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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Regeneron Pharmaceuticals Inc | NASDAQ:REGN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
12.88 | 1.19% | 1,094.99 | 1,091.00 | 1,100.00 | 1,100.08 | 1,079.0855 | 1,087.89 | 282,365 | 23:07:22 |
(Mark One)
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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended
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March 31, 2020
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OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from __________ to __________
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Commission File Number:
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0-19034
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New York
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13-3444607
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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777 Old Saw Mill River Road
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Tarrytown,
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New York
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10591-6707
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(Address of principal executive offices, including zip code)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock - par value $.001 per share
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REGN
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NASDAQ Global Select Market
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes
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No
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☐
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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
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Yes
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☒
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No
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☐
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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☐
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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Yes
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☐
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No
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☒
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Class of Common Stock
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Number of Shares
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Class A Stock, $.001 par value
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1,848,970
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Common Stock, $.001 par value
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110,673,311
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Page Numbers
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"ARCALYST®," "EYLEA®," "Libtayo®" (in the United States), "Praluent®" (in the United States), "Regeneron®," "Regeneron Genetics Center®," "Veloci-Bi®," "VelociGene®," "VelociMab®," "VelocImmune®," "VelociMouse®," "VelociSuite®," "VelociT™," and "ZALTRAP®" are trademarks of Regeneron Pharmaceuticals, Inc. Trademarks and trade names of other companies appearing in this report are, to the knowledge of Regeneron Pharmaceuticals, Inc., the property of their respective owners.
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March 31,
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December 31,
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||||
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2020
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2019
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ASSETS
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|||||||
Current assets:
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||||
Cash and cash equivalents
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$
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2,208.2
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$
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1,617.8
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Marketable securities
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1,795.2
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1,596.5
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Accounts receivable - trade, net
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2,063.1
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2,100.0
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Accounts receivable - Sanofi
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468.3
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260.6
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Accounts receivable - other
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401.8
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425.0
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Inventories
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1,480.9
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1,415.5
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Prepaid expenses and other current assets
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226.6
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273.7
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Total current assets
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8,644.1
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7,689.1
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||||
Marketable securities
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3,236.4
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3,256.8
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Property, plant, and equipment, net
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2,944.6
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2,890.4
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Deferred tax assets
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771.2
|
|
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824.2
|
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Other noncurrent assets
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161.2
|
|
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144.7
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Total assets
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$
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15,757.5
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$
|
14,805.2
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LIABILITIES AND STOCKHOLDERS' EQUITY
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|||||||
Current liabilities:
|
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Accounts payable
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$
|
347.8
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$
|
418.1
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Accrued expenses and other current liabilities
|
1,143.2
|
|
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1,211.4
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Deferred revenue - Sanofi
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398.0
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310.5
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Deferred revenue - other
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81.2
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71.6
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Other liabilities - Sanofi
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85.0
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85.0
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Total current liabilities
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2,055.2
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2,096.6
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Finance lease liabilities
|
715.2
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713.9
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Deferred revenue - Sanofi
|
16.2
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27.7
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Deferred revenue - other
|
65.9
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|
|
77.6
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Other liabilities - Sanofi
|
450.5
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|
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482.0
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Other noncurrent liabilities
|
321.5
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|
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317.7
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Total liabilities
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3,624.5
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3,715.5
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Stockholders' equity:
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Preferred Stock, $.01 par value; 30,000,000 shares authorized; issued and outstanding - none
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—
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—
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Class A Stock, convertible, $.001 par value; 40,000,000 shares authorized; shares issued and outstanding - 1,848,970 in 2020 and 2019
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—
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—
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Common Stock, $.001 par value; 320,000,000 shares authorized; shares issued - 116,025,758 in 2020 and 113,288,103 in 2019
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0.1
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0.1
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Additional paid-in capital
|
5,211.4
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4,428.6
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Retained earnings
|
8,004.4
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7,379.8
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Accumulated other comprehensive (loss) income
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(9.1
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)
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21.1
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Treasury Stock, at cost; 5,683,562 shares in 2020 and 4,860,123 shares in 2019
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(1,073.8
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)
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(739.9
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)
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Total stockholders' equity
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12,133.0
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11,089.7
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Total liabilities and stockholders' equity
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$
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15,757.5
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$
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14,805.2
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The accompanying notes are an integral part of the financial statements.
