Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) on Friday reported a sharp fall in fourth-quarter revenues and adjusted earnings.
Total revenues plunged 31% year-over-year to $3.41 billion in the three months ended December 2022. Excluding REGEN-COV and Ronapreve, however, revenues increased by 14%.
The biotechnology firm’s fourth-quarter adjusted earnings nearly halved to $12.56 per share from $23.42 per share in the same period of 2021. Unadjusted profit was $1.20 billion or $10.50 per share, compared to $2.23 billion or $19.69 per share last year.
“In 2023, we remain committed to achieving the full potential of our diverse commercial- and clinical-stage portfolio, with a particular focus on aflibercept 8 mg, Dupixent in a variety of type 2 allergic diseases, and our promising oncology and hematology assets,” said the company’s CEO Leonard Schleifer.