Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) reported its third-quarter financial results before the markets opened on Thursday. While the earnings were important, and fairly positive, more investors seemed interested in the COVID-19 update.
In terms of the results, the company said that it had $8.36 in earnings per share (EPS) and $2.29 billion in revenue. That compared with consensus estimates of $7.13 in EPS and $2.09 billion in revenue, as well as the $6.67 per share and $2.05 billion posted in the same period of last year.
As for the COVID-19 update, Regeneron achieved an important milestone in the fight against COVID-19 with prospective Phase 2/3 results showing REGN-COV2 significantly reduced virus levels and the need for further medical attention in non-hospitalized patients. Also, the REGN-COV2 trial in the COVID-19 outpatient setting met primary and key secondary endpoints.
In terms of its product revenues, Eylea net product sales in the United States increased to $1.318 billion in the third quarter of 2020, compared to $1.188 billion in the third quarter of 2019.
Results also include Sanofi and Bayer collaboration revenues of $653 million, an increase from $469 million last year. Collaboration revenue increased primarily due to the company’s share of profits from commercialization of antibodies, which increased to $213 million this quarter.
Other revenues in the quarter include recognition of revenue in connection with agreements regarding BARDA and the funding of certain REGN-COV2 and Inmazeb development activities.
On the books, Regeneron’s cash and marketable securities totaled $5.90 billion at the end of the quarter, down from $6.47 billion at the end of the previous year.
Regeneron stock traded down fractionally on Thursday at $585.34, in a 52-week range of $325.62 to $664.64. The consensus price target is $674.33.
24/7 Wall St.Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.