Regeneron’s revenues jump 89%

Tarrytown-based pharmaceutical giant Regeneron reported in a Feb. 7 filing with the U.S. Securities and Exchange Commission (SEC) that its 2021 revenues jumped 89%, reaching $16.07 billion. The company reported net income for the year of $8.075 billion compared with $3.513 billion for 2020.

Regeneron headquarters Tarrytown
Regeneron Pharmaceuticals Inc.”™s Tarrytown headquarters. Courtesy of Regeneron.

The company”™s monoclonal antibody cocktail REGEN-COV, used to help fight the Covid-19 virus, is credited with bringing in $6.19 billion during 2021. Regeneron reported that in the fourth quarter of 2021 it completed its final deliveries of REGEN-COV to the U.S. government, which had ordered nearly three million doses of the drug.

Leonard Schleifer, president and CEO of Regeneron, said in a statement that the company delivered strong results across its core business.

“We also remain committed to our efforts to fight the Covid-19 pandemic and address the significant need for effective treatments and preventative approaches to SARS-CoV-2 (the Covid-19 virus),” Schleifer said, while acknowledging that laboratory data showed REGEN-COV was not likely effective against the Omicron variant of the virus.

“We are working hard to develop next generation antibodies that are active against Omicron and all other variants of concern,” Schleifer said.

The company reported in the SEC filing, “Based on laboratory data that showed markedly decreased binding to the Omicron spike protein, REGEN-COV is highly unlikely to be active against the Omicron variant. In January 2022, the FDA (U.S. Food and Drug Administration) revised the EUA (Emergency Use Authorization) for REGEN-COV to exclude its use in geographic regions where, based on available information including variant susceptibility and regional variant frequency, infection or exposure is likely due to a variant such as Omicron (B.1.1.529) that is not susceptible to the treatment.

“The Company has completed or discontinued dosing with REGEN-COV in all COVID-19 treatment and prevention studies. However, the Company continues to progress ‘next generation’ antibodies that are active against Omicron, Delta, and other variants of concern. Pending regulatory discussions, new therapeutic candidates could enter clinical development in the coming months.”

Regeneron pointed out that its already-available medicines and those under development are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, pain, hematologic conditions, infectious diseases, and rare diseases.