Regeneron's base in the former Dell factory at Raheen | PICTURE: MICHAEL COWHEY
REVENUES at Regeneron have risen almost 25% year-on-year as the firm takes a big step forward in its development of a Covid-19 prevention.
The company – which employs almost 1,000 people at the Raheen business park – provided a quarterly business update this week, which reveals its progress in coming up with an antibody cocktail to prevent and treat coronavirus.
More than 700,000 people are reported to have died from the flu-like condition worldwide, declared a pandemic early on by the World Health Organisation.
Over the last quarter, the firm has initiated clinical trials of its antibody cocktail to treat and prevent the condition. The firm has been running tests to see if it can prevent Covid-19 among people who have had close exposure to a patient with the condition.
Regeneron said the cocktail was also able to minimise infection in a second study in which animals were infected with a much higher level of the virus. The preventative effect was greatly diminished with a lower dose of the drug, the company said.
In what will bring hopes for a treatment for the deadly disease, the company reported these results matched or exceeded effects recently shown in vaccine candidates.
Revenues at the firm are up 24% year-on-year to $1.95bn as against the second quarter of 2019.
A vaccine is seen as crucial in the worldwide fight against the condition.
Leonard S Schleifer, the president and chief executive of Regeneron said: “I'm very proud of how the team has continued to drive important progress for patients, despite the significant challenges of the Covid-19 pandemic. We have advanced REGN-COV2, our antibody cocktail for Covid-19, into late-stage clinical studies in record time and are working to ensure supply is available later this year.”
Robert E Landry, executive vice-president at the firm added: “Regeneron's business continues to be resilient during these times, delivering double digit top- and bottom-line growth in the second quarter. Our strong balance sheet, improved competitive outlook, increasingly diversified commercial portfolio, and robust pipeline position Regeneron well for sustained long-term growth."