July 30 Regeneron on Thursday beat Wall Street estimates for second-quarter revenue and profit, helped by strong demand for its eczema drug Dupixent and a high-dose version of its eye drug Eylea.
Shares rose nearly 5% before the bell
Here are the details: • Global net sales of Dupixent, recorded by partner Sanofi, increased 38% to about $6 billion, beating estimates of $5.34 billion, according to LSEG data. • Quarterly U.S. sales of the high dose version of its eye drug, Eylea, rose 52% to $596 million, driven by higher demand and sales volumes, partly offset by lower prices. • The company said sales of the lower-dose version were hurt by continued competitive pressures and the transition of patients to the 8-mg version. • Regeneron said it fully repaid the Sanofi Development Balance, which represented the outstanding amount due to Sanofi for its funding of prior collaboration development activities. • Marked commercial outperformance may help boost sentiment, and, coupled with the step-up in margins from the Sanofi repayment, should make second half numbers look much better, said RBC Capital Markets analyst Brian Abrahams. • Quarterly revenue rose 17% to $4.29 billion, surpassing estimates of $3.82 billion. • The Tarrytown, New York-based drugmaker posted a quarterly non-GAAP adjusted profit of $14.29 per share, beating the analyst estimate of $10.26. (