Regen-COV reports more than tripled of quarterly profit

Regen-COV reports more than tripled of quarterly profit

On Thursday, Regeneron Pharmaceuticals Inc reported a more than tripled of its quarterly profit, buoyed by robust demand for its COVID - 19 antibody cocktail.

The antibody therapy, REGEN-COV, has been authorized in the United States for treating non-hospitalized COVID -19 patients and the company has signed supply agreements worth millions with the U.S. government.

Regeneron said in May it expects sustained demand for the therapy even in the face of mass vaccine rollouts in the United States.

The company reported U.S. sales of $2.59 billion in the fourth quarter for REGEN-COV, accounting for more than half of its total U.S. net product revenue. Regeneron recorded U.S. REGEN-COV sales of $262.2 million in the first quarter of the first quarter.

In June, the U.S. health regulator approved a lower dose of the antibody cocktail that can be given via an injection by using a different cell type method.

Net profit rose to $3.1 billion, or $27.97 per share, in the second quarter of June 30 from $897.3 million, or $7.61 per share, one year earlier.