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ARTICLE | Financial News

Regeneron falls on 2Q13 miss

August 7, 2013 12:05 AM UTC

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) fell $16.49 to $254.50 on Tuesday after reporting 2Q13 earnings that missed the Street, despite announcing accelerated plans to seek a label expansion for ophthalmic drug Eylea aflibercept. The company reported 2Q13 GAAP diluted EPS of $0.79, up from $0.70 in 2Q12 but missing the Street's $0.88 estimate. Revenues in the quarter jumped 50% to $458 million but came in below the Street's $473.2 million estimate.

Regeneron reported $330 million in 2Q13 net U.S. Eylea sales, up 70% from $194 million in 2Q12. Bayer AG (Xetra:BAYN), which has ex-U.S. rights to Eylea from Regeneron, recorded ex-U.S. Eylea sales of $96 million in 2Q13. On a conference call to discuss its earnings, Regeneron said new patient share in wet age-related macular degeneration (AMD) is "basically at a 50:50 split" between Eylea and competitor Lucentis ranibizumab from Roche (SIX:ROG; OTCQX:RHHBY). Regeneron said it now expects $1.3-$1.35 billion, up from $1.25-$1.33 billion previously, in 2013 U.S. Eylea sales. ...