Regeneron Pharmaceuticals 1Q Revenue Declines Amid Lower EYLEA Sales

By Denny Jacob

Regeneron Pharmaceuticals posted lower-than-expected revenue in its latest quarter which resulted in part from lower sales of EYLEA in the U.S.

The biotechnology company recorded net income of $722 million, or $6.27 a share, for the first quarter ended March 31, down from $817.8 million, or $7.17 a share, a year earlier. Adjusted earnings were $9.55 a share, below analysts' estimates of $10.17 a share.

Revenue ticked down to $3.15 billion from $3.16 billion. Analysts polled by FactSet expected $3.23 billion.

Sales of EYLEA in the U.S. decreased in the first quarter compared with the prior-year period, which Regeneron attributed primarily to changing market dynamics that resulted in lower volumes and a lower net selling price.

"We had a strong quarter of EYLEA HD uptake, and we are well positioned to continue our leadership in retinal diseases," said Chief Executive Leonard Schleifer.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

May 02, 2024 07:02 ET (11:02 GMT)

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