Regeneron's stock dips after earnings fall short of estimates

Dow Jones05-02

MW Regeneron's stock dips after earnings fall short of estimates

Regeneron Pharmaceuticals Inc.'s stock $(REGN)$ fell 3% early Thursday, after the company's first-quarter earnings fell short of estimates. The company had net income of $722 million, or $6.27 a share, in the quarter, down 12% from $818 million, or $7.17 a share, in the year-earlier period. Adjusted per-share earnings came to $9.55, below the $10.20 FactSet consensus. Revenue fell 1% to $3.145 billion from $3.162 billion a year ago, also below the $3.225 billion FactSet consensus. Sales of the company's Dupixent treatment for allergic diseases such as atopic dermatitis and asthma rose 24% to $3.08 billion. Sales of Eylea, which treats retinal diseases, fell 2% to $1.402 billion. The company is now expecting its full-year R&D costs to range from $4.920 billion to $5.170 billion, up from prior guidance of $4.820 billion to $5.070 billion. It expects capex to range from $780 million to$880 million, compared with prior guidance of $850 million to $950 million. The board has approved a new $3.0 billion share buyback program. The stock is up 2.9% in the year to date, underperforming the S&P 500 , which has gained 5.2%.

-Ciara Linnane

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May 02, 2024 06:45 ET (10:45 GMT)

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