NEW YORK (TheStreet) -- Regeneron Pharmaceuticals Inc. (REGN) shares are falling, down 5.2% to $374.53 in market trading on Tuesday, after the biopharmaceutical company lowered the top line of the full year forecast for its breakthrough macular degeneration drug treatment, Eylea.
The company now expects full year sales of Eylea to be in the $1.7 billion to $1.74 billion range, below its previous forecast of revenue of between $1.7 billion and $1.8 billion.
The company also reported a significant drop in third quarter net profit to $79.7 million, or $2.52 cents on an adjusted basis, from $141.3 million last year. Analysts were expecting third quarter earnings of $2.57 for the period.
Despite the lowered full year Eylea revenue guidance, the drug did post a 23% rise in sales to $445 million during the quarter.
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 some important positives, 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, good cash flow from operations, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."