Early Thursday, Regeneron Pharmaceuticals (REGN) reported adjusted earnings of $10.09 per share on $3.16 billion in first-quarter sales. In response, REGN stock toppled.
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On average, analysts polled by FactSet expected the biotech company to earn $9.52 per share on $3 billion in sales. But U.S. sales of eye disease treatment Eylea, Regeneron’s biggest moneymaker, slumped 5.5% to $1.43 billion. Eylea sales also missed forecasts for $1.55 billion. The blockbuster drug is facing new competition from Novartis‘ (NVS) Beovu.
In the year-earlier period, Regeneron earnings were $11.49 a share on $2.97 billion in sales.
In premarket trading on the stock market today, REGN stock tumbled 4.1% near 770. Regeneron shares are now trading in a buy zone above an entry at 800.58 out of a flat base, according to MarketSmith.com.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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Source: https://www.investors.com/news/technology/regn-stock-regeneron-earnings-q1-2023/?src=A00220&yptr=yahoo