Regeneron's net income jumps 365% to $897M in Q2

Wednesday, 05. August 2020 12:35

Regeneron Pharmaceuticals Inc. announced on Wednesday its revenue in the second quarter grew 24% per annum to stand at $1.95 billion. Operating expenses increased 3% year-over-year to $1.30 billion, while the net income surged 365% to $897 million. Per diluted share, the company posted a gain of $7.61.

The company said it has more than 20 product candidates in clinical development, among which its "antibody cocktail" for the treatment and prevention of COVID-19 that is in Phase 3 trial.

"I'm very proud of how the Regeneron team has continued to drive important progress for patients, despite the significant challenges of the COVID-19 pandemic," chief executive Leonard Schleifer said. "We are continuing to drive strong performance with our marketed medicines, while also advancing research, development, and regulatory progress across a number of therapeutic areas."

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Breaking the News / MD