Regeneron beats quarterly estimates on eczema drug strength, shares rise

Regeneron on Thursday beat Wall Street estimates for second-quarter revenue and profit, helped by strong demand for its eczema drug Dupixent and a high-dose version of its eye drug Eylea.

Shares rose nearly 5% before the bell.

Here are the details:

• Global net sales of Dupixent, recorded by partner Sanofi, increased 38% to about $6 billion, beating estimates of $5.34 billion, according to LSEG data.
• Quarterly U.S. sales of the high dose version of its eye drug, Eylea, rose 52% to $596 million, driven by higher demand and sales volumes, partly offset by lower prices.
• The company said sales of the lower-dose version were hurt by continued competitive pressures and the transition of patients to the 8-mg version.

Regeneron said it fully repaid the Sanofi Development Balance, which represented the outstanding amount due to Sanofi for its funding of prior collaboration development activities.

Marked commercial outperformance may help boost sentiment, and, coupled with the step-up in margins from the Sanofi repayment, should make second half numbers look much better, said RBC Capital Markets analyst Brian Abrahams.

• Quarterly revenue rose 17% to $4.29 billion, surpassing estimates of $3.82 billion.
• The Tarrytown, New York-based drugmaker posted a quarterly non-GAAP adjusted profit of $14.29 per share, beating the analyst estimate of $10.26.