Regeneron (REGN) Misses Q1 EPS by 15c, Offers FY Guidance

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May 4, 2017 6:40 AM EDT

Regeneron (NASDAQ: REGN) reported Q1 EPS of $2.92, $0.15 worse than the analyst estimate of $3.07. Revenue for the quarter came in at $1.32 billion versus the consensus estimate of $1.3 billion.

  • In the first quarter of 2017, net sales of EYLEA in the United States increased 9% to $854 million from $781 million in the first quarter of 2016. Overall distributor inventory levels remained within the Company's one- to two-week targeted range.
  • Bayer commercializes EYLEA outside the United States. In the first quarter of 2017, net sales of EYLEA outside of the United States(1) were $484 million, compared to $419 million in the first quarter of 2016. In the first quarter of 2017, Regeneron recognized $175 million from its share of net profit from EYLEA sales outside the United States, compared to $146 million in the first quarter of 2016.

2017 Financial Guidance(3)

The Company's updated full year 2017 financial guidance consists of the following components:

EYLEA U.S. net product sales

Single digit percentage growth over 2016 (reaffirmed)

Sanofi reimbursement of Regeneron commercialization-related expenses

$385 million - $425 million

(previously $400 million - $450 million)

Non-GAAP unreimbursed R&D(2)(4)

$950 million - $1.025 billion (reaffirmed)

Non-GAAP SG&A(2)(4)

$1.140 billion - $1.200 billion

(previously $1.175 billion - $1.250 billion)

Effective tax rate

32% - 38% (reaffirmed)

Capital expenditures

$300 million - $350 million

(previously $375 million - $450 million)

For earnings history and earnings-related data on Regeneron (REGN) click here.


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