SPY380.36-1.97 -0.52%
DIA309.45-4.53 -1.44%
IXIC13,192.35+72.96 0.56%

Press Release: Regeneron Reports Fourth Quarter -6-

· 02/05/2021 06:30
expense, net (145.2) (38.1) (280.4) (209.2) 1,255.9 1,187.8 4,920.5 4,347.8 Income from operations 1,167.0 675.7 3,576.6 2,209.8 Other income (expense): Other income (expense), net 72.4 220.8 290.7 249.5 Interest expense (14.8) (6.7) (56.9) (30.2) 57.6 214.1 233.8 219.3 Income before income taxes 1,224.6 889.8 3,810.4 2,429.1 Income tax expense 75.4 97.8 297.2 313.3 Net income $1,149.2 $792.0 $3,513.2 $2,115.8 Net income per share - basic $10.90 $7.25 $32.65 $19.38 Net income per share - diluted $10.24 $6.93 $30.52 $18.46 Weighted average shares outstanding - basic 105.4 109.2 107.6 109.2 Weighted average shares outstanding - diluted 112.2 114.3 115.1 114.6 * Certain revisions have been made to the previously reported December 31, 2019 amounts. See note (4) above. TABLE 3 REGENERON PHARMACEUTICALS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (Unaudited) (In millions, except per share data) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 GAAP R&D $ 744.5 $ 552.4 $ 2,735.0 $ 2,450.0 R&D: Non-cash share-based compensation expense 69.1 72.4 238.6 250.4 R&D: Up-front payments related to license and collaboration agreements -- 30.0 85.0 430.0 Non-GAAP R&D $ 675.4 $ 450.0 $ 2,411.4 $ 1,769.6 GAAP SG&A $ 303.5 $ 451.8 $ 1,346.0 $ 1,341.9 SG&A: Non-cash share-based compensation expense 38.6 45.4 153.0 167.7 SG&A: Litigation contingencies (121.0) 60.0 (95.0) 70.0 SG&A: Restructuring-related expenses 5.2 35.2 8.1 35.2 Non-GAAP SG&A $ 380.7 $ 311.2 $ 1,279.9 $ 1,069.0 GAAP COGS $ 179.6 $ 108.5 $ 491.9 $ 362.3 COGS: Non-cash share-based compensation expense 13.8 15.7 40.4 46.2 COGS: Other -- -- 0.9 -- Non-GAAP COGS $ 165.8 $ 92.8 $ 450.6 $ 316.1 GAAP other income (expense), net $ 57.6 $ 214.1 $ 233.8 $ 219.3 Other income/expense: Gains on investments (59.5) (189.0) (221.6) (118.3) Interest expense: Other -- -- 12.7 -- Non-GAAP other income (expense), net $ (1.9) $ 25.1 $ 24.9 $ 101.0 GAAP net income $ 1,149.2 $ 792.0 $ 3,513.2 $ 2,115.8 Total of GAAP to non-GAAP reconciling items above (53.8) 69.7 222.1 881.2 Income tax effect of GAAP to non-GAAP reconciling items 14.8 (4.1) (38.9) (169.9) Income tax expense: Impact of sale of assets between foreign subsidiaries (30.0) -- (30.0) -- Non-GAAP net income $ 1,080.2 $ 857.6 $ 3,666.4 $ 2,827.1 Non-GAAP net income per share - basic $ 10.25 $ 7.85 $ 34.07 $ 25.89 Non-GAAP net income per share - diluted $ 9.53 $ 7.50 $ 31.47 $ 24.67 Shares used in calculating: Non-GAAP net income per share - basic 105.4 109.2 107.6 109.2 Non-GAAP net income per share - diluted 113.4 114.3 116.5 114.6 Effective tax rate reconciliation: GAAP effective tax rate 6.2% 11.0 % 7.8% 12.9% Income tax effect of GAAP to non-GAAP reconciling items 1.5% (0.4)% 1.3% 1.7 % Non-GAAP effective tax rate 7.7% 10.6 % 9.1% 14.6% Free cash flow reconciliation: Net cash provided by operating activities $ 1,231.0 $ 787.4 $ 2,618.1 $ 2,430.0 Capital expenditures (161.4) (139.0) (614.6) (429.6) Free cash flow $ 1,069.6 $ 648.4 $ 2,003.5 $ 2,000.4 TABLE 4 REGENERON PHARMACEUTICALS, INC. COLLABORATION REVENUE (Unaudited) (In millions) Three Months Ended December Year Ended 31, December 31, 2020 2019(*) 2020 2019(*) Sanofi collaboration revenue: Antibody: Regeneron's share of profits in connection with commercialization of antibodies $229.6 $ 104.1 $785.2 $209.3 Sales-based milestone earned -- -- 50.0 -- Reimbursement for