TARRYTOWN, N.Y. - Regeneron (NASDAQ:REGN) Pharmaceuticals, Inc. (NASDAQ:REGN) reported third-quarter 2024 results that exceeded analyst expectations, with revenue growth driven by strong performance across its product portfolio.
The biotechnology company posted adjusted earnings per share of $12.46, surpassing the analyst consensus of $11.72. Revenue for the quarter rose 11% year-over-year to $3.72 billion, beating estimates of $3.66 billion.
Dupixent, Regeneron's blockbuster drug developed with Sanofi (EPA:SASY) (NASDAQ:SNY), saw global net sales increase 23% to $3.82 billion compared to the same quarter last year. The company's eye disease franchise, including EYLEA HD and EYLEA, grew U.S. net sales by 3% to $1.54 billion, with EYLEA HD contributing $392 million. Libtayo, Regeneron's cancer immunotherapy, posted a 24% increase in global net sales to $289 million.
"Regeneron had a strong third quarter marked by 11% revenue growth. We continued to deepen the impact of our commercialized medicines this quarter, with ongoing leadership for our retinal franchise, expanded global reach of Libtayo, and notable growth from Dupixent," said Leonard S. Schleifer, M.D., Ph.D., Board co-Chair, President and Chief Executive Officer of Regeneron.
The company highlighted recent regulatory approvals, including Dupixent's FDA approval for chronic obstructive pulmonary disease (COPD) with an eosinophilic phenotype, marking the first biologic therapy for this indication in the U.S.
Regeneron continues to invest in its research and development pipeline, with approximately 40 product candidates in various stages of development. The company expects data from several pivotal studies in the coming months, spanning indications such as non-small cell lung cancer, thrombosis, and obesity.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.