Regeneron bags another US govt contract for COVID-19 cocktail, worth $2.94 billion

The US Department of Health and Human Services (HHS) and the Department of Defense (DOD) have agreed to buy1.4 million additional doses of REGEN-COV (casirivimab and imdevimab) from US biotech Regeneron Pharmaceuticals (Nasdaq: REGN).

The government will continue to provide REGEN-COV at no cost to patients, said Regeneron, which in the second quarter of this year pocketed $2.76 billion from its share of gross profits from the COVID-19 cocktail treatment that is marketed by partner Swiss pharma giant Roche (ROG: SIX).

"More than a year and a half into this pandemic, too many people are still being hospitalized and dying due to COVID-19," said Dr Leonard Schleifer, president and chief executive of Regeneron. "While vaccination remains the first line of defense to decrease the burden of COVID-19, REGEN-COV is a key tool that reduces the risk of hospitalization or death by 70% in high-risk individuals when given early in the course of the infection. Recently there has been greater demand for REGEN-COV, and we will provide additional doses to the US government as quickly as possible,” he noted.