Regeneron Pharmaceuticals Inc. (REGN) surpassed market expectations on revenue and earnings for the third quarter of 2018. The stock was up over 1% in early trading hours on Tuesday.
Total revenues grew 11% to $1.66 billion versus the prior-year quarter. The company also saw increases in revenues from its Sanofi and Bayer collaborations, which were driven by higher net sales of Dupixent and Praluent as well as higher international sales of EYLEA. Net product sales grew to $1.02 billion from $957 million last year, helped by higher EYLEA net product sales.
On a GAAP basis, net income increased more than 50% to $595 million or $5.17 per share versus the year-ago quarter. Adjusted net income grew more than 40% to $675 million or $5.87 per share from last year.
Leonard S. Schleifer, President and CEO, said, “Regeneron continues to grow and diversify our business, while continuing to deliver very strong financial results. In addition to EYLEA reaching over $1 billion in quarterly US net sales, we also made significant progress with Dupixent, a key driver of future growth, and launched Libtayo, our first immuno-oncology therapy. Dupixent is now approved in the US for both atopic dermatitis and asthma and under regulatory review for the treatment of adolescents with atopic dermatitis – with another submission planned in chronic rhinosinusitis with nasal polyps. We also recently reported positive Phase 3 results for EYLEA in diabetic retinopathy, and expect an FDA action on our supplemental application for this indication in the first half of 2019.”
During the third quarter, Regeneron entered into a collaboration agreement with bluebird bio, Inc. for the research, development, and commercialization of novel immune cell therapies for cancer.
The company updated its guidance for the full year of 2018 and now expects Sanofi collaboration revenue to come in the range of $430 million to $455 million versus the previous guidance of $455 million to $485 million.
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