Regeneron Q2 2022 Earnings Report
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
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