Is Regeneron Making the Case to Buy With Q3 Earnings?
Regeneron Pharma reported its third-quarter financial results before the markets opened on Thursday.
Regeneron Pharmaceuticals Inc. (NASDAQ: REGN | REGN Price Prediction) reported its third-quarter financial results before the markets opened on Thursday. While the earnings were important, and fairly positive, more investors seemed interested in the COVID-19 update.
In terms of the results, the company said that it had $8.36 in earnings per share (EPS) and $2.29 billion in revenue. That compared with consensus estimates of $7.13 in EPS and $2.09 billion in revenue, as well as the $6.67 per share and $2.05 billion posted in the same period of last year.
As for the COVID-19 update, Regeneron achieved an important milestone in the fight against COVID-19 with prospective Phase 2/3 results showing REGN-COV2 significantly reduced virus levels and the need for further medical attention in non-hospitalized patients. Also, the REGN-COV2 trial in the COVID-19 outpatient setting met primary and key secondary endpoints.
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In terms of its product revenues, Eylea net product sales in the United States increased to $1.318 billion in the third quarter of 2020, compared to $1.188 billion in the third quarter of 2019.
Results also include Sanofi and Bayer collaboration revenues of $653 million, an increase from $469 million last year. Collaboration revenue increased primarily due to the company’s share of profits from commercialization of antibodies, which increased to $213 million this quarter.
Other revenues in the quarter include recognition of revenue in connection with agreements regarding BARDA and the funding of certain REGN-COV2 and Inmazeb development activities.
On the books, Regeneron’s cash and marketable securities totaled $5.90 billion at the end of the quarter, down from $6.47 billion at the end of the previous year.
Regeneron stock traded down fractionally on Thursday at $585.34, in a 52-week range of $325.62 to $664.64. The consensus price target is $674.33.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
