Regeneron third-qtr net profit plunges despite strong sales growth
US biotech firm Regeneron (Nasdaq: REGN) posted revenue of $725.8 million for the third quarter of 2014, a rise of 22% on the like year-earlier period, topping Wall Street forecasts. Analysts expected $719.9 million, according to Zacks Equity Research.
However, net profit for the quarter fell 43% to $79.7 million, or $0.70 per share. Excluding special items, Regeneron earned $295 million, or $2.52 per share, below the average analyst estimate of $2.57 per share, according to Thomson Reuters. The company's shares fell 7.6% to $365 in premarket trading on Tuesday, having increased 44% since the beginning of the year.
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