Shareholders of Regeneron Pharmaceuticals (REGN -0.09%) can certainly see a little clearer now after their company once again delivered impressive growth in the first quarter on the heels of its blockbuster ophthalmic drug, Eylea.
For the quarter, total revenue soared 42% to $626 million from $440 million in the year-ago period. Net product sales of wet aged-related macular degeneration drug Eylea jumped 14% to $359 million in the U.S., but were negatively affected by a decrease in distributor inventory. Sans this impact, Eylea demand improved by 25% year over year. Outside the U.S., net sales of Eylea shot up to $218 million, of which Regeneron, in collaboration with marketing partner Bayer (BAYR.Y -1.49%), which is responsible for commercializing Eylea in all ex-U.S. markets, received $61 million for its share of net profit.
Also boosting revenue was a 125% surge in collaborative revenue to $256 million due to the commercialization of Eylea in ex-U.S. countries, and higher research and development reimbursement from its collaboration with Sanofi.
In line with its growing pipeline, R&D and selling, general and administrative expenses rose by 59% and 41%, respectively, from the prior year period.
Profit for the period motored higher by 31% to $263 million, or $2.26 on an adjusted EPS basis, compared to $201 million, or $1.78 in EPS in the year-ago quarter. Regeneron also announced that its cash and marketable securities position improved to $1.18 billion from $1.08 billion in the sequential fourth quarter.
Looking ahead, Regeneron reiterated its previous forecast which calls for $1.7 billion-$1.8 billion in net sales for Eylea.
