Booming Regeneron (REGN) On Track With Plan To Nearly Double Employee Count By 2019, Talks Strategies For Making Money
8/6/2014 6:10:07 AM
AMRI and Regeneron Report Increased Job Creation in Biotech Space
August 6, 2014
By Mark Terry, BioSpace.com Breaking News Staff
Two New York-based companies’ recent revenue jumps might be harbingers of a boom in biotech job creation. Regeneron Pharmaceuticals Inc. (REGN) recently reported a 45 percent increase in revenue, which will lead to almost doubling its employees over the next five years. Albany Molecular Research Inc. (AMRI), also located in New York State, reported a revenue increase of 15 percent. Part of the news with AMRI is a public-private strategic partnership at the Buffalo Niagara Medical Campus.
Regeneron’s revenue spike is partly due to Eylea, a drug used to treat adult blindness, which has recently expanded into markets outside the U.S. The drug was also recently approved by the FDA for a third indication, DME, in the U.S., and expects positive label expansion in the U.S. and Europe later this year. In a recent Q2 earnings call, Regeneron also noted it has a “broad pipeline of 14 antibodies in clinical development, 6 of which are partnered with Sanofi.”
The company also indicated that its Regeneron Genetics Center is now fully operational, which is directly involved in their early-stage development pipeline. As a result, they have made recent key hiring efforts and entered into collaborations with academic institutions.
AMRI reported total revenue of $68.2 million in the second quarter, an increase of 15 percent from the previous year’s Q2. In addition, they acquired Cedarburg Pharmaceuticals for $41 million earlier in the year.
In 2012 AMRI joined with the state of New York’s “Buffalo Billion” project, moving its Washington State-based Molecule Library to New York, where it is the anchor tenant at the Buffalo Niagara Medical Campus. The move was part of the $250 million Buffalo Medical Innovation and Commercialization Hub. A state-private initiative involving $250 million, AMRI’s involvement includes pharmaceutical screening, biomarker development and bioinformatics resources.
The AMRI and Regeneron news supports last year’s BioSpace report, the "Life Sciences/Biotech Employment Outlook," which found a 3 percent drop in biotech unemployment and that 64 percent of hiring was in California, Massachusetts, New Jersey and New York. Quoted in the report, Chanille Hewett, BioSpace Product Manager, said, “Not only are professionals getting back to work, but their pay is trending upward as well.”
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Regeneron isn't the only one hiring, others are hiring too. Check it out! (Isn't it tempting?)
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