Regeneron earnings beat forecasts, Eylea outlook higher

Tue Nov 5, 2013 8:29am EST

Nov 5 (Reuters) - Regeneron Pharmaceuticals Inc on Tuesday reported quarterly earnings that beat analyst expectations and also raised its forecast for its Eylea eye drug again, although it said growth of that key treatment slowed again during the past three months.

Regeneron, whose stock has been propelled by sales of Eylea, said that sales of that key drug rose 49 percent to $363 million in the quarter. Last quarter, it had reported growth of 70 percent for the drug, which was down from 153 percent in the first quarter. Patients are using fewer doses of the drug.

The company reported net income of $141 million, or $1.25 per share, down from $191 million, or $1.72 per share a year earlier. Analysts had expected third-quarter earnings of 90 cents per share, according to Thomson Reuters I/B/E/S.

The company raised its forecast for 2013 Eylea sales to a range of $1.35 billion to $1.375 billion. Its previous forecast was for a range of $1.3 billion to $1.35 billion.

Regeneron shares closed on Monday at $281.70, down froma year high of $319.83 on Sept. 30. Shares were trading higher in pre-market activity at $298, up 6 percent.

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