Regeneron's 2nd-qrt, boosted REGEN-COV, well exceeds expectations
US biotech Regeneron Pharmaceuticals (Nasdaq: REGN) today announced financial results for the second quarter of 2021 that significantly beat analysts’ forecasts, sending the firm’s shares up 2.6% to $595.87 in pre-market trading.
Overall sales rose a massive 163% to $5.14 billion from $1.95 billion a year earlier, while analysts on average had estimated these would come in at $3.92 billion. $2.76 billion came from Regeneron’s share of gross profits from the COVID-19 cocktail treatment REGEN-COV (casirivimab and imdevimab), marketed by partner Roche (ROG: SIX), excluding which sales were up 22%.
Non-generally accepted accounting principle (GAAP) net income per diluted share was $25.80, compared to $7.16 in the like quarter of 2020 and again well ahead of estimates of $17.53, according to Refinitiv IBES data.
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