Driven by sales of EYLEA, an injectable drug treating certain eye diseases, net income at Regeneron Pharmaceuticals Inc. last year rose 40 percent, to approximately $1.32 billion, compared with 2015, the Westchester-based company announced today in its fourth-quarter and year-end financial report.
Total revenues in 2016 for Regeneron, the state’s largest biopharmaceutical employer, rose to $4.86 billion, an 18 percent increase from the previous year.
The year ended with the company reaching an agreement with its Landmark at Eastview landlord, Biomed Realty, to purchase the 150-acre life sciences campus in the towns of Greenburgh and Mount Pleasant for $720 million. The deal, which Regeneron plans to finance through a five-year lease arrangement with Banc of America Leasing and Capital, is expected to close by the end of March.
Regeneron reported fourth-quarter net income in 2016 of $353 million, a 37 percent increase from the fourth quarter of 2015.
For company stockholders, net income in the recent fourth quarter amounted to $3.04 per diluted share, up 36 percent from the fourth quarter of 2015.
For the full year, net income per diluted share was $11.32 in 2016, up 39 percent from the $8.12 in net income per diluted share in 2015.
Total fourth-quarter revenues last year amounted to approximately $1.23 billion, Regeneron reported, up 12 percent from approximately $1.1 billion in total revenues for the fourth quarter of 2015.
Regeneron reported net product sales of $863 million in last year’s fourth quarter, up from $750 million in the fourth quarter of 2015. Net product sales in all of 2016 totaled nearly $3.34 billion, a $649 million increase from sales of its drug products in 2015.
Net sales of EYLEA in the U.S. climbed to $858 million in last year’s fourth quarter, up 15 percent from the same period in 2015. For the full year, net sales in the U.S. of Regeneron’s treatment for eye diseases totaled $3.323 billion, a 24 percent increase from 2015, the company reported.
Citing “the hard work of our scientists over the last decades,” Dr. Leonard S. Schleifer, Regeneron’s founding CEO, in the report said the company has reached “the next phase of our evolution” and expects to launch two more antibody therapies this year, “significantly expanding our impact for patients with serious diseases and our company’s growth potential.”
In March, Regeneron’s antibody drug Dupixent could be approved by the U.S. Food and Drug Administration to treat adults with atopic dermatitis. The company is studying Dupixent’s potential to treat other patients with serious allergic diseases, Schleifer said, including asthma in adults and children, children with atopic dermatitis and patients with nasal polyps.
Regeneron has 16 antibody drug products in its clinical development pipeline, including six in collaboration with Sanofi, the French pharmaceutical company.