WASHINGTON (dpa-AFX) - Regeneron Pharmaceuticals Inc. (REGN) Thursday announced 118 percent surge in first quarter net income to $166 million from $76 million in the prior year. Earnings per share was $1.45, up 120 percent from $0.66 in the prior year. On an adjusted basis, profit was $293 million or $2.57 per share.
On average, 21 analysts polled by Thomson Reuters expected the company to earn $2.58 per share. Analysts estimates usually exclude special items.
Total revenues increased 38 percent to $1.20 billion from $870 million in the previous year. Wall Street expected $1.18 billion.
For the full year, the company raised its EYLEA U.S. net sales growth guidance to 20 to 25 percent over last year. Earlier, the company was looking for sales growth of 20 percent.
Leonard Schleifer, president and CEO said, 'The year is off to a very productive start at Regeneron. This quarter, we saw continued strong sales growth with EYLEA, made additional launch progress with Praluent, prepared for the potential launch of sarilumab, and reported important new data across our pipeline.'
Further, the company said, its phase 3 trials in atopic dermatitis recorded topline results for dupilumab. The company is planning to submit Biologics License Application with FDA in the third quarter.
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