Regeneron Pharmaceuticals (REGN - Get Report) shares were down more than 5.3% in trading after the Tarrytown, New York-based company reported first-quarter bottom-line results that were well below expectations.
The company reported earnings $4.45 per share on an adjusted basis, more than a dollar short of Wall Street's expectation of $5.52. Revenue of $1.71 billion also missed analysts' $1.76 billion expectations.
The company looked to the future in its earnings release, pointing to the potential of newly Fodd and Drug Administration-approved products to drive growth.
"We continue to unlock the full potential of Dupixent, which is now FDA-approved in atopic dermatitis and asthma in both adults and adolescents and is currently under Priority Review by the FDA for chronic rhinosinusitis with nasal polyps," CEO Leonard Schleifer said. "Regeneron also continues to invest in a broad immuno-oncology portfolio."
The stock has declined about 8% year to date.