Regeneron's Q2 revenue, profit surge on windfall from COVID-19 antibody cocktail

Headline results for the second quarter:

  • Revenue: $5.1 billion (forecasts of $4 billion), up 163%
  • Profit: $3.1 billion, up 245%

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

What the company said:

"Regeneron had outstanding performance in the second quarter during which we delivered to the US government the entire order for our COVID-19 antibody cocktail and recognised record global sales from our Eylea and Dupixent franchises," remarked CEO Leonard Schleifer. The company noted that when excluding sales of its REGEN-COV antibody cocktail, quarterly revenues still increased 22%.

Other results:

  • REGEN-COV: $2.8 billion, up from $439 million in the first quarter, with $2.6 billion of this in the US
  • Dupixent (recorded by partner Sanofi): $1.5 billion, up 59%
  • Eylea sales in the US: $1.4 billion, up 28%, due to higher sales volume and a favourable comparison with the year-ago period when the COVID-19 pandemic negatively impacted demand
  • Libtayo sales in the US: $78 million, up from $63 million in the prior year
  • Praluent sales in the US: $42 million, down from $47 million in the prior year
  • Collaboration revenues: $955 million, up from $513 million in the prior year, thanks in large part to higher Dupixent profits, which brought in $328 million in collaboration revenues from Sanofi, while Regeneron also pocketed $168 million from Roche tied to sales of the COVID-19 antibody cocktail outside the US, where the Swiss drugmaker records sales

Looking ahead:

Regeneron Pharmaceuticals noted that it has fulfilled its second agreement with the US government and delivered 1.25 million doses of REGEN-COV. Other than $34 million of expected REGEN-COV product sales in the third quarter related to this agreement, Regeneron said it does not expect any revenue from the COVID-19 antibody cocktail in the US in the third quarter.

Meanwhile, US sales of REGEN-COV in the fourth quarter "will be dependent upon acceleration of COVID-19 cases and related drug utilisation," it added. In May, the company said it expected sustained demand for the therapy even in the face of mass vaccine rollouts in the US. The FDA recently updated the emergency-use authorisation for REGEN-COV with a lower dose, subcutaneous administration and post-exposure prophylaxis.

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