Summary
Regeneron Pharmaceuticals, Inc. reported a strong second quarter and first half of 2021, demonstrating significant growth across key financial metrics. Total revenues surged by 163% year-over-year to $5.14 billion for the quarter and by 105% to $7.67 billion for the first half, driven primarily by substantial net product sales, notably from REGEN-COV, and robust collaboration revenues. Net income followed suit, increasing by over 240% to $3.10 billion for the quarter and by 177% to $4.21 billion for the first half. Diluted earnings per share also saw a substantial increase, reflecting the company's improved profitability. Despite strong revenue growth, operating expenses also increased, particularly cost of goods sold and selling, general, and administrative expenses, largely due to the commercialization of REGEN-COV and increased headcount. The company's balance sheet remains strong, with total assets growing to $21.49 billion and substantial cash and marketable securities. Regeneron also continued its share repurchase program, buying back $612.1 million worth of common stock in the first half of the year. The company's robust performance underscores the significant impact of REGEN-COV and continued strength in key products like EYLEA and Dupixent.
Financial Highlights
45 data points| Revenue | $5.14B |
| R&D Expenses | $714.20M |
| SG&A Expenses | $414.70M |
| Operating Expenses | $1.79B |
| Operating Income | $3.35B |
| Interest Expense | $14.40M |
| Net Income | $3.10B |
| EPS (Basic) | $29.51 |
| EPS (Diluted) | $27.97 |
| Shares Outstanding (Basic) | 105.00M |
| Shares Outstanding (Diluted) | 110.80M |
Key Highlights
- 1Total revenues for the second quarter of 2021 increased by 163% to $5.14 billion, compared to $1.95 billion in the second quarter of 2020.
- 2Net income for the second quarter of 2021 increased by 244% to $3.10 billion, or $27.97 per diluted share, compared to $897 million, or $7.61 per diluted share, in the second quarter of 2020.
- 3REGEN-COV product sales were $2.59 billion for the second quarter and $2.85 billion for the first half of 2021, significantly contributing to revenue growth.
- 4EYLEA U.S. net product sales increased by 28% year-over-year to $1.42 billion in the second quarter, reflecting strong demand.
- 5Dupixent product sales (recorded by Sanofi, with Regeneron recognizing profit share) showed strong growth, with Regeneron's share of antibody collaboration profits increasing significantly.
- 6The company repurchased $612.1 million of its common stock during the first half of 2021 under its $1.5 billion share repurchase program.
- 7The company maintains a strong liquidity position with $2.07 billion in cash and cash equivalents and $5.74 billion in marketable securities as of June 30, 2021.