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920-130 exam Dumps Source : Symposium Express convene Center

Test Code : 920-130
Test title : Symposium Express convene Center
Vendor title : Nortel
: 57 real Questions

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Nortel Nortel Symposium Express Call

VoIP certification tracks - Nortel's assist certifications | killexams.com real Questions and Pass4sure dumps

As outlined in a outdated tip, corporations are enforcing IP telephony extra generally on their statistics infrastructures. The multiplied deployment has created a need for certified IP telephony engineers to deliver confirmed, most efficient-of-breed know-how.

The IP telephony certifications Nortel presently offers are divided into 4 categories: uphold specialist, Design specialist, sheperd expert, and Design expert. This tip discusses the Nortel aid song.

aid specialist

The aid professional certifications are intended to parade someone's capacity to enforce, operate, and troubleshoot a Nortel Networks IP Telephony solution. The assist specialist certification displays a candidate with three to six months of journey that may address pursuits technical concerns of a typical Nortel IP Telephony answer.

NNCSS - VoIP Succession BCM 3.0

This certification exams the capacity to implement, operate, and troubleshoot the company Communications supervisor 3.0. This certification covers hardware, delivery-up, statistics and voice networking, applications, and troubleshooting the BCM. To pass the certification, two assessments contain to be efficiently accomplished: know-how standards and Protocols for IP Telephony solutions, and Succession BCM three.0. The know-how requisites and Protocols for IP Telephony options exam is an overview of convergence applied sciences.

NNCSS - CallPilot Rls. 2.0

This certification tests the means to consequence in force, operate, and troubleshoot the VoIP CallPilot 2.0. This certification covers hardware, administration, interoperability with Meridian 1 switches, and protection of a separate site CallPilot gadget. To creep the certification, two checks must be efficiently completed: Meridian Database and CallPilot 2.0.

NNCSS - Symposium title middle Server or Symposium convene core Server installing and maintenance

These two certifications peek at various the skill to consequence in force, operate, and troubleshoot the Symposium convene middle Server. both certifications cowl hardware, application setting up, administration, and protection of Symposium title middle Server four.2, Symposium net client four.0, and Symposium categorical 3.0. although, the Symposium title core Server certification additionally exams the structure, custom configuration and integration of the server. To flux either of those certifications, one examination should be efficiently completed: Symposium convene headquarters or Symposium title core installing and maintenance, respectively.

NNCSS - Symposium convene core TAPI/Agent or convene middle TAPI/Agent setting up and protection

These two certifications examine the means to consequence in force, function, and troubleshoot the Symposium title core TAPI/Agent. each certifications cowl hardware, application installing, administration, and maintenance of Symposium TAPI 2.three and Symposium Agent 2.three. youngsters, the Symposium title core TAPI/Agent certification additionally assessments the structure, integration, and customized configuration of the TAPI/Agent. To circulate both of these certifications, one exam must be effectively accomplished: Symposium title core TAPI/Agent or Symposium title middle TAPI/Agent Inst/main, respectively.

NNCSS - Symposium specific title middle or Symposium express title core installing and renovation

These certifications check the means to enforce, function, and troubleshoot the Symposium categorical convene core. both certifications cover hardware, application installation, administration, and protection of Symposium express title core four.2. despite the fact, the Symposium categorical convene core certification also assessments the structure and integration of the convene middle. To creep either of the certifications, one exam contain to be successfully achieved: Symposium express title core or Symposium specific convene core Inst and Maint respectively.

NNCSS - VoIP Multimedia communique Server (MCS) 5100 2.0

This certification exams the means to implement, function, and troubleshoot the VoIP Multimedia verbal exchange Server (MCS) 5100 2.0. This certification covers installing of the hardware and utility, configuration, protection, and administration of the Multimedia conversation Server (MCS) 5100 2.0. To creep the certification, two tests should be successfully accomplished: technology requisites and Protocols for IP Telephony solutions, and VoIP Multimedia communique Server (MCS) 5100 2.0. The technology specifications and Protocols for IP Telephony solutions examination is an overview of convergence applied sciences.

NNCSS - VoIP Succession a thousand/1000M Rls. three.0 DB Administrator

This certification tests the skill to maintain and troubleshoot the VoIP Succession 1000/1000M Rls. 3.0 DB Administrator. This certification covers the architecture, configuration, renovation, and management of the Meridian 1, Succession one thousand Rls. 3.0, and Succession 1000M Rls. three.0 the exercise of fundamental Alternate Route preference (BARS) and community Alternate Route alternative (NARS). To creep the certification, two tests should be effectively accomplished: technology necessities and Protocols for IP Telephony options, and Succession a thousand/1000M Rls. 3.0 DB Administrator.

NNCSS - VoIP Succession a thousand/1000M Rls. 3.0 installation and protection

This certification tests the capacity to set up, configure, and preserve the VoIP Succession 1000/1000M Rls. 3.0. This certification covers the installation, architecture, configuration, protection, and administration of the Meridian 1, Succession 1000 Rls. 3.0, and Succession 1000M Rls. 3.0, cyber web Telephones i2xxx, and Optivity Telephony manager (OTM) 2.1. To pass the certification, three assessments need to be effectively accomplished: know-how requisites and Protocols for IP Telephony options, and Succession one thousand/1000M Rls. 3.0 for Technicians, and Succession one thousand/1000M Rls. three.0.

guide knowledgeable

The aid professional certifications build on the expert's capabilities through demonstrating their talent to consequence into effect, operate, and troubleshoot an superior Nortel Networks IP Telephony solution. The assist professional certifications mirror a candidate with six to 12 months of palms-on adventure with the talent to steer or assist intermediate-level personnel to preserve complicated Nortel IP Telephony solutions.

NNCSE - CallPilot 2.0 Unified Messaging solutions

This certification checks the capability to implement, operate, troubleshoot and optimize the VoIP CallPilot Unified Messaging concede 2.0. This certification covers the setting up, administration, interoperability, security, upgrade approaches and contain usage for a multi website CallPilot gadget. To pass the certification, the candidate should first acquire their NNCSS - CallPilot Rls. 2.0. as a result, the CallPilot 2.0 Unified Messaging options ought to be effectively accomplished to obtain this certification.

NNCSE - Contact middle

This certification assessments the talent to consequence in force, operate, troubleshoot and optimize the Contact core products. This certification covers the candidate's capabilities on the Symposium convene core Server (SCCS)/Symposium specific convene core/Symposium web customer, Symposium TAPI service issuer (TAPI SP), Symposium Agent, and the Symposium web core Portal. To circulate the certification, the candidate must first achieve their NNCSS - Symposium title middle Server and the NNCSS - Symposium convene headquarters TAPI/Agent certification. consequently, the Contact headquarters examination should be correctly completed to gain this certification.

NNCSE - IP Convergence Succession 1000/1000M Rls. three.0

This certification exams the talent to installation, configure, retain, and optimize the VoIP Succession 1000/1000M Rls. three.0. This certification covers the configuration, succession arm workplace (BO), remote workplace, operation, and Meridian 1 to Succession 1000M 3.0 migration approaches for the Succession one thousand/1000M Rls. 3.0, information superhighway Telephones i2xxx, faraway workplace 91xx, and Optivity Telephony manager (OTM) 2.1. To pass the certification, the candidate must first harvest their NNCSS - VoIP Succession CSE one thousand Rls. 2.0 or the VoIP Succession 1000/1000M Rls. three.0 setting up & upkeep certification. in consequence, an additional more complicated version of the Succession a thousand/1000M Rls. 3.0 exam ought to be successfully achieved to harvest this certification.

within the IT business, certifications are a means to validate someone's knowledge inside a special area. The above Nortel IP Telephony certifications are one of the most apparatus that may demonstrate the capabilities of an IP Telephony uphold expert. These certifications couldn't change years of trade adventure, however they achieve give the foundation to assist and manage Nortel Voice over IP options.

The next tip will focus on Nortel's Design IP Telephony certification song.

Richard Parsons (CCIE#5719) is a manager of knowledgeable functions for Callisma Inc., a totally owned subsidiary of SBC. He has constructed an exceptional basis in networking ideas, advanced troubleshooting, and monitoring in areas corresponding to optical, ATM, VoIP, routed, routing, and storage infrastructures. prosperous resides in Atlanta GA, and is a graduate of Clemson university. His history contains senior and major consulting positions at international network functions, Lucent, and Callisma.


Nortel convention call: Pragmatically Bullish | killexams.com real Questions and Pass4sure dumps

No influence found, are attempting original key phrase!I’ll creep away it to the analysts to feed Nortel’s (NT) third-quarter financials into their models. as a substitute, I’ll present my concepts on the tone of the convention name. overall, I’d instruct it turned into a pragmatica...

Symon Communications joins Nortel select Product program in EMEA | killexams.com real Questions and Pass4sure dumps

LONDON--(business WIRE)--June 14, 2005--Symon Communications Ltd, a number one world provider of precise-time communications options for the convene centre trade, has been chosen by Nortel (NYSE:NT)(TSX:NT) to combine its select Product application (SPP) in Europe, the core East and Africa (EMEA).

