(Bloomberg) -- Regeneron Pharmaceuticals Inc. beat Wall Street expectations for the second quarter as sales more than doubled from a year earlier, boosted by orders of the drugmaker’s Covid-19 antibody cocktail.
Revenue in the period surged to $5.14 billion, well above the average estimate of $4 billion, according to data compiled by Bloomberg. Some $2.76 billion of the total came from the company’s REGEN-COV coronavirus treatment, the company said in a statement.
Adjusted profit of $25.80 a share was 50% higher than Wall Street expected.
Shares of Tarrytown, New York-based Regeneron were up 3.3% at 7:13 a.m. before U.S. markets opened. They had gained 20% this year as of Wednesday’s close.
Sales of other top-grossing Regeneron drugs also beat estimates, with macular degeneration therapy Eylea bringing in $1.42 billion and dermatitis drug Dupixent fetching $1.5 billion.
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