Regeneron 4th-qtr profits and sales beat estimates

US biotech Regeneron Pharmaceuticals (Nasdaq: REGN) today announced financial results for the fourth quarter and full year 2017 that beat consensus expectations, sending the firm’s shares up 2.97% to $344.56 by mid-morning.

Fourth-quarter revenue rose 28.4% to $1.58 billion, which was well above market expectations for $1.5 billion. Net product sales rose 13.4% to $979 million in the fourth quarter and up 11.4% to $3.718 billion for the full year 2017, compared with the like periods of 2016.

GAAP (generally accepted accounting principles) net income was $174 million, or $1.62 per basic share and $1.50 per diluted share, in the fourth quarter of 2017, compared to GAAP net income of $253 million, or $2.41 per basic share and $2.19 per diluted share, in the fourth quarter of 2016. GAAP net income was $1.199 billion, or $11.27 per basic share and $10.34 per diluted share, for the full year 2017, compared to GAAP net income of $896 million, or $8.55 per basic share and $7.70 per diluted share, for the full year 2016.