The programme is the properly tier of Nortel's Developer application, which gives contributors with the probability to foster and carry main-area customer solutions. Symon's preference turned into in keeping with Nortel's evaluation of Symon's commerce artery as well as client enter.

"This announcement is very vital for Symon and Nortel customers alike," said Nelson Smelker, UK managing director, Symon Communications. "The indisputable fact that Symon and their real-time products are being tremendously recommended through Nortel illustrates the aplomb that the resellers and their purchasers contain in their items. Nortel is one in every of their closest companions and they coincide with that their inclusion on the opt for Product application in Europe demonstrates that they are a official and committed companion, in for the long haul."

"we're at complete times trying to simplify the artery they toil with their channel companions to be able to deliver option and top distinguished overall solutions to their conclusion consumers," observed Paul Templeton, vice president, commerce solutions, EMEA, Nortel. "we are very excited to contain Symon Communications be a portion of the EMEA opt for Product application, a strategic initiative peculiarly designed to give their customers access to advised third-celebration items by the exercise of Nortel channel partners."

The select Product program permits reduced in size Nortel Resellers (CNRs) to order suitable third-birthday party products below special phrases and stipulations of sale that strategically complement the Nortel product portfolio and create gigantic cost for its consumers. pick products are defined as Nortel's most highly suggested third-party products for a particular performance. items in Symon's award-profitable actual-time communications portfolio, which comprises Symon commercial enterprise Server (SES), Symon Vista and Symon TargetVision, contain complete been chosen as select products by using Nortel.

additionally, Symon's newest cadaver of workers management answer, Symon group, has been given an Orderable suitable designation, permitting the concede to be ordered direct by means of Nortel ordering methods.

Symon has been a a success registered member of Nortel's EMEA Developer program since July 2004. Nortel's Developer software has labored with imaginative corporations that complement and lengthen its product portfolio for over 20 years. The Developer program formalizes these associate relationships, providing an excellent partnering framework that promotes solutions with full compatibility between components.

The Nortel Developer software has different ranges of membership, ranging from the entry degree, groundwork tier, Open Developer, the state builders profit access to a lot of tools to facilitate their edifice efforts, via to Developer associate stage, where Nortel actively markets the Developer accomplice products. one of the crucial pre-requisites for Developer confederate popularity is the successful completion of compatibility trying out, which increases client self assurance within the built-in answer. eventually, developers might also graduate by invitation most effectual to the opt for Product program level, which is the amend tier of the Developer application. Nortel pick items are strategic edifice blocks for Nortel imaginative architecture and uphold in proposing shoppers with essentially the most profitable and efficient solution for his or her communication wants. For more counsel on complete Nortel opt for products, delight consult with www.nortel.com/choose. For additional assistance on the Developer application, delight visit www.nortel.com/prd/dpp.

About Symon Communications

Symon Communications Ltd, primarily based in Beckenham, UK, produces distinguished utility and hardware solutions to bring together, analyse, file and song actual-time, mission-essential productiveness counsel for contact centres and different enterprise functions. This assistance contains enterprise metrics, workforce effectivity and operations indicators.

Symon Communications' award-profitable products consist of browser-based Symon neighborhood group of workers administration application and Symon Vista facts presentation tools, Symon TargetVision visible messaging methods, patented Symon NetLite II wallboards, Symon DeskView visual computing device messaging and alerting software and the Symon commerce Server records management system.

installed in additional than 6,000 centres global, more than 4 million shoppers view Symon Communications' items every day. clients encompass Kwik healthy, American express, Eli Lilly, Deutsche Telekom and Royal Mail community.

Symon Communications Ltd. is a wholly owned subsidiary of Symon Communications Inc. based out of Plano, Texas.

About Nortel

Nortel is a recognized chief in supplying communications capabilities that extend the human journey, ignite and power world commerce, and at ease and proffer protection to the area's most notable tips. Serving both provider issuer and commerce valued clientele, Nortel provides ingenious technology solutions encompassing end-to-end broadband, Voice over IP, multimedia services and functions, and instant broadband designed to aid individuals pellucid up the realm's surest challenges. Nortel does commerce in more than a hundred and fifty nations. For greater assistance, hunt counsel from Nortel on the net at www.nortel.com. For the newest Nortel news, consult with www.nortel.com/news.

definite tips included in this press liberate is ahead-looking and is territory to essential risks and uncertainties. The outcomes or events predicted in these statements may vary materially from genuine outcomes or movements. components which might antecedent outcomes or movements to vary from current expectations encompass, among other things: the result of regulatory and criminal investigations and civil litigation movements related to Nortel's restatements and the contain an consequence on any resulting criminal judgments, settlements, penalties and prices may contain on Nortel's effects of operations, monetary condition and liquidity, and any connected competencies dilution of Nortel's usual shares; the findings of Nortel's impartial evaluation and implementation of advised remedial measures; the outcome of the independent evaluation with recognize to revenues for specific identified transactions, which evaluation will contain a specific accent on the underlying habits that led to the prefatory focus of those revenues; the restatement or revisions of Nortel's previously announced or filed financial outcomes and resulting negative publicity; the existence of fabric weaknesses in Nortel's internal manage over monetary reporting and the conclusion of Nortel's administration and independent auditor that Nortel's inner manage over financial reporting is ineffective, which might proceed to repercussion Nortel's skill to record its effects of operations and financial circumstance precisely and in a timely method; the repercussion of Nortel's and NNL's failure to well timed file their economic statements and related occasional studies, together with Nortel's lack of talent to access its shelf registration statement filed with the USA Securities and exchange fee (SEC); ongoing SEC studies, which may result in alterations to Nortel's and NNL's public filings; the contain an repercussion on of management alterations, together with the termination for explanation for Nortel's former CEO, CFO and Controller in April 2004; the sufficiency of Nortel's restructuring actions, together with the toil artery introduced on August 19, 2004 as up to date on September 30, 2004 and December 14, 2004, together with the competencies for greater genuine prices to be incurred in reference to restructuring moves compared to the estimated charges of such movements; cautious or reduced spending with the aid of Nortel's valued clientele; increased consolidation among Nortel's shoppers and the lack of valued clientele in positive markets; fluctuations in Nortel's operating consequences and commonplace business, financial and market situations and extend charges; fluctuations in Nortel's money circulate, stage of fabulous debt and current debt rankings; Nortel's monitoring of the capital markets for alternatives to enhance its capital structure and economic flexibility; Nortel's skill to recruit and continue certified employees; the exercise of cash collateral to assist Nortel's common course enterprise actions; the dependence on Nortel's subsidiaries for funding; the paw of Nortel's defined improvement plans and deferred tax property on consequences of operations and Nortel's money circulation; the adversarial decision of category actions, litigation in the ordinary direction of enterprise, intellectual property disputes and similar matters; Nortel's dependence on original product edifice and its talent to forecast market claim for specific products; Nortel's means to combine the operations and technologies of got groups in an exceptional method; the influence of swift technological and market trade; the paw of rate and product competitors; obstacles to overseas extend and global financial conditions, above complete in emerging markets and together with activity rate and alien money alternate cost fluctuations; the contain an consequence on of explanation and consolidation within the telecommunications business; alterations in law of the information superhighway; the contain an consequence on of the credit score risks of Nortel's customers and the contain an consequence on of consumer financing and commitments; inventory market volatility often and on account of acceleration of the agreement date of Nortel's forward buy contracts; impoverished developments associated with Nortel's supply contracts and shrink manufacturing agreements, together with because of the usage of a sole company for a key component of several optical networks options; the contain an repercussion on of Nortel's deliver and outsourcing contracts that include start and setting up provisions, which, if not met, might influence in the permeate of sizeable penalties or liquidated damages; and the long race success of Nortel's strategic alliances. For more information with cherish to several of these and different components, descry the most fresh Annual report on kind 10-okay and Quarterly file on figure 10-Q filed by artery of Nortel with the SEC. unless otherwise required through applicable securities legal guidelines, Nortel disclaims any object or duty to update or revise any forward-searching statements, even if as a result of original information, future pursuits or in any other case.

Nortel, the Nortel emblem and the Globemark are emblems of Nortel Networks. Symon, Symon commerce Server, Symon NetLite II, Symon group, Symon TargetVision and Symon Vista are trademarks of Symon Communications, Inc.

Use of the terms "associate" and "partnership" doesn't imply a legal partnership between Nortel and some other birthday celebration.




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920-130 exam Dumps Source : Symposium Express convene Center

Test Code : 920-130
Test title : Symposium Express convene Center
Vendor title : Nortel
: 57 real Questions

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ZTO Express' (ZTO) CEO Meisong Lai on Q3 2018 Results - Earnings convene Transcript | killexams.com real questions and Pass4sure dumps

No result found, try original keyword!ZTO Express (NYSE:ZTO) Q3 2018 Earnings Conference convene November 14 ... their service quality headquarters has been focusing on five effects throughout the year, including process implementation, resource ...

