NEW YORK (TheStreet) -- Regeneron (REGN) rose in morning trading Tuesday after the biotechnology company reported second-quarter earnings that surpassed analysts' expectations thanks to sales of its macular degeneration drug Eylea.
The company reported adjusted earnings of $2.47 a share, which beat the consensus estimate of $2.29. Revenue surged 45% year-over-year to $666 million to top analysts' expectations of $648 million.
Eylea's U.S. sales rose 26% to $415 million, which surpassed analysts' estimates of $410 million. But Regeneron, which typically increases its U.S. sales forecast for Eylea in its quarterly earnings, maintained its guidance of $1.7 billion to $1.8 billion for the full year.
The stock was up 1.74% to $331.09 at 10:01 a.m.
Separately, TheStreet Ratings team rates REGENERON PHARMACEUTICALS as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate REGENERON PHARMACEUTICALS (REGN) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
You can view the full analysis from the report here: REGN Ratings Report