Regeneron Pharmaceuticals, Inc. reported significant financial performance for the third quarter and the first nine months of 2024, reflecting robust growth in revenues and net income compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues reached $3,720.7 million, up from $3,362.7 million in the prior year. Net income for the same period increased to $1,340.6 million, compared to $1,007.8 million in 2023, resulting in a diluted net income per share of $11.54, up from $8.89.
For the nine months ended September 30, 2024, revenues totaled $10,412.8 million, an increase from $9,682.9 million in 2023, while net income rose to $3,494.9 million from $2,794.0 million. The diluted net income per share for this period was $30.23, compared to $24.57 in the previous year.
Net product sales for the third quarter were $1,946.4 million, a rise from $1,786.1 million in 2023. Notably, sales of EYLEA HD reached $392.3 million, a substantial increase from $42.7 million in the same quarter of 2023, while EYLEA sales decreased to $1,144.6 million from $1,448.2 million. Collaboration revenue from Sanofi also saw a significant increase, totaling $1,263.4 million for the quarter, compared to $1,064.5 million in 2023.
Operating expenses increased, with research and development costs for the third quarter rising to $1,271.5 million from $1,075.3 million in 2023. Selling, general, and administrative expenses also grew to $714.4 million from $640.5 million. The total operating expenses for the quarter were $2,541.2 million, up from $2,251.7 million in the prior year.
Strategically, Regeneron has made several acquisitions, including Decibel Therapeutics in September 2023 and full rights to 2seventy bio's oncology and autoimmune pipeline in April 2024. The company also completed a $3.0 billion share repurchase program authorized in January 2023 and initiated a new $3.0 billion program in April 2024, with $2.893 billion remaining as of September 30, 2024.
As of September 30, 2024, Regeneron reported total assets of $37,441.9 million, up from $33,080.2 million at the end of 2023, and stockholders' equity increased to $29,325.9 million from $25,973.1 million. The company continues to face challenges, particularly with the expiration of EYLEA's market exclusivity in May 2024, which has opened the door for biosimilar competition.
About REGENERON PHARMACEUTICALS, INC.
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