Regeneron quarterly profit drops 46%

Regeneron quarterly profit drops 46%

(Reuters) – Regeneron Pharmaceuticals Inc reported an about 46% plunge in its fourth-quarter profit on Friday, hurt by a drop in U.S. sales of its blockbuster eye drug, Eylea, and drying up of its COVID-19 antibody cocktail sales.

The company reported net income of $1.20 billion, or $10.50 per share, in the quarter ended Dec. 31, compared with $2.23 billion, or $19.69 per share, a year earlier.

(This story has been corrected to fix year-ago net income per share to $19.69 from $23.42 in paragraph 2)

(Reporting by Aditya Samal and Raghav Mahobe in Bengaluru; Editing by Maju Samuel)

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