By Dieter Holger
Regeneron Pharmaceuticals Inc. profit surged above Wall Street's expectations in the latest quarter on the back of collaborations with other pharmaceutical giants.
The Tarrytown, N.Y.-based drugmaker posted earnings of $897.3 million, or $7.61 a share, in the second quarter, compared with $193.1 million, or $1.68 a share, a year ago.
Earnings came in above the $5.91 a share analysts polled by FactSet had expected.
Sales were $1.95 billion in the quarter, up from $1.58 billion a year prior. Analysts had expected lower sales of $1.73 billion.
Regeneron said sales from its collaborations with drugmakers Bayer AG and Sanofi rose to $513 million in the quarter, up 45% from $353 million in the previous year.
But sales of its age-related macular degeneration eye drug Eylea were negatively affected by the pandemic, falling 3.9% to $1.1 billion compared with $1.2 billion last year.
Regeneron's stock has skryocketed this year in large part thanks to excitement around its antibody cocktail that treats Covid-19, which entered phase 3 trials in early July.
The company also has courted controversy. The U.S. Department of Justice sued Regeneron in late June, alleging that it paid off a foundation to help Medicare patients buy its eye drug Eylea, which costs more than $10,000 a year and drew sales of $4.6 billion in 2019. Regeneron has said the lawsuit is without merit.
Write to Dieter Holger at firstname.lastname@example.org; @dieterholger