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Regeneron Reports Resilient First Quarter 2024 Financial and Operating Results
Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN), headquartered in Tarrytown, NY, unveiled its financial outcomes for the first quarter of 2024, demonstrating resilience despite a slight dip in revenue compared to the previous year. The company's financial and operational milestones this quarter reflect its ongoing commitment to advancing science and delivering innovative treatments worldwide.
Financial Performance Highlights
In the first quarter of 2024, Regeneron reported total revenues of $3.15 billion, a modest 1% decrease from $3.16 billion in the first quarter of 2023. However, excluding revenues from Ronapreve, the revenue saw a 7% increase, underlining the company's robust underlying business performance.
Profitability Metrics
The company’s GAAP net income for the quarter stood at $722 million, down from $818 million in Q1 2023, marking a 12% decrease. Similarly, GAAP diluted earnings per share (EPS) decreased by 13% year-over-year to $6.27. On a non-GAAP basis, net income was $1,116 million, a 4% decrease from the previous year, with non-GAAP diluted EPS at $9.55, down 5%.
Strategic Business Developments
Regeneron continues to excel in its strategic initiatives, particularly with its blockbuster drugs and in the expansion of its pipeline:
Key Product Sales
- Dupixent®, a leading medication for several inflammatory diseases, saw its global net sales increase by 24% to $3.08 billion.
- EYLEA®, used in treating retinal diseases, recorded U.S. net sales of $1.40 billion, including a significant contribution from its high-dose variant, EYLEA HD.
- Libtayo®, an oncology product, experienced a notable 45% increase in global net sales, reaching $264 million.
Pipeline and Regulatory Advances
Regeneron's pipeline remains dynamic with over 35 clinical-stage programs. Noteworthy developments include:
- EYLEA HD received approvals in Europe and Japan for wet age-related macular degeneration (wAMD) and diabetic macular edema (DME).
- Dupixent was accepted for a priority review by the FDA for treating chronic obstructive pulmonary disease (COPD) and has expanded its indications in Japan.
- Oncology: The FDA accepted a BLA for linvoseltamab for multiple myeloma, granting it priority review with a decision expected by August 22, 2024.
Corporate and Business Development Updates
Regeneron has been active in expanding its business and strategic collaborations:
- In April 2024, Regeneron authorized a new $3.0 billion share repurchase program.
- The company acquired development and commercialization rights from 2seventy bio, Inc., enhancing its cell therapy pipeline.
- A new collaboration with Mammoth Biosciences aims to develop in vivo CRISPR-based gene editing therapies.
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