Regeneron Pharmaceuticals Inc. shares (REGN) rose 1.4% in premarket trade Wednesday, after the company beat consensus estimates for the first quarter. The company posted net income of $974 million, or $8.61 a share, for the quarter, down from $1.115 billion, or $10.09 a share, in the year-earlier period. Adjusted per-share earnings came to $11.49, ahead of the $9.68 FactSet consensus. Revenue rose 17% to $2.965 billion from $2.529 billion a year ago, also ahead of the $2.690 billion FactSet consensus. "We continued to see substantial U.S. sales growth for EYLEA and Dupixent worldwide," Chief Executive Leonard S. Schleifer said in a statement. "We are well-positioned to reach even more patients with type 2 inflammatory disease through FDA priority review designations for Dupixent in children with atopic dermatitis and in adults and adolescents with eosinophilic esophagitis." Regeneron is expecting the FDA to make a decision on data submitted for REGEN-COV, a treatment for COVID in in non-hospitalized patients and as prophylaxis in certain individuals, on July 13. Shares have gained 4.6% in the year to date, while the S&P 500 has fallen 12%.
(END) Dow Jones Newswires
May 04, 2022 06:47 ET (10:47 GMT)
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