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Jun 30, 2022
Regeneron Q2 2022 Earnings Report
Regeneron's Q2 2022 earnings declined due to decreased REGEN-COV® sales, but core business showed growth, with record net product sales of EYLEA, Dupixent, and Libtayo and multiple regulatory approvals for Dupixent.
Key Takeaways
Regeneron reported a 44% decrease in revenue to $2.86 billion for Q2 2022, primarily due to the absence of REGEN-COV® sales. Excluding REGEN-COV®, revenue increased by 20%. The company saw record net product sales for EYLEA, Dupixent and Libtayo. GAAP diluted EPS was $7.47, while non-GAAP diluted EPS was $9.77, including an unfavorable impact from acquired IPR&D charges.
Second quarter revenues decreased 44% to $2.86 billion, but excluding REGEN-COV, revenues increased 20%.
EYLEA U.S. net sales increased 14% to a record $1.62 billion.
Dupixent global net sales increased 40% to $2.09 billion.
FDA approved Dupixent for atopic dermatitis in children aged 6 months to 5 years and eosinophilic esophagitis in adults and adolescents.
Regeneron
Regeneron
Regeneron Revenue by Segment
Regeneron Revenue by Geographic Location
Revenue by Segment
Net Product Sales Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
U.S. Net Product Sales Revenue
CapyFin.com Forward Guidance
Regeneron updated its full-year 2022 financial guidance primarily to reflect the recently completed acquisition of Libtayo global rights from Sanofi.
Positive Outlook
- Advancing pipeline with important clinical data readouts in oncology and ophthalmology
- Continued commercial execution
- Prudent capital allocation to drive value creation for shareholders
- Gross margin on net product sales between 90% and 91%
- Non-GAAP gross margin on net product sales between 92% and 93%
Challenges Ahead
- R&D expenses between $3.485 billion–$3.655 billion
- Non-GAAP R&D expenses between $3.100 billion–$3.240 billion
- SG&A expenses between $1.990 billion–$2.110 billion
- Non-GAAP SG&A expenses between $1.740 billion–$1.840 billion
- COCM expenses between $710 million–$760 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income