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Regeneron Q2 net income, revenues up YOY

Regeneron Pharmaceuticals Inc. reported a 48% year over year increase in its second quarter non-GAAP net income to $487 million, or $4.17 per share.

The S&P Capital IQ normalized EPS consensus estimate for the second quarter was $3.18.

Second-quarter total revenues were also up 21% year over year to $1.47 billion.

"In the first half of 2017, we continued to bring our market-leading therapy EYLEA to more patients with retinal diseases, resulting in strong global sales. We also markedly expanded our positive impact on patient lives with two important new product launches for serious diseases, Dupixent for moderate-to-severe atopic dermatitis and Kevzara for moderately to severely active rheumatoid arthritis," Regeneron President and CEO Leonard Schleifer said in a statement.

The company's eye injection Eylea saw its U.S. net product sales grow to $919 million, up 11% year over year from $831 million.

On a GAAP basis, Regeneron's second-quarter net income of $388 million, or $3.34 a share, was up 98% from $196 million, or $1.69 a share, last year.

Further, Regeneron's GAAP research and development expenses were $510 million for the second quarter, down from $560 million last year due to a $75 million payment made under an agreement with Intellia Therapeutics Inc.