Express, Inc. Announces Earnings Release Date, Conference convene and Webcast for Fourth Quarter and Fiscal Year 2017 Results | killexams.com real questions and Pass4sure dumps

COLUMBUS, Ohio--(BUSINESS WIRE)--

Express, Inc. (EXPR), a specialty retail apparel company, today announced that it will conduct a conference convene to argue fourth quarter and fiscal year 2017 results on Wednesday, March 14, 2018, at 9:00 a.m. Eastern Time (ET). Earlier that morning, the Company will issue a press release detailing those results. The conference convene will be hosted by David Kornberg, president and chief executive officer, Matthew Moellering, executive vice president and chief operating officer, and Perry Pericleous, senior vice president and chief financial officer.

Investors and analysts interested in participating in the convene are invited to dial (877) 705-6003 approximately ten minutes prior to the start of the call. The conference convene will also be webcast live at: http://www.express.com/investor and remain available for 90 days. A telephone replay of this convene will be available at 12:00 p.m. ET on March 14, 2018, until 11:59 p.m. ET on March 21, 2018, and can be accessed by dialing (844) 512-2921 and entering the replay pin number 13676416.

In addition, an investor presentation of fourth quarter and fiscal year 2017 results will be available at: http://www.express.com/investor at approximately 7:00 a.m. ET on Wednesday, March 14, 2018.

About Express, Inc.:

Express is a specialty retailer of women's and men's apparel and accessories, targeting the 20 to 30-year-old customer. Express has more than 35 years of sustain offering a several combination of mode and quality for multiple lifestyle occasions at an attractive value addressing mode needs across work, casual, jeanswear, and going-out occasions. The Company currently operates more than 600 retail and factory outlet stores, located primarily in high-traffic shopping malls, lifestyle centers, and street locations across the United States and Puerto Rico. Express merchandise is also available at franchise locations and online in Latin America. Express also markets and sells its products through its e-commerce website, www.express.com, as well as on its mobile app.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180222005285/en/


Regeneron Pharmaceuticals Inc (REGN) Q3 2018 Earnings Conference convene Transcript | killexams.com real questions and Pass4sure dumps

Logo of jester cap with thought bubble.© The Motley Fool Logo of jester cap with thought bubble.

Regeneron Pharmaceuticals Inc  (NASDAQ: REGN)

Q3 2018 Earnings Conference Call

Nov. 06, 2018, 8:30 a.m. ET

Regeneron Pharmaceuticals Inc

Contents:
  • Prepared Remarks
  • Questions and Answers
  • Call Participants
  • Prepared Remarks:

    Operator

    Welcome to the Regeneron Pharmaceuticals Q3 2018 Earnings Conference Call. My title is John, and I'll be your operator for today's call. (Operator Instructions)

    And I will now circle the convene over to Manisha Narasimhan, Head of Investor Relations.

    Manisha Narasimhan -- Head of Investor Relations

    Thank you, John. pleasant morning, and welcome to Regeneron Pharmaceuticals Third Quarter 2018 Conference Call. An archive of this webcast will be available on their website under Events for 30 days.

    Joining me on the convene today are Dr. Leonard Schleifer, Founder, President and Chief Executive Officer; Dr. George Yancopoulos, Founding Scientist, President and Chief Scientific Officer; Marion McCourt, Senior Vice President and Head of Commercial; and Bob Landry, Senior Vice President and Chief financial Officer. After their prepared remarks, they will open the convene for mp;A.

    I would also devotion to remind you that remarks made on this convene today include forward-looking statements about Regeneron. Such statements may include, but are not limited to, those related to Regeneron and its products and business, financial forecast and guidance, development programs and related anticipated milestones, collaborations, finances, regulatory matters, intellectual property, pending litigation and competition. Each forward-looking statement is subject to risks and uncertainties that could antecedent actual results and events to vary materially from those projected in that statement. A more complete description of these and other material risks can be institute in Regeneron's filings with the United States Securities and Exchange Commission, or SEC, including its figure 10-Q for the quarter ended September 30, 2018, which was filed with the SEC later today. Regeneron does not undertake any duty to update publicly any forward-looking statements, whether as a result of original information, future events or otherwise.

    In addition, delight note that GAAP and non-GAAP measures will be discussed in today's call. Information regarding their exercise of non-GAAP financial measures and a reconciliation of those measures to GAAP is available in their financial results press release, which can be accessed on their website.

    Once their convene concludes, Bob Landry and the IR team will be available to concede further questions.

    With that, let me circle the convene over to their President and Chief Executive Officer, Dr. Len Schleifer.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    Thank you. Manisha does such a fabulous job, Investor Relations. They should at least secure her title right. It's Manisha Narasimhan. pleasant morning to everyone who has joined the call.

    In the third quarter, Regeneron delivered record financial results and notable pipeline progress. EYLEA sales continued to grow. For the first time, US EYLEA net quarterly sales surpassed $1 billion. also for the first time, third quarter worldwide Dupixent sales exceeded $0.25 billion. And Dupixent was recently approved for asthma, its second major indication. Additionally, they launched Libtayo, their first approved immuno-oncology therapy.

    For EYLEA, they significantly strengthened the franchise to a recently expanded label for less frequent dosing and the potential for a original indication in diabetic retinopathy, and they await to foster a tall dose formulation of aflibercept into the clinic in the first half of next year.

    Libtayo, their first commercial entry into the exciting and hastily evolving zone of immuno-oncology, is the foundation upon which they intend to build with multiple additional agents and approaches in many different cancer settings.

    We contain described Dupixent as a pipeline in the product and it is live up to that potential. Compared to other approved biologics for asthma, Dupixent has a differentiated profile and label. The recent asthma approval, together with the ongoing robust launch in atopic dermatitis, positive aspect 3 results in inveterate rhinosinusitis with nasal polyps and positive aspect 2 results in eosinophilic esophagitis, validate the scientific hypothesis that the IL-4/IL-13 pathway is answerable for a spectrum of allergic or character 2 diseases. You'll hear more from Marion about the launch of Dupixent in asthma in atopic dermatitis, and George will update you on their clinical programs.

    We've continued to get uniform progress with their other commercialized products. For Praluent, their LDL-cholesterol lowering PCSK9 antibody, they anticipate that the US treatment guidelines for lipid-lowering will be updated shortly. They hope the updated guidelines will facilitate greater access and uphold increased exercise of the PCSK9 class. Although it gets drowned out in the debate about drug prices, the fact remains that cardiovascular disease is the number one antecedent of death in United States and tall LDL-cholesterol is a major antecedent of cardiovascular disease.

    Our earlier pipeline continues to progress. At the genesis of the year, they set a goal of advancing four to six original molecules into clinical development. I'm jubilant to report that to date they contain already advanced four original molecules into clinical development. These include a bispecific antibody for ovarian cancer, a original antibody for pain, a leptin receptor agonist, and an antibody to CTLA4. They also await to foster into the clinic by year conclude at BCMA, CD3 bispecific antibody for multiple myeloma. They now contain seven approved drugs and their clinical pipeline has 20 product candidates spanning a rage of -- a purview of therapeutic areas. complete of these molecules were discovered by their scientists.

    With that, I will now circle the convene over to George.

    George D. Yancopoulos -- President and Chief Scientific Officer

    Thanks, Len, and pleasant morning, everyone.

    I'd devotion to begin with EYLEA. In August, their supplemental biological application, or sBLA, was approved for EYLEA dose every 12 weeks after one year of effectual therapy in wet age-related macular degeneration, or wet AMD. EYLEA is now the only anti-VEGF drug for the treatment of wet AMD that offers the flexibility to optimally deal patients, regardless of whether they require fixed interval dosing of four, eight, or 12 weeks. In September, the FDA accepted their sBLA for EYLEA in diabetic retinopathy, with an action date in May 2019. This sBLA was based on the data from the aspect 3 PANORAMA study, which investigated the exercise of EYLEA in patients with moderately severe to severe non-proliferative diabetic retinopathy without diabetic macular edema. Positive six-month top line results from PANORAMA were announced in March 2018. Just a pair of weeks ago, they announced positive data from the one-year time point from the same study. And the primary endpoint at one year, after initial monthly dosing age followed by every eight or every 16-week treatment, 80% and 65% of patients respectively experienced a two-step or greater improvement from baseline on the diabetic retinopathy severity scale compared to only 15% of patients receiving sham injections. The results were highly statistically significant with a p-value less than 0.0001.

