After Bayer posted its Q2 earnings yesterday, it was the turn of another pharmaceutical company to do the same. The US-based biotechnology company, Regeneron, posted better-than-expected figures.
During the past quarter, the company's net income rose to $897.3 million, or $7.61 per share. It is almost a nine-fold increase from last year's $193.1 million or $1.68/share.
Regeneron’s revenue increased to $1.95 billion from a previous $1.58 billion. It topped the $1.73 billion consensus. The increase in revenue and stock price was due to the collaboration with Sanofi on developing a COVID-19 vaccine. So far, the vaccine looks promising, as it "almost completely blocks establishment of virus infection," when tested on animals, especially on “mice who have been genetically modified to have a human immune system.” The vaccine is currently in clinical trials on humans, and the results are expected to be published later this summer.
After the report, Regeneron's shares were close to a record high, as they ran up 3.2%. Since the beginning of the year, stocks jumped 72.7%, while USA500 added 2.3%.
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Sources: marketwatch.com, biospace.com