Home Business News Regeneron beats quarterly sales on COVID-19 drug demand By Reuters

Regeneron beats quarterly sales on COVID-19 drug demand By Reuters

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Regeneron beats quarterly sales on COVID-19 drug demand By Reuters

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© Reuters. FILE PHOTO: The Regeneron Pharmaceuticals company logo is seen on a building at the company’s Westchester campus in Tarrytown, New York, U.S. September 17, 2020. REUTERS/Brendan McDermid/File Photo/File Photo

(Reuters) -Regeneron Pharmaceuticals Inc on Thursday reported higher-than-expected quarterly revenue on strong demand for its COVID-19 antibody cocktail during the Delta variant-led surge in infections in the United States.

U.S. sales of the cocktail, REGEN-COV, approved for emergency use in non-hospitalized COVID-19 patients, were $676.7 million in the third quarter, compared with analysts’ estimates of $320.5 million.

The company also recorded additional revenue of $127 million from its collaboration with Roche, which sells the cocktail as Ronapreve outside the United States.

A sharp surge in COVID-19 cases led by the Delta variant caused a “tremendous acceleration” in use of the cocktail, Regeneron (NASDAQ:) Chief Executive Officer Leonard Schleifer had said in August.

Regeneron delivered 300,000 doses of the 1.4 million additional doses that were ordered by the U.S. government in September for $2.94 billion. The company will supply the rest by Jan. 31.

Sales of eczema drug Dupixent, which are recorded by Sanofi (NASDAQ:), rose 55% to $1.66 billion for the quarter.

Eylea, the company’s macular degeneration treatment, reported a 12% rise in sales to $1.47 billion.

Third-quarter revenue jumped 51% to $3.45 billion, while analysts had expected $2.82 billion, according to Refinitiv IBES data.

On an adjusted basis, the company earned $15.37 per share.

Regeneron’s shares were up 2.7% before the bell, set to add to the 35% gains recorded so far this year.

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