Regeneron Tops Q2 Estimates, Shares Surge

Shares of

jumped over 4 percent in pre-market trading after the company reported upbeat results for the second quarter and raised its FY15 EYLEA sales forecast. The Tarrytown, New York-based company posted a quarterly profit of $194.6 million, or $1.69 per share, versus a year-ago profit of $96.4 million, or $0.85 per share. Excluding special items, the company's earnings rose to $2.89 per share from $2.47 per share. Its revenue climbed 50 percent to $998.6 million. However, analysts were expecting earnings of $2.77 per share on revenue of $887.8 million. The average estimate among 31 Estimize users was for earnings of $2.71 per share and revenue of $898.62 million. Regeneron's product revenue rose 57 percent to $657.8 million. U.S. sales of its eye drug Eylea jumped 58 percent to $655 million from $415 million. Research and development expenses increased to $390 million in the second quarter, versus $295 million in the year-earlier period. "With the recent approval of Praluent for hypercholesterolemia patients, a new collaboration with Sanofi in immuno-oncology, and increased U.S. demand for EYLEA, Regeneron has made critical, transformative advances in 2015," said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron. For 2015, Regeneron now expects US EYLEA sales growth of 45 percent to 50 percent year-over-year, versus earlier forecast of 30 percent to 35 percent growth. Regeneron shares rose 4.28 percent to $578.00 in pre-market trading.