(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, including zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Date: August 3, 2022 | REGENERON PHARMACEUTICALS, INC. | ||||||||||
By: | /s/ Joseph J. LaRosa | ||||||||||
Name: | Joseph J. LaRosa | ||||||||||
Title: | Executive Vice President, General Counsel and Secretary |
($ in millions, except per share data) | Q2 2022 | Q2 2021 | % Change | |||||||||||||||||
Total revenues | $ | 2,857 | $ | 5,139 | (44%) | |||||||||||||||
GAAP net income | $ | 852 | $ | 3,099 | (73%) | |||||||||||||||
GAAP net income per share - diluted | $ | 7.47 | $ | 27.97 | (73%) | |||||||||||||||
Non-GAAP net income(a) | $ | 1,127 | $ | 2,895 | (61%) | |||||||||||||||
Non-GAAP net income per share - diluted(a) | $ | 9.77 | $ | 25.80 | (62%) |
($ in millions) | Q2 2022 | Q2 2021 | % Change | |||||||||||||||||
Net product sales in the United States: | ||||||||||||||||||||
EYLEA | $ | 1,621 | $ | 1,425 | 14 | % | ||||||||||||||
Libtayo** | 91 | 78 | 17 | % | ||||||||||||||||
Praluent® | 31 | 42 | (26 | %) | ||||||||||||||||
REGEN-COV® | — | 2,591 | (100 | %) | ||||||||||||||||
Evkeeza® | 11 | 2 | * | |||||||||||||||||
Collaboration revenue: | ||||||||||||||||||||
Sanofi | 678 | 438 | 55 | % | ||||||||||||||||
Bayer | 358 | 349 | 3 | % | ||||||||||||||||
Roche | 8 | 168 | (95 | %) | ||||||||||||||||
Other collaboration revenue | — | — | * | |||||||||||||||||
Other revenue | 59 | 46 | 28 | % | ||||||||||||||||
Total revenues | $ | 2,857 | $ | 5,139 | (44 | %) | ||||||||||||||
* Percentage not meaningful | ||||||||||||||||||||
** Effective July 1, 2022, the Company will record global net product sales of Libtayo. |
GAAP | % Change | Non-GAAP(a) | % Change | |||||||||||||||||||||||||||||||||||
($ in millions) | Q2 2022 | Q2 2021 | Q2 2022 | Q2 2021 | ||||||||||||||||||||||||||||||||||
Research and development (R&D) | $ | 794 | $ | 714 | 11% | $ | 690 | $ | 643 | 7% | ||||||||||||||||||||||||||||
Acquired in-process research and development (IPR&D)** | $ | 197 | $ | — | 100% | * | * | n/a | ||||||||||||||||||||||||||||||
Selling, general, and administrative (SG&A) | $ | 476 | $ | 415 | 15% | $ | 418 | $ | 365 | 15% | ||||||||||||||||||||||||||||
Cost of goods sold (COGS) | $ | 149 | $ | 539 | (72%) | $ | 137 | $ | 514 | (73%) | ||||||||||||||||||||||||||||
Cost of collaboration and contract manufacturing (COCM) | $ | 148 | $ | 154 | (4%) | * | * | n/a | ||||||||||||||||||||||||||||||
Other operating (income) expense, net | $ | (17) | $ | (31) | (45%) | * | * | n/a | ||||||||||||||||||||||||||||||
* GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been recorded. | ||||||||||||||||||||||||||||||||||||||
** Beginning with the first quarter of 2022, the Company added this new line item to its Statements of Operations, which includes IPR&D acquired in connection with asset acquisitions as well as up-front/opt-in payments related to license and collaboration agreements. Amounts recorded in this line would have historically been recorded to R&D. This change does not affect previously reported non-GAAP results for the three and six months ended June 30, 2021 as the Company recorded no such charges during either of these periods. |
GAAP | Non-GAAP(a) | |||||||||||||
R&D | $3.485 billion–$3.655 billion (previously $3.270 billion–$3.500 billion) | $3.100 billion–$3.240 billion (previously $2.900 billion–$3.100 billion) | ||||||||||||
SG&A | $1.990 billion–$2.110 billion (previously $1.890 billion–$2.030 billion) | $1.740 billion–$1.840 billion (previously $1.650 billion–$1.770 billion) | ||||||||||||
Gross margin on net product sales(e) | 90%–91% (previously 89%–91%) | 92%–93% (previously 90%–92%) | ||||||||||||
COCM(f) | $710 million–$760 million (previously $750 million–$830 million) | * | ||||||||||||
