(Reuters) – Regeneron Pharmaceuticals Inc (O:REGN) beat second-quarter profit estimates on Wednesday, spurred by higher sales of its blockbuster eczema treatment Dupixent, and higher revenues connected to its collaboration with Sanofi SA (PA:SASY) and Bayer AG (DE:BAYGn).
Continued lockdowns to curb the spread of the coronavirus have prompted patients to reschedule their hospital visits, weighing on sales of physician-administered drugs such as Regeneron’s blockbuster drug Eylea.
Sales of Eylea, approved for treating wet age-related macular degeneration, fell to $1.75 billion from $1.88 billion. This was offset by a nearly 70% jump in sales of Dupixent, made in collaboration with Sanofi.
Net income rose to $897.3 million, or $7.61 per share, in the second quarter ended June 30, from $193.1 million, or $1.68 per share, a year earlier. The company recorded a $228 million gain related to the sale of equity and debt securities in the reported quarter.
On an adjusted basis, the company earned $7.16 per share, handily beating estimates of $5.98, according to Refinitiv IBES data.
Revenue rose 23.7% to $1.95 billion, higher than estimates of $1.74 billion.
Regeneron profit beats on Dupixent strength
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