The Regeneron Pharmaceuticals company logo is seen on a building at the company's Westchester campus in Tarrytown, New York, U.S. September 17, 2020. Picture taken September 17, 2020. REUTERS/Brendan McDermid/File PhotoRegister now for FREE unlimited access to Reuters.comAug 3 (Reuters) - Regeneron Pharmaceuticals (REGN.O) on Wednesday beat quarterly revenue estimates as strong demand for blockbuster drugs Dupixent and Eylea offset hit from its COVID-19 antibody therapy that recorded no U.S. sales for the second straight quarter.Eye drug Eylea's performance has been remarkable despite analysts concerns about competition from Roche Holding AG's (ROG.S) Vabysmo as well as low probability of success in ongoing high-dose Eylea trials in two chronic eye diseases.The drug, which has been in the market since 2011, witnessed a 14% jump in U.S. sales to $1.62 billion. It generated $5.79 billion in U.S. sales in 2021, a 17% rise from a year earlier.Register now for FREE unlimited access to Reuters.com"We see 2Q22 results as representing a strong beat, with Eylea results showing a strong front against competition from Vabysmo and continued momentum from Dupixent," Wells Fargo analyst Mohit Bansal said in a note.Label expansion of anti inflammatory drug Dupixent in the past few months drove sales higher, with revenue jumping nearly 40% to $2.09 billion in the second quarter ended June 30.Regeneron's quarterly revenue fell 44% to $2.86 billion, but came in ahead of analysts' average expectation of $2.80 billion.Analysts estimates had baked in no U.S. sales warning from Regeneron's COVID-19 antibody cocktail in the first half of the year.The U.S. regulator banned the drug, REGEN-COV, in January with some exceptions, in all states due to its lack of effectiveness against the Omicron coronavirus variant. read more REGEN-COV, which was initially authorized for use in non-hospitalized COVID-19 patients by the U.S. regulator in 2020, had brought in $5.83 billion in U.S. sales in 2021.Register now for FREE unlimited access to Reuters.comReporting by Mrinalika Roy in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
Regeneron beats sales estimates on strong demand for blockbuster eye drug.