Three Westchester County biotechnology companies announced second-quarter financial results last week, with Regeneron Pharmaceuticals Inc. and Acorda Therapeutics Inc. posting gains in earnings compared to last year’s second quarter.
“Regeneron continued to make progress across all aspects of our business, delivering continued growth and another strong quarter,” said Leonard S. Schleifer, company president and CEO, in a press release.  “In the last two months alone, we received approval for an additional indication for Eylea in diabetic macular edema and reported positive clinical results from our late-stage portfolio with alirocumab in hypercholesterolemia, dupilumab in atopic dermatitis and sarilumab in rheumatoid arthritis.”
The Greenburgh-based company reported net income in accordance with generally accepted accounting principles of $93 million, or 92 cents per basic share and 82 cents per diluted share, in the second quarter, compared to GAAP net income of $87 million, or 89 cents per basic share and 79 cents per diluted share, in the second quarter of 2013. Regeneron reported non-GAAP net income of $289 million, or $2.88 per basic share and $2.47 per diluted share, for the second quarter, compared to non-GAAP net income of $198 million, or $2.02 per basic share and $1.73 per diluted share, for the second quarter last year.
Eylea, used to treat macular degeneration in adults, had total net product sales in the U.S. of $415 million in the second quarter, compared to $330 million in the second quarter of 2013, the company announced. As of June 30, Regeneron”™s cash and marketable securities totaled $1.37 billion, compared to $1.08 billion on Dec. 31, according to the company.
Acorda Therapeutics reported revenues of $97,129,000 against expenses of $86,150,000 in the second quarter, and total revenues of $177,648,000 for the first six months of 2014.
Based in Ardsley, Acorda markets Ampyra, which is used to treat patients with multiple sclerosis, and Zanaflex, a muscle relaxant.
“Ampyra sales in the second quarter were strong and we are reiterating our net sales guidance for the year,” said Ron Cohen, president and CEO of Acorda, in a company press release. “With six clinical-stage compounds currently in our pipeline, we are creating a diversified portfolio that addresses significant unmet medical needs and drives shareholder value. Our balance sheet puts us in a more competitive position to add new assets to our pipeline, and we are focusing on opportunities that have the potential to be accretive in the near and intermediate term.”
The company reported GAAP net income of $4.7 million for the quarter ended June 30, or 11 cents per diluted share. GAAP net income in the same quarter of 2013 was $3.9 million, or 9 cents per diluted share. Non-GAAP net income for the quarter ended June 30 was $17.7 million, or 42 cents per diluted share. Non-GAAP net income in the same quarter of 2013 was $14.1 million, or 34 cents per diluted share.
Progenics Pharmaceuticals Inc. posted a loss for the second quarter of $11.1 million, or 17 cents diluted per share, compared to net loss of $12.3 million, or 24 cents per diluted share in the second quarter of 2013. The company also posted a net loss for the first six months of the year of $20.4 million, or 31 cents per diluted share, compared to $23.5 million, or 46 cents per diluted share in the same period of 2013.
Progenics ended the quarter with cash, cash equivalents and securities of $87.6 million, reflecting a decrease of $8.7 million in the quarter and an increase of $19.5 million from the end of 2013, resulting primarily from public offering proceeds.
The Greenburgh-based company”™s main product is Relistor, a drug used to treat opioid-induced constipation.
