Regeneron Q3 sales sans COVID products grow on back of blockbuster Eylea
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Regeneron Pharmaceuticals (NASDAQ:REGN) Q3 revenues excluding COVID-19 therapies grew as blockbusters Eylea and Dupixent drove up sales.
Q3 non-GAAP EPS declined -28% Y/Y to $11.14, while total revenue fell -15% Y/Y to $2.94B.
Total revenues excluding COVID therapies REGEN-COV and Ronapreve grew +11% Y/Y to $2.93B.
The company said there were no sales of REGEN-COV in the U.S. during 2022. Rest of the World sales of the antibody therapy were $22.8M, down -98% Y/Y.
"Global Dupixent sales and U.S. EYLEA sales once again achieved new quarterly records, with U.S. sales of EYLEA achieving double digit year-over-year percentage growth and Dupixent was bolstered by progress on launches in pediatric atopic dermatitis, eosinophilic esophagitis, and prurigo nodularis," said Regeneron President and CEO Leonard Schleifer.
Worldwide sales of wet AMD drug Eylea grew +3.1% Y/Y to 2.45B, of which U.S. sales were ~$1.63B, up +11% Y/Y.
Q3 global sales of Dupixent, which is developed with Sanofi (NASDAQ:SNY), increased +40.1% Y/Y to $2.33B, U.S. sales accounted for ~$1.82B.
Global sales of lung cancer drug Libtayo's sales grew +20% Y/Y to $143.2M, while rheumatoid arthritis therapy Kevzara's global revenue increased 10% Y/Y to $88.1M.
Cholesterol therapy Praluent's global sales fell -1% Y/Y to $113.7M.
GAAP net income declined -19% Y/Y to ~$1.32B. Q3 Research and development (R&D) expenses increased 37% Y/Y to $911M.
Outlook:
Regeneron expects FY22 adjusted gross margin on net product sales of 92.5% to 93% from prior outlook of 92% to 93%.
R&D expenses expected between $3.11B and $3.17B, compared to prior outlook range of $3.1B to $3.24B.