Regeneron reaping profits of eye disease treatment, 1st qtr figures show
US biotech Regeneron (Nasdaq: REGN) has raised its revenue estimates for the year due to increased first quarter 2016 sales of its Eylea (aflibercept) injection to treat diabetic retinopathy in patients with diabetic macular edema (DME).
US net sales of eye drug, which is the only product that Regeneron holds an exclusive licence in the USA to, reached $781 billion for the quarter, some 44% higher than in the same period of 2015. Total revenues for the quarter were recorded as $1.2 billion, a 38% increase compared to early 2015 and higher than the $1.18 figure predicted by analysts.
Regeneron’s income using GAAP (generally accepted accounting principles) for the three months was $166 million, which amounts to earnings per share of $1.45, a 120% rise. Analysts polled by Thomson Reuters had forecast adjusted per-share earnings of $2.58 Regeneron’s shares moved 3.1% higher to $371.76 by mid-morning trading
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