Shares of Regeneron Pharmaceuticals Inc. rose 0.8% in premarket trading Thursday, after the biotechnology company beat first-quarter profit and revenue expectations, with sales of its REGEN-COV antibody cocktail to the SARS-CoV-2 virus also topping forecasts. Net income rose to $1.12 billion, or $10.09 a share, from $625 million, or $5.43 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $9.89 from $6.60, beating the FactSet consensus of $8.68. Revenue increased 38% to $2.53 billion, topping the FactSet consensus of $2.50 billion, as REGEN-COV sales of $262 million beat expectations of $254.6 million. For 2021, the company cut its capital expenditures guidance range to $585 million to $650 million from $600 million to $680 million. The stock has lost 3.3% over the past three months through Wednesday, while the iShares Nasdaq Biotechnology ETF has dropped 11.9% and the S&P 500 has gained 7.2%.
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