Regeneron's 3rd-qtr 2023 results beat expectations

Regeneron Pharmaceuticals (Nasdaq: REGN) today announced financial results for the third quarter of 2023, showing that total revenues for the quarter came in at $3,363 million, rise of 15%, and beating consensus forecasts by 5%.

Non-generally accepted accounting principles (GAAP) net income was $1,329 million, up 5%, with non-GAAP net income per share at $11.59, up 4%, and 9% more than consensus. Regeneron’s shares edged up 3.4% to $820.12 in early trading following the announcement.

"Our third quarter financial results reflect robust execution across the enterprise, including notable pipeline advances and strong commercial performance," said Robert Landry, executive vice president, finance and chief financial officer of Regeneron. "We also continued to deliver on our capital allocation priorities, primarily investing in internal and external innovation coupled with opportunistic share repurchases," he noted.