Regeneron shares rise despite missing earnings estimates

Shares of Regeneron Pharmaceuticals (Nasdaq: REGN) closed up 6.7% to $434.31 on Thursday, after it reported first-quarter 2017 financials with earnings missing analysts’ expectations but sales better than they had expected

Total revenues for the quarter reached $1.32 billion, just beating Wall Street consensus forecasts of $1.3 billion. On a generally accepted accounting principles (GAAP) basis, net income was $249 million, up 38%. Non-GAAP income came in at $337 million, or $2.91 per share - diluted, rises of 23% and 22% respectively, but missing forecasts for $3.07.

Net product sales were up 9.4% at $858 million in the first quarter of 2017, compared to $784 million in the first quarter of 2016. Eylea (aflibercept) net product sales in the USA, where Regeneron sales the ophthalmic drug, were $854 million in the first quarter of 2017, compared to $781 million in the first quarter of 2016.