Shares of Regeneron Pharmaceuticals (REGN) are soaring 6.88% in pre-market trading on Friday after the biotech company reported second-quarter earnings that blew past Wall Street estimates, driven by strong sales of its blockbuster drug Dupixent.

Regeneron reported adjusted earnings per share of $12.89, up 12% year-over-year and dramatically exceeding the consensus estimate of $8.57. Revenue rose 4% to $3.68 billion, also topping expectations of $3.29 billion.

The company's results were boosted by continued strong growth for Dupixent, which saw global net sales surge 22% to $4.34 billion. Dupixent, which is used to treat eczema, asthma and other inflammatory conditions, has become Regeneron's top-selling product.

"Regeneron had a strong quarter, marked by significant growth in U.S. sales of EYLEA HD and global sales of Dupixent and Libtayo along with multiple regulatory approvals," said CEO Leonard S. Schleifer in a statement.

While total U.S. net sales of EYLEA and its higher-dose version EYLEA HD fell 25% to $1.15 billion, EYLEA HD sales alone jumped 29% to $393 million as patients transition to the newer formulation. The company noted EYLEA sales were impacted by competitive pressures and patient affordability issues.

On the regulatory front, Regeneron received FDA approvals for its new multiple myeloma drug Lynozyfic and for Dupixent to treat two additional skin conditions. However, the company said it expects delays in pending FDA applications for EYLEA HD due to manufacturing site inspection issues at a third-party facility.

Regeneron also highlighted progress in its obesity research, reporting interim data from a trial combining Novo Nordisk's semaglutide with Regeneron's antibodies. The company recently in-licensed rights to a late-stage dual GLP-1/GIP receptor agonist for obesity treatment.

With its core franchises performing well and a promising pipeline, investors are cheering Regeneron's results despite some regulatory setbacks. The stock's sharp rise indicates the market sees continued strong growth ahead for the biotech leader.