Regeneron 2Q Profit Surges on Collaborations
August 05 2020 - 6:30AM
Dow Jones News
By Dieter Holger
Regeneron Pharmaceuticals Inc. profit surged above Wall Street's
expectations in the latest quarter on the back of collaborations
with other pharmaceutical giants.
The Tarrytown, N.Y.-based drugmaker posted earnings of $897.3
million, or $7.61 a share, in the second quarter, compared with
$193.1 million, or $1.68 a share, a year ago.
Earnings came in above the $5.91 a share analysts polled by
FactSet had expected.
Sales were $1.95 billion in the quarter, up from $1.58 billion a
year prior. Analysts had expected lower sales of $1.73 billion.
Regeneron said sales from its collaborations with drugmakers
Bayer AG and Sanofi rose to $513 million in the quarter, up 45%
from $353 million in the previous year.
But sales of its age-related macular degeneration eye drug Eylea
were negatively affected by the pandemic, falling 3.9% to $1.1
billion compared with $1.2 billion last year.
Regeneron's stock has skryocketed this year in large part thanks
to excitement around its antibody cocktail that treats Covid-19,
which entered phase 3 trials in early July.
The company also has courted controversy. The U.S. Department of
Justice sued Regeneron in late June, alleging that it paid off a
foundation to help Medicare patients buy its eye drug Eylea, which
costs more than $10,000 a year and drew sales of $4.6 billion in
2019. Regeneron has said the lawsuit is without merit.
Write to Dieter Holger at dieter.holger@wsj.com;
@dieterholger
(END) Dow Jones Newswires
August 05, 2020 07:15 ET (11:15 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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