10-KPeriod: FY2023

REGENERON PHARMACEUTICALS, INC. Annual Report, Year Ended Dec 31, 2023

Filed February 5, 2024For Securities:REGN

Summary

Regeneron Pharmaceuticals, Inc. (REGN) reported total revenues of $13,117.2 million for the year ended December 31, 2023, an increase of approximately 7.8% compared to the prior year. This growth was primarily driven by strong performance in Dupixent and the launch of EYLEA HD. Net income for the year was $3,953.6 million, resulting in diluted earnings per share of $34.77. The company continues to invest heavily in research and development, with expenses increasing to $4,439.0 million, reflecting progress across its diverse pipeline of product candidates in various therapeutic areas, including ophthalmology, immunology, oncology, and rare diseases. Regeneron maintains a robust financial position, with significant cash and marketable securities, and is actively managing its capital structure through share repurchases.

Financial Highlights

49 data points
Beta

Revenue

$13.12B

Net Income

$3.95B

30.1% Net Margin

EPS (Diluted)

$34.77

Total Assets

$33.08B

Cash & Equivalents

$2.73B

Free Cash Flow

$4.59B

Financial Statements
Beta
Revenue$13.12B
R&D Expenses$4.44B
SG&A Expenses$2.63B
Operating Expenses$9.07B
Operating Income$4.05B
Interest Expense$73.00M
Net Income$3.95B
EPS (Basic)$37.05
EPS (Diluted)$34.77
Shares Outstanding (Basic)106.70M
Shares Outstanding (Diluted)113.70M

Key Highlights

  • 1Total revenues increased by 7.8% to $13,117.2 million in 2023, driven by Dupixent and the launch of EYLEA HD.
  • 2Net income was $3,953.6 million, with diluted EPS of $34.77.
  • 3Research and development expenses increased by 23.5% to $4,439.0 million, underscoring continued investment in pipeline advancement.
  • 4The company's substantial cash and marketable securities position provides financial flexibility.
  • 5EYLEA and EYLEA HD revenues in the U.S. saw a slight decrease of 6% in 2023, impacted by the transition to EYLEA HD.
  • 6Dupixent continues to show strong growth, with Regeneron's share of profits increasing significantly due to higher sales.
  • 7Regeneron is progressing on multiple late-stage clinical candidates and has a broad preclinical portfolio, indicating future growth potential.

Frequently Asked Questions

For the year ended December 31, 2023, Regeneron reported total revenues of $13,117.2 million, representing an increase from the previous year. Net income was $3,953.6 million, and diluted earnings per share were $34.77. The company also highlighted significant investments in research and development, totaling $4,439.0 million.

Dupixent continued its strong growth trajectory, contributing significantly to Regeneron's share of collaboration profits. EYLEA and EYLEA HD revenues in the U.S. experienced a slight decline in 2023, partly due to the ongoing transition of patients to the newly launched EYLEA HD. Libtayo demonstrated substantial growth, with total global net product sales increasing significantly.

Regeneron's primary investment focus remains on research and development, with a substantial portion of its budget allocated to advancing its pipeline of product candidates across various therapeutic areas, including ophthalmology, immunology, oncology, and rare diseases. Key growth drivers are expected to be the continued success of Dupixent and EYLEA HD, along with progress in its late-stage clinical development programs and potential new product approvals.