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Dec 31, 2022
Regeneron Q4 2022 Earnings Report
Regeneron's Q4 2022 financial performance was highlighted by revenue growth, excluding REGEN-COV and Ronapreve, and progress in pipeline development.
Key Takeaways
Regeneron reported a decrease in total revenue for Q4 2022, but experienced growth when excluding REGEN-COV and Ronapreve. Key achievements included the submission of a BLA for aflibercept 8 mg and approvals for Libtayo and Dupixent in specific indications.
Fourth quarter revenues decreased by 31% to $3.41 billion, but increased by 14% excluding REGEN-COV and Ronapreve.
GAAP diluted EPS was $10.50, and non-GAAP diluted EPS was $12.56, including an unfavorable impact from an acquired IPR&D charge.
Aflibercept 8 mg BLA for neovascular age-related macular degeneration and diabetic macular edema was submitted to the FDA in December 2022.
Libtayo was approved in combination with chemotherapy as a first-line treatment for advanced non-small cell lung cancer, and Dupixent was approved for additional indications in Europe.
Regeneron
Regeneron
Regeneron Revenue by Segment
Revenue by Segment
Net Product Sales Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Regeneron provided full year 2023 financial guidance.
Positive Outlook
- GAAP R&D between $4.200 billion and $4.435 billion
- Non-GAAP R&D between $3.725 billion and $3.925 billion
- GAAP SG&A between $2.460 billion and $2.650 billion
- Non-GAAP SG&A between $2.130 billion and $2.280 billion
- GAAP gross margin on net product sales between 88% and 90%
Challenges Ahead
- Non-GAAP gross margin on net product sales between 90% and 92%
- COCM between $720 million and $800 million
- Capital expenditures between $825 million and $950 million
- GAAP effective tax rate between 10% and 12%
- Non-GAAP effective tax rate between 11% and 13%
Revenue & Expenses
Visualization of income flow from segment revenue to net income