Regeneron Pharmaceuticals, Inc. Q3 2024 Earnings Summary
Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) announced its financial results for the third quarter of 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate | vs. Estimate |
|---|---|---|---|---|---|
| Total Revenue | $3.72 billion | Not specified | +11% | $3.67 billion | Beat by $0.05 billion |
| GAAP Diluted EPS | $11.54 | $8.89 | +30% | Not specified | Not specified |
| Non-GAAP Diluted EPS | $12.46 | $11.59 | +8% | $11.69 | Beat by $0.77 |
Interpretation : Regeneron showed a strong fiscal performance in the third quarter with a double-digit increase in revenue to $3.72 billion, surpassing consensus expectations. The GAAP EPS increased significantly by 30%, reflecting robust profit growth.
Revenue Performance by Segment
| Product/Segment | Q3 2024 Revenue | YoY Change |
|---|---|---|
| Dupixent® Global Sales | $3.82 billion | +23% |
| EYLEA HD® and EYLEA® US Sales | $1.54 billion | +3% |
| Libtayo® Global Sales | $289 million | +24% |
Interpretation : The company's growth was largely driven by Dupixent, which saw a significant 23% sales increase year-over-year. Both EYLEA and Libtayo also showed respectable growth, reinforcing the strong market position of Regeneron's portfolio.
Key Developments and Operational Highlights
- FDA approved Dupixent for the treatment of chronic obstructive pulmonary disease (COPD) in the U.S.
- Positive results reported for Dupixent in chronic spontaneous urticaria (CSU) and bullous pemphigoid (BP).
- Initiated a Phase 2 study for REGN7999 for treating beta-thalassemia.
- EC approved Ordspono™ for lymphoma treatment.
Comments from Management
Leonard S. Schleifer, CEO of Regeneron, highlighted the 11% revenue growth, emphasizing the expansion of the global reach of Libtayo and Dupixent, which now treats over one million patients globally. Schleifer also noted the company's ongoing investments in R&D with 40 product candidates in the pipeline.
Share Repurchase Program
The company repurchased $738 million worth of its common stock in Q3 2024. $2.9 billion remains available for future repurchases under the share repurchase program.
Forward Guidance
Regeneron did not provide specific forward guidance for the coming quarters in the current release.
Stock Price Movement
Following the earnings announcement, Regeneron experienced a slight decrease in stock price by approximately 0.49%.
This quarter's results highlight Regeneron's innovative therapies continuing to gain market traction, driven by strategic approvals and enhanced R&D investments.
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