Regeneron blows past third-quarter earnings estimates and says has shared COVID-19 data with FDA

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Regeneron Pharmaceuticals Inc. shares rose 1.6% in premarket trade Thursday, after the drug company blew past estimates for the third quarter and said it has shared data from its Phase 2/3 COVID-19 antibody therapy trial with regulators. Regeneron said it had net income of $842 million, or $7.39 a share, in the quarter, up from $670 million, or $5.86 a share, in the year-earlier period. Adjusted per-share earnings came to $8.36, well ahead of the $6.97 FactSet consensus. Revenue rose 32% to $2.294 billion from $1.744 billion, also ahead of the $2.082 billion FactSet consensus. “Last week, Regeneron achieved an important milestone in the fight against COVID-19 with prospective Phase 2/3 results showing REGN-COV2 significantly reduced virus levels and the need for further medical attention in non-hospitalized patients; we have shared these important data with regulatory authorities,” Chief Executive Leonard S. Schleifer, M.D., Ph.D., said in a statement. The company’s Dupixent, a treatment for allergic illnesses like asthma, chalked up more than $1 billion in sales in the quarter. Shares have gained 56% in the year to date, while the S&P 500 has gained 6.6%.
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