Regeneron (REGN) Misses Q1 EPS by 1c; Reaffirms
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Regeneron (NASDAQ: REGN) reported Q1 EPS of $2.57, $0.01 worse than the analyst estimate of $2.58. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.18 billion.
"The year is off to a very productive start at Regeneron. This quarter, we saw continued strong sales growth with EYLEA, made additional launch progress with Praluent, prepared for the potential launch of sarilumab, and reported important new data across our pipeline," said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron. "Our innovative new therapy dupilumab showed positive results across two Phase 3 trials in moderate-to-severe atopic dermatitis, a debilitating disease with very limited treatment options, and we look forward to submitting a Biologics License Application to the U.S. FDA in the third quarter."
2016 Financial Guidance
The Company's updated full year 2016 financial guidance consists of the following components:
EYLEA U.S. net product sales
20% - 25% growth over 2015(previously approximately 20% growth over 2015)
Sanofi reimbursement of Regeneron commercialization-related expenses
$320 million - $370 million
Non-GAAP unreimbursed R&D(2)
$875 million - $950 million (reaffirmed)
$925 million - $1.0 billion (reaffirmed)
Cash tax as a % of non-GAAP pre-tax income(2)
35% - 45%* (reaffirmed)
$550 million - $625 million(previously $580 million - $680 million)
* - Includes a non-recurring tax payment of approximately $222 million related to the immuno-oncology upfront payment from Sanofi that the Company received in 2015.
For earnings history and earnings-related data on Regeneron (REGN) click here.
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