    Regarding the two key secondary endpoints, which achieved statistical significance based on the pre-specified hierarchical analysis compared to sham injection, treatment with EYLEA reduced vision-threatening complications by 82% to 85% and the development of center-involved diabetic macular edema by 68% to 74%. Diabetic retinopathy is the leading antecedent of blindness in working-age adults in the United States. What is perhaps underappreciated is the rate at which non-symptomatic patients can develop solemn complications that menace their vision. Strikingly, within the first year of PANORAMA, more than one-third of previously asymptomatic diabetic retinopathy patients who were treated with EYLEA went on to develop vision-threatening complications, or diabetic macular edema. EYLEA markedly reduced these complications and reversed the anatomic severity of the disease. These results underscore the potential value of earlier intervention in diabetic retinopathy. In addition to data from their PANORAMA study, the government-funded Diabetic Retinopathy Clinical Research Network is conducting its own aspect 3 study of EYLEA in diabetic retinopathy. This study known as Protocol W is ongoing.

    Turning to the competitive landscape, in their view, there is an conclude product in the near term that can contain a substantially different safety and efficacy profile compared to EYLEA. EYLEA is approved in a number of retinal diseases and has demonstrated safety and efficacy with over 20 million doses administered worldwide. It doesn't emerge that any potential near-term entrants can provide substantially different dosing flexibility, duration or visual gains that are already achievable with EYLEA. Nevertheless, they believe that higher dose formulations of aflibercept might provide additional or longer-lasting benefit, and thus, they are advancing this program into clinical development in 2019.

    I'd now devotion to circle to Dupixent, their antibody that blocks the interleukin-4/interleukin-13 pathway that they are investigating in multiple allergic diseases. Just a pair of weeks ago, Dupixent was approved by the FDA for its second major indication, asthma in adults and in adolescents. Dupixent is approved for two notable types of patients with uncontrolled asthma, those with temper to severe disease within eosinophilic phenotype and those who require oral corticosteroids to manage their disease. With Dupixent, the newest biologic approved for the treatment of asthma, they contain demonstrated an unprecedented profile. As famed in their label, in their pivotal studies of patients with temper to severe eosinophilic asthma, they reduced severe exacerbations by up to 67% compared to placebo, and increased FEV1, a measure of lung function critical in asthma by 29% to 33% compared to 14% to 16% for placebo.

    In addition, Dupixent is the only biological approved oral corticosteroid-dependent asthma regardless of eosinophilic phenotype and the only asthma biological that offers patients self-administration. The US launch in asthma is under way, as you will hear from Marion. Their regulatory application for asthma is currently under review by European regulators. They await a decision in the second quarter of 2019. In terms of ongoing clinical development of Dupixent in asthma, they are currently enrolling patients between the ages of six and 11 years, and are planning a part aspect 3 study in patients aged six months to five years.

    In October, they announced that, in two aspect 3 studies of Dupixent in inveterate rhinosinusitis with nasal polyps, Dupixent significantly reduced nasal polyp size, nasal congestion severity and need for systemic corticosteroids and/or surgery. Patients with inadequately controlled disease struggle with pain, nasal discharge, the inability to scent and hardship breathing. The current yardstick of care, which includes the exercise of oral and intranasal corticosteroids, often along with surgery is often inadequate. These are the first pivotal ordeal results in inveterate rhinosinusitis with nasal polyps showing that interleukin-4 and interleukin-13 are key drivers of this disease. Of note, more than three quarters of patients in these trials also suffer from other character 2 inflammatory conditions, including asthma, allergic rhinitis and NSAID-exacerbated respiratory disease. In a pre-specified group of patients with comorbid asthma, Dupixent significantly improved lung function asthma control, providing the first evidence that Dupixent can deal inflammation from the upper to the lower airway in the same patient. detailed results for the nasal polyp studies will be presented at a future medical conference. They intend to get a regulatory submission to the FDA in this indication in the first quarter of 2019.

    Dupixent has now demonstrated late-stage safety and efficacy in three allergic or atopic or character 2 inflammatory diseases, atopic dermatitis, asthma, and now inveterate rhinosinusitis with nasal polyps. As they contain observed in their studies, patient with one such condition often suffer from allergic diseases as well -- other allergic diseases. They are committed to extending Dupixent's approval into younger age groups and geographies and broadening it to additional character II allergic indications. In atopic dermatitis, they recently reported positive data from aspect 3 study of Dupixent in adolescents with moderate-to-severe atopic dermatitis. These results were the basis of a regulatory submission in the US for patients between the ages of 12 and 17 years. This morning, they announced that the FDA has accepted for prior review the sBLA for Dupixent in adolescent patients 12 to 17 years of age with moderate-to-severe atopic dermatitis, whose disease was inadequately controlled with topical therapies or for whom topical treatment was medically inadvisable. Currently, there are no FDA-approved systemic biologic medicines to deal adolescents with moderate-to-severe atopic dermatitis. The target date for the FDA decision is March 11, 2019. We're also currently conducting studies in younger patients between the ages of six months and five years, as well as in patients between the ages of six and 11 years. In terms of other diseases, they initiated their aspect 2/3 study of dupilumab in adults and adolescents with eosinophilic esophagitis. They also recently started their aspect 2 study of dupilumab in peanut allergy. This program is being conducted in collaboration with Aimmune Therapeutics. A aspect 2 study of dupilumab for grass allergy is currently under artery and a aspect 2/3 study in COPD is being planned.

    We view their interleukin-33 program as a complement to Dupixent. The Regeneron Genetics headquarters in collaboration with Geisinger Health System and the UK Biobank has confirmed an extended observations linking the interleukin-33 pathway to both COPD and asthma. They are studying their interleukin-33 antibody both as monotherapy as well as in combination with Dupixent in asthma, where they contain three trials in progress; and in COPD, where they contain one. They planned, by year end, to initiate two aspect 2 studies in atopic dermatitis, one will be anti-IL-33 monotherapy and the other will combine anti-IL-33 with Dupixent.

    I would now devotion to switch to the very exciting fields of immuno-oncology, which continues to be an zone of focus for us and where they contain recently made notable strides. At the conclude of September, Libtayo, the brand title is cemiplimab-rwlc, became not only the first PD-1 antibody approved by the FDA for the treatment of advanced cutaneous squamous cell carcinoma, where CSCC, with the first treatment of any kind, ever approved for this cancer. The response rate for this very tall unmet need cancer setting were among the highest ever reported for PD-1 treatment in solid tumor. Outside the United States, a regulatory application for Libtayo is being reviewed by the European Medicines Agency, with a decision expected in the first half of 2019. There are currently no EMA approved treatments for advanced cutaneous squamous (ph) carcinoma.

    As they contain stated before, they deem non-small cell lung cancer to be an notable potential original indication for Libtayo. Their aspect 3 program in non-small cell lung cancer is enrolling as planned. Based on their review of emerging data in this evolving field, and as they had indicated on their ultimate quarterly call, they contain doubled the size of their ordeal comparing Libtayo monotherapy to chemotherapy in PDL-1 tall patients from 300 patients to approximately 700 patients. They are also conducting aspect 3 studies of Libtayo in second-line non-small cell lung cancer and in combination with chemotherapy and with an anti-CTLA4 antibody in first-line. While these studies are being conducted with the commercially available CTLA4 antibody, I am pleased to report that their own CTLA4 antibody is now in clinical development.

    Turning now to their bispecific antibody platform. The leading program here is their fully owned CD20xCD3 antibody. Next month, at the annual meeting of the American Society of Hematology, or ASH, they will be presenting additional data in B-cell malignancies. Their second bispecific antibody to enter the clinic targets MUC16 and CD3 for ovarian cancer. By year-end, they await their by BCMAxCD3 bispecific antibody to enter clinical development for the treatment of multiple myeloma. They contain also announced that they will be progressing an entirely original class of bispecifics into the clinic starting in the first half of 2019. Continuing on the theme with immuno-oncology, in the third quarter, they entered into a collaboration with bluebird bio to discover, develop and commercialize original CAR T and other cell therapies for cancer. This collaboration represents a distinguished case of two companies with synergistic technologies working together to try to get a significant advancement in the field.

    Moving on, their late-stage pipeline has made progress and I would devotion to focus on a few programs. In the third quarter, they announced positive top line efficacy data for fasinumab, a Nerve Growth Factor, or NGF antibody in patients with inveterate pain from osteoarthritis of the knee or hip. The study met both co-primary endpoints and complete key secondary endpoints at week 16, showing that they can achieve efficacy with low doses that mitigate treatment associated arthropathy at least during the study period. They contain three aspect 3 studies with fasinumab ongoing in osteoarthritis, including their long-term safety study. As most of you know, pain represents an zone of tall unmet need. To that end, they contain recently advanced another molecule for pain into clinical development, a fully human antibody to the GFRalpha-3 neurotrophic factor receptor.

    Our clinical programs in cardiovascular metabolism are poignant ahead. They are enrolling aspect 3 studies of Praluent in adults with homozygous familial hypercholesterolemia in addition to pediatric studies in heterozygous and homozygous familial hypercholesterolemia. They recently received regulatory approval for Praluent for the treatment of patients with heterozygous familial hypercholesterolemia undergoing apheresis. And finally, the FDA has accepted for review an sBLA for Praluent as a potential treatment to reduce major adverse cardiovascular events with a target action date of April 28, 2019. Evinacumab, their ANGPTL3 antibody is in the aspect 3 clinical development study in homozygous familial hypercholesterolemia, where it has received orphan and breakthrough designations. They were also enrolling patients in the aspect 2 study of evinacumab in heterozygous familial hypercholesterolemia and refractory hypercholesterolemia, and in another aspect 2 study in severe hypertriglyceridemia.

