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Dec 31, 2020
Regeneron Q4 2020 Earnings Report
Regeneron's Q4 2020 financial results were released, showcasing significant revenue growth and key pipeline advancements.
Key Takeaways
Regeneron reported a 30% increase in revenue for Q4 2020, reaching $2.42 billion, driven by strong sales of EYLEA and Dupixent, and the introduction of REGEN-COV. GAAP diluted EPS was $10.24, and non-GAAP diluted EPS was $9.53. The company also highlighted the FDA Emergency Use Authorization for REGEN-COV and positive clinical trial data.
Q4 2020 revenues increased by 30% to $2.42 billion compared to Q4 2019.
EYLEA U.S. net sales increased by 10% to $1.34 billion in Q4 2020.
Dupixent global net sales increased by 56% to $1.17 billion in Q4 2020.
REGEN-COV received FDA Emergency Use Authorization and a new agreement was signed with the U.S. government for additional doses.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Regeneron provided full year 2021 financial guidance, including GAAP and non-GAAP estimates for R&D expenses, SG&A expenses, gross margin on net product sales, COCM, other operating (income) expense, net, capital expenditures, and effective tax rate.
Positive Outlook
- GAAP R&D is projected to be $3.000 billion – $3.175 billion.
- Non-GAAP R&D is projected to be $2.700 billion – $2.850 billion.
- GAAP SG&A is projected to be $1.700 billion – $1.850 billion.
- Non-GAAP SG&A is projected to be $1.500 billion – $1.630 billion.
- Gross margin on net product sales is projected to be 86% – 88% (GAAP) and 87% – 89% (Non-GAAP).
Challenges Ahead
- COCM is projected to be $670 million – $750 million.
- Other operating (income) expense, net is projected to be ($150) million – ($175) million.
- Capital expenditures are projected to be $600 million – $680 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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