Regeneron quarterly profit drops as COVID antibody sales hit By Reuters

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© 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.

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