    In terms of their other clinical programs, in December, at the annual ASH meeting, we'll also be presenting additional data from their wholly owned C5 antibody program. They await to initiate a aspect 2 study of the subcutaneously administered molecule in patients with paroxysmal nocturnal hemoglobinuria, or PNH, in the first half of 2019. Another exciting molecule in their pipeline is their Activin A antibody, where they currently contain a potentially pivotal aspect 2 study ongoing in a rare disease called fibrodysplasia ossificans progressiva. Finally, I would just devotion to highlight, within the next three months, their Regeneron Genetics headquarters expects to hit the 500,000 ticket of humans sequenced, a milestone few, if any, centers contain ever achieved.

    With that, I would now devotion to circle the convene over to Marion.

    Marion McCourt -- Senior Vice President and Head of the Commercial organization

    Thank you, George, and pleasant morning, everyone.

    I'd devotion to start with EYLEA, where global net sales in the third quarter were $1.68 billion, an extend of 11% year-over-year. US net sales for EYLEA were $1.02 billion, a 7% year-over-year increase. This extend was driven by overall market growth in both wet AMD and DME, physician preference and the aging population, as well as the extend in the prevalence of diabetes. Based on net sales, EYLEA currently holds about 70% of the overall branded US anti-VEGF market.

    In an trouble to educate consumers and raise brand awareness and interest, they recently launched a pilot EYLEA DTC drive for approved indications in select markets. Beyond the approved indications of wet AMD, DME, retinal vein occlusion and diabetic retinopathy with DME, they descry potential opportunities for EYLEA in diabetic retinopathy. As you just heard from George, they recently reported positive data in this indication and await a regulatory decision in the US in May of next year. Following this potential approval, they artery to initiate a focused drive to drive adoption in this big untapped indication. Additionally, in August, they announced that the FDA approved an sBLA for EYLEA for a modified every 12-week dosing schedule for wet AMD after one year of effectual treatment. This makes EYLEA the only approved anti-VEGF drugs for wet AMD with four, eight and 12-week dosing, specifically referenced in its label.

    I'd devotion to spend a flash discussing their pre-filled syringe for EYLEA. As previously announced, they received a complete response missive from the FDA. They remain confident that they will be able to answer the agency's request, which included the completion of a usability study evaluating a separate injection in approximately 30 patients. They artery to get a regulatory submission in the first half of 2019. Their launch timelines for the pre-filled syringe contain not changed, and they continue to be on track for an expected 2019 launch.

    Turning now to Dupixent. Global net sales in the third quarter of 2018, as reported by their collaborator Sanofi, were $263 million, including $220 million in US. Let me start with Dupixent in atopic dermatitis. Underlying US claim for Dupixent remains strong, with total prescriptions, or TRx, up approximately 17% quarter-over-quarter sequentially. Prescriber depth and breadth continues to help with now over 12,300 healthcare providers having prescribed Dupixent to over 60,000 patients. Despite the force of this launch, the vast majority of patients with moderate-to-severe atopic dermatitis contain not been treated with Dupixent. Educating patients about Dupixent as a potential original treatment is an notable zone of focus. To this end, they recently launched a national branded television drive and are encouraged by the early results. Outside the US, the ongoing launch in Dupixent in atopic dermatitis is progressing well. As George announced, the sBLA for Dupixent in adolescents with atopic dermatitis has been filed and granted priority review by the FDA, with an action date in March 2019. If approved, this will allow the benefits to Dupixent to be extended to patients as adolescent as 12 years of age. They appraise that the number of adolescent patients is about half that of the adult atopic dermatitis population. In addition, they contain also submitted an application for a 200-milligram auto-injector for Dupixent.

    Turning now to asthma, which is the most recently approved indication for Dupixent. As you heard from George, they believe Dupixent is a highly differentiated biologic for the treatment of asthma. The launch is under way, and feedback from physicians has been positive. We've only been in the market for a pair of weeks now, so it is too early to provide any detailed launch metrics. They appraise there are approximately 775,000 to 900,000 adult and adolescent patients in the US with moderate-to-severe asthma that contain uncontrolled persistent symptoms that, despite yardstick of permeate therapy, may be suitable for treatment with a biologic therapy. Currently, only about 11% of these patients are treated with a biologic. One of the key considerations for physicians treating asthma patients is to circumscribe or avoid the exercise of oral steroids to control the disease. They appraise that the oral corticosteroid-dependent population represents approximately 25% to 30% of the approximate 775,000 to 900,000 patients with uncontrolled persistent asthma eligible for a biologic. Dupixent is a non-steroid treatment option for these patients. With that in mind, they are optimistic about the asthma launch, with the goal of making Dupixent a preferred first-line biologic for indicated patients with moderate-to-severe asthma. Early efforts to engage both allergists and pulmonologists are well under artery and the reception has been positive. Many allergists are already familiar with Dupixent in atopic dermatitis, and these doctors are also treating patients with asthma. We're actively working on educating and creating awareness of Dupixent's differentiated profile with pulmonologists. They peek forward to providing further updates on the launch in the months ahead.

    I'd now devotion to circle to Libtayo, their PD-1 antibody. On September 28th, the FDA approved Libtayo for the treatment of patients with metastatic cutaneous squamous cell carcinoma, or locally advanced CSCC who are not candidates for curative surgery or curative radiation. They continue to await a decision by the European Medicines Agency in the first half of 2019. The launch of Libtayo is a major milestone and a first step in their goal of establishing Regeneron as a major player in the immuno-oncology space. Upon FDA approval, the oncology sales constrain quickly mobilized to get Libtayo the yardstick of permeate for CSCC by engaging medical oncologists and MO (ph) surgeons targeting centers specializing in skin cancers. So far, feedback from medical community has been positive. On October 24th, Libtayo was included in the updated National Comprehensive Cancer Network, NCCN guidelines for CSCC. Libtayo received a 2A evidence rating, the only systemic therapy with an NCCN rating in CSCC. From a payer standpoint, we've been successful in establishing broad access and reimbursement coverage, so patients in need can secure access to the treatment quickly. Recall that CSCC is the most common figure of skin cancer and is answerable for an estimated 4,000 to 8,000 deaths each year in the US. It currently accounts for approximately 20% of complete skin cancers in the US, with the number of newly diagnosed cases expected soar annually. They peek forward to providing further updates on the launch at a later time.

    Switching to Praluent. Global net sales in the third quarter recorded by Sanofi were $80 million, representing a 62% extend compared with the third quarter of 2017. They contain submitted data from the cardiovascular outcome study to regulatory agencies in the US and the EU and anticipate decisions in the second half of 2019. They are also expecting that the lipid-lowering treatment guidelines in the US will be updated shortly. These updated guidelines may facilitate greater access and uphold increased exercise of the PCSK9 inhibitor class. We're continuing payer appointment and remain the exclusive PCSK9 inhibitor on the Express Scripts national commercial formulary. Based on net sales, their market share in the US has grown significantly since the addition to the ESI formulary up to 40% in the third quarter, with the number of prescriptions continuing to extend steadily.

    Moving to Kevzara, global net sales, as recorded by Sanofi, were $25 million in the third quarter as claim improved. Within the IL-6 subcutaneous class, Kevzara now has 42% of dispensed NBRx share and 20% share of TRx.

    I'll now circle the convene over to Bob.

    Robert E. Landry -- Senior Vice President, Finance and Chief financial Officer

    Thanks, Marion, and pleasant morning, everyone.

    I'm pleased to report both solid top line results and strong operational performance for the third quarter of 2018. They are encouraged by EYLEA and Dupixent sales growth, progress across their portfolio and improvements in their operating leverage as reflected in the reduction of their full-year 2018 expense and tax guidance line items.

    For the third quarter of 2018, they earned $5.87 per diluted share on non-GAAP net income of $675 million. These results picture a 47% and 44% year-over-year extend in their non-GAAP diluted EPS and net income, respectively. Total revenue grew 11% year-over-year to $1.66 billion, driven by performance of US EYLEA, revenue increases for both the Sanofi and Bayer collaborations and growth within other revenue.

    EYLEA net product sales in the United States grew 7% to $1.02 billion compared to $953 million in the third quarter of 2017. US EYLEA distributor inventory decreased in the quarter as compared to the second quarter of 2018 yet remained within their balanced one to two-week targeted range. As disclosed in their ultimate earnings call, commencing in the second week of June, they increased the existing EYLEA discount that they proffer to physician practices regardless of volume. As a result, there was a slight degradation in EYLEA's flagrant to net percentage in the third quarter of 2018 compared to both the third quarter of 2017 and the first half of 2018. effectual October 1, 2018, they started shipping and recording US net sales of Libtayo. As a reminder, for Libtayo in the US, they are the commercial lead and will record product sales. Sanofi has exercised its option to co-promote Libtayo in the US. Ex-US EYLEA net product sales, recorded by their collaborator Bayer, were $655 million for the three months ended September 30, 2018, representing a 20% operational and 16% reported extend on a year-over-year basis.

