Regeneron Notches Higher 3Q Profit Amid Progress on Covid-19 Treatment
05 November 2020 - 11:22PM
Dow Jones News
By Matt Grossman
Regeneron Pharmaceuticals Inc. on Thursday recorded a larger
third-quarter profit and higher revenue as sales of its medical
treatments grew and as the company said it was making progress
toward U.S. approval for its experimental Covid-19 treatment.
The Tarrytown, N.Y.-based biotech company logged a quarterly
profit of $842.1 million, or $7.39 a share, compared with a profit
of $669.6 million, or $5.86 a share, in the same three-month period
a year earlier.
On an adjusted basis, the company's profit was $8.36 a share.
Analysts surveyed by FactSet were expecting an adjusted profit of
$6.97 a share.
Revenue was $2.29 billion, up 32% from $1.74 billion in last
year's third quarter. Analysts had forecast revenue of $2.08
billion.
Regeneron-discovered products such as Eylea, Dupixent and
Libtayo all recorded year-over-year global sales growth. Some
revenue from some of those drugs goes to partners, including Sanofi
and Bayer AG.
Regeneron's experimental treatment for Covid-19, REGN-COV2,
showed positive results in a Phase 2/3 trial, the company said last
month. The company has asked the Food and Drug Administration for
an emergency-use authorization to offer the treatment to patients
with mild to moderate disease who are at risk for bad outcomes.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
November 05, 2020 07:07 ET (12:07 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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