Regeneron’s stock rallies after profit, revenue rise above expectations, amid a jump in collaboration

Shares of Regeneron Pharmaceuticals Inc.
REGN,
+5.55%
climbed 2.6% toward a 5-week high in premarket trading Thursday, after the biotechnology company reported second-quarter profit and revenue that rose above forecasts, amid strength in collaboration revenue. Net income rose to $968.4 million, or $8.50 a share, from $852.1 million, or $7.47 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $10.24 beat the FactSet consensus of $9.88. Revenue grew 10.5% to $3.16 billion, above the FactSet consensus of $3.02 billion, as product sales increased 1% to $1.77 billion and collaboration revenue jumped 26.2% to $1.32 billion. Within product sales, sales of wet age-related macular degeneration treatment Eylea fell 7.5% to $1.50 billion, due to lower selling prices as a result of “changing market dynamics, including increased competition.” The stock has gained 1.5% year to date through Wednesday, while the S&P 500
SPX,
-0.23%
has rallied 17.6%.