On Thursday, Regeneron Pharmaceuticals Inc reported first-quarter adjusted EPS of $9.55, down 5% Y/Y, missing the consensus of $10.10.

The company reported sales of $3.15 billion, missing the consensus of $3.22 billion.

First quarter 2024 revenues decreased by 1%; excluding Ronapreve (COVID-19 antibody), revenues increased by 7%.

Eylea US sales fell 16% to $1.2 billion, primarily due to changing market dynamics, resulting in lower volumes and a lower net selling price.

Eylea HD sales reached $200 million, and overall, Eylea sales fell 2% to $1.4 billion.

Continued Dupixent strength compensated for stagnant Eylea sales, which Sanofi SA ( SNY ) records, jumped a currency-adjusted 24.9% to 2.84 billion euros. 

As a result, Regeneron’s collaboration cut from Sanofi ( SNY ) rose 14% to $910 million.

Regeneron’s oncology treatment Libtayo continued its rise. Sales were up 49% to $264 million.

Taking a dig at the obesity space, during a Q1 earnings conference call, George Yancopoulos, Regeneron’s co-founder, president, and chief scientific officer, said, “Our antibodies to myostatin-related pathways may prevent this muscle loss.” 

GLP/GIP receptor agonists have been associated with muscle loss. 

“Indeed, our data in obese non-human primates show that combining semaglutide with trevogrumab, our antibody targeting myostatin, with or without garetosmab, our antibody targeting activin A or myostatin 2, demonstrated a comparable reduction in body weight at week 20 relative to semaglutide monotherapy, but with improved quality of weight loss, resulting in more fat loss while preserving or even increasing lean mass.”

Part A of the proof of concept study in healthy volunteers intended to demonstrate the safety of a higher dose of trevogrumab has completed enrollment. 

Over 400 subjects, including healthy volunteers and sarcopenic patients, have been dosed with trevogrumab, with no meaningful safety or tolerability concerns observed to date. 

Part B of the study, which will evaluate muscle preservation antibodies in combination with semaglutide in obese participants, remains on track to start enrolling midyear. 

Regeneron expects to report topline results in the second half of 2025.

Price Action: REGN shares are up 3.5% at $935.20 at last check Thursday.

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