Regeneron shares up premarket after Q4 revenue doubles and blows past estimates

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Regeneron Pharmaceuticals Inc. shares REGN, +0.37% rose 1.8% in premarket trade Friday, after the company doubled its fourth-quarter revenue as sales of its COVID-19 antibody treatment came to $2.3 billion. The company posted net income of $2.229 billion, or $19.69 a share, for the quarter, up 94% from $1.149 billion, or $10.24 a share, in the year-earlier period. Adjusted per-share earnings came to $23.72, well ahead of the $20.40 FactSet consensus. Revenue rose to $4.952 billion from $2.423 billion, also ahead of the $4.563 billion FactSet consensus. “Given the lack of efficacy of REGEN-COV against the Omicron variant, we are working hard to develop next generation antibodies that are active against Omicron and all other variants of concern,” Chief Executive Leonard S. Schleifer said in a statement. Shares have gained 24% in the last 12 months, while the S&P 500 SPX, +0.52% has gained 17%.

This article was originally published by Marketwatch.com. Read the original article here.

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