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Regeneron higher after key drugs help deliver market-beating fourth quarter

The company’s key drugs – Praluent and Dupixent, and sales of Eyelea in the US – helped to lift the numbers for the quarter
eye drops
The company is anticipating additional pipeline progress in 2018

Regeneron Pharmaceuticals Inc.(NASDAQ:REGN) saw its shares gain traction in early trade after the company recorded fourth-quarter numbers that beat market expectations.

The company’s key drugs – Praluent and Dupixent, and sales of Eyelea in the US – helped to lift the numbers for the quarter.

Quarterly and 2017 hit by new tax reform

In a statement, the company said earnings dropped to US$174mln or US$1.50 per share, from the US$253mln, or US$2.19 per share a year ago.

Adjusted earnings-per-share came in at US$5.23, against market expectations for US$4.48.

During the period, revenue rose to US$1.58bn from US$1.23bn, and well above market expectations for US$1.50bn.

Regeneron recorded a US$326.2mln charge related to the new tax legislation, which hit the fourth quarter and the full year 2017 effective tax rates.

Leonard S. Schleifer, president and CEO said: "We are anticipating additional pipeline progress in 2018, including regulatory decisions for dupilumab in uncontrolled asthma and cemiplimab in advanced cutaneous squamous cell carcinoma, cardiovascular outcomes data for Praluent, as well as Phase 3 data for EYLEA in diabetic retinopathy."

Its shares were up 2.35% at US$342.54.

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