Regeneron Pharmaceuticals Inc's (NASDAQ:REGN) third-quarter results topped both their earnings and revenue forecasts on stronger sales of their medical products, with shares getting a modest boost in premarket trading on Tuesday.
The company said earnings per share for the quarter reached $5.87 on net income of $675 million, exceeding the year-ago mark of $3.99 on net income of $470 million and the consensus of $5.13. Revenue clocked in at $1.66 billion, up 11% over last year's $1.5 billion and the street expectation of $1.64 billion.
"Regeneron continues to grow and diversify our business, while continuing to deliver very strong financial results. In addition to EYLEA reaching over $1 billion in quarterly US net sales, we also made significant progress with Dupixent, a key driver of future growth, and launched Libtayo, our first immuno-oncology therapy," said Leonard Schleifer, the president and CEO of Regeneron.
Shares of Regeneron gained 0.3% to $356 in the premarket, having closed on Monday up 0.66% to $354.93.
In October 2018, the FDA approved Dupixent as an add-on maintenance therapy in patients with moderate-to-severe asthma aged 12 years and older with an eosinophilic phenotype or with oral corticosteroid-dependent asthma. EYLEA net product sales in the United States were $1.022 billion in the third quarter of 2018, compared to $953 million in the third quarter of 2017.
"Dupixent is now approved in the US for both atopic dermatitis and asthma and under regulatory review for the treatment of adolescents with atopic dermatitis - with another submission planned in chronic rhinosinusitis with nasal polyps. We also recently reported positive Phase 3 results for EYLEA in diabetic retinopathy and expect an FDA action on our supplemental application for this indication in the first half of 2019," Schleifer said.
Total revenues include Sanofi and Bayer collaboration revenues of $521 million in the third quarter of 2018, compared to $482 million in the third quarter of 2017.
Regeneron is a biotechnology company whose main drug Eylea is used to treat blindness in the elderly.
The company is based in Eastview, New York.
Reporting by Rene Pastor, contactable on [email protected]