Regeneron revenue beats estimates on strong sales of Eylea, COVID therapy

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The Regeneron Pharmaceuticals company logo is seen on a building at the company’s Westchester campus in Tarrytown, New York, U.S., September 17, 2020. REUTERS/Brendan McDermid/File Photo

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Feb 4 (Reuters) – Regeneron Pharmaceuticals Inc (REGN.O) on Friday reported fourth-quarter sales above analysts’ estimates, boosted by demand for blockbuster drugs Dupixent and Eylea, coupled with an increase in sales of his COVID-19 therapy.

Sales of Dupixent, used to treat eczema, jumped 51% to $1.77 billion, while those of Eylea eye drops rose 13% to $2.45 billion.

The company also recorded $2.30 billion in sales of its COVID-19 antibody therapy, REGEN-COV, as it completed final deliveries to the U.S. government under an agreement signed in September.

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That helped its quarterly revenue more than double to $4.95 billion and beat analyst estimates of $4.51 billion, according to Refinitiv IBES data. Excluding REGEN-COV revenues, sales growth was 17%.

The U.S. Food and Drug Administration revised its emergency use authorizations for COVID-19 antibody treatments from Regeneron and Eli Lilly (LLY.N) in January to limit their use as the drugs proven unlikely to work against the Omicron variant. Read more

“Given the lack of efficacy of REGEN-COV against the Omicron variant, we are working hard to develop next-generation antibodies that are active against Omicron and all other variants of concern,” said Leonard Schleifer, President and Chief management of Regeneron.

The company’s net income nearly doubled to $2.23 billion, or $19.69 per share, in the fourth quarter ended Dec. 31.

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Reporting by Leroy Leo; Editing by Amy Caren Daniel

Our standards: The Thomson Reuters Trust Principles.

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