×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: regeneron | biotech | eye drug | Ophthotech

Regeneron Shares Slide on News of Rival's Eye Drug

Wednesday, 13 June 2012 05:49 PM

Regeneron Pharmaceuticals Inc., maker of the macular degeneration therapy Eylea, fell the most in a year after another drug was shown to improve patients’ vision when used with Roche Holding AG’s Lucentis.

Regeneron declined 12 percent to $111.88 at 4 p.m. in New York, the biggest decline since April 2011. Princeton, New Jersey-based Ophthotech Corp. said in a statement Wednesday that its medicine Fovista taken with Lucentis helped vision in a 449-patient study more than the Roche drug by itself.

The therapies treat wet age-related macular degeneration, a leading cause of vision loss in the elderly. Eylea competes with Lucentis, which brought in 1.5 billion Swiss francs ($1.59 billion) in sales last year for Roche. Tarrytown, New York-based Regeneron, whose stock has more than doubled since Eylea was approved in November, expects its medicine to draw as much as $550 million in 2012 revenue.

“The data suggest that the treatment of wet AMD is likely to continue to evolve, and this is a negative for Regeneron as the company’s current valuation assumes consistently high sales of Eylea for a number of years,” Phil Nadeau, an analyst with Cowen & Co., wrote in a note Wednesday. “We are somewhat surprised by the magnitude of the weakness in Regeneron this morning, as Fovista itself is not yet a direct competitor to Eylea,” and could also be used with the Regeneron drug, he said.

Ophthotech is closely held.

© Copyright 2022 Bloomberg News. All rights reserved.


236
2012-49-13
Wednesday, 13 June 2012 05:49 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved