Benzinga | Nov 4, 2021 09:24AM EDT

Why Regeneron Shares Are Rising Today

Regeneron Pharmaceuticals Inc (NASDAQ:REGN) is trading higher Thursday after the company announced better-than-expected third-quarter financial results.

Regeneron reported quarterly adjusted earnings of $15.37 per share, which beat the estimate of $9.49 per share. The company reported quarterly revenue of $3.45 billion, which beat the estimate of $2.79 billion.

Regeneron expects full-year 2021 non-GAAP R&D to be in a range of $2.55 billion to $2.6 billion.

"We secured a new U.S. government supply agreement and are delivering an additional 1.4 million doses of REGEN-COV. Our Biologics License Application for REGEN-COV as treatment and prophylaxis was accepted by the FDA for priority review, with a mid-April 2022 action date," said Leonard Schleifer, president and CEO of Regeneron.

Regeneron discovers, develops and commercializes products that fight eye disease, cardiovascular disease, cancer and inflammation.

REGN Price Action: Regeneron has traded as high as $686.62 and as low as $441 over a 52-week period.

The stock was up 2.55% at $668.76 at time of publication.