01—Abstract
Summary
Summary of the 10-K/A filed June 2, 2010. Cited figures are marked; the original filing is the authoritative source.
This filing is Amendment No. 1 (Form 10-K/A) to Regeneron Pharmaceuticals' Annual Report for the fiscal year ended December 31, 2009, originally filed February 18, 2010.
It contains no financial statements, MD&A, or business disclosures. Under Rule 12b-15, it includes only Item 15 of Part IV. Its sole purpose is to restate Exhibits 10.14 and 10.15 with previously redacted portions included.
Those redactions had been made under confidential treatment requests (Rule 24b-2). The two exhibits are the Amended and Restated Discovery and Preclinical Development Agreement and the Amended and Restated License and Collaboration Agreement, both dated November 10, 2009, with Aventis Pharmaceuticals (sanofi-aventis). The amendment does not update or change any financial results, events, or other disclosures in the original 10-K.
For investors, the practical significance is limited. The filing gives visibility into the terms of Regeneron's restructured collaboration with sanofi-aventis, which was previously partly confidential. It does not reveal new financial performance, revenue, cash position, or guidance.
Readers seeking those figures must consult the original FY2009 Form 10-K. This analysis is based solely on the text provided, which does not include the full text of the exhibits, so the economic terms of the agreements cannot be assessed from this document.
02—Key points
Key Highlights
- Form 10-K/A amendment to the FY2009 Annual Report (original filed February 18, 2010); amends Item 15 only.
- Restates Exhibits 10.14 and 10.15 in full, adding portions previously redacted under confidential treatment requests.
- Exhibit 10.14: Amended and Restated Discovery and Preclinical Development Agreement with Aventis Pharmaceuticals Inc., dated November 10, 2009.
- Exhibit 10.15: Amended and Restated License and Collaboration Agreement with Aventis Pharmaceuticals, sanofi-aventis Amerique Du Nord, and Regeneron, dated November 10, 2009.
- Also lists a First Amendment (November 10, 2009) to the December 20, 2007 Investor Agreement with sanofi-aventis entities (Exhibit 10.17.1, previously filed).
- Contains no financial statements, financial data, or updates to events after the original filing; certifications (Exhibits 31.1 and 31.2) are filed herewith.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2009, Regeneron Pharmaceuticals lost $0.18.
- Revenue$379.3M100.0%
- Cost of revenue−$1.7M0.4%
- Gross profit$377.6M99.6%
- Operating costs−$451.7M119.1%
- Operating income−$74.1M19.5%
- Interest, other & tax$6.3M1.7%
- Net income−$67.8M17.9%
04—Financials
Financial Highlights
Figures from 10-K/AFY2009filed June 2, 2010Financial Statements
FY2009 against FY2008
| Line item | FY2009FY2008 | Change |
|---|---|---|
| Revenue | $379.27M$238.46M | +59.1% |
| Cost of Revenue | $1.69M$923K | +82.7% |
| Gross Profit | $377.58M$237.53M | +59.0% |
| R&D Expenses | $398.76M$274.90M | +45.1% |
| SG&A Expenses | $52.92M$48.88M | +8.3% |
| Operating Expenses | $453.37M$324.71M | +39.6% |
| Operating Income | -$74.10M-$86.25M | +14.1% |
| Interest Expense | $2.34M$7.75M | −69.9% |
| Net Income | -$67.83M-$79.13M | +14.3% |
| EPS (Basic) | $-0.85— | — |
05—Questions
Frequently Asked Questions
Why was this amendment filed?
The company filed it to replace Exhibits 10.14 and 10.15 with revised versions that include portions previously omitted (redacted) under confidential treatment requests. The sole purpose was to update those exhibits. It did not change any other part of the original 10-K.
Does this filing contain Regeneron's financial results?
No. Only Item 15 (Exhibits and Financial Statement Schedules) is included. Financial statements, revenue, net loss, cash balances, and MD&A are in the original 10-K for the year ended December 31, 2009, filed February 18, 2010.
What agreements are covered by the amended exhibits?
The exhibits cover the Amended and Restated Discovery and Preclinical Development Agreement and the Amended and Restated License and Collaboration Agreement, both dated November 10, 2009, with Aventis Pharmaceuticals and related sanofi-aventis entities. These agreements govern Regeneron's collaboration with sanofi-aventis. The text provided does not include their economic terms.
Does this amendment change any previously reported information?
No. The filing states that it does not reflect events after the original filing and does not modify or update disclosures in the original 10-K, other than the newly filed exhibits.
06—Continue