Shares of Regeneron Pharmaceuticals Inc.
REGN,
jumped 3.0% in premarket trading Friday, after the biotechnology company reported a fourth-quarter profit that rose well above expectations, while revenue was in line with forecasts. Net income increased to $1.15 billion, or $10.24 a share, from $792.0 million, or $6.93 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew to $9.53 from $7.50, to beat the FactSet consensus of $8.38. Revenue increased 30% to $2.42 billion, matching the FactSet consensus. Regeneron’s REGEN-COV antibody cocktail for COVID-19 received Emergency Use Authorization from the FDA in November. In January, the company announced a second agreement with the U.S. government to deliver 1.25 million additional doses of REGEN-GOV. “In 2021, in addition to our ongoing work on COVID-19, we expect further diversified growth driven by continued EYLEA momentum, expanded approvals and increased market penetration for Dupixent, and new launches for Libtayo in oncology,” said Chief Executive Leonard Schleifer. The stock has dropped 15.3% over the past three months through Thursday, while the S&P 500
SPX,
has gained 10.3%.
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