Regeneron Pharmaceuticals Revenue Jumps on Eye-Disease Drug
August 04 2016 - 7:54AM
Dow Jones News
By Austen Hufford
Regeneron Pharmaceuticals Inc. (REGN) on Thursday posted another
double-digit revenue surge as sales for its key eye-disease
treatment grew.
Still, profit increased 0.8% as costs increased.
U.S. sales of the drug, Eylea, increased 27% to $831 million
compared with the prior-year quarter. Regeneron reaffirmed its
expectation that it expects U.S. sales of Eylea to grow between 20%
to 25% for the year. Sales of Eylea increased 54% in 2015.
Research and development costs increased 44% to $559.9 million.
Regeneron also said it expects annual unreimbursed research and
development costs to be higher than previously estimated.
Tarrytown, N.Y.-based Regeneron commercializes medicines for eye
diseases, high cholesterol and a rare inflammatory condition. The
company also has a number of other treatments in its pipeline.
Last year, U.S. and European regulators approved Praluent, the
first of a powerful new class of cholesterol-lowering medicines
that Regeneron developed with French drugmaker Sanofi SA (SNY,
SAN.FR). Sanofi records sales of the product, and Regeneron shares
in the profits. Praluent was launched in the U.S. in the third
quarter of 2015 and in certain European Union countries in the
following quarter. In July, Japan granted approval for the drug.
Sales of Praluent in the latest quarter were $24 million.
For the quarter ended in June, Regeneron posted a profit of
$196.2 million, or $1.69 a share, compared to $194.6 million, or
$1.69 a share, a year prior. Excluding special items, per-share
earnings were $2.82 a share.
Revenue grew 21% to $1.21 billion.
Analysts polled by Thomson Reuters had forecast adjusted
per-share earnings of $2.65 on revenue of $1.24 billion.
Shares, which have grown 22% in the last three months, were
inactive in premarket trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
August 04, 2016 07:39 ET (11:39 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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