Biotech giant Regeneron Pharmaceuticals Inc (NASDAQ:REGN) today reported mixed third quarter earnings results, as profit blew away expectations but revenue fell short.
The San Francisco-based company reported Q3 EPS of $3.13, a massive 43 cents better than the $2.70 expected by analysts. Revenue rose 7.3% from last year to $1.22 billion, but still missed Wall Street’s $1.28 billion estimate, however.
Regeneron said that third quarter net sales of its blockbuster macular regeneration drug EYLEA in the United States rose 16% year-over-year to $854 million. Outside of the U.S., EYELA saw net sales up $471 million, up 27% from last year’s $371 million. Of that non-U.S. total, REGN collected $171 million, versus $131 million in 2015.
Global net sales of cholesterol treatment Praluent were $38 million in Q3, up from just $4 million last year, when the drug initially launched.
The company commented via press release:
“In the third quarter, we saw continued U.S. sales growth with EYLEA in retinal diseases and with Praluent in hypercholesterolemia,” said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron. “We are preparing for a potential approval and launch for Dupixent in atopic dermatitis and continuing to advance our pipeline at all stages.”
Like nearly all biotech plays, Regeneron has struggled this year amid drug pricing fears. Regulators including Hillary Clinton and Bernie Sanders have pledged to help put a cap on the prices that healthcare companies can charge for their treatments.
Regeneron shares were mostly flat in premarket trading Friday. Prior to today’s report, REGN had fallen 38% year-to-date, versus a 27% decline in the iShares NASDAQ Biotechnology Index ETF (NASDAQ:IBB).