Shares of Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) were up 0.69% in premarket trading on Friday after the company reported it doubled Q4 2021 revenue.

The biotechnology company reported a net income of $2.229 billion, or $19.69 per share, in the quarter, up 94% from $1.149 billion, or $10.24 a share, in the year-ago period.

Adjusted EPS came in at $23.72, outshining the consensus estimates of $20.40, according to FactSet. Regeneron reported revenue of $4.952 billion in the period, up from $2.423 billion last year, topping the FactSet consensus of $4.563 billion.

"Given the lack of efficacy of REGEN-COV against the Omicron variant, we are working hard to develop next-generation antibodies that are active against Omicron and all other variants of concern," said the company’s CEO Leonard S. Schleifer in a statement.

BMO analyst Evan David Seigerman said REGN delivered a solid beat.

“Dupixent continues to perform well with $1.77B in end user revenues for 4Q (at +9X% vs. consensus). R&D expense was lighter than expectations while SG&A was +%1 ahead. All in this lead to a 2% beat (which we view as positive in this current earnings cycle),” the analyst said in a client note.

“We do not expect REGEN-COV to be a major contributor for 2022, given the cocktail is not effective vs. omicron (but could see use of next-gen antibodies, if the company is able to get alignment from regulators on a quick path forward).”

By Senad Karaahmetovic | [email protected]