According to Reuters, Regeneron Pharmaceuticals reported a 46% drop in fourth-quarter profit on February 3 due to declining U.S. sales of its eye drug Eylea and COVID-19 antibody treatments.
Due to the lack of effectiveness against the Omicron variant, U.S. regulatory agencies restricted the use of Regeneron's COVID-19 antibody drugs across the country in January last year, and Regeneron reported no sales of its COVID-19 antibody drugs this quarter.
Eylea, an eye medication used to treat vision loss caused by age-related macular degeneration, saw a decline in sales following the shutdown of the patient assistance fund.
The company reported net income of $1.2 billion, or $10.50 per share, for the quarter ended December 31, compared with $2.23 billion, or $19.69 per share, for the same period last year.