Regeneron Pharmaceuticals reported financial results early Thursday that beat some analyst expectations, announcing non-GAAP diluted earnings $9.89 per share for the first quarter of 2021, above the FactSet consensus estimate of $8.68.
While beating the FactSet estimate, the earnings results fell slightly short of the S&P Capital IQ Consensus estimate, which had forecast earnings of $9.92 per share.
Regeneron (ticker: REGN) reported first-quarter revenues of $2.5 billion, up 38% from the first quarter of 2020. The revenue figure matched the FactSet consensus estimate of $2.5 billion, but fell short of the S&P Capital IQ consensus estimate of $2.7 billion.
Shares of Regeneron were up 0.1% in pre-market trading on Thursday. The stock is down 0.1% so far this year, and down 13.8% over the past 12 months. S&P 500 futures were up 0.1%.
“Regeneron had a strong first quarter highlighting our continued evolution into a company with multiple durable product lines helping people with a range of serious diseases including COVID-19,” said the company’s CEO, Leonard S. Schleifer, in a statement.
The company reported $262 million in first-quarter sales of its Covid-19 antibody therapy, known as REGEN-COV, slightly above the FactSet consensus estimate of $255 million. The antibody, which received emergency use authorization in November, has turned in positive data in recent months, including a trial in April that showed that the therapy could prevent Covid-19 infection, in addition to treating sick patients.
Regeneron also said that first-quarter global net sales of Dupixent, the atopic dermatitis drug it sells in partnership with Sanofi (SNY), were $1.26 billion, up 48% from the same quarter last year. Dupixent sales are recorded by Sanofi, but Regeneron said that its total revenue from its Sanofi collaboration was $364.8 million for the quarter, up from $246.9 million last year.
Sales of Eylea, which treats wet age-related macular degeneration, were $1.3 billion, up from $1.2 billion in the same quarter last year, meeting the FactSet consensus estimate of $1.3 billion. Investors have been worried about competitive pressures facing Eylea, though sales for the quarter did not disappoint.
“We expect continued growth with EYLEA in retinal diseases, as well as with Dupixent through further penetration in existing indications and a broad Phase 3 development program,” Schleifer said in his statement.
Regeneron’s results come amid an earnings season that has been largely disappointing for large-cap biopharma firms. Though Pfizer (PFE) and Johnson & Johnson (JNJ) beat earnings expectations, most other prints have disappointed, including those from Bristol Myers Squibb (BMY), Merck (MRK), Gilead Sciences (GILD), Amgen (AMGN), and Eli Lilly (LLY).
Regeneron is hosting a conference call for investors at 8:30 a.m. Eastern on Thursday morning.
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