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Regeneron Reports Third Quarter 2009 Financial and Operating Results
Date:11/3/2009

ve Growth Factor (NGF), a novel target for pain, began a dose ranging study in osteoarthritis of the knee. Trial results are expected during the first half of 2010. A Phase 1 study of REGN475 in healthy volunteers is also continuing, and Phase 1 studies are in progress with REGN88, an antibody to the interleukin-6 receptor (IL-6R) that is being evaluated in rheumatoid arthritis, and REGN421, an antibody to Delta-like ligand-4 (Dll4) that is being studied in patients with advanced malignancies. REGN475, REGN88, and REGN421 are fully human monoclonal antibodies generated by Regeneron using the VelocImmune® technology and developed within the Company's human antibody collaboration with sanofi-aventis. Regeneron and sanofi-aventis expect to enter two more human monoclonal antibodies into clinical development this year and to advance an average of two to three into clinical development each year thereafter over the next several years.

Financial Results

Revenues

Total revenues increased to $117.5 million in the third quarter of 2009 from $65.6 million in the same quarter of 2008 and increased to $282.5 million for the first nine months of 2009 from $182.6 million for the same period of 2008. The Company's revenue was comprised of contract research and development revenue, a 2009 research progress payment, technology licensing revenue, and net product sales.

Contract Research and Development Revenue

Contract research and development revenue relates primarily to the Company's aflibercept and antibody collaborations with sanofi-aventis and the Company's VEGF Trap-Eye collaboration with Bayer HealthCare. Contract research and development revenue for the three and nine months ended September 30, 2009 and 2008 consisted of the following:

                                       Three months ended  Nine months ended
                                          September 30,      S
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SOURCE  Regeneron Pharmaceuticals, Inc.
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