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Regeneron Reports First Quarter 2013 Financial and Operating Results
Date:5/3/2013

TARRYTOWN, N.Y., May 3, 2013 /PRNewswire/ -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced financial and operating results for the first quarter of 2013 and provided an update on development programs. 

The Company reported total revenues of $440 million in the first quarter of 2013, compared to $232 million in the first quarter of 2012.  Total revenues include EYLEA U.S. net product sales of $314 million in the first quarter of 2013, compared to $124 million in the first quarter of 2012.  The Company reported non-GAAP net income of $201 million, or $1.78 per diluted share, in the first quarter of 2013, compared to $40 million, or $0.37 per diluted share, in the first quarter of 2012.  Non-GAAP net income excludes non-cash share-based compensation expense, non-cash interest expense related to the Company's convertible senior notes, and non-cash income taxes.  The Company reported GAAP net income of $99 million, or $0.90 per diluted share, in the first quarter of 2013, compared to $12 million, or $0.11 per diluted share, in the first quarter of 2012. 

"The first quarter of 2013 was a productive quarter where we delivered sustained revenue and earnings growth," said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron.  "EYLEA sales in the U.S. continue to enjoy strong growth and we are raising our estimate of full year U.S. EYLEA net sales to $1.25 to $1.325 billion in 2013.  The ex-U.S. launch of EYLEA by our partner, Bayer HealthCare, is also going very well and resulted in a positive contribution to our earnings this quarter.  Our broad, late-stage pipeline is making progress.  We expect our first data from the alirocumab Phase 3 program for reducing LDL cholesterol in the second half of 2013.  We reported positive data with our IL-4R inhibitor, dupilumab, in atopic dermatitis and additional data for dupilumab are expected in allergic ast
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SOURCE Regeneron Pharmaceuticals, Inc.
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