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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.
Revenue by Segment
Revenue by Geographic Location
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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