Why Regeneron Pharmaceuticals (REGN) Shares Are Trading Higher Today - Regeneron Pharmaceuticals (NASDAQ:REGN)

Regeneron Pharmaceuticals Inc REGN earned $9.77 per share for Q2 FY22, down 62% Y/Y, beating the $9.54 estimate.
Sales decreased 44% to $2.85 billion, surpassing the analysts' consensus of $2.79 billion.
Total revenues excluding REGEN-COV and Ronapreve revenues increased by 20%. No REGEN-COV sales were recorded as the company had completed its final deliveries under its agreements with the U.S. government.
Q2 U.S. Eylea sales increased 14% Y/Y to $1.62 billion.
The company obtained the exclusive right to Libtayo from Sanofi SA SNY for a $900 million up-front payment. Sanofi is eligible to receive a $100 million regulatory milestone and $100 million in sales-based milestones.
Concurrently, Regeneron announced initial data from an ongoing Phase 1/2 trial of REGN5678 in combination with Libtayo (cemiplimab) in advanced metastatic castration-resistant prostate cancer.
Preliminary data showed dose-dependent anti-tumor activity.
At the lowest dose levels (cohorts 1-5), there was almost no evidence of anti-tumor activity, with only 1 of 17 patients showing a decrease (22%) in prostate-specific antigen.
At the higher dose levels (cohorts 6-8), evidence of dose-dependent anti-tumor activity was generally seen within six weeks of starting combination treatment.
Price Action: REGN shares are up 8.16% at $621.88 during the market session on the last check Wednesday

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Regeneron's Prostate Cancer Combo Candidate Shows Encouraging Anti-Tumor Activity