Regeneron Profit Beats After Covid Drug Cleared for Use

Regeneron shares rose after the biopharma stalwart reported fourth-quarter profit that beat expectations, helped by its covid drug.
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Shares of Regeneron Pharmaceuticals  (REGN) - Get Report rose Friday after the biopharmaceutical stalwart reported fourth-quarter profit that beat expectations.

A key factor: The Food and Drug Administration in November issued emergency-use authorization for Regeneron's Regen-Cov antibody treatment for covid-19.

Net income jumped to $1.15 billion, or $10.24 a share, in the quarter from $792 million, or $6.93, in the year-earlier quarter. The latest adjusted earnings advanced to $9.53 a share from $7.50. That topped the FactSet analyst consensus of $8.38.

Revenue soared 30% to $2.42 billion, tying the analyst consensus.

Regeneron shares recently traded at $513, up 2.8%. They had slid 23% over the six months through Thursday. The S&P 500 gained 16% during that period.

Last month, Regeneron reached agreement with the U.S. government to provide 1.25 million additional doses of Regen-Cov.

"In 2020, the Regeneron team rapidly mobilized our significant scientific, development, manufacturing, and operational capabilities to bring our monoclonal antibody cocktail, Regen-Cov, to patients with covid-19," Chief Executive Leonard Schleifer said in a statement.

"In 2021, in addition to our ongoing work on Covid-19, we expect further diversified growth driven by continued Eylea momentum, expanded approvals and increased market penetration for Dupixent, and new launches for Libtayo in oncology.

"We anticipate U.S. regulatory action for Libtayo in both non-small-cell lung cancer and basal-cell carcinoma within the next month. And we anticipate additional readouts later this year from across our oncology pipeline, including the bispecific platform."

Eylea treats eye diseases and Dupixent treats eczema, asthma and nasal polyps.