Regeneron 1Q Revenue Increases, With Gain From Covid-19 Antibody Cocktail
06 May 2021 - 9:14PM
Dow Jones News
By Matt Grossman
Regeneron Pharmaceuticals Inc. Thursday recorded year-over-year
sales growth in the first quarter as it benefited from a
contribution from its Covid-19 antibody cocktail, which has
received an emergency-use authorization from the Food and Drug
Administration.
The Tarrytown, N.Y.-based biotech company posted first-quarter
net income of $10.09 a share, growth from $5.43 a share in 2020's
first quarter. Its total net income was $1.12 billion, up from
$624.6 million a year earlier.
Accounting for one-time items, Regeneron's adjusted profit was
$9.89 a share. Analysts surveyed by FactSet had forecast an
adjusted profit of $8.68 a share
Revenue rose to $2.53 billion, from $1.83 billion in the
year-ago quarter. Analysts were expecting revenue of $2.5
billion.
Regeneron posted $262 million of revenue for the quarter from
REGEN-COV, an antibody cocktail for Covid-19. Eylea, an injected
medication for eye care, contributed sales of $1.35 billion, up
from $1.17 billion a year earlier.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
May 06, 2021 06:59 ET (10:59 GMT)
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