Other operating (income) expense, net | ($40) million–($60) million (previously ($60) million–($80) million) | * | ||||||||||||
Capital expenditures | $620 million–$670 million (previously $630 million–$700 million) | * | ||||||||||||
Effective tax rate | 12%–13%** (previously 11%–13%) | 13%–14%** (previously 12%–14%) | ||||||||||||
* GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been or are expected to be recorded. | ||||||||||||||
** ETR guidance excludes the impact of the provision requiring capitalization and amortization of R&D expenses enacted as part of the Tax Cuts and Job Act (TCJA), as management's current expectation is it will be deferred or repealed by Congress in 2022. If this provision of the TCJA is not deferred or repealed, the Company would expect its ETR to be lower than the guidance disclosed herein. |
Projected Range | ||||||||||||||
($ in millions) | Low | High | ||||||||||||
GAAP R&D | $ | 3,485 | $ | 3,655 | ||||||||||
Stock-based compensation expense | (370) | (400) | ||||||||||||
Acquisition-related integration costs | (15) | (15) | ||||||||||||
Non-GAAP R&D | $ | 3,100 | $ | 3,240 | ||||||||||
GAAP SG&A | $ | 1,990 | $ | 2,110 | ||||||||||
Stock-based compensation expense | (240) | (260) | ||||||||||||
Acquisition-related integration costs | (10) | (10) | ||||||||||||
Non-GAAP SG&A | $ | 1,740 | $ | 1,840 | ||||||||||
GAAP gross margin on net product sales | 90% | 91% | ||||||||||||
Stock-based compensation expense | <1% | <1% | ||||||||||||
Charges related to REGEN-COV | <1% | <1% | ||||||||||||
Amortization of intangible assets | <1% | <1% | ||||||||||||
Non-GAAP gross margin on net product sales | 92% | 93% | ||||||||||||
GAAP ETR | 12% | 13% | ||||||||||||
Income tax effect of GAAP to non-GAAP reconciling items and other | 1% | 1% | ||||||||||||
Non-GAAP ETR | 13% | 14% |
(a) | This press release uses non-GAAP R&D, non-GAAP SG&A, non-GAAP COGS, non-GAAP gross margin on net product sales, non-GAAP other income (expense), net, non-GAAP ETR, non-GAAP net income, non-GAAP net income per share, total revenues excluding REGEN-COV and Ronapreve, and free cash flow, which are financial measures that are not calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are computed by excluding certain non-cash and/or other items from the related GAAP financial measure. The Company also includes a non-GAAP adjustment for the estimated income tax effect of reconciling items. A reconciliation of the Company's GAAP to non-GAAP results is included in Table 3 of this press release. The Company makes such adjustments for items the Company does not view as useful in evaluating its operating performance. For example, adjustments may be made for items that fluctuate from period to period based on factors that are not within the Company's control (such as the Company's stock price on the dates share-based grants are issued or changes in the fair value of the Company's investments in equity securities) or items that are not associated with normal, recurring operations (such as restructuring- or integration-related expenses). Management uses these non-GAAP measures for planning, budgeting, forecasting, assessing historical performance, and making financial and operational decisions, and also provides forecasts to investors on this basis. With respect to free cash flows, the Company believes that this non-GAAP measure provides a further measure of the Company’s operations' ability to generate cash flows. Additionally, such non-GAAP measures provide investors with an enhanced understanding of the financial performance of the Company's core business operations. However, there are limitations in the use of these and other non-GAAP financial measures as they exclude certain expenses that are recurring in nature. Furthermore, the Company's non-GAAP financial measures may not be comparable with non-GAAP information provided by other companies. Any non-GAAP financial measure presented by Regeneron should be considered supplemental to, and not a substitute for, measures of financial performance prepared in accordance with GAAP. | ||||
