Regeneron sales miss estimates
US biotech Regeneron Pharmaceuticals (Nasdaq: REGN) reported fourth-quarter 2016 earnings of $253.1 million, or $2.19 per share, up from $155 million, or $1.34 per share, a year earlier. Earnings, adjusted for stock option expense and pretax expenses, were $3.04 per share, falling short of the average estimate of 11 analysts surveyed by Zacks Investment Research for earnings of $3.07 per share.
Regeneron posted revenue rose 11.8% to $1.23 billion in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $1.3 billion.
The company’s shares were up 2.6% $363.30 in mid-morning trading, although this may have more to do with the Appeal Court suspension of the permanent injunction on Praluent that was announced late on Wednesday.
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