Regeneron Pharmaceuticals put up a commanding fourth-quarter beat on Friday, helped by cholesterol drug Praluent and arthritis treatment Kevzara. REGN stock is trading at an all-time high.
During the fourth quarter, Regeneron earned $11.86 per share, minus some items, on $3.43 billion in sales. Earnings sank 5.6% but topped estimates for $10.73, according to FactSet. Sales were roughly flat, but came in above expectations for $3.29 billion.
Praluent, in the U.S., generated $61 million in sales. That easily beat REGN stock analysts' expectations for $38 million to $41 million, Piper Sandler analyst Christopher Raymond said in a report. Worldwide sales of Kevzara were $112 million, above expectations that ranged from $87 million to $99 million.
Raymond noted there was little surprise from Regeneron's bread-and-butter eye drug, Eylea. U.S. sales were in line with the company's preannouncement last month at $1.46 billion. That included $123 million from high-dose Eylea, which gained Food and Drug Administration approval last August. Bayer records Eylea sales outside the U.S.
And REGN stock investors already knew what to expect from Dupixent, the allergic conditions drug partnered with Sanofi. On Thursday, Sanofi announced global sales of Dupixent grew 24.5% on a strict, as-reported basis, beating forecasts.
In morning trades on today's stock market, REGN stock rose more than 1% to 968.14. Earlier, the biotech stock hit a record high.
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