Regeneron Pharmaceuticals Inc (REGN) Reports 15% Revenue Growth in Q3 2023
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) reported a 15% increase in revenues to $3.36 billion in Q3 2023 compared to Q3 2022.
Global net sales of Dupixent and Libtayo increased by 33% and 62% respectively.
GAAP diluted EPS stood at $8.89, while non-GAAP diluted EPS was $11.59.
The company completed the acquisition of Decibel Therapeutics, strengthening its genetic medicines portfolio.
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) announced its financial results for the third quarter of 2023 on November 2, 2023. The company reported a 15% increase in revenues to $3.36 billion compared to the same period in 2022. This growth was primarily driven by strong performance of Dupixent and Libtayo, which saw global net sales increase by 33% and 62% respectively.
Financial Highlights
Regeneron's GAAP net income for Q3 2023 was $1.008 billion, a decrease of 23% from Q3 2022. GAAP net income per share - diluted was $8.89, a decrease of 24% from the same period last year. Non-GAAP net income was $1.329 billion, a 5% increase from Q3 2022, and non-GAAP net income per share - diluted was $11.59, a 4% increase from the same period last year.
Key Pipeline Progress
Regeneron has approximately 35 product candidates in clinical development. In August 2023, the U.S. Food and Drug Administration (FDA) approved EYLEA HD for the treatment of patients with wet age-related macular degeneration (wAMD), diabetic macular edema (DME), and diabetic retinopathy (DR). The FDA also accepted for priority review the supplemental Biologics License Application (sBLA) for the treatment of children aged 1 to 11 years with eosinophilic esophagitis (EoE), with a target action date of January 31, 2024.
Business Development Updates
In September 2023, Regeneron completed its acquisition of Decibel Therapeutics, Inc. for $101 million in cash, with the potential for an additional $97 million to be paid upon achievement of certain clinical development and regulatory milestones for DB-OTO within specified time periods.
Financial Guidance
For the full year 2023, Regeneron provided financial guidance including GAAP R&D expenses of $4.370-$4.455 billion, GAAP SG&A expenses of $2.585-$2.685 billion, and a GAAP effective tax rate of 8-9%.
Conclusion
Regeneron's Q3 2023 results reflect robust execution across the enterprise, including notable pipeline advances and strong commercial performance. The company continues to invest in internal and external innovation, coupled with opportunistic share repurchases. The acquisition of Decibel Therapeutics strengthens Regeneron's genetic medicines portfolio and positions the company for future growth.
Explore the complete 8-K earnings release (here) from Regeneron Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
