Regeneron's Q4 Sales, Profits More Than Double With Boost From COVID-19 Treatment Sales

Regeneron Pharmaceuticals Inc REGN earned $23.72 per share for Q4 FY21, more than double from $9.53 a year ago, beating the $18.11 estimate. 

• Q4 sales almost doubled to $4.95 billion from $2.42 billion, surpassing the analysts' consensus of $4.47 billion, fueled by sales of COVID-19 treatment, REGEN-COV. 
• Excluding REGEN-COV sales of $2.29 billion, sales increased 17% Y/Y. In Q4, the Company completed its final deliveries under its agreement with the U.S. government, delivering an additional 1.1 million doses of REGEN-COV.
• Also See: Regeneron, Sanofi Withdraw FDA Application For Libtayo's Expanded Use.
• The Company said that given the lack of efficacy of REGEN-COV against the omicron variant, it is developing next-generation antibodies that are active against omicron and all other variants of concern.
• Q4 U.S. Eylea sales increased 15% Y/Y to $1.55 billion. 
• The operating income more than doubled to $2.64 billion. 
• Guidance: For FY22, Regeneron sees an adjusted gross margin on product sales of 90%–92%. 
• It expects R&D costs of $2.8 billion – $3 billion, with SG&A costs of $1.65 billion – $1.77 billion.
• Price Action: REGN shares are up 0.69% at $625 during the premarket session on the last check Friday.