Regeneron Pharmaceuticals Inc REGN:NASDAQ

Last Price$597.00NASDAQ Previous Close - Last Trade as of 3:59PM ET 6/05/20

Today's Change-1.54(0.26%)
Bid (Size)$590.01 (1)
Ask (Size)$596.00 (1)
Day Low / High$578.43 - 600.14
Volume1.3 M

Regeneron Pharmaceuticals, Sanofi Restructure Agreement for Praluent

11:07AM ET 4/07/2020 MT Newswires
Regeneron Pharmaceuticals (REGN) said Tuesday that it has restructured its Praluent (alirocumab) agreement with partner Sanofi (SNY), which is expected to increase efficiency and streamline operations.

Praluent is used to help reduce the risk of heart attack and stroke.

Under the restructured agreement, Regeneron will have the sole responsibility for Praluent in the US and record net product sales, while Sanofi will be in charge of the product outside the US and pay a royalty on its net product sales to Regeneron.

As part of the restructuring, Regeneron has also made some revisions to the presentation of its consolidated financial statements, effective Jan. 1, reflecting changes to reimbursements and other payments for products developed and commercialized in joint venture partnerships.

With the implementation of the latest changes, Regeneron will not record any reimbursements for research and development and selling, general and administrative expenses from partners as revenue.

As a result of the accounting changes, the company expects total revenue and operating expenses to be about $300 million for Q1, lower than with the previous accounting treatment.

The company does not expect any impact from the changes to income from operations, income taxes, net income and net income per share.

Shares of Sanofi were down more than 2% and Regeneron was down nearly 1% in Tuesday morning trading.

Price: 500.95, Change: -3.32, Percent Change: -0.66