(b) | The casirivimab and imdevimab antibody cocktail is known as REGEN-COV in the United States and Ronapreve in other countries. The Company records net product sales of REGEN-COV in the United States and Roche records net product sales of Ronapreve outside the United States. | ||||
(c) | The Company's collaborators provide it with estimates of the collaborators' respective sales and the Company's share of the profits or losses (if applicable) from commercialization of products for the most recent fiscal quarter. These estimates are revised, if necessary, in subsequent periods if the Company's actual share of the profits or losses differ from those estimates. | ||||
(d) | The Company's 2022 financial guidance does not assume the completion of any significant business development transactions not completed as of the date of this press release. | ||||
(e) | Gross margin on net product sales represents gross profit expressed as a percentage of total net product sales recorded by the Company. Gross profit is calculated as net product sales less cost of goods sold. | ||||
(f) | Corresponding reimbursements from collaborators and others for manufacturing of commercial supplies is recorded within revenues. |
Contact Information: | ||||||||
Ryan Crowe | Christina Chan | |||||||
Investor Relations | Corporate Communications | |||||||
914-847-8790 | 914-847-8827 | |||||||
ryan.crowe@regeneron.com | christina.chan@regeneron.com |
June 30, | December 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Assets: | ||||||||||||||
Cash and marketable securities | $ | 13,982.3 | $ | 12,532.7 | ||||||||||
Accounts receivable, net | 5,161.4 | 6,036.5 | ||||||||||||
Inventories | 2,218.5 | 1,951.3 | ||||||||||||
Property, plant, and equipment, net | 3,637.7 | 3,482.2 | ||||||||||||
Deferred tax assets | 1,352.4 | 876.9 | ||||||||||||
Other assets | 853.5 | 555.2 | ||||||||||||
Total assets | $ | 27,205.8 | $ | 25,434.8 | ||||||||||
Liabilities and stockholders' equity: | ||||||||||||||
Accounts payable, accrued expenses, and other liabilities | $ | 3,192.3 | $ | 3,451.0 | ||||||||||
Finance lease liabilities | 720.0 | 719.7 | ||||||||||||
Deferred revenue | 625.0 | 515.3 | ||||||||||||
Long-term debt | 1,980.7 | 1,980.0 | ||||||||||||
Stockholders' equity | 20,687.8 | 18,768.8 | ||||||||||||
Total liabilities and stockholders' equity | $ | 27,205.8 | $ | 25,434.8 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Net product sales | $ | 1,754.4 | $ | 4,137.8 | $ | 3,393.0 | $ | 5,862.1 | ||||||||||||||||||
Collaboration revenue | 1,043.6 | 954.7 | 2,276.1 | 1,709.1 | ||||||||||||||||||||||
Other revenue | 59.2 | 46.0 | 153.2 | 96.0 | ||||||||||||||||||||||
2,857.2 | 5,138.5 | 5,822.3 | 7,667.2 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Research and development | 794.3 | 714.2 | 1,638.1 | 1,457.1 | ||||||||||||||||||||||
Acquired in-process research and development | 197.0 | — | 225.1 | — | ||||||||||||||||||||||
Selling, general, and administrative | 476.3 | 414.7 | 926.3 | 820.3 | ||||||||||||||||||||||
Cost of goods sold | 149.2 | 539.4 | 356.5 | 722.6 | ||||||||||||||||||||||
Cost of collaboration and contract manufacturing | 147.9 | 154.3 | 345.5 | 279.1 | ||||||||||||||||||||||
Other operating (income) expense, net | (17.4) | (31.3) | (37.6) | (71.8) | ||||||||||||||||||||||
1,747.3 | 1,791.3 | 3,453.9 | 3,207.3 | |||||||||||||||||||||||
