Regeneron Reports Third Quarter 2009 Financial and Operati...(2009 2008 2009 2008 ...),Health

Date:11/3/2009

2009 2008 2009 2008 ---- ---- ---- ---- Cost-sharing of Regeneron VEGF Trap-Eye development expenses $9.7 $5.7 $27.5 $18.3 Recognition of deferred revenue related to up-front and non-substantive milestone payments 2.5 3.3 7.4 9.9 --- --- --- --- Total Bayer HealthCare contract research & development revenue $12.2 $9.0 $34.9 $28.2 ===== ==== ===== =====

In periods when the Company recognizes VEGF Trap-Eye development expenses that the Company incurs under the collaboration with Bayer HealthCare, the Company also recognizes, as contract research and development revenue, the portion of those VEGF Trap-Eye development expenses that is reimbursable by Bayer HealthCare. The Company incurred higher VEGF Trap-Eye development expenses under the collaboration for the three and nine months ended September 30, 2009, compared to the same period in 2008, primarily in connection with the collaboration's clinical development programs in wet AMD, DME, and CRVO.

Research Progress Payment

In July 2009, the Company received a $20.0 million substantive milestone payment from Bayer HealthCare in connection with the dosing of the first patient in a Phase 3 trial of VEGF Trap-Eye in CRVO. The payment was recognized in revenues as a research progress payment for the three and nine months ended September 30, 2009.

Technology Licensing Revenue

Regeneron has entered into non-exclusive license agreements with AstraZeneca and Astellas that allow those companies to utilize VelocImmune® technology in their internal research programs to discover human monoclonal a
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SOURCE Regeneron Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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