Monday, August 12, 2013
least 20 biotechs and pharmas reported earnings last week. Regeneron
Pharmaceuticals Inc. (NASDAQ:REGN) dropped 8%, losing more than $2 billion
in market value, after posting EPS and revenues that disappointed Wall Street
analysts. The biotech did raise its 2013 revenue guidance for macular
degeneration drug Eylea aflibercept to $1.3-$1.35 billion from $1.25-$1.33
billion, and announced plans to submit an sBLA to FDA for Eylea to treat
diabetic macular edema (DME) this year, about one year ahead of the company's
previously announced timeframe.
Corp. (NASDAQ:DNDN), which markets prostate cancer therapy Provenge
sipuleucel-T, fell 26% after posting EPS and revenues that missed analyst
consensus estimates. The biotech said it does not expect to see enough of a
sales increase in 2H13 to meet its goal of growing Provenge year-over-year.