Regeneron Quarterly Profit Plunges 46 Percent as Eye Drug Sales Drop, COVID Drug Sales Dry Up
Regeneron Pharmaceutical’s fourth-quarter profit was negatively impacted after sales of its COVID antibody cocktail dried up and lackluster sales of its blockbuster eye drug, Eylea, but sales of its eczema drug Dupixent helped recover some losses.
The pharmaceutical company’s quarterly report, released on Feb. 3, saw earnings fall by 46 percent due to reports of diminished sales of Eylea and negative demand for its COVID antibody drug REGEN-COV.
Total revenue for 2022 ended up declining by 31 percent, to $3.41 billion, higher than FactSet’s consensus of $3.13 billion.
The drug firm recorded no REGEN-COV sales after the FDA limited its use in the United States in January 2022 after it said there was a lack of effectiveness against the Omicron variant….