Regeneron expects FDA decision on high-dose eye drug this year, shares jump

📆 8/3/2023 5:25 PM
📰 Reuters

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Regeneron Pharmaceuticals expects a U.S. decision on a higher-dose version of its blockbuster eye disease drug Eylea in the third quarter, much earlier than market expectations, sending its shares 5% higher in premarket trading on Thursday.

U.S. sales of Eylea fell 7% to $1.50 billion in the second quarter, but came in slightly above estimates of $1.48 billion., surged 33% to $2.79 billion during the quarter. Sales of the treatment, which was approved in 2017, has helped mitigate the decline in sales of Eylea.

Regeneron reported adjusted profit of $10.24 per share for the second quarter, topping analysts' average estimates of $9.84, according to Refinitiv data.

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