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Regeneron Pharmaceuticals, Inc.’s (NASDAQ: REGN) Q1 earnings fell shy of projections, disappointing analysts with lower-than-expected EPS and revenue. Regeneron has more than 35 product candidates in clinical development, including several marketed products for which it is investigating additional indications.
- In the first quarter of 2024, Regeneron reported mixed financial results. While overall revenues dipped by 1% to US$3.15 billion compared to the same period in 2023, excluding Ronapreve TM(a)(b), revenues surged by 7%.
- Dupixent® global net sales, recorded by Sanofi, notably soared by 24% to US$3.08 billion year-over-year. U.S. net sales for EYLEA® HD and EYLEA® reached US$1.40 billion, with EYLEA HD contributing US$200 million.
- Libtayo® global net sales witnessed a robust 45% increase to US$264 million compared to Q1 2023. The company reported GAAP diluted EPS of US$6.27 and non-GAAP diluted EPS of US$9.55 for the quarter.
Commenting on the results, Leonard S. Schleifer, M.D., Ph.D., Board co-Chair, President, and Chief Executive Officer of Regeneron said, "The Regeneron team has already made substantial progress this year, delivering our approved medicines to more patients around the globe, advancing our pipeline consisting of dozens of clinical-stage programs, and relentlessly pursuing cutting-edge science”.
Business update
In April 2024, Regeneron made strategic moves to bolster its pipeline and advance research initiatives. It acquired full development and commercialization rights to 2seventy bio, Inc.'s oncology and autoimmune preclinical and clinical stage cell therapy pipeline, with an initial payment of US$5 million and ongoing costs.
Additionally, it entered a collaboration with Mammoth Biosciences, Inc. for CRISPR-based gene editing therapies, investing US$95 million in preferred stock and a US$5 million upfront payment. The companies will jointly select targets, with Regeneron leading development and commercialization.
In a bid to enhance shareholder value, Regeneron's board authorized a US$3.0 billion share repurchase program, allowing flexible buybacks over an indefinite period, demonstrating confidence in its future prospects. These strategic moves underscore Regeneron's commitment to innovation and growth in the biotech landscape.
