Regeneron Pharmaceuticals Inc reported a quarterly profit on Thursday that beat analysts' estimates, helped by a strong recovery in demand for its physician-administered eye drug Eylea as well as sales of its COVID-19 therapy.
The company's antibody cocktail, REGEN-COV, has been authorized in the U.S. for treating non-hospitalized COVID-19 patients.
With many nations reporting a resurgence in coronavirus infections and a slew of positive trial data on potential use of the antibody cocktail with a lower dose and as a preventive treatment, Regeneron is hoping to improve REGEN-COV's uptake.
On Wednesday, India granted emergency use authorization to the antibody cocktail, while Germany has said it is looking to broaden its use.
REGEN-COV posted sales of $438.8 million in the reported quarter, compared with $146 million in the fourth quarter.
Eylea sales, which took a hit last year as patients postponed visits to doctor's office due to the COVID-19 pandemic, jumped 17% to $2.17 billion.
On an adjusted basis, the company earned $9.89 per share in the first quarter, beating estimates of $9.00 per share, according to Refinitiv IBES data.
Sales rose 38% to $2.53 billion, missing estimates of $2.55 billion.
(Reporting by Mrinalika Roy and Manojna Maddipatla in Bengaluru; Editing by Shounak Dasgupta) ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 806749 8325))
