Regeneron Pharmaceuticals, Inc.(REGN), Friday reported an increase in net income for the first quarter, reflecting higher revenues, significantly from the sales of Eylea injection. Further, the firm also raises sales guidance for Eylea.
For the quarter, the company reported net income of $99 million or $0.90 per share, compared with $12 million or $0.11 per share during the same period last year.
Excluding non-cash share-based compensation expenses, non-cash interest expenses related to the convertible senior notes, and non-cash income tax expense, the firm reported $201 million or $1.78 per share.
On average, sixteen analysts polled by Thomson Reuters expected earnings per share of $0.95 for the quarter. Analysts' estimates typically exclude one-time items.
The company reported total revenues of $440 million, compared to $232 million generated during the corresponding quarter last year. Analysts expected the firm to report revenues of $424.26 million for the quarter. Sales for Eylea increased to $314 million, from $124 million in the same period last year.
Following strong sales of Eylea in the US, the company raised estimate of full year U.S. EYLEA net sales to $1.25 - $1.32 billion.
In a separate statement, the firm stated that it has expanded its ophthalmology portfolio by acquiring full exclusive rights to two families of novel antibodies invented at Regeneron and previously included in Regeneron's antibody collaboration with Sanofi. Regeneron acquired full rights to antibodies targeting the PDGF or platelet derived growth factor and family of receptors and ligands in ophthalmology and all other indications and to antibodies targeting the ANG2 or angiopoietin2 receptor and ligand in ophthalmology.
Regeneron will pay Sanofi $10 million upfront, up to $40 million in development milestone payments, and royalties on sales with respect to PDGF antibodies, and with respect to ANG2, Regeneron will pay Sanofi $10 million upfront, a potential $5 million development milestone payment, and royalties on sales.
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