Regeneron Pharmaceuticals (NASDAQ:REGN) has delivered better-than-expected numbers for the fourth quarter. Revenue dropped 31.1% year-over-year to $3.41 billion but came in ahead of expectations by $300 million.
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Further, EPS at $12.56 too comfortably cruised past estimates by $2.39. During the quarter, while Eyelea sales trended lower by 3%, the performance of Dupixent and REGEN-COV shored up the company’s top line.
Looking ahead, REGN is focusing on driving its product portfolio and pipeline. FDA verdict on aflibercept for wet AMD and diabetic macular edema in the third quarter remains a key event to keep an eye on. For 2023, capital expenditures are anticipated to hover between $825 million and $950 million. R&D expenses are seen landing between $3.7 billion and $3.9 billion.
Overall, Wall Street has a consensus price target of $824.43 on REGN, implying a 9.75% potential upside in the stock. That’s on top of a 30.65% rise in the company’s share price over the last six months.
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