By Matt Grossman

Regeneron Pharmaceuticals Inc. Friday logged a stronger profit and higher revenue in the latest quarter, fueled by growing sales for the company's Eylea eye medication and a small revenue contribution from the company's Covid-19 antibody cocktail.

The Tarrytown, N.Y.-based pharmaceutical company posted a profit of $10.24 a share, compared with $6.93 a share in the same quarter a year earlier. Its net income was $1.15 billion, up from $792 billion in the year-ago quarter

The company's adjusted profit was $9.53 a share. Analysts surveyed by FactSet were expecting an adjusted profit of $8.38 a share.

Revenue was $2.42 billion, a 30% increase from $1.86 billion in the fourth quarter of 2019. Analysts had forecast revenue of $2.42 billion.

REGEN-COV, the company's antibody cocktail for Covid-19, generated sales in the quarter of $146 million in the quarter, contributing to sales of $186 million for the product during all of 2020. Regeneron's Eylea eye medication was responsible for $1.34 billion in sales, up from $1.22 billion in the year-ago quarter.

Research and development costs grew 35% to $745 million.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

February 05, 2021 07:01 ET (12:01 GMT)

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