Regeneron quarterly profit drops as COVID antibody sales hit -Breaking
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© Reuters. A vial containing Regeneron monoclonal anti-body sits on a hospital table, as Jessica Krumwiede (registered nurse) attempts to find a vein in order to give it to Cathy Hardin. Hardin had been vaccinated just before her positive test for coronavirus.(Reuters) –Regeneron Pharmaceuticals posted a 13% drop in its quarterly profits on Wednesday due to the U.S. regulator’s decision not to allow its use.
For the third quarter, the company did not record any sales of the COVID-19 antigen in the United States. As Regeneron (NASDAQ) stated in February that it was anticipated, following a U.S. Food and Drug Administration amendment to the authorization for the drug because of its failure against Omicron coronavirus variant.
Regeneron’s COVID-19 anti-body cocktail REGENCOV, which was approved in November 2020 and used for treatment of former President Donald Trump’s condition, has been an important driver in the company’s recent quarters.
From $1.12 Billion, which is $10.09 per Share a year ago, the drugmaker saw a drop in net profits to $974 Million, or $8.61 per shares, during its first quarter ending March 31.
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