Drug developer Regeneron Pharmaceuticals Inc (NASDAQ: REGN) shares added almost 4% in New York as it posted good quarterly sales growth of its key eye drug Eylea.
Sales of the treatment in the three months increased 16% to US$854mln compared to US$734 million in the same period a year ago.
And the pharma group now expects Eylea to post between 23% and 25% revenue growth for the year as a whole – more than the low end of its forecast by 3%.
But overall, the firm’s revenue reportedly grew at the slowest pace in more than four years.
In the three months, Regeneron posted a profit of US$265mln, or $2.27 on a per-share basis, up from $210mln, or $1.82 a share a year earlier.
Revenue rose 7.3% to US$1.22 billion. Thomson Reuters analysts had expected adjusted earnings per share of $2.71 on revenue of $1.29 billion.
In the quarter, Regeneron’s research and development costs increased 28% to $543 million, it added
Story by ProactiveInvestors