Regeneron Pharmaceuticals (NASDAQ:REGN) has reported that its third-quarter profit nearly doubled due to strong sales of its various drugs, especially its COVID-19 antibody cocktail.
The company’s net profit rose to $1.63 billion U.S., or $14.33 U.S. per share, in the quarter ended September 30, from $842.1 million U.S., or $7.39 U.S. per share, a year earlier.
Regeneron’s revenue rose 51% to $3.45 billion U.S., including $804 million U.S. attributed to its antibody cocktail called “REGEN-COV.”
The company got a fresh order from the U.S. government in September for 1.4 million additional doses of REGEN-COV worth $2.94 billion U.S., after it completed supplying 1.5 million doses in the second quarter. Regeneron will supply the additional doses by January 31, 2022.
During the third quarter, a sharp surge in COVID-19 cases led by the Delta variant caused a “tremendous acceleration” in use of Regeneron’s cocktail, the company said in a news release announcing its quarterly financial results.