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Regeneron Fourth-Quarter Results Top Views as COVID-19 Antibody Cocktail Rolls Out

· 02/05/2021 05:10

10:01 AM EST, 02/05/2021 (MT Newswires) -- Regeneron Pharmaceuticals (REGN) on Friday posted better-than-expected fourth-quarter results, lifted by sales of its wet macular degeneration drug Eylea and Dupixent monoclonal treatment as it also rolled out an antibody cocktail for COVID-19.

The Tarrytown, New York-based company said total revenue in the three months through December rose to $2.42 billion from $1.86 billion a year earlier. Adjusted per-share earnings were $9.53, up from $7.50 a year earlier. Analysts polled by Capital IQ had expected $2.4 billion in revenue and normalized EPS of $8.29.

"In 2020, Regeneron delivered double-digit top- and bottom-line growth and significant shareholder value despite the unprecedented circumstances of a global pandemic," said Chief Financial Officer Robert Landry.

Sales of Eylea rose 10% to $2.2 billion while Dupixent sales surged 56% to $1.17 billion.

REGEN-COV, which received emergency use authorization in November from the US Food and Drug Administration for the treatment of mild cases of COVID-19 in certain high-risk patients, posted $145.5 million in sales.

The company early last month announced that the US government agreed to acquire up to 1.25 million additional doses of REGEN-COV for up to $2.63 billion. The government is required to buy all filled and finished supply of the treatment through June 30 and may purchase additional doses through Sept. 30 at its discretion. The pact follows a July agreement that required the government to purchase 300,000 doses for $450 million.

"In 2021, in addition to our ongoing work on COVID-19, we expect further diversified growth driven by continued Eylea momentum, expanded approvals and increased market penetration for Dupixent, and new launches for Libtayo in oncology," said Chief Executive Leonard Schleifer.

The FDA is expected to approve Libtayo for use in non-small cell lung cancer and basal cell carcinoma in the next few weeks, he said.

"As we look ahead into 2021 and beyond, our business momentum and strong balance sheet give us confidence as we invest in R&D for long-term growth and execute on our capital allocation priorities," Landry said.

Regeneron said it expects to spend between $2.7 billion and $2.85 billion on research development this year on a non-GAAP basis. Selling, general and administrative expenses are seen between $1.5 billion and $1.63 billion.

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