July 25 (Reuters) - Regeneron Pharmaceuticals Inc significantly boosted the 2012 sales forecast for its new eye drug Eylea for the third time this year as second-quarter sales of the sight-restoring medicine cruised past Wall Street’s rising expectations.
The biotechnology company said on Wednesday that it expected full-year Eylea sales of $700 million to $750 million, up from an April forecast of $500 million to $550 million that was nearly double its previous projection.
Second-quarter sales of the eye drug, which since its November approval has been gaining market share from Roche Holding AG’s Lucentis and off-label use of the cancer drug Avastin, were $194 million, up 57 percent from the previous quarter.
On Tuesday, Robert W. Baird analysts raised their Eylea sales forecast for the quarter to $155 million, ahead of Wall Street consensus expectations of about $143 million, and even that proved to be not aggressive enough. (Reporting by Bill Berkrot in New York; Editing by Lisa Von Ahn)