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http://finance.yahoo.com/news/regeneron-expects-eylea-sales-rise-112400479.html
May 7 (Reuters) - Regeneron Pharmaceuticals Inc said it expects sales of blockbuster eye injection Eylea to grow at a faster rate than it had previously forecast.
The company said it now expected net sales of its flagship drug to be 30-35 percent higher this year than in 2014, when Eylea raked in global sales of $2.78 billion.
Regeneron in February forecast sales growth of 25-30 percent for the drug.
Sales of Eylea in the United States jumped 51 percent to $541 million in the first quarter ended March 31, helping the company's adjusted profit handily beat the average analyst estimate by 20 cents.
The U.S. Food and Drug Administration in March expanded the use of Eylea to treat diabetic retinopathy, the most common diabetic eye disease and a leading cause of blindness in adults.
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Eylea has charmed investors since it was first approved in late 2011 to treat wet age-related macular degeneration, a leading cause of blindness in the elderly. The company's stock has risen nearly eight-fold since the drug's launch.
Eylea has also been approved to fight macular edema, a build-up of fluid in the back of the eye. Last July, it was cleared to treat a related sight-robbing condition called diabetic macular edema.
Bayer, which sells Eylea outside the United States, said sales of the drug rose 34 percent to $292 million in those markets in the first quarter.
Regeneron said it recognized $89 million from its share of those sales.
The U.S. biotechnology company's net profit rose to $76 million, or 66 cents per share, in the quarter, from $68.3 million, or 61 cents per share, a year earlier.
Total revenue, including collaboration payments from French drugmaker Sanofi SA and German partner Bayer AG , jumped about 39 percent to $870 million, far ahead of the average analyst estimate of $824.64 million.
(Reporting by Natalie Grover in Bengaluru; Editing by Joyjeet Das and Saumyadeb Chakrabarty)
http://finance.yahoo.com/news/regeneron-expects-eylea-sales-rise-112400479.html
May 7 (Reuters) - Regeneron Pharmaceuticals Inc said it expects sales of blockbuster eye injection Eylea to grow at a faster rate than it had previously forecast.
The company said it now expected net sales of its flagship drug to be 30-35 percent higher this year than in 2014, when Eylea raked in global sales of $2.78 billion.
Regeneron in February forecast sales growth of 25-30 percent for the drug.
Sales of Eylea in the United States jumped 51 percent to $541 million in the first quarter ended March 31, helping the company's adjusted profit handily beat the average analyst estimate by 20 cents.
The U.S. Food and Drug Administration in March expanded the use of Eylea to treat diabetic retinopathy, the most common diabetic eye disease and a leading cause of blindness in adults.
Related Quotes
SAN.PA
89.84
-0.66%
BAYN.DE
127.10
+0.12%
REGN
468.85
-0.25%
Sanofi Watchlist
89.84-0.60(0.66%)
Paris9:04AM EST
Today's Top 5 Stock Picks: Undervalued Large-Caps Barrons.com q 16 hrs ago
Hot Drugs Show Sharp Price Hikes in Shadow Market Bloomberg 1 day 4 hrs ago
More
Eylea has charmed investors since it was first approved in late 2011 to treat wet age-related macular degeneration, a leading cause of blindness in the elderly. The company's stock has risen nearly eight-fold since the drug's launch.
Eylea has also been approved to fight macular edema, a build-up of fluid in the back of the eye. Last July, it was cleared to treat a related sight-robbing condition called diabetic macular edema.
Bayer, which sells Eylea outside the United States, said sales of the drug rose 34 percent to $292 million in those markets in the first quarter.
Regeneron said it recognized $89 million from its share of those sales.
The U.S. biotechnology company's net profit rose to $76 million, or 66 cents per share, in the quarter, from $68.3 million, or 61 cents per share, a year earlier.
Total revenue, including collaboration payments from French drugmaker Sanofi SA and German partner Bayer AG , jumped about 39 percent to $870 million, far ahead of the average analyst estimate of $824.64 million.
(Reporting by Natalie Grover in Bengaluru; Editing by Joyjeet Das and Saumyadeb Chakrabarty)