Despite encouraging quarterly U.S. sales from its Eylea treatment for macular degeneration, reported on Tuesday morning, Regeneron Pharmaceuticals’ (REGN) shares were down more than two percent in pre-market trading.
Eylea sales in the U.S. jumped 26 percent to $415 million, besting consensus estimates by $5 million.
Overall, the biotech company reported this morning that its revenue was up by 45 percent to $666 million, beating forecasts by $18 million. Regeneron said it earned $93 million, or 82 cents per share, in its second quarter, compared with $87 million, or 79 cents per share, in the year ago quarter.
Outside of the U.S., Eylea, which treats the leading cause of blindness in the elderly, is commercialized by Bayer HealthCare, which saw net sales more than double to $247 million, compared to $102 million in the year ago quarter. Regeneron recognized $67 million from its share of net profit sales outside the United States, compared to $19 million year earlier period.
U.S. sales of Eylea will be boosted by the company’s new indication for diabetic macular edema approved last month by the U.S. Food and Drug Administration.
Regeneron has also recently reported positive late-stage clinical results for drug candidates in hypercholesterolemia, atopic dermatitis and rheumatoid arthritis.
