Regeneron (NASDAQ:REGN) shares jumped over 4% in the early session today after the biotechnology major delivered better-than-expected results for the fourth quarter. While revenue remained essentially flat at $3.43 billion, the figure managed to outpace expectations by $140 million. Further, EPS of $11.86 comfortably scaled past estimates by $1.13.
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Excluding Ronapreve, the company’s top line rose by 14% in Q4. Further, global net sales of Dupixent and Libtayo rose by 31% and 44%, respectively. U.S. net sales of Eylea and Eylea HD came in at $1.46 billion.
Notably, Regeneron has nearly 35 candidates in its clinical pipeline. Last month, Eylea received approval for the treatment of wet age-related macular degeneration and diabetic macular edema in the U.S. and Japan. Further, Dupixent became the first and only medicine approved for the treatment of eosinophilic esophagitis in children in the U.S. The company also submitted a regulatory application for this indication in Europe.
For Fiscal Year 2024, Regeneron anticipates GAAP R&D expenditures in the range of $4.82 billion to $5.07 billion. Additionally, capital expenditures for the year are seen landing between $825 million and $950 million.
What Is the Target Price for REGN Stock?
Overall, the Street has a Strong Buy consensus rating on Regeneron. Following a nearly 26% jump in the company’s share price over the past year, the average REGN price target of $991.39 points to a modest 3.5% potential upside in the stock.
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