Regeneron posts strong growth for 2012, beating analysts' estimates

US biotech firm Regeneron Pharmaceuticals (Nasdaq: REGN) yesterday announced  that total revenues were $415 million in the fourth quarter  of 2012 (beating consensus analysts’ forecasts of $392.4 million) and $1.4 billion for the full year 2012, compared to $123 million in the fourth quarter and $446 million for the full year 2011. Total revenues included Eylea (aflibercept) US net product sales of $276 million in the fourth quarter and $838 million for the full year 2012.

The company reported non-GAAP net income of $171 million, or $1.47 per diluted share, in the quarter, beating the $1.11 estimate of analysts polled by Thomson Reuters, and $530 million, or $4.66 per diluted share, for the year. GAAP net income was $470 million, or $4.08 per diluted share, in the quarter compared to a net loss of $53 million or $0.58 per share in the year-ago, and $750 million, or $6.75 per diluted share, for the full year.

Total revenues include collaboration revenues of $127 million in the quarter and $494 million for the full year 2012, compared to $86 million in the quarter and $370 million for the full year 2011. Included in collaboration revenues in 2012 were $15 million and $10 million substantive milestone payments from Bayer HealthCare which the company earned in the third quarter and fourth quarter of 2012, respectively, in connection with receipt of marketing and pricing approvals in Japan for Eylea for the treatment of wet age-related macular regeneration (AMD). In addition, the company earned a $50 million substantive milestone payment from Sanofi in the third quarter of 2012 in connection with US Food and Drug Administration approval of Zaltrap (ziv-aflibercept) for patients with metastatic colorectal cancer (mCRC) that is resistant to or has progressed following an oxaliplatin-containing regimen.