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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.
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Regeneron Revenue by Segment
Regeneron Revenue by Geographic Location
Revenue by Segment
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CapyFin.comRevenue by Geographic Location
U.S. Net Product Sales Revenue
CapyFin.com 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.
- Effective tax rate (ETR) is projected to be 11–13% (GAAP) and 12–14% (Non-GAAP).
- Guidance does not assume the completion of any significant business development transactions not completed as of the date of the press release.