Investing.com -- Regeneron Pharmaceutical (NASDAQ:REGN)s shares rose 4% in premarket trading on Friday after the drugmaker reported third-quarter profit and revenue far above Wall Street estimates, driven mainly by a surge in payments from partner Sanofi on Dupixent while sales of its older eye drug Eylea kept sliding.
Adjusted earnings were $20.07 per share, versus the $16.06 analysts expected, and revenue was $5.12 billion, versus the $4.54 billion expected.
Revenue rose 36% from $3.75 billion a year earlier, and adjusted earnings per share rose 70% from $11.83.
Revenue from Sanofi rose 68% to $2.72 billion from $1.62 billion a year earlier. Regeneron's share of profits from antibodies was $2.57 billion, versus $1.46 billion a year earlier, mainly on higher Dupixent sales.
Sanofi also finished repaying a development balance at the end of the second quarter, which no longer reduces the revenue Regeneron books from the partner. Dupixent global sales, recorded by Sanofi, rose 35% from a year earlier to $6.54 billion.
Sales of U.S. Eylea fell 41% to $400 million from $681 million a year earlier, as competition cut volumes and patients moved to Eylea HD.
U.S. Eylea HD sales rose 62% to $699 million on higher volumes, partly offset by a lower net selling price. Combined U.S. sales of the two were $1.10 billion, down 1% from $1.11 billion. Revenue from Bayer fell 23% to $267 million from $345 million a year earlier.
Net income was $1.95 billion, up 33% from a year earlier, or $18.45 a share, up 35%.
Regeneron raised its 2026 forecast for adjusted research and development expenses to $6.05 billion-$6.15 billion from $5.95 billion-$6.05 billion, while lowering its outlook for adjusted selling, general and administrative expenses to $2.4 billion-$2.5 billion from $2.5 billion-$2.6 billion.
The company now expects an adjusted gross margin on product sales of about 86%, compared with its previous forecast of 84%-85%.
Regeneron and Sanofi expanded their antibody partnership in October, with a $1.0 billion upfront payment to be booked as revenue in the fourth quarter and up to $7.0 billion more tied to milestones.
The company expects an FDA decision on cemdisiran for generalized myasthenia gravis next month.
Chief executive Leonard Schleifer called it "an outstanding quarter," with Dupixent, Eylea HD and Libtayo each at record net sales.
Original Article
Regeneron Q3 revenue tops estimates on Sanofi Dupixent profit; shares rise 4%
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