Regeneron Prescribed drugs (NASDAQ:REGN) posted higher than anticipated financials for Q3 2023 on Thursday, at the same time as its internet product gross sales fell amid competitors to its blockbuster eye illness remedy Eylea.
The New York-based drugmaker added $3.4B in complete income for the quarter with ~15% YoY development, whereas its complete internet product gross sales slipped ~1% YoY to $1.8B.
International Eylea gross sales dropped ~5% YoY to $2.3B, falling in need of Road forecasts, as U.S. gross sales for the Moist AMD drug contracted ~11% YoY to $1.5B, primarily as a consequence of strain on promoting worth amid competitors from the likes of Roche’s (OTCQX:RHHBY) Vabysmo.
Nevertheless, the high-dose Eylea model the corporate launched in late August added $43M, signaling a robust uptake, CEO Leonard Schleifer defined.
In the meantime, collaboration income cushioned the influence, rising ~37% YoY to $1.4B, pushed by partnership income from Sanofi (SNY). The French drugmaker collaborates with REGN to globally market its bronchial asthma remedy, Dupixent.
Through the quarter, Dupixent gross sales rose ~33% YoY to $3.1B, whereas pores and skin most cancers drug Libtayo introduced in $232M with ~62% YoY development, exceeding Road forecasts.
Whereas the corporate’s backside line stood forward of the consensus, its earnings per share on a GAAP foundation slipped 24% YoY to $8.89, weighed down by a $0.77 unfavorable influence from acquired IPR&D prices.