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 Sales of the drug, used to treat macular degeneration and other eye
disorders, rose 11 percent to $919 million in the United States.
Shares of the Tarrytown, New York-based company were up 4.2 percent
at $497 in light premarket trading.
The company's second-quarter results also benefited revenue earned
from collaborations with partners Sanofi SA and Bayer AG.
Collaboration revenue rose to $432.5 million from $355.3 million,
while total revenue rose to $1.47 billion from $1.21 billion.
Analysts on average were expecting total revenue of $1.35 billion,
according to Thomson Reuters I/B/E/S.
Regeneron is betting on its recently approved eczema treatment
Dupixent and rheumatoid arthritis drug Kevzara to reduce its
reliance on Eylea.
The company said net income rose to $387.7 million, or $3.34 per
share, in the second quarter ended June 30, from $196.22 million, or
$1.69 per share, a year earlier.
Excluding items, Regeneron earned $4.17 per share, beating analysts'
expectations by $1.00.
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Regeneron said it expects U.S. Eylea sales to grow 10 percent over
2016. It had previously estimated sales to increase by a
single-digit percentage range.
The drug raked in $3.32 billion in the United States last year.
The company also slashed expected full-year tax rate to a range of
27 percent to 31 percent from its previous estimate of 32 percent to
38 percent.
(Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyyur and
Saumyadeb Chakrabarty)
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