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Three Months Ended
March 31, |
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2020
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2019
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Statements of Operations
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Revenues:
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Net product sales
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$
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1,236.7
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$
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1,104.4
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Sanofi collaboration revenue
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246.9
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(18.0
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)
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Bayer collaboration revenue
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281.4
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264.0
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Other revenue
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63.2
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22.2
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1,828.2
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1,372.6
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Expenses:
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Research and development
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583.9
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486.1
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Selling, general, and administrative
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367.3
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291.1
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Cost of goods sold
|
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78.8
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70.9
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Cost of collaboration and contract manufacturing
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138.5
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101.2
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Other operating (income) expense, net
|
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(40.4
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)
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(56.7
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)
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1,128.1
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892.6
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Income from operations
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700.1
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480.0
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Other income (expense):
|
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Other (expense) income, net
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(25.4
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)
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73.8
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Interest expense
|
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(6.1
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)
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(7.7
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)
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(31.5
|
)
|
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66.1
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|
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Income before income taxes
|
|
668.6
|
|
|
546.1
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||
|
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|
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|
||||
Income tax expense
|
|
44.0
|
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|
85.0
|
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||
|
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||||
Net income
|
|
$
|
624.6
|
|
|
$
|
461.1
|
|
|
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||||
Net income per share - basic
|
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$
|
5.69
|
|
|
$
|
4.23
|
|
Net income per share - diluted
|
|
$
|
5.43
|
|
|
$
|
3.99
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - basic
|
|
109.8
|
|
|
108.9
|
|
||
Weighted average shares outstanding - diluted
|
|
115.1
|
|
|
115.5
|
|
||
|
|
|
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|
||||
Statements of Comprehensive Income
|
|
|
|
|
||||
Net income
|
|
$
|
624.6
|
|
|
$
|
461.1
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
||||
Unrealized (loss) gain on debt securities
|
|
(28.8
|
)
|
|
16.1
|
|
||
Unrealized loss on cash flow hedges
|
|
(1.4
|
)
|
|
(1.0
|
)
|
||
Comprehensive income
|
|
$
|
594.4
|
|
|
$
|
476.2
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of the financial statements.
|
|
|
Class A Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Treasury Stock
|
|
Total Stockholders' Equity
|
||||||||||||||||||||||
