Regeneron Reports Third Quarter 2009 Financial and Operati... (ntibodies. Each company is required to ...)

Regeneron Reports Third Quarter 2009 Financial and Operating Results

Date:11/3/2009

ntibodies. Each company is required to make six $20.0 million annual, non-refundable payments, subject to the ability to terminate their agreements after making a total of four such payments. To date, the Company has received $60.0 million in payments from each of AstraZeneca and Astellas under these agreements. Upon receipt, these payments are deferred and recognized as revenue ratably over the ensuing year of each agreement. Regeneron will also receive a mid-single-digit royalty on sales of any antibodies discovered utilizing VelocImmune.

Net Product Sales

Revenue and deferred revenue from product sales are recorded net of applicable provisions for prompt pay discounts, product returns, estimated rebates payable under governmental programs (including Medicaid), distributor fees, and other sales-related costs. For the three and nine months ended September 30, 2009, the Company recognized as revenue $5.0 million and $13.4 million of ARCALYST® (rilonacept) net product sales, respectively, for which the right of return no longer exists and rebates can be reasonably estimated, compared to $2.7 million for three and nine months ended September 30, 2008. At September 30, 2009 and 2008, deferred revenue related to ARCALYST net product sales totaled $5.0 million and $3.8 million, respectively.

Expenses

Total operating expenses for the third quarter of 2009 were $118.7 million, 42 percent higher than the same period in 2008, and $317.2 million for the first nine months of 2009, 34 percent higher than the same period in 2008. Average headcount increased to 998 in the third quarter of 2009 from 851 in the same period of 2008 and increased to 967 for the first nine months of 2009 from 778 in the same period of 2008, due primarily to the Company's expanding research and development activities principally in connection with the sanofi-aventis antibody collaboration. Operating expenses included non-cash
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