Regeneron forecasts 2017 U.S. Eylea sales growth below estimates
(Adds details, updates shares)
Feb 9 (Reuters) - Regeneron Pharmaceuticals Inc forecast 2017 U.S. sales growth for its flagship eye drug Eylea that fell short of analysts' estimates, pushing its shares down 2.3 percent in premarket trading.
The U.S. biotech company, which also missed analysts' revenue estimate for the latest quarter, said on Thursday it expected single-digit percentage increase in U.S. net Eylea sales growth this year.
Wall Street is expecting an 11.3-12.9 percent rise, according to Evercore ISI's Mark Schoenebaum.
Eylea has powered Regeneron's explosive growth since late 2011, but the drug's sales growth rate has been slowing in the recent quarters, largely due to discounts and rebates from rival treatments, including Roche Holding AG's Avastin and Novartis AG's Lucentis.
However, Eylea generated in line U.S. sales of $858 million in the fourth quarter ended Dec. 31.
Eylea, which is already approved for macular degeneration and multiple other eye disorders, is being evaluated alone and in combination for more conditions.
Regeneron and Bayer AG, which sells the drug outside the United States, are also betting on an aging American population to fuel sales.
While Eylea sales matched expectations in the latest quarter, tepid sales of cholesterol-fighter Praluent and lower-than-expected collaboration revenue led to a narrow miss on revenue.
Regeneron and Sanofi SA sell Praluent - a potent but expensive injection - that is yet to unlock its blockbuster potential as health insurers await evidence that the drug can reduce heart attacks before agreeing to pay.
Regeneron said Praluent global sales were $41 million, well under estimates of $57 million, according to Evercore ISI.
Praluent sales were also below those of rival Amgen Inc's Repatha, which generated global sales of $58 million in the quarter.
Regeneron and Sanofi suffered a huge setback in January after a federal judge banned Praluent sales, finding it infringed patents held by Repatha.
But investor concerns were allayed on Wednesday, after a U.S. appeals court ruled that Regeneron and Sanofi can continue selling the drug, while they appeal the permanent injunction.
Amgen has already announced positive heart data on Repatha, while Regeneron's trial results are expected later this year.
Excluding items, Regeneron earned $3.04 per share, edging past the average analysts' estimate by 1 cent, according to Thomson Reuters I/B/E/S.
Total revenue, which also includes collaboration revenue from partners Sanofi and Bayer, rose 11.7 percent to $1.23 billion, but missed estimate of $1.30 billion.
(Reporting by Divya Grover and Natalie Groverin Bengaluru; Editing by Sriraj Kalluvila)