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Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
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|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||
Balance, December 31, 2019
|
|
1.8
|
|
|
—
|
|
|
113.3
|
|
|
$
|
0.1
|
|
|
$
|
4,428.6
|
|
|
$
|
7,379.8
|
|
|
$
|
21.1
|
|
|
(4.9
|
)
|
|
$
|
(739.9
|
)
|
|
$
|
11,089.7
|
|
Issuance of Common Stock for equity awards granted under long-term incentive plans
|
|
—
|
|
|
—
|
|
|
3.1
|
|
|
—
|
|
|
817.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
817.4
|
|
||||||
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(155.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(155.1
|
)
|
||||||
Issuance/distribution of Common Stock for 401(k) Savings Plan
|
|
—
|
|
|
—
|
|
|
—
|
|
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—
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|
|
12.5
|
|
|
—
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|
|
—
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|
|
—
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|
|
2.1
|
|
|
14.6
|
|
||||||
Repurchases of Common Stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
(336.0
|
)
|
|
(336.0
|
)
|
||||||
Stock-based compensation charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108.0
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
624.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
624.6
|
|
||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30.2
|
)
|
|
—
|
|
|
—
|
|
|
(30.2
|
)
|
||||||
Balance, March 31, 2020
|
|
1.8
|
|
|
—
|
|
|
116.0
|
|
|
$
|
0.1
|
|
|
$
|
5,211.4
|
|
|
$
|
8,004.4
|
|
|
$
|
(9.1
|
)
|
|
(5.7
|
)
|
|
$
|
(1,073.8
|
)
|
|
$
|
12,133.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Balance, December 31, 2018
|
|
1.9
|
|
|
—
|
|
|
111.1
|
|
|
$
|
0.1
|
|
|
$
|
3,911.6
|
|
|
$
|
5,254.3
|
|
|
$
|
(12.3
|
)
|
|
(4.0
|
)
|
|
$
|
(396.4
|
)
|
|
$
|
8,757.3
|
|
Issuance of Common Stock for equity awards granted under long-term incentive plans
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
140.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140.9
|
|
||||||
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.7
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)
|
||||||
Issuance of Common Stock for 401(k) Savings Plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.3
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
6.2
|
|
|
10.5
|
|
||||||
Repurchases of Common Stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(54.0
|
)
|
|
(54.0
|
)
|
||||||
Stock-based compensation charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
114.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
114.8
|
|
||||||
Adjustment upon adoption of new accounting standard
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.7
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
461.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
461.1
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15.1
|
|
|
—
|
|
|
—
|
|
|
15.1
|
|
||||||
Balance, March 31, 2019
|
|
1.9
|
|
|
—
|
|
|
111.7
|
|
|
$
|
0.1
|
|
|
$
|
4,160.9
|
|
|
$
|
5,725.1
|
|
|
$
|
2.8
|
|
|
(4.0
|
)
|
|
$
|
(444.2
|
)
|
|
$
|
9,444.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
The accompanying notes are an integral part of the financial statements.
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
624.6
|
|
|
$
|
461.1
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
56.1
|
|
|
51.0
|
|
||
Non-cash compensation expense
|
|
105.8
|
|
|
107.9
|
|
||
Other non-cash items, net
|
|
82.6
|
|
|
(23.8
|
)
|
||
Deferred taxes
|
|
9.9
|
|
|
(10.7
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
|
||||
Increase in Sanofi, trade, and other accounts receivable
|
|
(169.0
|
)
|
|
(91.1
|
)
|
||
Increase in inventories
|
|
(70.8
|
)
|
|
(58.6
|
)
|
||
Decrease in prepaid expenses and other assets
|
|
70.1
|
|
|
54.3
|
|
||
Increase in deferred revenue
|
|
73.9
|
|
|
81.1
|
|
||
(Decrease) increase in accounts payable, accrued expenses, and other liabilities
|
|
(85.2
|
)
|
|
325.8
|
|
||
Total adjustments
|
|
73.4
|
|
|
435.9
|
|
||
Net cash provided by operating activities
|
|
698.0
|
|
|
897.0
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchases of marketable and other securities
|
|
(714.3
|
)
|
|
(1,040.2
|
)
|
||
Sales or maturities of marketable securities
|
|
441.2
|
|
|
338.4
|
|
||
Capital expenditures
|
|
(170.1
|
)
|
|
(74.3
|
)
|
||
Net cash used in investing activities
|
|
(443.2
|
)
|
|
(776.1
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from issuance of Common Stock
|
|
811.4
|
|
|
140.6
|
|
||
Payments in connection with Common Stock tendered for employee tax obligations
|
|
(155.1
|
)
|
|
(10.7
|
)
|
||
Repurchases of Common Stock
|
|
(320.7
|
)
|
|
(10.0
|
)
|
||
Net cash provided by financing activities
|
|
335.6
|
|
|
119.9
|
|
||
|
|
|
|
|
||||
Net increase in cash, cash equivalents, and restricted cash
|
|
590.4
|
|
|
240.8
|
|
||
|
|
|
|
|
||||
Cash, cash equivalents, and restricted cash at beginning of period
|
|
1,630.3
|
|
|
1,480.2
|
|
||
|
|
|
|
|
||||
Cash, cash equivalents, and restricted cash at end of period
|
|
$
|
2,220.7
|
|
|
$
|
1,721.0
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of the financial statements.
