $811 million in cash and securities, following an offering of convertible senior notes in October 2011.