Why Regeneron Pharmaceuticals Shares Are Trading Lower Today

Regeneron Pharmaceuticals Inc REGN earned adjusted EPS of $10.09, down 12% Y/Y, beating the $9.60 Street estimate. 

Revenues decreased 6% Y/Y to $3.16 billion, down from $3.41 billion in Q4 FY22, beating the consensus of $3.00 billion.

Revenues from REGEN-COV, covid-19 antibody cocktail, reached $613.2 million, down 4% Y/Y.

In the first quarter of 2023, Dupixent global net sales (recorded by Sanofi) increased 37% to $2.49 billion versus the first quarter of 2022.

Eylea U.S. net sales decreased by 6% to $1.43 billion, and global sales were down 4% to $2.28 billion, primarily due to an increase in sales-related deductions, partly offset by higher sales volume.

The company's net income fell to $817.8 million from $ 973.5 million a year ago.

The operating margin compressed from 42.4% to 29.9%.

In March, Sanofi SA SNY and Regeneron partnered Phase 3 trial of Dupixent (dupilumab) for uncontrolled chronic obstructive pulmonary disease (COPD) met its primary and secondary endpoints.

The company discontinued the Phase 3 study of Dupixent (dupilumab) in chronic cold-induced urticaria as it did not meet its required efficacy endpoints.

Guidance: Regeneron has lowered the adjusted gross margin on net product sales to 89%–91% from 90%–92%.

Price Action: REGN shares are down 5.75% at $757.00 on the last check Thursday.