Regeneron third-quarter adjusted earnings per share beat estimates

Investing.com - Regeneron has posted third-quarter revenue and profit which both topped Wall Street expectations, thanks to soaring demand for its anti-inflammatory drug.

The biotech group’s treatment, known as Dupixent, posted quarterly sales of $4.86 billion, beating Bloomberg consensus forecasts of $4.62 billion, with much of the demand coming from the United States.

Tarrytown, New York-based Regeneron jointly develops Dupixent with France’s Sanofi, with profits split equally between the companies. In September, a committee linked with the European Medicines Agency recommended approval of the drug in the European Union for the treatment of adults and adolescents aged 12 years and older who show symptoms of chronic spontaneous urticaria, a skin condition often characterized by itchy welts and tissue swelling.

Strong demand for Dupixent helped to offset a 28% year-over-year decline in total U.S. sales of Eylea, an eye treatment Regeneron develops with Bayer AG, to $1.11 billion.

Regeneron has been attempting to upgrade patients using Eylea to a higher-dose version in order to mitigate the impact of competition from cheaper biosimilars and other rival medications.

Adjusted earnings per share came in at $11.83 on revenue of $3.75 billion, both beating Wall Street expectations.

Shares of the biotechnology firm were higher in premarket U.S. trading on Tuesday.

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