Shares of Opko Health Inc. (NYSE:OPK) ended Monday session in red amid volatile trading. The shares closed down -0.09 points or -0.89% at $10.06 with 2.10 million shares getting traded. Post opening the session at $10.15, the shares hit an intraday low of $10.02 and an intraday high of $10.33 and the price vacillated in this range throughout the day. The company has a market cap of $5.70 billion and the numbers of outstanding shares have been calculated to be 547.44 million shares.
Opko Health Inc. (OPK) on May 11, 2016 announced the appointment of Douglass Laidlaw, PhD as Vice President of Medical Affairs to support the anticipated launch of RAYALDEE®.
Dr. Laidlaw has over 15 years of experience in leading strategic planning, development and execution of medical education initiatives for numerous pharmaceutical companies, including Relypsa, Keryx, Sanofi, Genzyme, Neurocine Biosciences, Serono and Organon. He has been involved in new product launches targeting patients with chronic kidney disease and has deep connections with key nephrology opinion leaders. Prior to joining OPKO, Dr. Laidlaw served as Relypsa’s Executive Director, Medical Affairs, and Sanofi’s National Director, Medical Science Liaisons, Medical Affairs.
“Doug is a key addition to the management team in OPKO’s Renal Division,” said Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO. “A well-conceived and executed medical education strategy is critical to Rayaldee’s acceptance by U.S. healthcare professionals.”
Shares of Regeneron Pharmaceuticals Inc (NASDAQ:REGN) ended Monday session in green amid volatile trading. The shares closed up +6.64 points or 1.72% at $392.64 with 1.09 million shares getting traded. Post opening the session at $386.46, the shares hit an intraday low of $384.31 and an intraday high of $396.99 and the price vacillated in this range throughout the day. The company has a market cap of $41.55 billion and the numbers of outstanding shares have been calculated to be 103.17 million shares.
Regeneron Pharmaceuticals Inc (REGN) on May 5, 2016 announced financial results for the first quarter of 2016 and provided a business update.
First Quarter 2016 Financial Results
Product Revenues: Net product sales were $784 million in the first quarter of 2016, compared to $545 million in the first quarter of 2015. EYLEA net product sales in the United States were $781 million in the first quarter of 2016, compared to $541 million in the first quarter of 2015.
Total Revenues: Total revenues, which include product revenues described above, increased by 38% to $1.201 billion in the first quarter of 2016, compared to $870 million in the first quarter of 2015. Total revenues also include collaboration revenues of $399 million in the first quarter of 2016, compared to $297 million in the first quarter of 2015. Collaboration revenues in the first quarter of 2016 increased primarily due to higher reimbursement of the Company’s research and development expenses under its antibody collaboration with Sanofi, an increase in the Company’s net profit from commercialization of EYLEA outside the United States, and reimbursement of the Company’s research and development expenses and amortization of up-front payments received in connection with the Company’s July 2015 immuno-oncology collaboration with Sanofi.
Research and Development (R&D) Expenses: GAAP R&D expenses were $470 million in the first quarter of 2016, compared to $343 million in the first quarter of 2015. The higher R&D expenses in the first quarter of 2016 were principally due to higher development costs primarily related to dupilumab and fasinumab, and higher headcount to support the Company’s increased R&D activities, partly offset by lower development costs primarily related to Praluent. In addition, in the first quarter of 2016, R&D-related non-cash share-based compensation expense was $78 million, compared to $60 million in the first quarter of 2015.
Selling, General, and Administrative (SG&A) Expenses: GAAP SG&A expenses were $290 million in the first quarter of 2016, compared to $159 million in the first quarter of 2015. The increase was primarily due to higher headcount, and higher commercialization expenses related to EYLEA and Praluent. In addition, in the first quarter of 2016, SG&A-related non-cash share-based compensation expense was $60 million, compared to $42 million in the first quarter of 2015.
The year is off to a very productive start at Regeneron. This quarter, we saw continued strong sales growth with EYLEA, made additional launch progress with Praluent, prepared for the potential launch of sarilumab, and reported important new data across our pipeline,” said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron. “Our innovative new therapy dupilumab showed positive results across two Phase 3 trials in moderate-to-severe atopic dermatitis, a debilitating disease with very limited treatment options, and we look forward to submitting a Biologics License Application to the U.S. FDA in the third quarter.”