Regeneron third-quarter 2024 earnings top expectations
Regeneron Pharmaceuticals (Nasdaq: REGN) today announced financial results for the third quarter of 2024 that beat expectations, but still saw its share price fall more than 6% to $866 in early trading.
The US biotech noted that revenues for the quarter increased 11% to $3.72 billion versus third quarter 2023. This beat consensus forecasts of $3.67 billion by 1% due to higher-than-expected collaboration revenues.
On a generally accepted accounting principles (GAAP) basis, diluted earnings per share (EPS) increased 30% to $11.54 and non-GAAP diluted EPS increased 8% to $12.46 versus third quarter 2023; third quarter 2024 includes unfavorable $0.43 impact from acquired IPR&D charge. On average, analysts polled by FactSet expected Regeneron to earn $11.70 per share.
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