In addition, the U.S. government has ordered another 1.4 million doses of Regeneron’s Covid antibody treatment.
The Tarrytown, N.Y., company’s profit totaled $1.63 billion, or $14.33 a share, up from $842 million, or $7.39 a share, in the year-earlier quarter. Adjusted earnings hit $15.37 a share, surpassing analysts’ consensus estimate of $10.20, derived from a FactSet survey.
Revenue registered $3.45 billion in the quarter, up 51% from $2.29 billion a year earlier. The latest figure blasted past the FactSet analyst consensus of $2.75 billion.
The stock recently traded at $644.21, off 1.2%. On Thursday it has traded up as much as 1.2%. And it has jumped 12% in the past three months.
The Covid treatment Regen-COV produced sales of $804 million in the third quarter. Eylea, Regeneron’s drug for macular degeneration, generated sales of $1.47 billion, up 12%. And sales of eczema and asthma medicine Duplixent were $1.66 billion, up 55%.
Morningstar analyst Karen Anderson put fair value for Regeneron stock at $570 before the earnings report, but she still likes the company.
“Regeneron has leveraged its monoclonal antibody research and development platform to become one of the few biotechs to successfully emerge as a profitable commercial operation and establish a narrow moat,” she wrote in September.
“Lead drug Eylea has global sales around $8 billion annually and is approved for wet age-related macular degeneration and other eye-related indications.
“The drug remains well positioned, as its 12-week dosing and potential high-dose formulation should allow it to continue to hold strong market share against Lucentis, Avastin, and Novartis' (NVS) - Get Novartis AG Report Beovu.”