SAN FRANCISCO — Regeneron said Monday that it collected $1.5 billion in revenues from its blockbuster eye degeneration drug Eylea in the fourth quarter — a substantial sum for many companies but a possible poor omen for the New York-based biotech.
The figures, released ahead of Regeneron’s JPM presentation on Monday, were substantially below analyst projections. Wall Street had been watching sales figures closely, for fear that competition from biosimilars — a form of generic — and new medicines from rival drugmakers could cut into the sales that have fueled Regeneron’s growth since Eylea was approved in 2011.
The $1.5 billion fourth-quarter sales total was “substantially below” RBC Capital Markets’ estimate of $1.63 to $1.65 billion, RBC analyst Brian Abrahams wrote in a note to investors.
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