Regeneron’s stock rallies toward a record after profit, revenue beat expectations

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Shares of Regeneron Pharmaceuticals Inc. ran up 3.2% toward a record high in premarket trading Wednesday, after the biotechnology company reported second-quarter profit and revenue that beat Wall Street expectations, and said it expects clinical studies to remain generally on track in the face of the COVID-19 pandemic. Net income rose to $897.3 million, or $7.61 a share, from $193.1 million, or $1.68 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $7.16, above the FactSet consensus of $5.91. Revenue rose to $1.95 billion from $1.58 billion, topping the FactSet consensus of $1.73 billion, as product sales and Sanofi collaboration revenue beat expectations, while Bayer collaboration revenue fell a bit shy. “We have advanced REGN-COV2, our antibody cocktail for COVID-19, into late-stage clinical studies in record time and are working to ensure supply is available later this year,” said Chief Executive Leonard Schleifer. The stock has soared 72.7% year to date through Tuesday, while the S&P 500 has gained 2.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.