Eylea boosts Regeneron's performance above expectations
US biotech firm Regeneron Pharmaceuticals (Nasdaq: REGN) today announced financial results for the second quarter of 2017, showing that total revenue rose 21% to $1.47 billion from $1.21 billion, beating average analysts’ expectations of total revenue of $1.35 billion, according to Thomson Reuters.
Total revenues include Sanofi (Euronext: SAN) and Bayer (BAYN: DE) collaboration revenues of $432 million in the second quarter of 2017, compared to $355 million in the second quarter of 2016.
Regeneron reported non-generally accepted accounting principles (GAAP) net income of $487 million, or $4.59 per basic share and $4.17 per diluted share, in the second quarter of 2017, up 48%. This beat analysts' estimates for adjusted profit by a dollar, sending the company's shares up 4.3% in pre-market trading. However, the stock fell back 0.63% from Wednesday’s close to $473.71 by late morning today.
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