Regeneron Q1 revenue rises on the back of blockbuster drugs Eylea, Dupixent
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Regeneron Pharmaceuticals' (NASDAQ:REGN) shares are trading higher in pre-market after Q1 revenues grew, boosted by sales of blockbuster drugs Eylea and Dupixent.
Q1 non-GAAP EPS grew +16% Y/Y to $11.49, while total revenue increased +17% Y/Y to $2.97B. Total revenues included collaboration revenues of ~$1.23B, compared to $754M in Q1 2021.
COVID-19 antibody cocktail REGEN-COV, which is not being sold in the U.S. currently, generated revenue of $635.6M in rest of the world, showing a +45% Y/Y increase.
Worldwide sales of wet AMD drug Eylea grew ~11% Y/Y to 2.39B, of which U.S. sales were ~1.52B.
Q1 sales from eczema/asthma therapy Dupixent, which is developed with Sanofi (SNY), increased 43% Y/Y to $1.81B, U.S. sales accounted for ~$1.33B.
Rheumatoid arthritis therapy Kevzara's global revenue increased ~54% to $106.4M, while lung cancer drug Libtayo's sales grew ~24% Y/Y to $124.7M. Cholesterol therapy Praluent's global sales rose 7% Y/Y to $111.4M.
GAAP net income declined 13% Y/Y to $974M. Q1 Research and development (R&D) expenses increased 14% to $844M.
Outlook:
The company expects Gross margin on net product sales to be between 90%â92% on a non-GAAP basis.
Meanwhile, R&D expenses are expected between $2.9B and $3.1B, compared to prior estimate of $2.8B to $3B.
REGN +1.44% to $670 pre-market May 4