    Total Bayer collaboration revenue for the three months ended September 30, 2018 grew 12% year-over-year to $264 million, of which $243 million was derived from the share of net profits from EYLEA sales outside the US. The $243 million, which represents year-over-year growth of 18%, compares favorably to the $205 million realized for the three months ended September 30, 2017.

    Total Sanofi collaboration revenue was $256 million for the third quarter of 2018 compared to $245 million for the third quarter of 2017. The year-over-year revenue extend was driven by three factors. First, they realized a $59 million decrease in their share of losses in connection with the commercialization of Dupixent, Praluent and Kevzara; second, higher Sanofi R&D reimbursement revenue associated with their increased investment in immuno-oncology; and third, higher Sanofi commercialization reimbursement revenue associated with increased investment in commercialized products. Offsetting these three factors is the 2017 expiration of the Sanofi Antibody Discovery and Preclinical development Agreement, under which they recorded $38 million of revenue in the third quarter of 2017 compared to no revenue this quarter.

    In the third quarter of 2018, they recognized a loss of $39 million in connection with the commercialization of products from the antibody license and collaboration agreement with Sanofi, which compares favorably to a loss of $98 million in the third quarter of 2017 and a loss of $69 million in the second quarter of 2018. The lower share of loss versus the third quarter of 2017 was primarily attributed to higher global net sales of Dupixent and Praluent, and continued cost containment for Praluent, partly offset by an extend in Dupixent commercialization expenses.

    Despite incurring necessary launch expenses for original indications in original markets, from a financial standpoint, the alliance had its best performing quarter. While they experienced improved operating leverage in the third quarter of 2018, they await the alliance's financial results to remain variable for the next few quarters as they continue to incur launch expenses for original indications and original markets. Compared to the third quarter of 2018, they are expecting a higher alliance loss in the fourth quarter of 2018 in connection with the commercialization of these antibodies.

    Before turning to expenses, I want (ph) to briefly observation on their third quarter 2018 other revenue. In the third quarter of 2018, other revenue was $117 million versus $62 million in the third quarter of 2017. This extend was primarily driven by the recognition of a higher amount of deferred revenue from Teva and Mitsubishi Tanabe, including amounts related to the recognition of a portion of the $60 million and $20 million development milestones achieved from Teva and Mitsubishi Tanabe, respectively, in the third quarter of 2018. Other revenues also increased from the recognition of revenue related to their agreement with Biomedical Advanced Research development Authority, or BARDA, to develop, test and manufacture an antibody therapy for the treatment of Ebola virus infection. As a reminder, you can find a summary of the components of other revenue in the MD&A section of the 10-Q.

    Non-GAAP R&D expenses were $497 million for the third quarter of 2018 as compared to $460 million for the third quarter of 2017. The extend in non-GAAP R&D expense was the result of an extend in Libtayo clinical costs and higher R&D headcount and facility-related costs, partly offset by a decrease in Dupixent development costs. Their non-GAAP unreimbursed R&D expense, which is calculated as the total non-GAAP R&D expense less R&D reimbursements from their collaborators, was $311 million for the three months ended September 30, 2018 compared to $227 million for the three months ended September 30, 2017. As highlighted earlier, $38 million of this extend is attributable to the expiration of the Sanofi Antibody Discovery and Preclinical Agreement at the conclude of 2017. The remaining increases were driven by their share of higher immuno-oncology clinical costs and R&D activities associated with the growing number of wholly owned programs. Their press release includes the information required to device unreimbursed non-GAAP R&D expense. They are lowering and tightening their full-year 2018 guidance for non-GAAP unreimbursed R&D expense to be in the purview of $1.19 billion to $1.225 billion from their previous guidance of $1.21 billion to $1.26 billion.

    Non-GAAP SG&A expense was $326 million for the third quarter of 2018 as compared to $259 million for the three months ended September 30, 2017. The higher SG&A expenses in the third quarter of 2018 were primarily due to an extend in contributions to independent not-for-profit patient assistance organizations and higher launch expenses for Libtayo and Dupixent in adult and adolescent asthma. They are lowering and tightening their full-year 2018 non-GAAP SG&A expense to be $1.33 billion to $1.37 billion from $1.34 billion to $1.39 billion. Based on this revised guidance, they await a higher SG&A spend plane in the fourth quarter of 2018. This higher spend is driven by EYLEA expenses, including DTC, and Dupixent expenses, including DTC and patient uphold programs.

    Sanofi reimbursement of Regeneron commercialization-related expenses, a line particular institute within Sanofi collaboration revenue, was $107 million for the third quarter of 2018. They are lowering and tightening their full-year 2018 guidance for reimbursement of Regeneron commercialization-related expenses to $430 million to $455 million from $455 million to $485 million.

    For the three months ended September 30, 2018 as compared to the same age in 2017, non-GAAP cost of goods sold declined principally due to better cost absorption at their Limerick, Ireland commercial manufacturing facility. Cost of collaboration and shrink manufacturing increased due to higher sales volumes of both EYLEA outside the US and Sanofi collaboration antibodies, as well as the recognition of manufacturing costs associated with their agreement with BARDA. These increases were partially offset by lower validation costs at their Limerick facility.

    Turning now to taxes. Their effectual tax rate in the third quarter 2018 was 6.5% compared to 31.3% for the third quarter of 2017, driven primarily by the enactment of the Tax Cuts and Jobs Act, as well as one-time tax benefits associated with tax planning in connection with this act. Their tax rate continues to capitalize from the federal tax credit for research activities, stock-based compensation and income earned in alien jurisdictions with tax rates lower than the US. The third quarter 2018 also included a GAAP income tax capitalize of $11.9 million that was an adjustment to the provisional amount recorded as of December 31, 2017 for the US Tax Reform Act, which was related to the remeasurement of the Company's US net deferred tax assets. As they await additional regulatory guidance and continue to assess the full repercussion of the original tax law, including some one-time items, they now await their full-year 2018 effectual tax rate to be in the purview of 11% to 13% from their previous guidance of 13% to 16%. While their effectual tax rate guidance has been lowered for 2018, they await that, over the next few years, their effectual tax rate will be in the mid-to-high teens.

    Turning next to cash flux and the equilibrium sheet. Regeneron ended the third quarter of 2018 with cash and marketable securities of $4.1 billion and generated in excess of $1.1 billion of free cash flux for the nine months ended September 30, 2018. They device free cash flux as net cash provided by operating activities less capital expenditures. Their capital expenditures for the three months ended September 30, 2018 were $106 million and totaled $298 million for the nine months ended September 30, 2018. They are lowering and tightening their full-year 2018 capital expenditure guidance to $360 million to $390 million from their prior purview of $410 million to $450 million.

    On the BD (ph) front, as George mentioned, they entered into a collaboration with bluebird bio. In connection with the execution of the collaboration agreement, they also agreed to purchase 420,000 shares of bluebird common stock for $100 million. As portion of the agreement, $37 million, the amount paid in excess of the objective market value of the shares purchased, will be credited against their funding duty for collaboration research.

    Before I hand the convene back to Manisha to commence mp;A, I also wanted to highlight an exciting announcement Regeneron made in September regarding a original agreement with the state of original York to uphold economic development in the Capital Region. Over the next seven years, Regeneron has committed to investing $800 million to expand facilities and create 1,500 original full-time jobs in original York State. This expansion will be supported by $140 million in economic development incentives from original York State.

    With that, I would devotion to circle the convene back to Manisha.

    Manisha Narasimhan -- Head of Investor Relations

    Thank you, Bob. John, that concludes their prepared remarks. We'd now devotion to open the convene for mp;A.

    Questions and Answers:

    Operator

    Thank you. (Operator Instructions) Their first question is from Geoff Meacham from Barclays.

    Greg Harrison -- Barclays -- Analyst

    Hi. This is Greg Harrison on for Geoff. Thanks for taking the question. Can you talk us through the trends you're seeing recently with payer access for Dupixent? contain asthma patients been able to secure access? And how is this prepared -- how is this compared with the launch in atopic dermatitis?

    Marion McCourt -- Senior Vice President and Head of the Commercial organization

    So, certainly, it's early days, Greg, in the launch for asthma. But I can certainly report that, with Dupixent for the original asthma indication, they are making uniform progress, and very pleased with initial dialog with payers. But I'll just remind everyone that this is only their third week in market with the asthma launch.

    Then as a comment, you alluded to atopic dermatitis and payer coverage. Certainly, they descry the majority of the market with adequate coverage, and of course, that reflects in the uptake we're seeing with Dupixent performance.

