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Monday, May 6, 2013
At least 30 biotechs and pharmas reported earnings
last week. Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) was up 23% for
the week, adding $4.8 billion to its market cap. The company beat analyst
consensus earnings and revenue estimates, and raised its 2013 sales
expectations for Eylea aflibercept to $1.25-$1.33 billion from $1.2-$1.3
billion. Eylea, launched in the U.S. in November 2011 to treat wet age-related
macular degeneration (AMD), had 2012 U.S. sales of $838 million. Regeneron
shares were up 10% last Wednesday after Allergan Inc. (NYSE:AGN)
disclosed that it expects a one- to two-year delay for its AMD compound
AGN-150998. Allergan, which was down 7% on the week, said the initial analysis
of the Phase II program did not "support directly moving to Phase III."
Regeneron also announced last week that it acquired
full rights from Sanofi (Euronext:SAN; NYSE:SNY) to two families of
antibodies being co-developed by the companies under a 2007 deal (see B6).
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