Income from operations | 1,109.9 | 3,347.2 | 2,368.4 | 4,459.9 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Other (expense) income, net | (133.6) | 420.0 | (317.4) | 574.9 | ||||||||||||||||||||||
Interest expense | (13.1) | (14.4) | (26.7) | (29.0) | ||||||||||||||||||||||
(146.7) | 405.6 | (344.1) | 545.9 | |||||||||||||||||||||||
Income before income taxes | 963.2 | 3,752.8 | 2,024.3 | 5,005.8 | ||||||||||||||||||||||
Income tax expense | 111.1 | 653.9 | 198.7 | 791.7 | ||||||||||||||||||||||
Net income | $ | 852.1 | $ | 3,098.9 | $ | 1,825.6 | $ | 4,214.1 | ||||||||||||||||||
Net income per share - basic | $ | 7.90 | $ | 29.51 | $ | 17.01 | $ | 40.06 | ||||||||||||||||||
Net income per share - diluted | $ | 7.47 | $ | 27.97 | $ | 16.07 | $ | 38.07 | ||||||||||||||||||
Weighted average shares outstanding - basic | 107.9 | 105.0 | 107.3 | 105.2 | ||||||||||||||||||||||
Weighted average shares outstanding - diluted | 114.0 | 110.8 | 113.6 | 110.7 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
GAAP R&D | $ | 794.3 | $ | 714.2 | $ | 1,638.1 | $ | 1,457.1 | ||||||||||||||||||
R&D: Stock-based compensation expense | 89.7 | 70.9 | 182.1 | 140.6 | ||||||||||||||||||||||
R&D: Acquisition-related integration costs | 14.6 | — | 14.6 | — | ||||||||||||||||||||||
Non-GAAP R&D | $ | 690.0 | $ | 643.3 | $ | 1,441.4 | $ | 1,316.5 | ||||||||||||||||||
GAAP SG&A | $ | 476.3 | $ | 414.7 | $ | 926.3 | $ | 820.3 | ||||||||||||||||||
SG&A: Stock-based compensation expense | 57.5 | 49.6 | 118.2 | 100.4 | ||||||||||||||||||||||
SG&A: Acquisition-related integration costs | 1.1 | — | 1.1 | — | ||||||||||||||||||||||
Non-GAAP SG&A | $ | 417.7 | $ | 365.1 | $ | 807.0 | $ | 719.9 | ||||||||||||||||||
GAAP COGS | $ | 149.2 | $ | 539.4 | $ | 356.5 | $ | 722.6 | ||||||||||||||||||
COGS: Stock-based compensation expense | 12.6 | 25.0 | 26.4 | 35.4 | ||||||||||||||||||||||
COGS: Charges related to REGEN-COV | — | — | 58.0 | — | ||||||||||||||||||||||
Non-GAAP COGS | $ | 136.6 | $ | 514.4 | $ | 272.1 | $ | 687.2 | ||||||||||||||||||
GAAP other income (expense), net | $ | (146.7) | $ | 405.6 | $ | (344.1) | $ | 545.9 | ||||||||||||||||||
Other income/expense: Losses (gains) on investments | 166.3 | (409.6) | 370.8 | (553.9) | ||||||||||||||||||||||
Non-GAAP other income (expense), net | $ | 19.6 | $ | (4.0) | $ | 26.7 | $ | (8.0) | ||||||||||||||||||
GAAP net income | $ | 852.1 | $ | 3,098.9 | $ | 1,825.6 | $ | 4,214.1 | ||||||||||||||||||
Total of GAAP to non-GAAP reconciling items above | 341.8 | (264.1) | 771.2 | (277.5) | ||||||||||||||||||||||
Income tax effect of GAAP to non-GAAP reconciling items | (67.0) | 60.2 | (152.3) | 67.6 | ||||||||||||||||||||||
Non-GAAP net income | $ | 1,126.9 | $ | 2,895.0 | $ | 2,444.5 | $ | 4,004.2 | ||||||||||||||||||
Non-GAAP net income per share - basic | $ | 10.44 | $ | 27.57 | $ | 22.78 | $ | 38.06 | ||||||||||||||||||
Non-GAAP net income per share - diluted | $ | 9.77 | $ | 25.80 | $ | 21.26 | $ | 35.72 | ||||||||||||||||||
Shares used in calculating: | ||||||||||||||||||||||||||
Non-GAAP net income per share - basic | 107.9 | 105.0 | 107.3 | 105.2 | ||||||||||||||||||||||
Non-GAAP net income per share - diluted | 115.4 | 112.2 | 115.0 | 112.1 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenue reconciliation: | ||||||||||||||||||||||||||
Total revenues | $ | 2,857.2 | $ | 5,138.5 | $ | 5,822.3 | $ | 7,667.2 | ||||||||||||||||||
REGEN-COV net product sales in the United States | — | 2,591.2 | — | 2,853.4 | ||||||||||||||||||||||
Global gross profit payment from Roche in connection with sales of Ronapreve | 8.2 | 167.9 | 224.5 | 234.7 | ||||||||||||||||||||||
Total revenues excluding REGEN-COV and Ronapreve | $ | 2,849.0 | $ | 2,379.4 | $ | 5,597.8 | $ | 4,579.1 | ||||||||||||||||||
Effective tax rate reconciliation: | ||||||||||||||||||||||||||
