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Jun 30, 2021
Regeneron Q2 2021 Earnings Report
Reported strong Q2 2021 financial results, marked by significant revenue growth and key pipeline advancements.
Key Takeaways
Regeneron reported a substantial increase in revenue for Q2 2021, driven by REGEN-COV sales and strong performance from EYLEA and Dupixent. The company also highlighted advancements in its clinical pipeline, including positive Phase 3 data for Dupixent and Libtayo.
Total revenues increased by 163% to $5.14 billion, including $2.76 billion from REGEN-COV.
EYLEA U.S. net sales reached a record $1.42 billion, a 28% increase year-over-year.
Dupixent global net sales, recorded by Sanofi, increased by 59% to $1.50 billion.
GAAP diluted EPS was $27.97, and non-GAAP diluted EPS was $25.80.
Revenue by Segment
Forward Guidance
Regeneron provided full year 2021 financial guidance.
Positive Outlook
- GAAP R&D expenses are projected to be between $2.950 billion and $3.075 billion.
- Non-GAAP R&D expenses are expected to range from $2.650 billion to $2.750 billion.
- GAAP SG&A expenses are guided to be between $1.730 billion and $1.830 billion.
- Non-GAAP SG&A expenses are projected to be in the range of $1.540 billion to $1.620 billion.
- Gross margin on net product sales is expected to be 87-88% (GAAP) and 88-89% (non-GAAP).
Challenges Ahead
- COCM is projected to be $630 million–$680 million
- Other operating (income) expense, net is projected to be ($135) million–($155) million
- Capital expenditures are expected to be $590 million–$640 million
- GAAP effective tax rate (ETR) is expected to be 14–16%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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