Regeneron Pharma Expects Slowing Eylea Sales, Shares Slip

Health CareReuters

Regeneron Pharmaceuticals Inc reported a lower-than-expected profit for the first time in four quarters and forecast slowing sales growth for its blockbuster eye drug this year, sending its shares down 7.8 percent in premarket trading.

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The company said it expects full-year sales of its eye drug, Eylea, to rise about 20 percent. Eylea sales rose 54 percent to $2.68 billion in 2015.

The consensus estimate for Eylea's sales growth in 2016 was 19 percent, according to Evercore ISI analyst Mark Schoenebaum.

Regeneron's net income rose to $155 million, or $1.34 per share, for the fourth quarter ended Dec. 31, from $90 million, or 78 cents per share, a year earlier.

On an adjusted basis, the company earned $2.83 per share, missing analysts' average estimate of $3.36 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 37 percent to $1.10 billion, still short of the average estimate of $1.17 billion.

The company's shares were trading at $360 in premarket trading on Tuesday. (Reporting by Rosmi Shaji in Bengaluru; Editing by Don Sebastian)