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Benzinga
Benzinga
Technology
Vandana Singh

Regeneron Posts Drop In Q1 Profit As COVID Antibody Sales Hit, Shares Fall

  • Regeneron Pharmaceuticals Inc (NASDAQ:REGNearned $11.49 per share for Q1 FY22, up 16% Y/Y, beating the $10.04 estimate. 
  • Sales increased 17% to $2.96 billion, surpassing the analysts' consensus of $2.73 billion, fueled by sales of COVID-19 treatment, REGEN-COV. 
  • The company reported a net income of $974 million, down 13%, as its COVID-19 antibody cocktail sales were hit by the FDA's decision to limit its use.
  • The company recorded no sales from the pill in the United States for the quarter, as was expected.
  • Also See: FDA Extends Review Period For Regeneron's COVID-19 Antibody Therapy.
  • Q1 U.S. Eylea sales increased 13% Y/Y to $1.52 billion. 
  • The operating margin compressed from 44% to 42.4%.
  • Guidance: For FY22, Regeneron reaffirms FY22 adjusted gross margin on product sales of 90% – 92%. 
  • It expects R&D costs of $2.9 billion - $3.1 billion, up from 2.8 billion – $3 billion expected earlier.
  • Price Action: REGN shares are down 2.50% at $644.80 during the market session on the last check Wednesday.
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