Big biotech Regeneron Pharmaceuticals (REGN) beat analysts’ Q3 estimates and raised its guidance Wednesday, but the stock slid as expense guidance went up and newly launched cholesterol drug Praluent missed expectations. Regeneron’s earnings rose 37% over the year-earlier quarter to $3.47 a share, beatings analysts’ consensus by 27 cents, according to Thomson Reuters. Revenue climbed 57% to $1.14 billion, about $80 million above consensus.
Hulu’s ad-free streaming subscription service is off to a good start, says co-owner 21st Century Fox (FOXA), which declined to disclose subscriber uptake on its fiscal Q1 earnings conference call Wednesday. Hulu launched an ad-free version of its video streaming service on Sept. 2. While Netflix’s (NFLX) Q3 U.S. subscriptions were about 25% shy of estimates, the impact of Hulu’s ad-free model hasn’t been clear. Netflix blamed online payment
Promising to “capture a disproportionate share” of the IT market, Cognizant Technology Solutions (CTSH) CEO Francisco D’Souza early Wednesday delivered another quarter that outperformed Wall Street expectations. The Q4 guidance, however, missed expectations, and Cognizant’s stock wilted. That wasn’t the case with Cognizant’s smaller information technology services rival Virtusa (VRTU), whose stock rose after the company reported a quarterly