President Trump's physician is treating his COVID-19 with Regeneron's experimental treatment. The details were released as the President makes his way to Walter Reed National Military Medical Center for observation.
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Regeneron confirmed it has released the drug under the "Compassionate Use Request" in which the Food & Drug Administration permits usage to those, not in clinical trials, according to the Mayo Clinic. Normally, this process is long and challenging.
A year ago, this biotech company was known mainly to health care investors and the medical community now it's on the cusp of potentially treating the millions infected with the coronavirus.
FOX Business has more on the business behind the company.
Regeneron Stock & Financial Performance
The company, which is headquartered in Tarrytown, N.Y., went public in 1991 at $22 per share. Today, the stock is trading around $565 per share, as it races towards a treatment for COVID-19. Regeneron has seven FDA approved drugs and 20 in the pipeline, according to company documents.
|REGN||REGENERON PHARMACEUTICALS INC.||579.81||+4.08||+0.71%|
Shares have gained over 50% this year.
In the latest quarter, profits rose 24% to $1.95 billion a year ago, according to company financials. Its top-selling drug is EYLEA, which treats “wet” age-related macular degeneration. It generated $1.1 billion in U.S. sales during the second quarter.
Regeneron's Big Investors
The company's largest institutional holders of the stock, as tracked by Thomson One, include the two largest U.S. mutual fund companies Fidelity and Vanguard, which hold 11.5% and 7.5% respectively, of company shares.
The largest individual stockholder is Co-Founder, President and Chief Scientific Officer Dr. George D. Yancopoulos, who holds 1.06% of outstanding shares.
The company has 8,000 employees.
Regeneron's Board of Directors
This biotech's board boasts a Nobel Laureate and a former Wall Street CEO.
Art Ryan rose to prominence running Prudential Financial until he retired in 2008.
And Michael Brown received the Nobel Prize for Physiology or Medicine in 1985 with Dr. Joseph Goldstein, who is not a board member. Brown is now at The University of Texas Southwestern Medical Center at Dallas.
COVID-19 Experimental Treatment
In late September, the company said its antibody cocktail was successful in treating common COVID-19 symptoms.
"After months of incredibly hard work by our talented team, we are extremely gratified to see that Regeneron's antibody cocktail REGN-COV2 rapidly reduced viral load and associated symptoms in infected COVID-19 patients," Yancopoulos said in a statement.
After Trump's disclosure, he and first lady Melania had tested positive some physicians including Dr. Matt McCarthy, an infectious disease expert, identified Regeneron's drug as the best option for treatment at this time.