Regeneron Pharmaceuticals Inc (NASDAQ:REGN) CEO Leonard Schleifer in a televised interview suggested that more clinical testing was needed to measure the company's antibody cocktail's effectiveness against COVID-19, in contrast to President Donald Trump who earlier claimed the drug combination was a COVID-19 “cure."
What Happened: Schleifer said on CBS News’ “Face the Nation” program on Sunday that Trump's was “a case of one," and the real evidence has to come out of larger randomized clinical trials.
The Regeneron CEO told journalist Margaret Brennan said there were “interesting aspects” in Trump’s case like his advanced age and other risk factors. “He did not have his own immune system in gear when he was sick and he got treated with our immune system in a vial, if you will,” said Schleifer.
The executive disclosed the New York-based drugmaker had held talks with the United States Food and Drug Administration and was applying for an emergency use authorization because “we think it's appropriate at this time.”
On the question of whether the drug created immunity, Schleifer said that it did. However, he was unsure of the immunity's duration but said “probably going to last you for months.”
Why It Matters: Trump touted Regeneron’s drug as a “cure” last week and said he “felt good” immediately after taking it.
The president said his administration was working so that Regeneron and Eli Lilly And Co’s (NYSE:LLY) antibody therapies can be rolled out with a EUA.
Regeneron requested EUA last Wednesday from the FDA and said it had doses for 50,000 people and hopes to make available 300,000 doses in the coming months.
Cantor Fitzgerald analyst Alethia Young assumed $1.8 billion sales for Regeneron’s COVID-19 drug in 2021.
Price Action: Regeneron shares closed nearly 0.4% higher at $602.07 on Friday and fell 0.18% in the after-hours session.