Shares of Regeneron Pharmaceuticals (NASDAQ:REGN) jumped more than 5% in pre-market trading Friday after the pharma company posted better-than-anticipated Q4 earnings.
Regeneron reported adjusted earnings per share (EPS) of $11.86 for the fourth quarter, beating the consensus projection of $10.62. Revenue came in at $3.43 billion, while analysts were looking for $3.27 billion.
The company generated $1.34 billion in Eylea net sales, falling short of Wall Street’s expectations of $1.46 billion. Dupixent brought $2.49 billion in net sales, just above the estimated $2.47 billion.
For the full fiscal year, Regeneron anticipates its research and development (R&D) expenses will range between $4.82 billion and $5.07 billion, and its selling, general, and administrative (SG&A) expenses are expected to be between $2.89 billion and $3.09 billion. The company also forecasts an effective tax rate of 8% to 10%.
"We were pleased with our fourth-quarter and full-year 2023 financial performance, highlighted by revenue growth of 14% and 12%, respectively, when excluding contributions from Ronapreve, reflecting continued strength across our business," said Robert E. Landry, Executive Vice President, Finance and Chief Financial Officer of Regeneron.