By Maria Armental

Regeneron Pharmaceuticals Inc.'s board has approved up to $3 billion more in stock repurchases, the company said Friday.

The authorization has no time limit, the company said. As of Nov. 12, $1.8 million remained available for share repurchases under a prior $1.5 billion share repurchase program authorized in January.

"With the strength of our balance sheet and our business, we see this as an opportunity to continue to invest in Regeneron," Chief Financial Officer Robert E. Landry said in a statement.

Through Sept. 30, Regeneron reported a profit of $5.85 billion on $11.12 billion in revenue, up from $2.36 billion on $6.07 billion in revenue for the comparable nine-month period a year earlier.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

November 12, 2021 16:38 ET (21:38 GMT)

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