Biotechnology company Regeneron Pharmaceuticals Inc (NASDAQ:REGN) disclosed on Wednesday its GAAP net income was USD2.444bn (USD22.65 per basic share)(USD21.29 per diluted share) for the full year 2018.

This marks an improvement when compared with GAAP net income of USD1.199bn, or USD11.27 per basic share and USD10.34 per diluted share, for the full year 2017.

Total revenues of USD6.711bn were generated for the full year 2018, up 14% over total revenues of USD5.872bn for the full year 2017.

The total revenues in 2018 include Sanofi and Bayer collaboration revenues of USD2.188bn for the full year 2018, compared to USD1.815bn for the full year 2017. The increase in Sanofi collaboration revenue in 2018 was primarily due to an increase in clinical development activities for Libtayo, its share of higher net sales of Dupixent, and, to a lesser extent, Praluent and Kevzara as well as the recognition of a cumulative catch-up adjustment of USD149m, among others.

GAAP R&D expenses of USD2.186bn were recorded for the full year 2018, a rise over R&D of USD2.075bn for the full year 2017, principally due to an increase in Libtayo development expenses, higher payroll and payroll-related costs, and higher facilities-related costs, partly offset by a decrease in Dupixent development expenses.