GAAP ETR | 11.5% | 17.4% | 9.8% | 15.8% | ||||||||||||||||||||||
Income tax effect of GAAP to non-GAAP reconciling items | 2.1% | (0.4%) | 2.8% | (0.5%) | ||||||||||||||||||||||
Non-GAAP ETR | 13.6% | 17.0% | 12.6% | 15.3% | ||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Free cash flow reconciliation: | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 2,666.1 | $ | 1,295.2 | ||||||||||||||||||||||
Capital expenditures | (295.4) | (263.8) | ||||||||||||||||||||||||
Free cash flow | $ | 2,370.7 | $ | 1,031.4 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Sanofi collaboration revenue: | ||||||||||||||||||||||||||
Antibody: | ||||||||||||||||||||||||||
Regeneron's share of profits in connection with commercialization of antibodies | $ | 496.6 | $ | 327.6 | $ | 911.9 | $ | 588.2 | ||||||||||||||||||
Sales-based milestone earned | — | — | 50.0 | — | ||||||||||||||||||||||
Reimbursement for manufacturing of commercial supplies | 145.5 | 110.9 | 306.3 | 216.5 | ||||||||||||||||||||||
Other | 28.9 | — | 28.9 | — | ||||||||||||||||||||||
Immuno-oncology: | ||||||||||||||||||||||||||
Regeneron's share of profits (losses) in connection with commercialization of Libtayo outside the United States | 3.9 | (3.5) | 6.7 | (9.6) | ||||||||||||||||||||||
Reimbursement for manufacturing of ex-U.S. commercial supplies | 2.6 | 2.7 | 4.6 | 7.4 | ||||||||||||||||||||||
Total Sanofi collaboration revenue | 677.5 | 437.7 | 1,308.4 | 802.5 | ||||||||||||||||||||||
Bayer collaboration revenue: | ||||||||||||||||||||||||||
Regeneron's share of profits in connection with commercialization of EYLEA outside the United States | 339.7 | 335.4 | 678.1 | 644.3 | ||||||||||||||||||||||
Reimbursement for manufacturing of ex-U.S. commercial supplies | 17.8 | 13.7 | 42.8 | 27.6 | ||||||||||||||||||||||
One-time payment in connection with change in Japan arrangement | — | — | 21.9 | — | ||||||||||||||||||||||
Total Bayer collaboration revenue | 357.5 | 349.1 | 742.8 | 671.9 | ||||||||||||||||||||||
Other collaboration revenue: | ||||||||||||||||||||||||||
Global gross profit payment from Roche in connection with sales of Ronapreve | 8.2 | 167.9 | 224.5 | 234.7 | ||||||||||||||||||||||
Other | 0.4 | — | 0.4 | — | ||||||||||||||||||||||
Total collaboration revenue | $ | 1,043.6 | $ | 954.7 | $ | 2,276.1 | $ | 1,709.1 |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||
U.S. | ROW | Total | U.S. | ROW | Total | (Total Sales) | ||||||||||||||||||||||||||||||||||||||
EYLEA(a) | $ | 1,621.2 | $ | 869.8 | $ | 2,491.0 | $ | 1,424.7 | $ | 857.6 | * | $ | 2,282.3 | 9 | % | |||||||||||||||||||||||||||||
Dupixent(b) | $ | 1,582.1 | $ | 509.7 | $ | 2,091.8 | $ | 1,146.6 | $ | 352.4 | $ | 1,499.0 | 40 | % | ||||||||||||||||||||||||||||||
Libtayo(c) | $ | 90.9 | $ | 50.4 | $ | 141.3 | $ | 78.0 | $ | 38.9 | $ | 116.9 | 21 | % | ||||||||||||||||||||||||||||||
Praluent(d) | $ | 31.2 | $ | 77.7 | $ | 108.9 | $ | 41.9 | $ | 57.5 | $ | 99.4 | 10 | % | ||||||||||||||||||||||||||||||
REGEN-COV(e) | $ | — | $ | 22.8 | $ | 22.8 | $ | 2,591.2 | $ | 470.2 | $ | 3,061.4 | (99 | %) | ||||||||||||||||||||||||||||||
Kevzara(b) | $ | 43.0 | $ | 39.3 | $ | 82.3 | $ | 30.7 | $ | 36.0 | $ | 66.7 | 23 | % | ||||||||||||||||||||||||||||||
Other products(f) | $ | 12.1 | $ | 19.0 | $ | 31.1 | $ | 3.3 | $ | 22.2 | $ | 25.5 | 22 | % | ||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||
U.S. | ROW | Total | U.S. | ROW | Total | (Total Sales) | ||||||||||||||||||||||||||||||||||||||
EYLEA(a) | $ | 3,138.8 | $ | 1,738.3 | $ | 4,877.1 | $ | 2,771.7 | $ | 1,668.8 | * | $ | 4,440.5 | 10 | % | |||||||||||||||||||||||||||||
Dupixent(b) | $ | 2,907.7 | $ | 994.5 | $ | 3,902.2 | $ | 2,108.1 | $ | 653.8 | $ | 2,761.9 | 41 | % | ||||||||||||||||||||||||||||||
