Regeneron shares jump 3.3% premarket after earnings blow past estimates; COVID antibody sales total $2.59 billion
Regeneron Pharmaceuticals Inc. shares jumped 3.3% in premarket trade Thursday, after . Tarrytown, New York-based Regeneron posted net income of $$3.099 billion, or $27.97 a share, for the quarter, up from $897 million, or $7.61 a share, in the year-earlier period. Adjusted per-share earnings came to $25.80, well ahead of the $17.90 FactSet consensus. Revenue rose to $5.139 billion from $1.952 billion a year ago, also well ahead of the $3.963 billion FactSet consensus. Revenue included $2.59 billion in sales of the company's COVID-19 antibody treatment, after it made and delivered 1.25 million doses for the U.S. government. The company said it also achieved record sales of its Eylea and Dupixent franchises, according to Chief Executive Leonard Schleifer. The company is planning to invest $1.8 billion over six years to expand R&D and manufacturing at its Tarrytown campus. Shares have gained 20% in the year to date, while the S&P 500 has gained 17%.
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