REGENERON PHARMACEUTICALS, INC. Quarterly Report for Q1 Ended Mar 31, 2023

Summary

Regeneron Pharmaceuticals, Inc. reported its first-quarter 2023 financial results, demonstrating revenue growth and a strong balance sheet. Total revenues increased to $3.16 billion, up from $2.97 billion in the same period last year, driven primarily by a significant increase in collaboration revenue, particularly from the Sanofi antibody collaboration. Net product sales saw a modest increase of $29 million to $1.67 billion, with notable growth in Libtayo and Evkeeza offsetting a decline in EYLEA U.S. sales. The company maintained a solid financial position with approximately $3.9 billion in cash and cash equivalents and over $11 billion in marketable securities. Research and development expenses increased significantly, reflecting continued investment in its robust pipeline, including advancements in immunology, inflammation, and oncology programs. The company also continued its share repurchase program, demonstrating a commitment to returning capital to shareholders.

Key Highlights

• 1Total revenues increased 6.6% to $3.16 billion for the three months ended March 31, 2023, compared to $2.97 billion for the same period in 2022.
• 2Net product sales increased 1.8% to $1.67 billion, driven by Libtayo and Evkeeza, partially offset by a decrease in EYLEA U.S. sales.
• 3Collaboration revenue increased significantly by $1.05 billion, primarily due to higher profit share from the Sanofi antibody collaboration.
• 4Research and development expenses increased 30.5% to $1.10 billion, reflecting continued pipeline investment.
• 5Net income decreased by 16% to $817.8 million, resulting in diluted earnings per share of $7.17, down from $8.61 in the prior year.
• 6The company repurchased approximately $694 million of common stock during the quarter, continuing its capital return strategy.

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