2 Min Read
(Reuters) - Regeneron Pharmaceuticals Inc's (REGN.O) quarterly profit beat market estimates for the sixth straight quarter as sales of its eye drug Eylea continued to zoom.
On an adjusted basis, the company earned $1.22 per share, according to Thomson Reuters I/B/E/S, beating analysts' estimates of $1.10 per share.
It posted a fourth-quarter net p rofit of $470 million, or $4.08 per share, compared with a loss of $53.4 million, or 58 cents per share, a year earlier.
Total revenue for the quarter more than tripled to $414.6 million. Analysts expected revenue of $392.6 million.
Eylea, which is co-marketed by Germany's Bayer AG (BAYGn.DE), raked in sales of $276 million In the United States.
The company also reaffirmed its Eylea sales forecast of $1.2 billion to $1.3 billion for 2013.
Zaltrap, which was approved by the U.S. regulator in August to treat colorectal cancer, had net sales of $23 million in the fourth quarter.
Regeneron said on Monday that French drugmaker Sanofi (SASY.PA), its development partner for Zaltrap and an experimental cholesterol treatment, raised its stake in the $16 billion company.
Sanofi, which owned 17 percent of the U.S. biotech company's shares before the news, cannot raise its stake to more than 30 percent till 2022.
Regeneron shares closed at $170.33 on Wednesday on the Nasdaq.
Reporting by Esha Dey in Bangalore, additional reporting by Pallavi Ail; Editing by Roshni Menon