Regeneron Pharmaceuticals Inc. signage is displayed outside their headquarters
Michael Nagle/Bloomberg
Regeneron Pharmaceuticals stock was rising after reporting earnings that trounced analyst expectations. It’s good enough to for the biotech company’s shares, which looked dead in the water during the first few months of the year, to be on the verge of a breakout.
Regeneron reported a profit of $25.80 a share, easily topping forecasts for $17.69, on sale of $5.14 billion, topping estimates for $17.69. The company credited record sales for asthma medication Dupixent and age-related macular degeneration drug Eylea, as well as its ability to meet the government’s order for its Covid-19 antibody cocktail.
“Regeneron performed exceptionally well in the second quarter with the core business on a strong growth trajectory as we invest in our diverse and differentiated pipeline for long-term and sustainable growth,” Regeneron CFO Robert Landry said in the press release that accompanied its earnings.
Regeneron stock was up 2.6% to $595.87 in premarket trading Thursday, which would be its highest close since October 2020.
Shares of Regeneron have gained 20% over the past three months, while the S&P 500 has risen 5.6% and the Dow Jones Industrial Average has advanced 1.6%.
Write to Ben Levisohn at [email protected]
