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Regeneron quarterly profit nearly doubles on robust sales of COVID-19 therapy -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. The Regeneron Pharmaceuticals logo can be seen on the building of Regeneron’s Westchester Campus in Tarrytown (New York), U.S. September 17, 2020. REUTERS/Brendan McDermid/File Photo

(Reuters) –Regeneron Pharmaceuticals saw its quarterly profit more than double on Friday thanks to the strong sales of COVID-19, an antibody cocktail.

Regen-COV was a COVID-19 antibody therapy. The company’s quarterly sales of $2.30Billion soared 104% to $4.95B. The sales growth rate was 17%, excluding REGEN-COV revenue.

U.S. Food and Drug Administration (NASDAQ:) had in January revised its emergency authorizations to COVID-19 anti-bodies from Regeneron (NASDAQ;) and Eli Lilly(NYSE:) to reduce their usage, since the Omicron variant was unlikely to respond to the drug.

Leonard Schleifer (President and Chief Executive Officer of Regeneron) stated that REGEN-COV is not effective against Omicron. He added, “We are working hard on next generation antibodies to be active against Omicron, and all other variants, of concern.”

In the fourth quarter ending Dec. 31, drugmaker Xerox saw a net profit of $2.23 Billion or $19.69 per shares, up from $1.15Billion or $10.24 per shared a year prior.

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