Regeneron Pharmaceuticals Q3 tops earnings and revenue marks
Regeneron Pharmaceuticals Inc. said Thursday its third-quarter net income fell 19% to $1.32 billion or $11.66 a share, from $1.63 billion or $14.33 a share, in the year-ago period. Adjusted net income fell to $11.14 a share from $15.37 a share. Revenue at the Tarrytown, N.Y., drug maker dropped 15% to $2.94 billion from $3.45 billion. Wall Street analysts expected Regeneron to earn $9.76 a share on revenue of $2.92 billion, according to a survey by FactSet. Regeneron CFO Robert Landry said the third quarter "reflects strong commercial momentum across our business" with 11% revenue growth after breaking out contributions from REGEN-COV drug and Ronapreve. Shares of Regeneron are up 17.3% in 2022, compared to a 21.1% drop by the S&P 500 .
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