The Regeneron Pharmaceuticals company logo is seen on a building at the company’s Westchester campus in Tarrytown, New York, U.S., September 17, 2020. Picture taken September 17, 2020. REUTERS/Brendan McDermid/File Photo

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Aug 3 (Reuters) – Regeneron Pharmaceuticals (REGN.O) beat quarterly revenue estimates on Wednesday as strong demand for blockbuster drugs Dupixent and Eylea were offset by its COVID-19 antibody therapy which saw no sales in the United States for the second consecutive quarter.

The performance of the eye drug Eylea has been remarkable despite analyst concerns about competition from Vabysmo of Roche Holding AG (ROG.S) as well as the low probability of success in ongoing trials of high-dose Eylea in two chronic eye diseases .

The drug, which has been on the market since 2011, saw sales in the United States jump 14% to $1.62 billion. It generated $5.79 billion in sales in the United States in 2021, an increase of 17% from the previous year.

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“We view 2Q22 results as representing solid momentum, with Eylea’s results showing a strong front against competition from Vabysmo and continued momentum from Dupixent,” Wells Fargo analyst Mohit Bansal said in a note. .

The label expansion of anti-inflammatory drug Dupixent in recent months has boosted sales, with sales jumping nearly 40% to $2.09 billion in the second quarter ended June 30 .

Regeneron’s quarterly revenue fell 44% to $2.86 billion, but beat analysts’ average expectations of $2.80 billion.

Analyst estimates had resulted in no U.S. sales warning of Regeneron’s COVID-19 antibody cocktail in the first half of the year.

The US regulator banned the drug, REGEN-COV, in January with few exceptions, in all states due to its lack of efficacy against the Omicron variant of the coronavirus. Read more

REGEN-COV, which was initially authorized for use in non-hospitalized COVID-19 patients by the US regulator in 2020, had earned $5.83 billion in US sales in 2021.

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Reporting by Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli

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