Regeneron Q2 Profit Down On Weak Revenues; Revises FY22 Margin, R&D Outlook

(RTTNews) - Biotechnology company Regeneron Pharmaceuticals (REGN) Wednesday reported that second-quarter net income declined 73 percent to $852 million from last year's $3.10 billion. Earnings per share fell 73 percent to $7.47 from $27.97 a year ago.

Adjusted net income was $1.13 billion or $9.77 per share, compared to $2.90 billion or $25.80 per share last year.

On average, 17 analysts polled by Thomson Reuters expected earnings of $9.54 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues dropped 44 percent to $2.86 billion from last year's $5.14 billion. Analysts estimated revenues of $2.8 billion for the quarter.

Further, the company raised its fiscal 2022 outlook for gross margin on net product sales, R&D and SG&A.

Gross margin on net product sales are now expected to be 90 percent-91 percent, compared to previously expected 89 percent-91 percent. Adjusted gross margin is now expected to be 92 percent-93 percent, up from previously estimated 90 percent-92 percent.

The company also raised its outlook for R&D on an adjusted basis to $3.100 billion to $3.240 billion from earlier expected $2.900 billion to $3.100 billion.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com