DJ Regeneron's Eylea, Covid-19 Treatment Contribute to 4Q Sales Gains
By Matt Grossman
Regeneron Pharmaceuticals Inc. Friday logged a stronger profit and higher revenue in the latest quarter, fueled by growing sales for the company's Eylea eye medication and a small revenue contribution from the company's Covid-19 antibody cocktail.
The Tarrytown, N.Y.-based pharmaceutical company posted a profit of $10.24 a share, compared with $6.93 a share in the same quarter a year earlier. Its net income was $1.15 billion, up from $792 billion in the year-ago quarter
The company's adjusted profit was $9.53 a share. Analysts surveyed by FactSet were expecting an adjusted profit of $8.38 a share.
Revenue was $2.42 billion, a 30% increase from $1.86 billion in the fourth quarter of 2019. Analysts had forecast revenue of $2.42 billion.
REGEN-COV, the company's antibody cocktail for Covid-19, generated sales in the quarter of $146 million in the quarter, contributing to sales of $186 million for the product during all of 2020. Regeneron's Eylea eye medication was responsible for $1.34 billion in sales, up from $1.22 billion in the year-ago quarter.
Research and development costs grew 35% to $745 million.
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(END) Dow Jones Newswires
February 05, 2021 06:46 ET (11:46 GMT)
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