July 30 (Reuters) – Regeneron on Thursday beat Wall Street estimates for second-quarter revenue and profit, helped by strong demand for its eczema drug Dupixent and a high-dose version of its eye drug Eylea.
Shares rose nearly 5% before the bell.
Here are the details:
• Global net sales of Dupixent, recorded by partner Sanofi, increased 38% to about $6 billion, beating estimates of $5.34 billion, according to LSEG data.
• Quarterly U.S. sales of the high dose version of its eye drug, Eylea, rose 52% to $596 million, driven by higher demand and sales volumes, partly offset by lower prices.
• The company said sales of the lower-dose version were hurt by continued competitive pressures and the transition of patients to the 8-mg version.
• Regeneron said it fully repaid the Sanofi Development Balance, which represented the outstanding amount due to Sanofi for its funding of prior collaboration development activities.
• Marked commercial outperformance may help boost sentiment, and, coupled with the step-up in margins from the Sanofi repayment, should make second half numbers look much better, said RBC Capital Markets analyst Brian Abrahams.
• Quarterly revenue rose 17% to $4.29 billion, surpassing estimates of $3.82 billion.
• The Tarrytown, New York-based drugmaker posted a quarterly non-GAAP adjusted profit of $14.29 per share, beating the analyst estimate of $10.26.
(Reporting by Sriparna Roy in Bengaluru; Editing by Tasim Zahid)
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