Regeneron Notches Higher 3Q Profit Amid Progress on Covid-19 Treatment

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 [e-mail]

(END) Dow Jones Newswires

November 05, 2020 07:07 ET (12:07 GMT)

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