Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) saw its share price continue on the upward trajectory picked earlier this year. Since the year started, the share price is up 13%. Further, the share price is now 27% higher for the last 12 months. This is evidence that the company is performing robustly. Interestingly, this continued strong performance is on the back of high sales numbers for Eylea and Dupixent.
Investors are happy with the latest earnings report from Regeneron Pharmaceuticals Inc. (NASDAQ:REGN). Notably, the firm reported revenue of $1.93 billion against Wall Street expectations of $1.71 billion. Further, profit clocked $2.44 billion for FY2018 due to record demand for Dupixent, a medication for eczema and asthma.
Robust sales for the two leading products
Notably, Eylea treats macular degeneration while Dupixent targets eczema and asthma. In the U.S. alone, Eylea sold over $4.08 million over the last year. Meanwhile, sales for Dupixent tripled and with the total revenue amounting to $776.3 million. As a result of the robust growth, Regeneron announced that it would develop a new manufacturing complex at East Greenbush in Rensselaer County, New York. Notably, the firm anticipates creating over 1,500 jobs with the new facility.
Despite the robust sales, Regeneron is just getting started
In particular, the expansion is on the back of robust demand by the market for the two leading products. According to the details of the expansion project, there will be a manufacturing center 346,000 ft2 large. Further, there will be a science building that will house the specialized science team as well as quality control staff. Covering an area of 240,000 square feet, the science building will go up four stories. The complex will also incorporate a parking garage that will handle 1,100 vehicles. Ultimately, Regeneron hopes to spend $800 million for the whole expansion project.
According to Leonard Schleifer, Co-founder, and CEO of Regeneron Pharmaceuticals, the expansion could not have come at a better time. Interestingly, Schleifer noted that despite all the publicity concerning the superior earnings, the company is just getting started. In particular, they will continue to discover more drugs in addition to the seven approved products.