Regeneron beats quarterly revenue estimates as COVID-19 impact eases

Regeneron Pharmaceuticals Inc beat analysts' estimates for third-quarter revenue on Thursday as easing lockdowns boosted demand for its eye drug Eylea, while the drugmaker awaits U.S. nod for emergency use of its experimental COVID-19 treatment. Sales of Eylea, its macular degeneration drug, rose to $2.10 billion, topping estimates of $1.75 billion, according to four analysts polled by Refinitiv.

Regeneron Pharmaceuticals Inc beat analysts' estimates for third-quarter revenue on Thursday as easing lockdowns boosted demand for its eye drug Eylea, while the drugmaker awaits U.S. nod for emergency use of its experimental COVID-19 treatment.

Sales of Eylea, its macular degeneration drug, rose to $2.10 billion, topping estimates of $1.75 billion, according to four analysts polled by Refinitiv. Regeneron, whose experimental COVID-19 antibody treatment President Donald Trump received during his illness, had struggled as the pandemic cut visits to the doctor's office and dented demand for some non-COVID-19 drugs.

Net profit increased to $842.1 million, or $7.39 per share, in the third quarter ended Sept. 30, from $669.6 million, or $5.86 per share, a year earlier. Total revenue rose 31% to $2.29 billion, beating analysts' estimates of $2.09 billion, according to IBES data from Refinitiv.