Regeneron Pharmaceuticals Q4 Earnings: Revenue Falls As COVID-19-Related Sales Dwindle

Regeneron Pharmaceuticals Inc (NASDAQ:REGN) earned $12.56 per share for Q4 FY22, down 46% Y/Y, beating the $10.03 Street estimate.
Revenues decreased 31% Y/Y to $3.41 billion; excluding REGEN-COV and Ronapreve, revenues increased 14%, slightly ahead of the analyst consensus of $3.13 billion.
The company recorded no sales in the quarter for its COVID-19 antibody drug due to the FDA's decision to limit its use in January last year in all states because of a lack of effectiveness against the omicron variant.
Eylea U.S. net sales decreased by 3% to $1.5 billion due to a short-term shift to off-label use of compounded bevacizumab and a temporary closing of a not-for-profit fund providing patient co-pay assistance.
Volumes of U.S. EYLEA in Q4 increased compared to a year ago.
Related: UK Drug Regulator Warns Of Severe Eye Reactions Associated With Sanofi/Regeneron's Dupixent.
The operating margin compressed from 53.3% to 33.6%.
The company announced a new $3-billion share repurchase program authorized in January 2023.
The company's net income fell to $1.2 billion, or $10.50 per share, in the quarter that ended Dec. 31, from $2.23 billion, or $19.69 per share, a year earlier.
Price Action: REGN shares closed at $751.20 on Thursday.