On Thursday, Regeneron Pharmaceuticals (NASDAQ: REGN) exceeded analysts expectations for quarterly profit. Sales ramped up over 25% and reached USD2.3 Billion, even amid the ongoing coronavirus pandemic. The positive results manifested as the company’s eye drug sales rose and its autoimmune drug Dupixent became a billion-dollar seller.
“Even with our intense commitment to fighting Covid-19, Regeneron continues to deliver across all aspects of our business,” Chief Executive Len Schleifer said in the Thursday morning announcement. The pharmaceutical company booted the development for antibody treatments geared towards SARS-CoV-2 coronavirus, even testing the product on President Donald Trump.
The American biotechnology company cited it would have 80,000 doses of the therapy available by the end of November, as well as 300,000 doses by January 2021. However, an analyst revealed that production could be delayed as the company awaits U.S. emergency use authorization.
“Last discussion we had with management indicated 300K by year-end 2020,” said Piper Sandler analyst Christopher Raymond.
Amid the COVID-19 pandemic which has taken the life of more than one million people worldwide, countries all over the world have strived to find a solution. The U.S. government agreed to purchase about 300,000 doses of Regeneron’s treatment for a sum of USD450 Million. Total revenue increased 31.6% to USD2.29 Billion, exceeding forecasts of USD2.09 Billion.
The stock rose 1.8% to USD587.84 during premarket trading on Thursday.