Why Is Regeneron Pharmaceuticals Stock Trading Lower Today?
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On Thursday, Regeneron Pharmaceuticals Inc (NASDAQ:REGN) reported third-quarter adjusted EPS of $12.46, up 8% year-over-year, beating the consensus of $11.69.
The company reported sales of $3.72 billion, up 11%, beating the consensus of $3.67 billion.
“Regeneron had a strong third quarter marked by 11% revenue growth. We continued to deepen the impact of our commercialized medicines this quarter, with ongoing leadership for our retinal franchise, expanded global reach of Libtayo, and notable growth from Dupixent,” said Leonard S. Schleifer, Board co-Chair, President and Chief Executive Officer of Regeneron.
“Our strong third quarter financial performance was highlighted by double-digit revenue growth and continued investment in our growing pipeline,” said Christopher Fenimore, Senior Vice President, Finance and Chief Financial Officer of Regeneron.
Third quarter 2024 U.S. net sales for Eylea HD and Eylea increased 3% versus third quarter 2023 to $1.54 billion, including $392 million from Eylea HD.
A lower net selling price adversely impacted the net product sales of EYLEA in the third quarter of 2024.
Libtayo global net sales increased by 25% to $289 million.
Sanofi SA (NASDAQ:SNY) collaboration revenue increased from $1.06 billion to $1.26 billion.
The company said its obesity clinical program is now enrolling.
In its earnings presentation, Regeneron said Phase 2 study to investigate if addition of trevogrumab (anti-myostatin) to Novo Nordisk A/S‘ (NYSE:NVO) semaglutide with and without garetosmab (antiactivin A) improves the quality of weight loss and/or improves maintenance of weight loss post semaglutide discontinuation.
Safety and tolerability data for high-dose trevogrumab in healthy volunteers showed no new safety signals.
The company is on track to complete enrollment by year-end 2024; results for both primary endpoints are expected in 2H25.
Price Action: REGN stock is down 10.7% at $824.28 at last check Thursday.
Photo via Shutterstock
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