10-QPeriod: Q1 FY2021

REGENERON PHARMACEUTICALS, INC. Quarterly Report for Q1 Ended Mar 31, 2021

Filed May 6, 2021For Securities:REGN

Summary

Regeneron Pharmaceuticals, Inc. reported a strong first quarter of 2021, with total revenues reaching $2.53 billion, a significant increase from $1.83 billion in the same period last year. This growth was primarily driven by substantial increases in net product sales, particularly for EYLEA and Dupixent, as well as significant collaboration revenue from Sanofi and Bayer. Net income rose to $1.12 billion, or $10.09 per diluted share, up from $624.6 million, or $5.43 per diluted share, in the prior year's first quarter. The company also saw positive contributions from REGEN-COV, its COVID-19 antibody cocktail, which generated $438.8 million in net product sales. The balance sheet remains strong, with total assets increasing to $17.77 billion and stockholders' equity growing to $11.98 billion. The company also continues its share repurchase program, with $1.177 billion remaining available as of March 31, 2021. Key drivers of this performance include robust sales growth for flagship products like EYLEA and Dupixent, further strengthened by contributions from REGEN-COV. The company's strategic collaborations with Sanofi and Bayer continue to yield significant collaboration revenue, highlighting the strength of these partnerships. Despite ongoing investments in research and development, which increased year-over-year, Regeneron demonstrated strong operational efficiency, leading to substantial growth in operating income and net income. The company's financial position is solid, with ample liquidity to support ongoing operations, R&D initiatives, and capital expenditures, including significant investments in manufacturing facility expansions.

Financial Highlights

44 data points
Beta

Revenue

$2.53B

Net Income

$1.12B

44.1% Net Margin

EPS (Diluted)

$10.09

Total Assets

$17.77B

Cash & Equivalents

$1.45B

Free Cash Flow

$668.50M

Financial Statements
Beta
Revenue$2.53B
R&D Expenses$742.90M
SG&A Expenses$405.60M
Operating Expenses$1.42B
Operating Income$1.11B
Interest Expense$14.60M
Net Income$1.12B
EPS (Basic)$10.58
EPS (Diluted)$10.09
Shares Outstanding (Basic)105.40M
Shares Outstanding (Diluted)110.50M

Key Highlights

  • 1Total revenues increased by 38% to $2.53 billion for the three months ended March 31, 2021, compared to $1.83 billion for the same period in 2020.
  • 2Net income rose to $1.12 billion ($10.09 per diluted share) from $624.6 million ($5.43 per diluted share) year-over-year.
  • 3Net product sales for EYLEA in the U.S. increased 17% to $1.35 billion.
  • 4Net product sales for Dupixent increased 48% to $1.26 billion globally (recorded by Sanofi).
  • 5REGEN-COV generated $438.8 million in net product sales for the period.
  • 6Research and development expenses increased by 27% to $742.9 million, reflecting continued investment in pipeline development.
  • 7The company ended the quarter with $1.44 billion in cash and cash equivalents and $5.61 billion in marketable securities.

Frequently Asked Questions

Regeneron's revenue growth was primarily driven by strong net product sales of EYLEA and Dupixent, which saw significant increases of 17% and 48% respectively. Additionally, REGEN-COV contributed $438.8 million in net product sales. Collaboration revenue from partnerships with Sanofi and Bayer also played a crucial role in the overall revenue increase.

Regeneron's profitability saw substantial improvement. Net income increased from $624.6 million in Q1 2020 to $1.12 billion in Q1 2021. Diluted earnings per share grew from $5.43 to $10.09 over the same period, reflecting strong operational performance and increased sales.

Regeneron maintained a strong financial position. As of March 31, 2021, the company had $1.44 billion in cash and cash equivalents and $5.61 billion in marketable securities. Long-term debt remained stable at approximately $1.98 billion. The company also has $750 million available under a revolving credit facility.

Regeneron continues to invest heavily in research and development, with R&D expenses increasing to $742.9 million in Q1 2021. The company also plans significant capital expenditures, estimated between $585 million and $650 million for the full year 2021, primarily for manufacturing facility expansions. The company also has an ongoing share repurchase program, with $1.177 billion remaining available for repurchases as of March 31, 2021.