Regeneron 1Q Revenue Increases, With Gain From Covid-19 Antibody Cocktail

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 [e-mail]

(END) Dow Jones Newswires

May 06, 2021 06:59 ET (10:59 GMT)

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