By Rob Curran
Regeneron Pharmaceuticals' first-quarter net income rose but revenue fell due to inventory issues and generic competition for its best-selling biopharmaceuticals, and the company trimmed its capital-expenditure target.
The biotechnology company posted first-quarter earnings of $808.7 million, or $7.27 a share, up from $722 million, or $6.27 a share, a year earlier. Excluding certain one-off items, Regeneron's adjusted earnings were $8.22 a share, shy of the average analyst estimate of $8.62 a share, according to FactSet.
Revenue fell 4% to $3.03 billion, short of the average $3.26 billion target from analysts polled by FactSet.
Sales of EYLEA HD in the U.S. rose 54% to $307 million. The medication was approved for use in patients with certain eye conditions by the Food and Drug Administration in August 2023. Sales of the original EYLEA formulation fell 39% to $736 million. Sales of both formulations were affected by inventory issues, the company said. Competition from biosimilars is also an issue with both products, the company said.
For 2025, Regeneron reiterated its projection for research-and-development spending in a range between $5.56 billion and $5.795 billion. The company cut the top end of its forecasted range for 2025 capital expenditure. Regeneron now anticipates capital expenditures of $850-to-$950 million rather than $850 million-to-$975 million.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
April 29, 2025 06:52 ET (10:52 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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