    Manisha Narasimhan -- Head of Investor Relations

    Operator, next question please?

    Operator

    Our next question is from Carter Gould from UBS.

    Carter Gould -- UBS -- Analyst

    Hey, guys. pleasant morning. Thanks for taking the question. I guess, Len, given complete the commentary coming out of the White House around portion B proposals in HHS, just wanted to secure your latest thoughts on sort of that messaging, anything that you guys can achieve to either mitigate that front on either on the -- yeah, I'll leave it there.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    Yeah. Hi. Thanks for the question, Carter. Obviously, it's tough to know what's going to actually become policy given a lot of these announcements for pre-election. I achieve believe the administration is solemn about trying to achieve something with drug pricing, but whether or not they'll be able to secure in a demonstration project, which covers a big fraction of the country, starting the year 2020, with international reference pricing, I believe that's a wide, broad open, broad question ticket at this time.

    Manisha Narasimhan -- Head of Investor Relations

    Next question, please?

    Operator

    Our next question is from Cory Kasimov from JPMorgan.

    Cory Kasimov -- JPMorgan -- Analyst

    Hey, pleasant morning, guys. Thank you for taking my question. I'm curious how you're looking at the market occasion for Dupixent in the temper eosinophilic asthma population when considering the low biologic penetration you refer to for severe asthmatics to date. So, I guess, given those historic dynamics, achieve you believe you'll be able to penetrate much of the temper patients in the first year or so of the product's launch, or should they really be focused on severe? Thanks.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    I am going to let Marion concede that question after I just get one brief comment. The market has yet to descry a self-administered product. And it is -- penetration is expected to be exceedingly low for the temper population when you contain to secure to the doctor's office even in an infusion or hang around there for half a day, et cetera, et cetera.

    Marion?

    Marion McCourt -- Senior Vice President and Head of the Commercial organization

    Yeah. So, I'd add to that, that it's not unusual that physicians, and in this case it's pulmonologists and allergists, will often exercise a product, Dupixent in this case, for asthma on some of their tougher patients first. I'll share that, anecdotally, the reports we're getting has been very, very positive. So over time, most definitely, I believe we'll contain success not only with severe but also the temper patients, and I believe that continuum will evolve over market experience. But there are really compelling reasons why and that relates to the clinical profile of Dupixent in asthma, its overall efficacy not only in exacerbations, lung function, OCS reduction and quality of life, but then also the broad category of patients that they achieved in their label, moderate-to-severe patients, of course, EOS greater than 150, OCS-dependent regardless of phenotype or EOS.

    As Len mentioned, another ingredient that we're hearing that just so notable is that they are the only asthma biologic to proffer both at-home, self-administration; and when physicians want to they can always start a patient in the office to assist educate and train them, but this is a really notable factor in the talent to contain broader use.

    And then the other particular I'd add is that, of course, with Dupixent, we're not launching a original product, we're launching a original indication. So allergists who already had sustain with Dupixent, and they already contain shown and established safety profile. So we're really excited about the launch. It's very, very early days. I peek forward to giving you reports in the future.

    George D. Yancopoulos -- President and Chief Scientific Officer

    And -- this is George. I just want to emphasize about the clinical profile that Marion brought up, which is that, particularly for temper patients, they silent can contain pretty substantial reductions in their lung functions. And when you're talking about a biological that maybe the first biological really can contain clinically meaningful repercussion on lung function, that could really get a incompatibility in patients' lives, and that is some things that has really potential to essentially contain a real repercussion on patients' lives. And together with its safety profile, I think, there's a lot of rationale for penetrating into the modern population.

    Manisha Narasimhan -- Head of Investor Relations

    John, next question, please?

    Operator

    Our next question is from Chris Raymond from Piper Jaffray.

    Chris Raymond -- Piper Jaffray -- Analyst

    Hey, thanks. Just a question on the Dupixent peanut allergy study or toil that you're doing with Aimmune. Can you maybe talk about a itsy-bitsy bit in detail the objectives of this work, maybe the strategy even? I believe you've talked about being able to potentially help on Aimmune's sustain in desensitizing kids during the up-dosing period, but can may be just frame for us what is -- there's obviously a lot of occasion in food allergy not just peanut allergy, what does success peek devotion from this initial trial? And where achieve you believe that could filch you in terms of sort of penetrating that other market, that bigger market? Thanks.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    Just to secure into the science for a second, I believe that everybody has to understand that the judgement you contain allergies is you contain a positive kind of immunoglobulin known as immunoglobulin E that is bound to the surface of mast cells and basophils. And once it interacts with allergen, it clusters on the surface of these cells, resulting in degranulation release of histamine and other allergic mediators. That's the fundamental basis of allergy. For those of you who don't know, interleukin-4 and interleukin-13 are the IgE switch factors.

    When you try desensitization therapy, the all goal of that therapy fundamentally is to reprogram the immune system and get the immune system get pleasant antibody, or immunoglobulin G, as in George, instead of immunoglobulin E, as in Ellen. So -- and when you are trying decentralization, you don't really contain a natural artery of actually impacting whether the cells that are involved in the response creep to IgG or IgE. IL-4 blockade and IL-13 blockade are the fundamental drivers. So, in any setting of desensitization, giving Dupixent should achieve or drive exactly the kind of reprogram that you want, that historically has been very difficult to achieve. And in animal studies, the results are pretty much black and white.

    So they believe that in almost any setting of desensitization, whether it be peanut, grass, whether it be with any approach, the all goal is to cease making IgE into to start making IgG, that is exactly what Dupixent can do. So (inaudible) success in that study is faster talent to tolerate higher doses of the peanut during the all desensitization, decrease the number of patients who contain allergy-mediated side effects, mostly GI side effects that circumscribe their talent to filch or tarry on the treatment. complete these will be indicators that Dupixent is doing exactly what they believe it should be doing, which is driving more IgG and preventing the cadaver from making the IgE, and thus, reprogram cadaver away from allergy. And this is just the beginning. If it works in peanut, it has a signal here, it should be applicable to essentially every figure of desensitization available by whatever modality.

    Manisha Narasimhan -- Head of Investor Relations

    Operator, next question, please?

    Operator

    Our next question is from Geoffrey Porges from Leerink.

    Geoffrey Porges -- Leerink Partners -- Analyst

    Thank you very much for taking the question. Just to succeed up Dupixent a itsy-bitsy bit. Could you just address the question of the adolescent indication and what your expectations are there? And you mentioned the population, but would you await adoption to be faster or slower there?

    And then just back to the asthma launch. Could you observation on whether you believe this is going to be actively managed by payers, whether they'll be step edits and rebates involved or achieve you believe that you're largely going to sort of be able to cost more or less at the same cost as you contain in IgE and contain unrestricted access? Thanks.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    Geoff, before Marion answers, they invite you to Come by, they might contain a antiviral antibody they can give you.

    Geoffrey Porges -- Leerink Partners -- Analyst

    I'd cherish that. (multiple speakers)

    Marion McCourt -- Senior Vice President and Head of the Commercial organization

    So, Geoff, addressing your comments first on Dupixent uptake in adolescence. Well, as mentioned, they very much peek forward to the indication in helping this group of patients with moderate-to-severe disease and the agonies that goes with that for both them and their families. They would anticipate that the uptake should be on similar to potentially a bit faster than what they saw in adult atopic dermatitis, and I believe it's for two reasons. I want to be a itsy-bitsy conservative in proverb similar but the judgement why I believe realistically it might be a itsy-bitsy bit faster to these patients is that physicians now contain experienced the Dupixent, and the product is becoming well known, depth of prescribing is increasing. And for that reason, coupled with the fact that this is an alarming disease for adolescents, they believe it's very notable that they secure the word out quickly, and there's distinguished excitement and enthusiasm in the market for this indication for this proven patients who are truly suffering.

    Your second question related to asthma and payer uptake. It's very early days. This is their third week of launch. So, things are going well. There's been distinguished receptivity to the clinical profile of the product, but I believe I'd rather Come back and give more detail on payer specificity as they contain more time in market.

    Geoffrey Porges -- Leerink Partners -- Analyst

    Great. Thanks very much.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    I just wanted to add to the pediatric side of this is that in that setting, steroids, whether they're absorbed from (inaudible) or with systemic verse of treatment in adolescence during the growth spurts is a broad deal. So, I believe that's another judgement why doctors might want to creep to early adoption.

    Manisha Narasimhan -- Head of Investor Relations

    Next question, please?

    Operator

    Our next question is from Matthew Luchini from BMO Capital.

    Matthew Luchini -- BMO Capital Markets -- Analyst

    Hi. Great. Thanks for taking the question. Just on Dupixent. We've had the DTC drive ongoing now for a itsy-bitsy while. I was wondering if you could give us an update or your latest view on the patient merge that's currently receiving the drug for atopic dermatitis, as well as perhaps your view on current persistence or refill rates. That's something that I don't believe was mentioned in the earlier remarks. Thank you.

