Regeneron quarterly profit drops as COVID antibody sales hit
(Reuters) -Regeneron Prescription drugs reported a 13% fall in quarterly revenue on Wednesday, as gross sales of its COVID-19 antibody cocktail had been hit by the U.S. well being regulator’s resolution to restrict its use.
The corporate recorded no gross sales from the COVID-19 antibody in the USA for the quarter. It was anticipated, as Regeneron mentioned so in February, after the U.S. Meals and Drug Administration amended its authorization of the drug on account of its lack of effectiveness towards the Omicron coronavirus variant.
Regeneron’s COVID-19 antibody cocktail REGEN-COV has been a key driver for the corporate’s earnings in current quarters since its authorization in November 2020, a month after it was used to deal with former U.S. President Donald Trump.
The drugmaker’s internet revenue fell to $974 million, or $8.61 per share, within the first quarter ended March 31, from $1.12 billion, or $10.09 per share, a yr earlier.
(Reporting by Leroy Leo in Bengaluru; Enhancing by Rashmi Aich and Shinjini Ganguli)
