REGN - Regeneron: Dissecting The First Quarter Results And Regulatory Setbacks

2024-05-06 09:50:37 ET

Summary

• Regeneron is not having a great start to 2024 as the company missed Q1 revenue and EPS estimates and received two complete response letters from the FDA for odronextamab.
• First quarter results were negatively impacted by lower-than-expected collaboration revenue.
• Eylea held up well, helped by the recent launch of Eylea HD and the two key growth products Dupixent and Libtayo performed well.
• Approvals would have been nice, but the lack of odronextamab sales in the near-term will not have a meaningful impact on Regeneron's growth trajectory.
• There are other potential near-term growth drivers that could improve Regeneron's growth trajectory.

Shares of Regeneron ( REGN ) have held up well despite the first quarter revenue and EPS miss. The stock is up 9% year-to-date, and it is outperforming the biotech benchmark ETFs despite the first quarter miss and the company receiving two complete response letters ('CRLs') from the FDA for odronextamab for the treatment of relapsed/refractory follicular lymphoma and relapsed/refractory diffuse large B-cell lymphoma in late March....

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