Regeneron Pharmaceuticals on Thursday announced that revenue for the second quarter jumped 21 percent to $1.5 billion, beating analyst estimates of $1.4 billion, fuelled by 11-percent growth in Eylea sales in the US of $919 million. Meanwhile, the company's net profit nearly doubled to $388 million.
Regeneron also noted that its quarterly performance was boosted by greater-than-expected collaboration revenue from Bayer and Sanofi. Specifically, revenue from its share of Eylea sales outside the US, where the therapy is marketed by Bayer, reached $191 million, up from $167 million in the year-ago period. Additionally, the drugmaker indicated that quarterly sales of Praluent, which is partnered with Sanofi, totalled $46 million, compared to $24 million in the second quarter of 2016.
Moreover, sales of the atopic dermatitis treatment Dupixent, which are recorded by partner Sanofi, reached $29 million (for related analysis, read Sanofi: Q2 highlights and key takeaways.) The therapy, which was cleared in the US in March, was recently backed for approval by the European Medicines Agency's Committee for Medicinal Products for Human Use (for related analysis, see Physician Views Poll Results: Anticipation for Dupixent in Europe high; prescribers concerned about pricing.)
Regeneron CEO Leonard Schleifer remarked "in the first half of 2017, we continued to bring our market-leading therapy Eylea to more patients with retinal diseases, resulting in strong global sales," adding "in the second half of the year, we anticipate EU approval for Dupixent in atopic dermatitis, as well as Phase III study results and a potential US regulatory submission for Dupixent in uncontrolled asthma."
Commenting on the news, Morgan Stanley analysts stated "given the weakness in Regeneron over the last few days with the disappointing initial Dupixent number, the solid Eylea beat should improve perception."
To read more Top Story articles, click here.