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

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.

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