Regeneron Planning to Add 85 Jobs
Regeneron Planning to Add 85 Jobs [Times Union, Albany, N.Y.]
From Times Union (Albany, NY) (July 26, 2012)
July 26--EAST GREENBUSH -- Drug developer and manufacturer Regeneron Pharmaceuticals, which on Wednesday reported strong sales and earnings, plans an expansion of its plant in East Greenbush to keep up with demand, a company spokesman said Wednesday.
Regeneron employs more than 500 people at the manufacturing plant and is seeking to fill another 85 open positions there, said Peter Dworkin, the company’s vice president, corporate communications.
That’s up from 180 employees there five years ago.
The plant is Regeneron’s sole source of its drug products, making commercial supplies of Eylea and Arcalyst, its two approved drugs, as well as the drug material for its drug candidates in clinical trials, and several more in pre-clinical development.
"Regeneron has a very rich pipeline, we need more production capacity, and to that end have submitted proposed expansion plans to the local planning board," Dworkin said in an e-mail. "The expansion would mean more local manufacturing, warehousing, and laboratory jobs."
Regeneron, based in Tarrytown, on Wednesday said it earned $76.7 million in the second quarter, a sharp reversal from the $62.5 million loss posted a year earlier.
The company also boosted its sales forecast for the year to $700 million to $750 million, compared with a previous estimate for all of 2012 of $500 million to $550 million.
Eylea, its treatment for "wet" age-related macular degeneration, had sales of $194 million in the second quarter and $318 million in the first half. Wet age-related macular degeneration is a leading cause of blindness in older people.
The drug has been taking market share from Roche’s Lucentis, which was approved in 2006 and posts $1.5 billion in annual sales, the Associated Press reported Wednesday. Eylea is cheaper than Lucentis and can be injected once every other month, compared with once a month for Roche’s drug.
Arcalyst was approved for sale by the Food and Drug Administration in February 2008 to treat a rare hereditary auto-inflammatory disease, although the drug failed to win an FDA panel’s support to treat gout.
Regeneron earlier undertook a $5 million expansion at its East Greenbush plant, adding 17,000 square feet of space at the beginning of 2011.
"We believe the (East Greenbush) facility is one of the larger biologics production facilities in the U.S.," Dworkin said.
Shares (Nasdaq: REGN) gained $7.40 to close at $128.84, up more than 6 percent, but were down 83 cents to $128.01 in after-hours trading on Wednesday.
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Posted: July 2012