Regeneron quarterly profit nearly doubles on robust sales of COVID-19 therapy

 Regeneron Pharmaceuticals (REGN.O) quarterly profit nearly doubled on Friday on strong sales of its COVID-19 antibody cocktail.

The company recorded $2.30 billion in sales of its COVID-19 antibody therapy, REGEN-COV, which helped its quarterly revenue soar 104% to $4.95 billion. Excluding revenue from REGEN-COV, the sales growth was 17%.

The U.S. Food and Drug Administration in January had revised its emergency use authorizations for COVID-19 antibody treatments from Regeneron and Eli Lilly (LLY.N) to limit their use, as the drugs were found to be unlikely to work against the Omicron variant. 

"Given the lack of efficacy of REGEN-COV against the Omicron variant, we are working hard to develop next generation antibodies that are active against Omicron and all other variants of concern," said Leonard Schleifer, president and chief executive officer of Regeneron.

The drugmaker's net profit rose to $2.23 billion, or $19.69 per share, in the fourth quarter ended Dec. 31, from $1.15 billion, or $10.24 per share, a year earlier.

https://www.reuters.com/business/healthcare-pharmaceuticals/regeneron-quarterly-profit-nearly-doubles-robust-sales-covid-19-therapy-2022-02-04/