Regeneron Pharmaceuticals Inc. surged the most in almost a year in New York trading after raising the sales forecast for its leading drug and beating analysts’ estimates for revenue.
Regeneron rose 6.6 percent to $590.97 at 11:23 a.m. The shares earlier reached as high as $605.93, an intraday record. Sales will climb 45 percent to 50 percent in the U.S. this year for macular degeneration drug Eylea, the company said Tuesday, up from a previous estimate of 30 percent to 35 percent.
The drugmaker had $999 million in total sales in the second quarter, beating analysts’ average estimate of $887.7 million. Sales of Eylea rose 58 percent in the U.S. to $655 million as more patients switched to the drug from other treatments and more doctors started prescribing it, Robert Terifay, Regeneron’s head of commercial operations, said on a call with analysts.
Regeneron is also starting sales of a new cholesterol-fighting drug, Praluent, in collaboration with Sanofi, its largest shareholder. The companies got approval from U.S. regulators for the treatment last month. The company is pleased with the drug’s introduction so far, Terifay said on the call.