Shares of Regeneron Pharmaceuticals Inc. declined Tuesday after the company tightened its forecast for sales of Eylea, an eye drug that brings in almost all of its revenue.
Regeneron said U.S. revenue from Eylea grew 23 percent to $445 million. For the full year it now expects $1.7 billion to $1.74 billion in U.S. sales of the drug. Its previous estimate called for up to $1.8 billion in revenue.
Regeneron stock fell $23.84, or 6 percent, to $271.42 in afternoon trading.
The Tarrytown, New York, company said its total revenue from Eylea climbed 48 percent to $722 million. The drug is used to treat "wet" age-related macular degeneration and some forms of macular edema. Bayer HealthCare markets the drug in countries outside the U.S.
Regeneron said its net income totaled $79.7 million, or 70 cents per share, in the third quarter on $725.8 million in revenue. Excluding one-time charges, the company said it earned $2.52 per share.
Zacks Investment Research says analysts expected net income of $2.58 per share and revenue of $719.9 million.
Regeneron shares have increased 44 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 9 percent. The stock has increased 38 percent in the last 12 months.
Elements of this story were generated by Automated Insights using data from Zacks Investment Research. REGN stock research report from Zacks.