Regeneron posts 2Q revenue drop as sales of COVID-19 therapy plummet
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Regeneron Pharmaceuticals (NASDAQ:REGN) traded higher in the pre-market Wednesday after reporting better than expected financials for 2Q 2022 even as the companyâs revenue slipped ~44% YoY $2.9B as sales from COVID-19 antibody therapy REGEN-COV dried up.
However, Regeneronâs (REGN) total revenue excluding REGEN-COV sales for both periods increased ~20% YoY to $2.9B.
Meanwhile, Wet AMD medication Eylea and Sanofi (SNY)-partnered atopic dermatitis therapy Dupixent helped offset the impact by adding $2.5B and $2.1B of net product sales globally with ~9% YoY and ~40% YoY growth, respectively.
"We are pleased with our second quarter 2022 financial performance, including 20% revenue growth when excluding contributions from REGEN-COV. This demonstrates the continued strength of our core business," Chief Financial Officer Robert E. Landry remarked.
A conference call on the earnings is scheduled for today at 8:30 AM EST.
While sales of REGEN-COV crashed ~99% YoY to $22.8M, rheumatoid arthritis rug Kevzara added $82.3M sales with ~23% YoY growth, and skin cancer drug Libtayo brought $141.3M net product sales with ~21% YOY growth.
The company has raised the guidance, including an increase to the adj. gross margin outlook to 92% â 93% from 90% â 92%, to reflect the recent acquisition of Libtayo global rights from Sanofi (SNY) (OTCPK:SNYNF).
The transaction expected to complete in 3Q 2022 is likely to cost Regeneron (REGN) an upfront payment of $900M and 11% royalty on worldwide net sales.