Regeneron Reports Slowing Sales Growth for Key Eye Drug
February 09 2016 - 7:10AM
Dow Jones News
Regeneron Pharmaceuticals Inc. on Tuesday said revenue soared in
its fourth quarter, but the company missed analyst expectations as
sales growth of its key eye-disease treatment slowed.
Regeneron added that it expects U.S. sales of the drug, Eylea,
to grow about 20% in 2016. Sales of Eylea grew 54% in 2015.
Shares, which have fallen 30% in the last three months, fell
7.8% to $360 in light premarket trading.
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. Sanofi
records sales of the product, and Regeneron shares in the profits.
Net sales of Praluent in the quarter were $7 million.
U.S. sales of Eylea increased 44% to $746 million compared with
the same quarter a year prior, but it grew 65% in the third quarter
and 58% in the second quarter. Sequentially, sales increased 1.6%
from the third quarter.
For the period ended Dec. 31, Regeneron posted a profit of $155
million, or $1.34 a share, up from $90.1 million, or 78 cents a
share, a year before. Excluding special items, per-share earnings
were $2.83 a share.
Revenue surged 37% to $1.1 billion.
Analysts polled by Thomson Reuters had forecast adjusted
per-share earnings of $3.36 on revenue of $1.17 billion.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
February 09, 2016 07:55 ET (12:55 GMT)
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