Regeneron posts downturn in sales and earnings, but still beats expectations

3 February 2023

Regeneron Pharmaceuticals’ (Nasdaq: REGN) shares were up 3.3% at $779.42 by mid-morning, despite the company releasing financial results for the fourth quarter and full year 2022 that showed a drop in sales and earnings, but still bested expectations.

Fourth-quarter revenues fell 31% to $3.41 billion, but excluding the firm’s Covid antibody treatment REGEN-COV/Ronapreve (casirivimab and imdevimab) revenues increased 14%, exceeding consensus estimates of $3.1 billion. Full-year revenues decreased 24% to $12.17, but were up 17% excluding REGEN-COV/Ronapreve.

Fourth-quarter generally accepted accounting principle (GAAP) diluted earnings per share EPS) of $10.50 and non-GAAP diluted EPS of $12.56, includes unfavorable $0.21 impact of acquired IPR&D charge. This beat consensus estimates of $10.18.

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