Regeneron Pharmaceuticals Inc.’s stock REGN, +1.46% rose fractionally on Thursday after the drug maker said its profit dropped by 23%, while its adjusted results beat analyst expectations. Regeneron said its third-quarter net income fell 23% to $1 billion, or $8.89 a share, from $1.
32 billion, or $11.66 a share, in the year-ago quarter. Third-quarter adjusted profit rose to $11.59 a share from $11.14 a share in the year-ago period and beat the FactSet consensus estimate of $10.68 a share. Revenue climbed 15% to $3.36 billion, ahead of the Wall Street analyst expectation of $3.23 billion.
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