Shares of Regeneron Pharmaceuticals Inc. rallied 2.6% in premarket trade Wednesday, after the biotechnology company reported third-quarter profit and revenue that rose above expectations. Net income increased to $388.3 million, or $3.32 a share, from $264.8 million, or $2.27 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $3.99, beating the FactSet consensus of $3.82. Revenue rose to $1.50 billion from $1.22 billion, above the FactSet consensus of $1.45 billion, as net product sales, Sanofi collaboration revenue and Bayer collaboration revenue all beat expectations. Sales of its lead retinal therapy Eylea rose 12% to $953 million, beating the FactSet consensus of $935 million. The stock has fallen 14% over the past three months through Tuesday, while the iShares Nasdaq Biotechnology ETF has slipped 0.1% and the S&P 500 has gained 4.7%.
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