Regeneron Pharmaceuticals campus in January 2023. Archive photograph. Photo: Ajay Suresh / Wikimedia Commons. Resized under CC BY 2.0.
Regeneron Pharmaceuticals, which develops and sells prescription medicines, reported a 36% increase in third-quarter revenue Friday, helped by higher sales across key medicines and a sharp rise in income from its collaboration with Sanofi.
Revenue reached $5.116 billion, up from $3.754 billion a year earlier. Net income rose 33% to $1.949 billion, while diluted earnings per share increased 35% to $18.45. Adjusted earnings per share, which exclude selected items, rose 70% to $20.07.
Sanofi collaboration revenue increased 68% to $2.724 billion. Regeneron said the gain reflected higher profits associated mainly with Dupixent, as well as the end of deductions tied to a development balance that was fully repaid in the second quarter.
Dupixent’s global net sales rose 35% to $6.5 billion. Those product sales are recorded by Sanofi, not added directly to Regeneron’s own product-sales total. Regeneron receives a share of the collaboration’s profits.
Regeneron’s Eylea HD eye medicine recorded U.S. sales of $699 million, up 62%. But sales of the older Eylea formulation fell 41% to $400 million, leaving the two products’ combined U.S. sales down 1% at $1.099 billion.
Global sales of the cancer medicine Libtayo rose 51% to $550 million. Across Regeneron’s portfolio, net product sales increased 14% to $1.805 billion.
The company also described an expanded Sanofi antibody partnership under which it received $1 billion upfront and could receive up to $7 billion in additional development, regulatory and sales milestones. The upfront payment will be recognized as collaboration revenue in the fourth quarter, not the third quarter reported Friday. The additional payments are conditional.
Research spending also increased. Regeneron’s reported research and development expense rose 22% to $1.795 billion as it advanced its clinical pipeline and increased manufacturing activity for potential medicines.
JBizNews Desk | Tarrytown, New York
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