Regeneron quarterly profit drops as COVID antibody sales hit

[May 04, 2022]  (Reuters) -Regeneron Pharmaceuticals reported a 13% fall in quarterly profit on Wednesday, as sales of its COVID-19 antibody cocktail were hit by the U.S. health regulator's decision to limit its use.

The company recorded no sales from the COVID-19 antibody in the United States for the quarter. It was expected, as Regeneron said so in February, after the U.S. Food and Drug Administration amended its authorization of the drug due to its lack of effectiveness against the Omicron coronavirus variant.

Regeneron's COVID-19 antibody cocktail REGEN-COV has been a key driver for the company's earnings in recent quarters since its authorization in November 2020, a month after it was used to treat former U.S. President Donald Trump.

A vial of Regeneron monoclonal antibody sits on a medical table as registered nurse Jessica Krumwiede attempts to find a vein to administer it to Cathy Hardin, who was vaccinated prior to testing positive for the coronavirus disease (COVID-19), at the Sarasota Memorial Urgent Care Center in Sarasota, Florida, U.S., September 23, 2021. REUTERS/Shannon Stapleton/File Photo

The drugmaker's net profit fell to $974 million, or $8.61 per share, in the first quarter ended March 31, from $1.12 billion, or $10.09 per share, a year earlier.

(Reporting by Leroy Leo in Bengaluru; Editing by Rashmi Aich and Shinjini Ganguli)

[© 2022 Thomson Reuters. All rights reserved.]  This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.