Aug 5 (Reuters) - Regeneron Pharmaceuticals Inc on
Thursday blew past analysts' estimates for second-quarter profit
and revenue and said it has seen a recent uptick in the use of
its COVID-19 therapy by patients in the United States.
The therapy, REGEN-COV, and a similar treatment by Eli Lilly
have been authorized in the United States for treating
non-hospitalized COVID-19 patients and the companies signed
supply deals with the U.S. government worth millions of dollars.
"There's been a tremendous acceleration in use... (our
penetration) in estimated eligible patients has gone up
dramatically from somewhere in the low single digits to almost
25% to 30% more recently," said Leonard Schleifer, chief
executive officer of Regeneron, adding that more than 50,000
doses of REGEN-COV are being ordered weekly.
The company said it expects its COVID-19 therapy to continue
to be a meaningful revenue contributor this year outside the
U.S., as new cases rise globally.
U.S. sales of REGEN-COV surged to $2.59 billion in the
second quarter, well ahead of Wall Street estimates of $1.5
billion, according to brokerage Guggenheim, as the company
supplied 1.25 million doses in the quarter, completing its
contract with the U.S. government.
This is in contrast to Eli Lilly, which was hit by weaker
demand for its COVID-19 antibody therapy due to mass vaccine
"I think it seems (Regeneron) is implying that they are
seeing a substantial increase in the utilization of the therapy
as the Delta variant is causing more infections throughout the
country," said Guggenheim analyst Yatin Suneja.
However, the company's non-COVID-19 drugs are likely to be
its main growth drivers going forward, Suneja added.
Sales of the company's eye disease drug Eylea jumped 32.7%
to $2.33 billion in the quarter, bouncing back from
pandemic-induced lows. Sales of its eczema drug, Dupixent, which
are recorded by Sanofi also rose 58.6%.
Excluding items, the company earned $25.8 per share, above
estimates of $17.53, according to Refinitiv IBES data.
Overall revenue of $5.14 billion also topped estimates of
Shares of the drugmaker were up 1.4% in morning trade.
(Reporting by Dania Nadeem and Amruta Khandekar in Bengaluru;
Editing by Sriraj Kalluvila)