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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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