Regeneron's Q2 revenue gains 20% boosted by Eylea, Dupixent sales

Headline results for the second quarter:


$1.9 billion (forecasts of $1.8 billion)



$193.1 million

Versus $551.4 million

Note: All changes are versus the prior-year period unless otherwise stated

What the company said:

CEO Leonard Schleifer stated "we had a great quarter marked by top- and bottom-line growth, as well as important advances across our innovative R&D engine."

The executive noted "we are further unlocking Eylea's potential to help patients with the recent approval in diabetic retinopathy, and are advancing a high-dose formulation into the clinic later this year." He added that "Dupixent is growing rapidly in moderate-to-severe atopic dermatitis and asthma, and we continue to receive new indications in younger patients and additional type 2 diseases, including the recent US approval for chronic rhinosinusitis with nasal polyposis. 

Separately on Tuesday, Regeneron and partner Sanofi announced that the EU expanded the label for Dupixent to include adolescents 12 to 17 years of age with moderate-to-severe atopic dermatitis who are candidates for systemic therapy.

Other results:

  • Total Eylea sales (with Bayer recording net product sales outside the US): $1.9 billion, versus $1.7 billion in the prior year
    • Eylea US sales: $1.2 billion (forecasts of $1.1 billion), +17%
  • Libtayo: $40.8 million
  • Global net product sales recorded by partner Sanofi:
    • Dupixent: $557.3 million, versus $209.2 million in the prior year
    • Praluent: $73.7 million, versus $73.5 million in the prior year
    • Kevzara: $58.5 million, versus $24.1 million in the prior year
    • Zaltrap: $26.6 million, versus $28.4 million in the prior year
  • Collaboration revenue from Sanofi and Bayer: $638.1 million, versus $500.7 million in the prior year

What analysts said:

Regarding the sales of Eylea, UBS analyst Carter Gould stated "these results represent a clear positive, albeit against the backdrop of drug pricing and [Novartis' potential competing eye drug] brolucizumab overhangs that will likely persist for the near term."

Looking ahead:

For 2019, Regeneron now anticipates collaboration revenue from Sanofi in the range of $500 million to $530 million, down from an upper end of $535 million estimated previously.

Pipeline update:

Regeneron said that a Phase II study of REGN1979, a bispecific antibody against CD20 and CD3, in the treatment of relapsed or refractory follicular lymphoma has initiated patient recruitment. Updated early-stage study data unveiled in June illustrated the potential efficacy of the treatment in relapsed or refractory B-cell non-Hodgkin lymphoma, including among patients who failed CAR-T therapy.

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