Libtayo(c) | $ | 169.8 | $ | 96.2 | $ | 266.0 | $ | 147.1 | $ | 70.6 | $ | 217.7 | 22 | % | ||||||||||||||||||||||||||||||
Praluent(d) | $ | 64.8 | $ | 155.5 | $ | 220.3 | $ | 85.2 | $ | 118.8 | $ | 204.0 | 8 | % | ||||||||||||||||||||||||||||||
REGEN-COV(e) | $ | — | $ | 658.4 | $ | 658.4 | $ | 2,853.4 | $ | 654.4 | $ | 3,507.8 | (81 | %) | ||||||||||||||||||||||||||||||
Kevzara(b) | $ | 100.0 | $ | 88.7 | $ | 188.7 | $ | 61.4 | $ | 74.4 | $ | 135.8 | 39 | % | ||||||||||||||||||||||||||||||
Other products(f) | $ | 22.0 | $ | 39.4 | $ | 61.4 | $ | 7.4 | $ | 45.2 | $ | 52.6 | 17 | % | ||||||||||||||||||||||||||||||
* Effective January 1, 2022, the Company and Bayer commenced sharing equally in profits and losses based on sales from Bayer to its distributor in Japan. Previously, the Company received from Bayer a tiered percentage of sales based on sales by Bayer's distributor in Japan. Consequently, the prior year net product sales amount has been revised for comparability purposes. | ||||||||||||||||||||||||||||||||||||||||||||
(a) Regeneron records net product sales of EYLEA in the United States. Bayer records net product sales of EYLEA outside the United States. The Company records its share of profits/losses in connection with sales of EYLEA outside the United States. | ||||||||||||||||||||||||||||||||||||||||||||
(b) Sanofi records global net product sales of Dupixent and Kevzara. The Company records its share of profits/losses in connection with global sales of Dupixent and Kevzara. | ||||||||||||||||||||||||||||||||||||||||||||
(c) Prior to July 1, 2022, Regeneron recorded net product sales of Libtayo in the United States and Sanofi recorded net product sales of Libtayo outside the United States. The parties equally shared profits/losses in connection with global sales of Libtayo. Effective July 1, 2022, the Company will record global net product sales of Libtayo and pay Sanofi a royalty on such sales. | ||||||||||||||||||||||||||||||||||||||||||||
(d) Regeneron records net product sales of Praluent in the United States. Sanofi records net product sales of Praluent outside the United States and pays the Company a royalty on such sales. | ||||||||||||||||||||||||||||||||||||||||||||
(e) Regeneron records net product sales of REGEN-COV in connection with its agreements with the U.S. government. Roche records net product sales of the antibody cocktail outside the United States and the parties share gross profits from global sales based on a pre-specified formula. | ||||||||||||||||||||||||||||||||||||||||||||
(f) Included in this line item are products which are sold by the Company and others. Refer to Financial Results section above for a complete listing of net product sales recorded by the Company. In addition, not included in this line item are net product sales of ARCALYST subsequent to the first quarter of 2021, which are recorded by Kiniksa; net product sales of ARCALYST were $22.2 million for the first quarter of 2022. |
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Cover |
Aug. 03, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 03, 2022 |
Entity Registrant Name | REGENERON PHARMACEUTICALS, INC. |
Entity Central Index Key | 0000872589 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | NY |
Entity File Number | 000-19034 |
Entity Tax Identification Number | 13-3444607 |
Entity Address, Address Line One | 777 Old Saw Mill River Road |
Entity Address, City or Town | Tarrytown |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10591-6707 |
City Area Code | 914 |
Local Phone Number | 847-7000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock - par value $.001 per share |
Trading Symbol | REGN |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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