ADVERTISEMENT

Regeneron’s Covid Antibody Treatment Drives Surge in Sales

Regeneron’s Covid Antibody Treatment Drives Surge in Sales

Regeneron Pharmaceuticals Inc. beat Wall Street expectations for the second quarter as sales more than doubled from a year earlier, boosted by orders of the drugmaker’s Covid-19 antibody cocktail.

Revenue in the period surged to $5.14 billion, well above the average estimate of $4 billion, according to data compiled by Bloomberg. Some $2.76 billion of the total came from the company’s REGEN-COV coronavirus treatment, the company said in a statement.

Adjusted profit of $25.80 a share was 50% higher than Wall Street expected.

Shares of Tarrytown, New York-based Regeneron were up 3.3% at 7:13 a.m. before U.S. markets opened. They had gained 20% this year as of Wednesday’s close.

Sales of other top-grossing Regeneron drugs also beat estimates, with macular degeneration therapy Eylea bringing in $1.42 billion and dermatitis drug Dupixent fetching $1.5 billion.

©2021 Bloomberg L.P.