Regeneron's Q4 sales jump 30%, led by Eylea, Dupixent

Headline results for the fourth quarter:

  • Revenue: $2.4 billion, up 30%
  • Profit: $1.1 billion, up 45%

Note: All changes are versus the prior-year period unless otherwise stated

What the company said:

"In 2020, Regeneron delivered double-digit top- and bottom-line growth and significant shareholder value despite the unprecedented circumstances of a global pandemic," remarked chief financial officer Robert Landry.

Other results:

  • Eylea sales in the US: $1.3 billion, up 10%, with Regeneron noting that overall distributor inventory levels in the US remained within its one-to-two-week targeted range
  • Dupixent (recorded by partner Sanofi): $1.2 billion, up 56%
  • REGEN-COV: $146 million, with the COVID-19 dual antibody cocktail, which was granted an emergency-use authorisation by the FDA last November, generating $186 million for the full-year
  • Libtayo sales in the US: $74.1 million, up from $60.5 million in the prior year
  • Praluent sales in the US: $55.2 million, up from $43.1 million in the prior year
  • Collaboration revenues: $678 million, up from $482 million in the prior year, with Sanofi collaboration revenue up mainly due to Regeneron's share of profits from the commercialisation of antibodies, which were $230 million in the fourth quarter, compared to $104 million in the year-ago period
  • Full-year revenue: $8.5 billion, up 30%
  • Full-year profit: $3.5 billion, up 66%

Looking ahead:

CEO Leonard Schleifer said that "in 2021, in addition to our ongoing work on COVID-19, we expect further diversified growth driven by continued Eylea momentum, expanded approvals and increased market penetration for Dupixent, and new launches for Libtayo in oncology." He noted that US regulatory action for Libtayo in both non-small-cell lung cancer and basal cell carcinoma is expected "within the next month," with additional readouts "later this year from across our oncology pipeline, including the bispecific platform."

Pipeline updates:

Regeneron said it has initiated a Phase III programme with partner Sanofi to test the anti-IL-33 antibody itepekimab in chronic obstructive pulmonary disease. Separately on Friday, Sanofi disclosed during its earnings call that itepekimab would not be pursued in asthma. Regeneron also said that a Phase III study of REGN5713-5714-5715, a multi-antibody therapy to the Betv1 allergen, recently got under way as a potential treatment for people with birch pollen allergies.

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