Regeneron Pharmaceuticals (REGN -4.14%) is on a roll. Its shares jumped 29% last year. The biotech recently reported very promising results from a late-stage study of its COVID-19 antibody cocktail. The experimental therapy appears to be 100% effective at preventing symptomatic coronavirus infections.
And the roll continues. Regeneron reported its fourth-quarter and full-year 2020 results before the market opened on Friday. Here are the highlights from that update.
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By the numbers
Regeneron reported fourth-quarter revenue of $2.42 billion, a 30% year-over-year jump. The result matched Wall Street's consensus estimate.
The biotech announced net income of $1.1 billion, or $10.24 per share, based on generally accepted accounting principles (GAAP). In the same period in 2019, Regeneron recorded GAAP earnings of $792 million, or $6.93 per share.
Adjusted earnings in the fourth quarter totaled $1.1 billion, or $9.53 per share. This was a significant improvement from the $858 million, or $7.50 per share, reported in the prior-year period. It also blew past analysts' average estimate of $8.39 per share.
Behind the numbers
Regeneron's top-selling product, Eylea, continued to show solid sales growth momentum in the fourth quarter. Net product sales for the eye-disease drug jumped 10% year over year to $2.2 billion.
The biotech's biggest rising star, though, was Dupixent. Regeneron co-markets the autoimmune disease drug with Sanofi (SNY -2.08%). Its portion of sales for Dupixent in Q4 soared 56% year over year to nearly $1.2 billion.
Three other drugs that are part of Regeneron's partnership with Sanofi also delivered strong growth in the fourth quarter. Regeneron's recorded sales of cancer drug Libtayo jumped 30% year over year to $97 million. The biotech's portion of sales for cholesterol drug Praluent increased 24% to $101 million. And its recorded sales for rheumatoid arthritis drug Kevzara totaled nearly $72 million, up 20% year over year.
The company also received a nice revenue boost from its COVID-19 antibody therapy REGEN-COV, which received emergency use authorization in the U.S. in the third quarter. Regeneron reported Q4 sales for REGEN-COV of $146 million.
Looking ahead
The Food and Drug Administration is considering label expansion requests for Dupixent, Libtayo, and Praluent, and decisions are due soon. And next week, the FDA should announce whether or not it's approving Evkeeza (evinacumab) as a treatment for the genetic disease Homozygous Familial Hypercholesterolemia (HoFH). Regeneron also hopes to file for an EUA for its COVID-19 antibody therapy as a passive vaccine, and also submit it for full regulatory approval in the U.S. and in Europe.
Meanwhile, the strong sales growth of Eylea and other drugs in Regeneron's lineup seems likely to continue. 2021 appears to be shaping up to be another good year for the biotech stock.
