Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) on Thursday reported a decline in adjusted earnings for the first quarter of 2023, despite an increase in revenues.
Total revenues moved up 7% year-over-year to $3.16 billion in the three months ended March 2023. Excluding Ronapreve, revenues came in at $2.94 billion.
Meanwhile, the biotechnology firm’s first-quarter adjusted earnings dropped to $10.09 per share from $11.49 per share in the same period of 2022. Unadjusted profit was $818 million or $7.17 per share, compared to $974 million or $8.61 per share last year.
“We remain focused on advancing our robust pipeline at all stages, and we were pleased to announce positive data from a late-stage study of Dupixent in COPD and make continued progress with our costimulatory and bispecific antibody candidates in oncology,” said the company’s CEO Leonard Schleifer.
