Biotech and Pharma

Regeneron beats profit estimates as easing pandemic curbs lift eye drug sales

Key Points
  • Regeneron Pharmaceuticals beat analysts' estimates for third-quarter revenue on Thursday.
  • Easing lockdowns boosted demand for the company's eye drug Eylea.
  • The drugmaker is awaiting a U.S. nod for emergency use of its experimental Covid-19 treatment.
Medical technicians work at a drive-through coronavirus disease (COVID-19) testing facility at the Regeneron Pharmaceuticals company's Westchester campus in Tarrytown, New York, September 17, 2020.
Brendan McDermid | Reuters

Regeneron Pharmaceuticals surged past analysts' estimates for quarterly profit on Thursday, as easing lockdowns allowed patients to resume visits to the doctor's offices and boosted sales of its eye drug.

The company, whose Covid-19 antibody treatment President Donald Trump received during his illness early last month, said it would have 80,000 doses of the treatment ready by the end of this month, and 300,000 doses by end-January.

One analyst said the production of the drug could be slightly behind schedule, as the company waits for U.S. emergency use authorization.

"Last discussion we had with management indicated 300K by year-end 2020," said Piper Sandler analyst Christopher Raymond.

The U.S. government agreed in June to buy up to 300,000 doses of the Regeneron antibody cocktail for $450 million.

Treatments and vaccines are increasingly looked at as essential in ending the Covid-19 pandemic that has killed over a million people worldwide.

Sales of Eylea, its blockbuster eye treatment, rose to $2.10 billion in the third quarter, topping estimates of $1.75 billion, according to four analysts polled by Refinitiv.

Sales of Dupixent, used to treat eczema and asthma, surged 69.4% to $1.07 billion, inching past estimates of $1.06 billion.

Shares of the company rose 1.7% to $596.88 before the opening bell.

Net profit rose to $842.1 million, or $7.39 per share, in the three months ended Sept. 30, from $669.6 million, or $5.86 per share, a year earlier.

Excluding items, Regeneron earned $8.36 per share, beating estimates of $7.14.

Total revenue rose 31.6% to $2.29 billion, also beating estimates of $2.09 billion, according to IBES data from Refinitiv.