Regeneron Pharmaceuticals reported a 36% increase in third-quarter revenue as strong demand across several major medicines drove earnings sharply higher.
Revenue reached $5.116 billion, compared with $3.754 billion a year earlier. GAAP earnings per share increased 35% to $18.45, while adjusted earnings per share increased 70% to $20.07.
Dupixent remained the largest growth engine.
Global Dupixent net sales, recorded by partner Sanofi, increased 35% to $6.5 billion during the quarter.
Regeneron’s share of profits from commercialized antibody products increased substantially, helping Sanofi collaboration revenue rise to approximately $2.72 billion.
EYLEA HD also continued gaining traction.
U.S. net sales of the high-dose eye-disease treatment increased 62% to $699 million. That growth partly offset continued erosion in the original EYLEA formulation, whose U.S. sales fell 41% to $400 million amid competitive pressure and patient migration to the newer high-dose product.
Combined U.S. sales of EYLEA and EYLEA HD were approximately $1.1 billion.
Cancer medicine Libtayo generated global sales of $550 million, an increase of 51%.
Regeneron and Sanofi have also expanded their immunology collaboration to include four next-generation long-acting antibodies.
Under that agreement, Regeneron received a $1 billion upfront payment to be recognized as collaboration revenue during the fourth quarter and could receive as much as another $7 billion if specified development, regulatory and sales milestones are achieved.
Regeneron shares rose more than 11% following the results, reaching their highest level in roughly two years.
The results show how Regeneron’s growth is becoming increasingly diversified across immunology, ophthalmology and oncology even as the original EYLEA franchise faces competition.
The next test is whether newer products and pipeline programs can maintain that growth as older therapies mature.
