Regeneron Tops Q1 Estimates But Lowers Margin Guidance, Sending Stock Lower

Dow Jones2023-05-04

Regeneron Pharmaceuticals Inc. 's stock $(REGN)$ slid 4% premarket Thursday, after the company topped estimates for first-quarter earnings but lowered margin guidance for 2023.

The Tarrytown, N.Y.-based drug company had net income of $818 million, or $7.17 a share, for the quarter, down from $974 million, or $8.61 a share, in the year-earlier period. Adjusted EPS came to $10.09, ahead of the $9.52 FactSet consensus.

Revenue rose 7% to $3.162 billion from $2.965 billion, also ahead of the $3.000 billion FactSet consensus. U.S. sales of the company's Eylea treatment for age-related macular degeneration fell 6% to $1.43 billion, below the FactSet consensus of $1.59 billion.

The company lowered its 2023 gross margin guidance to a range of 87% to 89% from 88% to 90% previously. The stock has gained 11% in the year to date, while the S&P 500 has gained 6.5%.

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