(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 recorded no sales in the quarter for its COVID-19 antibody drug due to the U.S. regulator’s decision to limit its use in January last year in all states because of a lack of effectiveness against the Omicron variant.
Sales of Eylea, used to treat vision loss causing age-related macular degeneration, were impacted by temporary closing of a fund during the quarter that provides co-pay assistance to patients.
The company’s net income fell to $1.20 billion, or $10.50 per share, in the quarter ended Dec. 31, from $2.23 billion, or $19.69 per share, a year earlier.
(Reporting by Aditya Samal and Raghav Mahobe in Bengaluru; Editing by Maju Samuel)
