Key facts
- Regeneron's second-quarter revenue increased 17% to $4.29 billion, exceeding estimates of $3.82 billion.
- The company's non-GAAP adjusted profit was $14.29 per share, surpassing the analyst estimate of $10.26.
- Global net sales for Dupixent, a partner product with Sanofi, rose 38% to $6 billion.
- U.S. sales for the high-dose version of Eylea increased 52% to $596 million.
- Regeneron fully repaid its outstanding balance to Sanofi for prior collaboration development funding.
Regeneron Pharmaceuticals Inc. surpassed Wall Street's second-quarter expectations for revenue and profit, driven by robust demand for its eczema drug Dupixent and a high-dose formulation of its eye medication Eylea. The company's shares saw a nearly 5% increase in pre-market trading following the announcement.
Global net sales of Dupixent, which are recorded by partner Sanofi, surged 38% to approximately $6 billion, exceeding the estimated $5.34 billion. In the U.S., sales of the high-dose version of Eylea climbed 52% to $596 million, attributed to increased demand and sales volumes, though partially offset by reduced pricing. The company noted that sales of the lower-dose Eylea were impacted by ongoing competitive pressures and patient transitions to the 8-mg version.
Regeneron also announced the full repayment of the Sanofi Development Balance, which represented the outstanding amount due to Sanofi for its funding of prior collaboration development activities. Analysts, such as Brian Abrahams of RBC Capital Markets, suggested that this commercial outperformance, combined with improved margins from the Sanofi repayment, should positively impact the company's financial outlook for the second half of the year.
Overall, Regeneron's quarterly revenue grew 17% to $4.29 billion, surpassing the consensus estimate of $3.82 billion. The Tarrytown, New York-based company reported a non-GAAP adjusted profit of $14.29 per share, significantly exceeding the analyst estimate of $10.26.