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Dec 31, 2021
Regeneron Q4 2021 Earnings Report
Regeneron's Q4 2021 financial results were released, showing a significant increase in revenue and earnings per share.
Key Takeaways
Regeneron reported a strong fourth quarter with a 104% increase in revenue to $4.95 billion, driven by REGEN-COV sales and growth in EYLEA and Dupixent. GAAP diluted EPS was $19.69, and non-GAAP diluted EPS was $23.72.
Total revenues increased by 104% to $4.95 billion compared to Q4 2020.
GAAP diluted EPS reached $19.69, while non-GAAP diluted EPS was $23.72.
EYLEA U.S. net sales increased by 15% to $1.55 billion.
Dupixent global net sales, recorded by Sanofi, increased by 51% to $1.77 billion.
Revenue by Segment
Forward Guidance
Regeneron provided its full year 2022 financial guidance.
Positive Outlook
- GAAP R&D: $3.170 billion–$3.400 billion
- Non-GAAP R&D: $2.800 billion–$3.000 billion
- GAAP SG&A: $1.890 billion–$2.030 billion
- Non-GAAP SG&A: $1.650 billion–$1.770 billion
- Gross margin on net product sales: 89%–91%
Challenges Ahead
- COCM: $750 million–$830 million
- Other operating (income) expense, net: ($60) million–($80) million
- Capital expenditures: $650 million–$730 million
- Effective tax rate (ETR): 12%–14%
- Non-GAAP effective tax rate: 13%–15%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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