HomeStockRegeneron income beats estimates on sturdy gross sales of Eylea, COVID remedy...

Regeneron income beats estimates on sturdy gross sales of Eylea, COVID remedy By Reuters

© Reuters. FILE PHOTO: The Regeneron Prescription drugs firm brand is seen on a constructing on the firm’s Westchester campus in Tarrytown, New York, U.S. September 17, 2020. REUTERS/Brendan McDermid/File Photograph

(Reuters) -Regeneron Prescription drugs Inc on Friday reported fourth-quarter income that beat analysts’ estimates, boosted by demand for blockbuster medicine Dupixent and Eylea, coupled with larger gross sales of its COVID-19 remedy.

Gross sales of Dupixent, which is used to deal with eczema, jumped 51% to $1.77 billion, whereas that of eye drops Eylea elevated 13% to $2.45 billion.

The corporate additionally recorded $2.30 billion in gross sales of its COVID-19 antibody remedy, REGEN-COV, because it accomplished last deliveries to the U.S. authorities below an settlement signed in September.

That helped its quarterly income greater than double to $4.95 billion, and beat analysts estimates of $4.51 billion, as per Refinitiv IBES knowledge. Excluding income from REGEN-COV, the gross sales progress was 17%.

The U.S. Meals and Drug Administration in January had revised its emergency use authorizations for COVID-19 antibody remedies from Regeneron (NASDAQ:) and Eli Lilly (NYSE:) to restrict their use, because the medicine had been discovered to be unlikely to work in opposition to the Omicron variant.

“Given the dearth of efficacy of REGEN-COV in opposition to the Omicron variant, we’re working arduous to develop subsequent technology antibodies which can be energetic in opposition to Omicron and all different variants of concern,” stated Leonard Schleifer, president and chief govt officer of Regeneron.

The corporate’s web revenue almost doubled to $2.23 billion, or $19.69 per share, within the fourth quarter ended Dec. 31.

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