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Sep 30, 2024
Regeneron Q3 2024 Earnings Report
Regeneron's third quarter was marked by strong revenue growth and key pipeline advancements.
Key Takeaways
Regeneron reported a strong third quarter with an 11% increase in revenue to $3.72 billion. Key drivers include growth from Dupixent and Libtayo, as well as continued leadership in the retinal franchise with EYLEA HD and EYLEA. The company also highlighted advancements in its clinical pipeline, including FDA approvals for Dupixent and positive trial results for various programs.
Total revenues increased by 11% to $3.72 billion compared to Q3 2023.
Dupixent global net sales increased by 23% to $3.82 billion compared to Q3 2023.
U.S. net sales for EYLEA HD and EYLEA increased by 3% to $1.54 billion, including $392 million from EYLEA HD.
GAAP diluted EPS increased by 30% to $11.54, and non-GAAP diluted EPS increased by 8% to $12.46 compared to Q3 2023.
Regeneron
Regeneron
Regeneron Revenue by Segment
Revenue by Segment
Net Product Sales Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Regeneron provided full year 2024 financial guidance, which includes projections for GAAP and non-GAAP R&D, SG&A, gross margin on net product sales, COCM, capital expenditures, and effective tax rates.
Positive Outlook
- GAAP R&D is projected to be between $5.055 billion and $5.145 billion.
- Non-GAAP R&D is projected to be between $4.525 billion and $4.575 billion.
- GAAP SG&A is projected to be between $2.930 billion and $3.020 billion.
- Non-GAAP SG&A is projected to be between $2.550 billion and $2.600 billion.
- Capital expenditures are projected to be between $700 million and $740 million.
Challenges Ahead
- GAAP gross margin on net product sales is expected to be approximately 86%.
- Non-GAAP gross margin on net product sales is expected to be approximately 89%.
- COCM is projected to be between $860 million and $900 million.
- GAAP effective tax rate is expected to be between 8% and 9%.
- Non-GAAP effective tax rate is expected to be between 10% and 11%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income