Regeneron (NASDAQ:REGN) experienced a slight decline in its stock price, falling 1.82% after reporting first-quarter earnings and revenue that fell short of Wall Street expectations. The biotechnology company announced an adjusted EPS of $9.55, which was below the consensus estimate of $10.19. Revenue for the quarter was $3.15 billion, also missing the consensus estimate of $3.22 billion.
Despite the overall revenue decrease of 1% from the same quarter last year, the company highlighted a 7% increase when excluding sales from Ronapreve, a COVID-19 treatment. Notably, global net sales of Dupixent, a medication developed in collaboration with Sanofi, surged 24% to $3.08 billion. U.S. net sales for EYLEA HD and EYLEA reached $1.40 billion, with EYLEA HD contributing $200 million. Additionally, Libtayo saw a robust 45% increase in global net sales to $264 million compared to the first quarter of 2023.
Leonard S. Schleifer, M.D., Ph.D., President and CEO of Regeneron, attributed the quarter's performance to strong uptake of EYLEA HD and the continued growth of Dupixent, now treating over 850,000 patients. He also emphasized the strengthening of the company's oncology franchise, driven by Libtayo sales and the potential for regulatory approvals later in the year.
Christopher Fenimore, CFO of Regeneron, expressed confidence in the company's start to 2024, citing solid financial results and progress across the pipeline. He also mentioned the new $3.0 billion share repurchase program authorized in April 2024 as a means of providing flexibility in returning capital to shareholders.
Regeneron's pipeline includes over 35 product candidates in clinical development. Key highlights include the European and Japanese approvals of EYLEA HD for wAMD and DME, the FDA's priority review for Dupixent in COPD, and the acceptance of a BLA for linvoseltamab in multiple myeloma.
The company's financials were impacted by a decrease in U.S. EYLEA sales due to market dynamics, which resulted in lower volumes and net selling price. However, collaboration revenue with Sanofi increased, primarily driven by higher profits associated with the rise in Dupixent sales.
Regeneron's focus remains on advancing its clinical pipeline and delivering medicines to patients globally. The slight stock decline reflects the market's reaction to the earnings and revenue miss for the quarter.