Reuters: Global Markets: Regeneron nearly doubles Eylea sales forecast

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Regeneron nearly doubles Eylea sales forecast Apr 26th 2012, 14:33 Thu Apr 26, 2012 10:33am EDT (Reuters) - Regeneron Pharmaceuticals Inc (REGN.O) nearly doubled its 2012 sales forecast for recently approved Eylea, the second time it has done so this year, as the eye drug rapidly gained share from competing products. The news sent the New York-based company's shares up 14 percent to $145.05 -- their highest ever -- on Thursday morning on the Nasdaq. Regeneron now expects sales of $500 million to $550 million from the drug this year, up from the $250 million to $300 million range it forecast in February. "Investors were expecting an increase in 2012 Eylea guidance to the $400 million range," Cowen and Co analyst Phil Nadeau said in a note to clients. Eylea was approved in November to treat a form of macular degeneration, a common cause of blindness in the elderly, and now contributes more than half of Regeneron's revenue. The company said last month that surveys suggested Eylea was capturing 60 percent of its sales from patients who have abandoned Roche Holding AG's (ROG.VX) Lucentis and Avastin medicines. Eylea's advantages over Lucentis include a 45 percent lower annual cost and the need for roughly only half as many injections into the eye. The company has full marketing rights to the drug in the United States and would share overseas profits equally with Bayer AG (BAYGn.DE) if Eylea wins regulatory approval in other countries. Regeneron reported a first-quarter net income of $11.6 million, or 11 cents per share, compared with a loss of $43.4 million, or 49 cents per share, a year ago. Quarterly revenue rose 52 percent to $232 million, well ahead of analysts' expectations of $173.1 million. (Reporting by Balaji Sridharan in Bangalore; Editing by Roshni Menon) Link this Share this Digg this Email Reprints

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