Regeneron Pharmaceuticals (NASDAQ:REGN) on Wednesday reported better-than-expected first-quarter financial results and announced a $3 billion share buyback.

Regeneron Pharmaceuticals reported quarterly earnings of $9.47 per share which beat the analyst consensus estimate of $8.89 per share. The company reported quarterly sales of $3.605 billion which beat the analyst consensus estimate of $3.483 billion.

“In the first quarter of this year, we were able to achieve strong double-digit growth on both the top and bottom line while continuing to invest significant resources in our portfolio of nearly 50 product candidates in clinical development,” said Leonard S. Schleifer, M.D., Ph.D., Board co-Chair, President and Chief Executive Officer of Regeneron. “Additionally, we recently entered into an agreement with the U.S. government that aims to make progress toward lowering drug prices for American patients by promoting more balanced pricing with other wealthy nations — an approach for which Regeneron has long advocated.”

Regeneron Pharmaceuticals shares rose 2.9% to trade at $706.10 on Thursday.

These analysts made changes to their price targets on Regeneron Pharmaceuticals following earnings announcement.

  • Wells Fargo analyst Mohit Bansal maintained Regeneron Pharmaceuticals with an Equal-Weight rating and cut the price target from $825 to $800.
  • Barclays analyst Eliana Merle maintained the stock with an Overweight rating and lowered the price target from $923 to $917.

Considering buying REGN stock? Here’s what analysts think:

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