Eylea numbers surprise Street
Shares of Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) fell $22.87 to $372.39 on Tuesday after it lowered the top end of its guidance for U.S. sales of Eylea aflibercept in 2014 and cautioned that the sales ramp in the drug's newly approved diabetic macular edema indication would be gradual. The change was announced in Regeneron's 3Q14 earnings announcement.
The company missed the Street's consensus for 3Q14 revenues of $733 million and for $2.57 in non-GAAP EPS. Total revenues were $726 million and non-GAAP diluted EPS was $2.52 on net income of $295 million. The numbers include a $34 million charge, $0.29 per share, for Regeneron's share of the Priority Review voucher it acquired with partner Sanofi (Euronext:SAN; NYSE:SNY). The companies will use the voucher to expedite approval of alirocumab after they submit a BLA for the human mAb against proprotein convertase subtilisin/kexin type 9 ( PCSK9) to treat hypercholesterolemia, which they expect to do by year end. ...