manufacturing of commercial supplies 93.0 72.2 368.0 216.0 Immuno-oncology: Regeneron's share of losses in connection with commercialization of Libtayo outside the United States (8.4) (5.5) (25.7) (21.7) Reimbursement for manufacturing of commercial supplies 2.9 -- 8.9 -- Total Sanofi collaboration revenue $317.1 $ 170.8 $1,186.4 $403.6 Bayer collaboration revenue: Regeneron's net profit in connection with commercialization of EYLEA outside the United States $335.3 $ 298.1 $1,107.9 $1,091.4 Reimbursement for manufacturing of commercial supplies 25.3 12.7 78.2 54.2 Total Bayer collaboration revenue $360.6 $ 310.8 $1,186.1 $1,145.6 * Certain revisions have been made to the previously reported December 31, 2019 amounts. See note (4) above. TABLE 5 REGENERON PHARMACEUTICALS, INC. NET PRODUCT SALES OF REGENERON-DISCOVERED PRODUCTS (Unaudited) (In millions) Net Product Sales Recorded by Three Months Ended Regeneron December 31, 2020 2019 % Change U.S. ROW Total U.S. ROW Total (Total Sales) EYLEA(a) U.S. $1,343.2 $858.8 $2,202.0 $1,222.1 $782.5 $2,004.6 10 % Dupixent (b) $925.6 $246.4 $1,172.0 $605.2 $146.3 $751.5 56 % Libtayo(b) U.S. $74.1 $23.2 $97.3 $60.5 $14.2 $74.7 30 % Praluent(c) U.S. $55.2 $45.7 $100.9 $43.1 $38.3 $81.4 24 % Kevzara (b) $36.6 $34.9 $71.5 $37.6 $22.1 $59.7 20 % REGEN-COV(d) U.S. $145.5 -- $145.5 -- -- -- (e) ZALTRAP (b) $0.9 $23.9 $24.8 $2.4 $26.5 $28.9 (14) % ARCALYST U.S. $3.8 -- $3.8 $3.8 -- $3.8 -- % Net Product Sales Recorded by Year Ended Regeneron December 31, 2020 2019 % Change U.S. ROW Total U.S. ROW Total (Total Sales) EYLEA(a) U.S. $4,947.2 $2,961.5 $7,908.7 $4,644.2 $2,897.4 $7,541.6 5 % Dupixent (b) $3,226.2 $818.6 $4,044.8 $1,871.2 $444.4 $2,315.6 75 % Libtayo(b) U.S. $270.7 $77.5 $348.2 $175.7 $18.1 $193.8 80 % Praluent(c) U.S. $186.0 $172.8 $358.8 $126.0 $162.7 $288.7 24 % Kevzara (b) $141.6 $128.3 $269.9 $129.0 $77.7 $206.7 31 % REGEN-COV(d) U.S. $185.7 -- $185.7 -- -- -- (e) ZALTRAP (b) $5.8 $97.9 $103.7 $7.3 $101.1 $108.4 (4) % ARCALYST U.S. $13.1 -- $13.1 $14.5 -- $14.5 (10) % (a) Regeneron records net product sales of EYLEA in the United States. Bayer records net product sales of EYLEA outside the United States. The Company records its share of profits/losses in connection with sales of EYLEA outside the United States. (b) Regeneron records net product sales of Libtayo in the United States. Sanofi records net product sales of Libtayo outside the United States and global net product sales of Dupixent, Kevzara, and ZALTRAP. The Company records its share of profits/losses in connection with (i) sales of Libtayo outside the United States, and (ii) global sales of Dupixent and Kevzara, within collaboration revenue (see Table 4). Sanofi pays the Company a percentage of net sales of ZALTRAP. (c) Effective April 1, 2020, Regeneron records net product sales of Praluent in the United States. Also effective April 1, 2020, Sanofi records net product sales of Praluent outside the United States and pays the Company a royalty on such sales. Previously, Sanofi recorded global net product sales of Praluent and the Company recorded its share of profits/losses in connection with such sales. (d) Regeneron records net product sales of REGEN-COV in connection with its agreements with the U.S. government. (e) Percentage not meaningful

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SOURCE Regeneron Pharmaceuticals, Inc.

/Web site: www.regeneron.com

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February 05, 2021 06:30 ET (11:30 GMT)