Shares in Regeneron (NSDQ:REGN) gained today after the biopharmaceutical company crushed earnings expectations on Wall Street with its 3rd-quarter results.
The Tarrytown, N.Y.-based company posted profits of $264.8 million, or $2.27 per share, on sales of $1.22 billion for the 3 months ended Sept. 30, for bottom-line growth of 26% on sales growth of 7.3% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $3.13, ahead of the consensus on The Street, where analysts were looking for sales of $1.29 billion.
“In the 3rd quarter, we saw continued U.S. sales growth with Eylea in retinal diseases and with Praluent in hypercholesterolemia,” president & CEO Dr. Leonard Schleifer said in prepared remarks. “We are preparing for a potential approval and launch for Dupixent in atopic dermatitis and continuing to advance our pipeline at all stages.”
Regeneron bumped up its full year sales growth forecast for Eylea from 20-25% to 23-25%.
REGN shares were trading at $343.37 apiece today in afternoon trading, up +2.57%.
