Regeneron quarterly profit drops as COVID antibody sales hit
2022.05.04 14:11
A vial of Regeneron monoclonal antibody sits on a medical table as registered nurse Jessica Krumwiede attempts to find a vein to administer it to Cathy Hardin, who was vaccinated prior to testing positive for the coronavirus disease (COVID-19), at the Sar
(Reuters) -Regeneron Pharmaceuticals reported a 13% fall in quarterly profit on Wednesday, as sales of its COVID-19 antibody cocktail were hit by the U.S. health regulator’s decision to limit its use.
The company recorded no sales from the COVID-19 antibody in the United States for the quarter. It was expected, as Regeneron (NASDAQ:REGN) said so in February, after the U.S. Food and Drug Administration amended its authorization of the drug due to its lack of effectiveness against the Omicron coronavirus variant.
Regeneron’s COVID-19 antibody cocktail REGEN-COV has been a key driver for the company’s earnings in recent quarters since its authorization in November 2020, a month after it was used to treat former U.S. President Donald Trump.
The drugmaker’s net profit fell to $974 million, or $8.61 per share, in the first quarter ended March 31, from $1.12 billion, or $10.09 per share, a year earlier.
