Regeneron keeps on growing in first quarter
Uptick in company’s overall revenues amounted to $2.97B
Regeneron has kicked off the year with another quarter of growth.
The pharmaceutical company recorded a 17 percent uptick in overall revenues, amounting to $2.97 billion during the first quarter of 2022, according to its latest filing with the Securities Exchange Commission.
The filing showed Regeneron achieved a net income of $974 million, a small drop-off from the $1.1 billion it gained this time last year.
Earnings per diluted share were $11.49, a 16 percent increase from quarter one in 2021 and higher than forecast. Analysts at Factset had predicted earnings of $9.68 per share and revenue of $2.69 billion, Barron’s reported.
Regeneron stock was listed at $659.01 as of Wednesday morning.
“Our strong first-quarter performance was marked by top- and bottom-line growth, accompanied by R&D (research and development) progress and continued investment in our pipeline,” said Dr. Leonard
Schleifer, Regeneron’s president and CEO.
The company has about 35 products in clinical development and several other marketed medicines for which it is looking to get additional application approvals.
Two of Regeneron’s blockbuster products, Eylea and Dupixent, experienced increased sales.
But its REGEN-COV treatment for coronavirus was halted by regulatory agencies in the U.S. and Europe after they deemed it ineffective against the omicron variant. Regeneron’s scientists are now working on a collection of next-generation antibody candidates to deploy against the variant and its mutations.
Collaborations with other companies also contributed $1.2 billion to the company’s revenue growth in the previous quarter.
Regeneron executives said operations did sustain a $211 million loss on equity securities compared with about $144 million of net gains from it during the first quarter of 2021.
Looking toward the rest of 2022, the company anticipates it will spend somewhere between $2.9 and $3.1 billion on research and development, a slight increase from its previous projection.
“Our business achieved strong revenue growth in the first quarter of 2022 as we continue to realize the benefits of our sustained R&D investment and our focus on commercial execution,” said Regeneron Chief Financial Officer Robert Landry.
“We remain confident that our differentiated products and significant pipeline opportunities position us well to deliver strong results and provide sustainable value to patients and shareholders,” he added.