Regeneron Profit Tops Street on Lower Costs
Friday, November 4, 2016
Source: Yahoo! Finance
* Q3 profit handily beats Street on lower costs
* Eylea rivals offering increasing discounts, rebates - CEO
* Shares reverse course - up as much as 4.68 pct at $351.74 (Recasts, adds conf call details, updates shares)
Regeneron Pharmaceuticals Inc's quarterly profit handsomely beat estimates, helped by lower costs and a smaller tax bill, even as sales growth of its flagship drug Eylea continued to slow.
Eylea sales, which have powered Regeneron's explosive growth since late 2011, have been slowing in recent quarters, raising concerns about the U.S. biotechnology company's prospects.
U.S. Eylea sales rose 16 percent to $854 million in the third quarter ended Sept. 30, in line with analysts' expectations.
However, sales growth slowed from 27 percent in the second quarter and 44 percent in the first quarter.