UPDATE: Regeneron Pharma (REGN) Easily Tops Q4 EPS Views; Guides FY14 EYLEA Sales

February 11, 2014 6:32 AM EST
(Updated - February 11, 2014 6:53 AM EST)

Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) reported Q4 EPS of $2.24, $1.27 better than the analyst estimate of $0.97. Revenue for the quarter came in at $610 million versus the consensus estimate of $579.17 million.

GAAP net income per diluted share in the quarter was $0.86.

We are pleased with our performance in 2013, with strong EYLEA sales growth globally and continued progress in our pipeline, as well as the launch of our new research initiative in the field of genomics through our Regeneron Genetics Center, said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron. Looking forward, in 2014 we expect EYLEA to continue to grow through demographic and geographic expansion, as well as potential approvals in new indications, such as diabetic macular edema. We also look forward to additional clinical data from our Phase 3 program for alirocumab for lowering LDL-cholesterol and Phase 2b data for dupilumab for atopic dermatitis (dupilumab is also being developed for asthma). In addition, we anticipate advancing clinical development of new antibodies, including our PDGFR-beta antibody and EYLEA combination product, which just commenced a Phase 1 study, and our CD20-CD3 bi-specific antibody, which is planned to enter clinical development later this year in immuno-oncology. EYLEA's continued growth, our advancing late-stage pipeline, and new R&D initiatives provide a strong foundation for the company's future.

Bayer HealthCare commercializes EYLEA outside the United States for the treatment of neovascular age-related macular degeneration (wet AMD) and macular edema following central retinal vein occlusion (CRVO). In the fourth quarter, net sales of EYLEA outside of the United States(1) were $184 million and $472 million for the full year 2013, compared to $19 million in both the fourth quarter and full year 2012. In the fourth quarter of 2013, Regeneron recognized $44 million from its share of net profit from EYLEA sales outside the United States, after repayment of $15 million in development expenses.

Sees EYLEA U.S. net product sales of $1.7 to $1.8 billion. EYLEA sales in 2013 were $1.41 billion and total revenue for Regeneron was $2.11 billion, from $1.38 billion in the prior year.

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


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