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By Mrinalika Roy
(Reuters) – Regeneron Pharmaceuticals said on Wednesday it expects the success of eye drug Eylea to remain strong in the third quarter, even in the face of the emerging festival of competing drugs, which would boost the company’s shares as much as 8 percent.
Earlier this year, analysts reported on festival considerations for Eylea through Roche Holding AG’s new Vathroughsmo, as they belong to the same class of drugs, called anti-VEGF.
“Despite the new competition, Eylea’s percentage is part of the anti-VEGF category, confirming its popular gold status,” said Leonard Schleifer, Regeneron’s lead executive director.
Sales in EE. UU. de Eylea, which led the market in remedies for eye diseases such as macular degeneration, rose 14 percent to $1620 million in the quarter ended June 30.
“Ongoing demographic trends, such as population aging and diabetes prevalence, have a medium to high expansion in the single-digit category for the foreseeable future,” said Marion McCourt, CEO of Regeneron.
The company’s shares rose 8. 3% to $622. 30 through midday.
The company is Eylea at maximum doses in two chronic eye diseases, with knowledge expected at present part of 2022.
Wells Fargo analyst Mohit Bansal says the data will be “the ultimate catalyst” for the company, as the maximum dose has the potential to make Eylea sustainable in the long run.
Regeneron’s anti-inflammatory drug, Dupixent, posted sales expansion of nearly 40% in the quarter.
The company’s quarterly profit fell 44 to $2. 86 billion, but beat analysts’ expectations by $2. 8 billion.
The drop due to the resolution of the US regulator. UU. de restrict the use of Regeneron’s COVID-19 antibody drug in January in all states due to its lack of efficacy against the Omicron variant.
Regeneron said the U. S. Food and Drug Administration (FDA) has been able to do so. UU. de the full application for drug approval in some patients is ongoing.
(Reporting via Mrinalika Roy in Bangalore; Editing via Shinjini Ganguli)