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Regeneron Eylea results, guidance solid

May 4, 2017

Shares of Regeneron Pharmaceuticals (REGN) are off to the races today after the biotech company missed earnings forecasts but beat on revenue.

Regeneron Pharmaceuticals reported a profit of $2.92 a share, missing forecasts for $3.07, on sales of $1.32 billion, beating the Street consensus for $1.3 billion.

Leerink’s Geoffrey Porges and Bradley Canino point to solid Eylea sales for the strength in Regeneron Pharmaceuticals today. They explain why:

Regeneron reported better than feared Q1 2017 results this morning, with total product sales 1% below consensus and 5% above our estimate, and total revenue 1% above consensus and our estimates as collaboration and other revenue exceeded expectations. The solid Eylea result, and intact revenue guidance should be well received by the market.

I wrote on Monday that Regeneron needed just a little bit of good news to break out. I guess its earnings were good enough.

Shares of Regeneron Pharmaceuticals have jumped 5.7% to $430.30 at 10:30 a.m. today, while the iShares Nasdaq Biotechnology ETF (IBB) has advanced 0.7% to $298.29.

http://bit.ly/2pcSbsj

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