Regeneron Pharmaceuticals Stock Sinks as Eylea Q1 Sales Trail Estimates

Regeneron Pharmaceuticals (REGN) stock was among the biggest S&P 500 and Nasdaq decliners Tuesday after the biotech firm reported first-quarter sales—especially those of its key Eylea eye disease drug—that missed analysts’ estimates by a wide margin.

Eylea is used to treat diseases such as neovascular, or “wet,” age-related macular degeneration, macular edema, and diabetic retinopathy. Regeneron shares were down nearly 9% in afternoon trading and have lost more than a fifth of their value so far this year.

The company said total Eylea sales in the U.S. were $1.04 billion, well below the $1.16 billion consensus estimate of analysts polled by Visible Alpha. Its total revenue also trailed estimates, falling 4% year-over-year at $3.03 billion versus expectations of $3.23 billion.

Regeneron’s adjusted earnings per share of $8.22 beat projections by a penny.

Regeneron is among the slew of large American companies that have announced plans to boost their U.S. production since President Donald Trump returned to office. The Tarrytown, N.Y.-based firm said Tuesday that the deal it announced last week to make and supply its commercial bulk drug product at the North Carolina campus of Japan’s Fujifilm is “anticipated to nearly double the Company’s large-scale manufacturing capacity in the United States.”