Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) 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.
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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