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NEW YORK - Regeneron Pharmaceuticals (NASDAQ:REGN) reported first quarter earnings and revenue that fell short of analyst expectations on Tuesday.
The company’s shares were down -2.60% in premarket trading following the release.
The biotechnology company announced first quarter adjusted earnings per share of $8.22, missing the analyst consensus estimate of $8.48 by $0.26. Revenue for the quarter came in at $3.03 billion, below the $3.24 billion analysts were expecting.
Regeneron’s quarterly revenue declined from the same period last year, though the company did not provide a specific YoY comparison figure. The earnings and revenue misses appear to be driving the negative stock reaction.
Regeneron is known for its eye disease treatment Eylea and eczema drug Dupixent.
The biotechnology sector has faced challenges recently amid economic uncertainty and drug pricing pressures.
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