Regeneron Pharmaceuticals’ profit comes in better than expected in Q4
- Regeneron Pharmaceuticals’ profit comes in better than expected in Q4.
- The biotech firm's revenue matches expectations in the fourth quarter.
- Italy authorises conditional use of Regeneron’s COVID-19 antibody therapies.
Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) said on Friday that its profit came in better than expected in the fiscal fourth quarter. Revenue, it added, matched forecasts in Q4.
Regeneron Pharmaceuticals opened at a per-share price of £373.74 on Friday and closed the regular session at £363.19 per share. This compares to a high of £479 per share in July 2020. If you want to invest in the stock market online, you will need a reliable stockbroker – here’s a comparison of the top few to make selection easier for you.
Regeneron’s Q4 financial results versus analysts’ estimates
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Regeneron Pharmaceuticals said that its net income in the fourth quarter printed at £840 million that translates to £7.45 per share. In the same quarter last year, its net income was capped at a much lower £576.47 million or £5.04 per share.
Adjusted for one-time items, the biotech firm earned £6.94 per share versus the year-ago figure of £5.46. Regeneron said that it generated £1.76 billion of revenue in the recent quarter that represents a 30% year over year growth.
According to FactSet, experts had also forecast the company to record £1.76 billion of revenue in Q4. But their estimate for adjusted per-share earnings stood at a lower £6.10 per share. In separate news from the U.S. healthcare sector, Bristol Myers Squibb Co. also reported its quarterly results earlier this week.
Regeneron secured emergency use authorisation for its antibody cocktail for COVID-19 that it calls REGEN-COV from the U.S. Food and Drugs Administration (FDA) in November. In an announcement in January, the Tarrytown-headquartered company said it had inked another deal with the United States government under which it will deliver an additional 1.25 million doses of REGEN-COV.
CEO Leonard Schleifer’s comments on Friday
CEO Leonard Schleifer commented on the financial report on Friday and said:
“In 2021, in addition to our ongoing work on COVID-19, we expect further diversified growth driven by continued EYLEA momentum, expanded approvals and increased market penetration for Dupixent, and new launches for Libtayo in Oncology.”
Also on Friday, Italy’s regulator authorised conditional use of Regeneron’s COVID-19 antibody therapies.
Regeneron Pharmaceuticals performed largely upbeat in the stock market last year with an annual gain of close to 30%. At the time of writing, the American biotechnology company is valued at £38.73 billion and has a price to earnings ratio of 18.23.