    Marion McCourt -- Senior Vice President and Head of the Commercial organization

    Sure. So let me filch persistence and refill rates first. So the persistency that we've commented on in the past at the 12-month point being approximately 80% continues. So they descry strong persistency with Dupixent. Similarly, on the first script, refill is an notable factor. They silent descry that at over 90%. So these are indicators that when patients creep on Dupixent therapy for atopic dermatitis, they want to tarry on therapy because their lives are better.

    The second piece you mentioned is a itsy-bitsy bit on the DTC, I believe, was portion of the question, and also the types of patients. So, similar to the observation I made before, it's not unusual for physicians to start with their most severe patients, but clearly now we're getting penetration not only with severe but also temper patients. And they really thought it was portion of their responsibility to -- for this disease and for patients who potentially previously had given up because therapies were not really helping them at all, they thought that this product was absolutely yardstick for an on-air branded campaign. We're silent only in months of that branded Dupixent TV campaign. It was preceded, as some would recall, by a disease awareness drive and they thought that was the birthright order to achieve things. We've been in national broadcast mode with the Dupixent TV drive now since about the August time frame. So we're several months in. The signs they descry so far are encouraging.

    Manisha Narasimhan -- Head of Investor Relations

    Next question, please?

    Operator

    Our next question is from Terence Flynn from Goldman Sachs.

    Terence Flynn -- Goldman Sachs -- Analyst

    Hi. Thanks for taking the question. No, you are unlikely to give EYLEA guidance for 2019, but maybe you could just talk about the puts and takes heading into next year. It looks devotion we're on track for another double-digit year of branded growth here. So just wondering if they believe that should continue heading into '19. And then you mentioned this higher dose formulation of EYLEA. Maybe what contain you erudite that drove this decision, and what would actually be required to bring that to market? Thanks.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    So maybe George can filch the higher dose and then they can observation about the market.

    George D. Yancopoulos -- President and Chief Scientific Officer

    Well, in terms of the higher dose, I guess the point is that they remain impressed with the fact that EYLEA has stood up with so much competition in that no one has really been able to Come up, seemingly, with a fundamentally different profile in terms of benefit, effects on vision or duration of treatment. And so they thought that it was time, especially because we've been working on this in the labs for a while to descry whether just giving a higher dose of EYLEA can actually filch EYLEA has what is now, they think, the gold yardstick in the territory and descry if they could either help the capitalize and/or extend the duration of the interval. And so we're poised, we've been working on this for a while and we're going to be putting in the clinic this year.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    Next year, 2019.

    George D. Yancopoulos -- President and Chief Scientific Officer

    Sorry, 2019. Yeah.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    Right. So -- and in terms --

    George D. Yancopoulos -- President and Chief Scientific Officer

    I'm already operating in 2019.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    In terms of the market growth, they descry nothing that would change the underlying demographics for the extend in diabetes and the extend in AMD, continuing to grow the market somewhere in the mid- to high- or low-double digit growth over time. Those demographics achieve not seem to be letting up at all. Obviously where they suitable in there, based on competition what contain you, we'll contain to descry how that plays out. But I reecho George says, they haven't seen anything that's disruptive. They certainly haven't seen a drug, even the most touted drug by the sponsor RTH. It seems to me, they contain forgotten that the retinal specialists are actually some of the smartest guys out there is physicians, and they can achieve math and they can multiply 75% times about 50% and Come up with a lot lower number than 75%. So, it seems to me that EYLEA has a really pleasant profile.

    In addition, what they saw in the diabetic retinopathy studies was, they think, quite remarkable. I believe it was startling to many how frequent it was that people untreated with asymptomatic diabetic retinopathy given placebo just watch for a year and what a big fraction of them, about a third, actually developed vision threatening complications, and this can be dramatically prevented and reduced. Not only help the diabetic retinopathy but avert the progression of the diabetic retinopathy. And they believe that that's a broad deal. It's going to filch some reeducation out there of both patients and physicians, but they believe that's a fundamental advance. bethink that diabetes and diabetic eye disease is one of the leading silent causes -- leading antecedent of blindness in adults.

    Manisha Narasimhan -- Head of Investor Relations

    Operator, they contain time for one ultimate question, please.

    Operator

    And their ultimate question is from Ying Huang from Bank of America.

    Ying Huang -- Bank of America Merrill Lynch -- Analyst

    Hi. Thanks for taking the question. I contain one for NGF. In the recently released aspect 3 top line, you saw the placebo adjusted rate of adjudicated arthropathy at about 2%, and then they saw the Pfizer tanezumab at ACR showed less than 1.5% incidence of RPOA. Just wondering whether you believe this kind of safety is acceptable for the FDA and for the treating physicians, and what's the gating factor for the long-term safety in your aspect 3 trial.

    And then next, if you could give us itsy-bitsy bit more color on the collaboration with bluebird, exactly what kind of target, what kind of therapy you're focusing on. Thank you.

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    Thanks, Ying. Let me just observation on the fasinumab and then maybe George can observation on bluebird or add to fasinumab. But I contain to instruct that I believe they know that in any drug dosing, any drug development program, getting the dose birthright is really, really important, and that becomes super notable when you contain a very steep dose response curve for side effects. And they believe that their approach has been to really try and secure that dose birthright and they are hopeful that the very low dose that they got that is silent able to produce what's basically so far at least best-in-class efficacy results and (inaudible) cross-study comparisons and complete that, but really pleasant efficacy results thus far. But perhaps, as George said in his prepared remarks, mitigating the safety.

    In terms of safety, I don't believe it's just going to be the adjudicated arthropathies, which -- that probably would be in acceptable level. But I also believe there's a question of whether or not these event -- this treatment will lead to more or less joint replacements. There is some evidence, I believe you'd (ph) contain seen in the other development program, certainly in hours at higher doses that you would descry more joint placements, and that probably would not be acceptable. Their program is very carefully monitored by an independent VSMB (ph) which is met recently and advises to continue development at these low doses where we've demonstrated the efficacy. So they hope that we've got the dose right. Being first here may not be nearly as notable as being right, because there's not as much latitude for oversight in this program as there might be in others.

    George can talk about bluebird.

    George D. Yancopoulos -- President and Chief Scientific Officer

    Just to add to that, as you know, they are continuing their long-term safety study with NGF. And Len said, I mean, the most notable data is to descry what the capitalize will be compared to adverse events with they believe at this point since they seem to contain mitigated against at least the arthropathies. The total joint replacements numbers are going to be very notable certainly with the competitors program that is a concern. And we'll contain to descry whether their dose gets around that.

    In terms of bluebird, I think, for us, it's a very exciting collaboration. Clearly, they've demonstrated and they've developed their technologies and abilities to develop these CAR T therapies. What they bring to the table is, they bring original targets and original reagents, whether they be antibodies or T-cell receptor related reagents that can target original targets that can be consequence into and made into chimeric antigen receptors by bluebird to be consequence into their cells and used via their therapeutic approach. So we're very excited about putting together their talent to bring original targets and original ways to get these chimeric antigen receptors together with their talent to filch those forward and deliver them to patients and they believe this is a real synergistic collaboration between two companies with very complementary capabilities, and we're hoping to be able to change the future there.

    Ying Huang -- Bank of America Merrill Lynch -- Analyst

    Thank you.

    Manisha Narasimhan -- Head of Investor Relations

    Thank you, George. Operator, that concludes their prepared -- their convene today. I know they weren't able to secure through complete your questions, but delight send me an email and they will schedule a follow-up convene with you.

    Operator

    Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating and you may now disconnect.

    Duration: 64 minutes

    Call participants:

    Manisha Narasimhan -- Head of Investor Relations

    Leonard S. Schleifer -- Founder, President and Chief Executive Officer

    George D. Yancopoulos -- President and Chief Scientific Officer

    Marion McCourt -- Senior Vice President and Head of the Commercial organization

    Robert E. Landry -- Senior Vice President, Finance and Chief financial Officer

    Greg Harrison -- Barclays -- Analyst

    Carter Gould -- UBS -- Analyst

    Cory Kasimov -- JPMorgan -- Analyst

    Chris Raymond -- Piper Jaffray -- Analyst

    Geoffrey Porges -- Leerink Partners -- Analyst

    Matthew Luchini -- BMO Capital Markets -- Analyst

    Terence Flynn -- Goldman Sachs -- Analyst

    Ying Huang -- Bank of America Merrill Lynch -- Analyst

    More REGN analysis

    Transcript powered by AlphaStreet

    This article is a transcript of this conference convene produced for The Motley Fool. While they strive for their preposterous Best, there may be errors, omissions, or inaccuracies in this transcript. As with complete their articles, The Motley Fool does not assume any responsibility for your exercise of this content, and they strongly animate you to achieve your own research, including listening to the convene yourself and reading the company's SEC filings. delight descry their Terms and Conditions for additional details, including their Obligatory Capitalized Disclaimers of Liability.

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