Regeneron quarterly profit drops as COVID antibody sales hit By Reuters

Spread the love

© Reuters. A vial of Regeneron monoclonal antibody sits on a medical table as registered nurse Jessica Krumwiede attempts to find a vein to administer it to Cathy Hardin, who was vaccinated prior to testing positive for the coronavirus disease (COVID-19), at the Sar

(Reuters) -Regeneron Pharmaceuticals reported a 13% fall in quarterly profit on Wednesday, as sales of its COVID-19 antibody cocktail were hit by the U.S. health regulator’s decision to limit its use.

The company recorded no sales from the COVID-19 antibody in the United States for the quarter. It was expected, as Regeneron (NASDAQ:) said so in February, after the U.S. Food and Drug Administration amended its authorization of the drug due to its lack of effectiveness against the Omicron coronavirus variant.

Regeneron’s COVID-19 antibody cocktail REGEN-COV has been a key driver for the company’s earnings in recent quarters since its authorization in November 2020, a month after it was used to treat former U.S. President Donald Trump.

The drugmaker’s net profit fell to $974 million, or $8.61 per share, in the first quarter ended March 31, from $1.12 billion, or $10.09 per share, a year earlier.

Source link

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x

Get Registered For FREE Forex Training!

Fill In Your Details To Get Registered For FREE Forex Training!

Do You Know About Forex Trading?(Required)
Have you done Forex Trading before?(Required)
Where did you hear about us?(Required)