Regeneron's adjusted quarterly profit beats estimates

Thu May 8, 2014 6:43am EDT

May 8 (Reuters) - Regeneron Pharmaceuticals Inc posted a better-than-expected adjusted profit for the first quarter, helped by strong sales of its eye drug, Eylea.

The biotechnology company's net income fell to $65.4 million, or 58 cents per share, in the quarter ended March 31 from $98.9 million, or 90 cents per share, a year earlier.

The latest quarter was hurt by a higher tax rate and a fall in distributor inventory, the company said.

Excluding items, Regeneron earned $2.26 per share.

Total revenue rose 42 percent to $625.7 million.

Analysts on average had expected an adjusted profit of $2.20 per share, according to Thomson Reuters I/B/E/S. (Reporting by Esha Dey in Bangalore; Editing by Kirti Pandey)