TARRYTOWN, N.Y. (AP) — Regeneron Pharmaceuticals Inc. (REGN) on Tuesday reported profit that increased by 6.1 percent in its second quarter, and topped analysts' expectations.
The Tarrytown, New York-based company said profit increased to $92.7 million, or 82 cents per share, from $87.4 million, or 79 cents per share, in the same quarter a year ago.
Earnings, adjusted for increased taxes and stock option expenses, were $2.47 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.32 per share.
The company said revenue climbed 45 percent to $665.7 million from $457.6 million in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $641.5 million, according to Zacks.
Regeneron shares have risen $50.20, or 18 percent, to $325.44 since the beginning of the year, while the Standard & Poor's 500 index has climbed 4.9 percent. The stock has climbed $54.45, or 20 percent, in the last 12 months.