Regeneron Slumps As Its Biggest Moneymaker Falls Short; Exelixis Dives On Guidance Woes

Regeneron Pharmaceuticals (REGN) and Exelixis (EXEL) experienced stock slumps following disappointing sales updates. Regeneron’s eye-disease treatment Eylea brought in $1.46 billion in US sales for the December quarter, falling short of expectations. Exelixis, while beating quarterly sales expectations, issued a cautious sales outlook for 2024, with expectations of $1.65 billion to $1.75 billion. Analysts had forecasted higher sales figures. As a result, REGN stock fell by 2.8%, and EXEL stock tumbled by 14.6%.