|
|
|
December 31, 2019
|
||||||||||
Balance Sheet Data:
|
|
As Previously Reported
|
|
Adjustments
|
|
As Revised
|
||||||
Accrued expenses and other current liabilities
|
|
$
|
1,086.8
|
|
|
$
|
124.6
|
|
|
$
|
1,211.4
|
|
Deferred revenue - Sanofi (current)
|
|
$
|
395.5
|
|
|
$
|
(85.0
|
)
|
|
$
|
310.5
|
|
Deferred revenue - other (current)
|
|
$
|
196.2
|
|
|
$
|
(124.6
|
)
|
|
$
|
71.6
|
|
Other liabilities - Sanofi (current)
|
|
—
|
|
|
$
|
85.0
|
|
|
$
|
85.0
|
|
|
Deferred revenue - Sanofi (noncurrent)
|
|
$
|
509.7
|
|
|
$
|
(482.0
|
)
|
|
$
|
27.7
|
|
Deferred revenue - other (noncurrent)
|
|
$
|
109.3
|
|
|
$
|
(31.7
|
)
|
|
$
|
77.6
|
|
Other liabilities - Sanofi (noncurrent)
|
|
—
|
|
|
$
|
482.0
|
|
|
$
|
482.0
|
|
|
Other noncurrent liabilities
|
|
$
|
286.0
|
|
|
$
|
31.7
|
|
|
$
|
317.7
|
|
|
|
Three Months Ended
March 31, 2019
|
||||||||||
Statement of Operations Data:
|
|
As Previously Reported
|
|
Adjustments
|
|
As Revised
|
||||||
Sanofi collaboration revenue
|
|
$
|
246.4
|
|
|
$
|
(264.4
|
)
|
|
$
|
(18.0
|
)
|
Bayer collaboration revenue
|
|
$
|
276.2
|
|
|
$
|
(12.2
|
)
|
|
$
|
264.0
|
|
Other revenue
|
|
$
|
84.8
|
|
|
$
|
(62.6
|
)
|
|
$
|
22.2
|
|
Total revenues
|
|
$
|
1,711.8
|
|
|
$
|
(339.2
|
)
|
|
$
|
1,372.6
|
|
|
|
|
|
|
|
|
||||||
Research and development
|
|
$
|
641.8
|
|
|
$
|
(155.7
|
)
|
|
$
|
486.1
|
|
Selling, general, and administrative
|
|
$
|
410.8
|
|
|
$
|
(119.7
|
)
|
|
$
|
291.1
|
|
Cost of collaboration and contract manufacturing(1)
|
|
$
|
108.3
|
|
|
$
|
(7.1
|
)
|
|
$
|
101.2
|
|
Other operating (income) expense, net
|
|
—
|
|
|
$
|
(56.7
|
)
|
|
$
|
(56.7
|
)
|
|
Total operating expenses
|
|
$
|
1,231.8
|
|
|
$
|
(339.2
|
)
|
|
$
|
892.6
|
|
|
||||||||||||
(1) In addition to the reclassification of certain amounts in connection with the change in accounting presentation described above, the Company also reclassified certain immaterial reimbursements that were previously classified as collaboration revenue to Cost of collaboration and contract manufacturing.
|
|
|
Three Months Ended
March 31, 2019
|
||||||||||
Cash Flows Data:
|
|
As Previously Reported
|
|
Adjustments
|
|
As Revised
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||||
Increase in deferred revenue
|
|
$
|
426.5
|
|
|
$
|
(345.4
|
)
|
|
$
|
81.1
|
|
(Decrease) increase in accounts payable, accrued expenses, and other liabilities
|
|
$
|
(19.6
|
)
|
|
$
|
345.4
|
|
|
$
|
325.8
|
|
|
|
Three Months Ended
March 31, |
||||||
Net Product Sales in the United States
|
|
2020
|
|
2019
|
||||
EYLEA®
|
|
$
|
1,172.0
|
|
|
$
|
1,074.1
|
|
Libtayo®
|
|
61.7
|
|
|
26.8
|
|
||
ARCALYST®
|
|
3.0
|
|
|
3.5
|
|
||
|
|
$
|
1,236.7
|
|
|
$
|
1,104.4
|
|
|
|
Three Months Ended
March 31, |
||||
|
|
2020
|
|
2019
|
||
Besse Medical, a subsidiary of AmerisourceBergen Corporation
|
|
54
|
%
|
|
59
|
%
|
McKesson Corporation
|
|
36
|
%
|
|
31
|
%
|
Nature/Type of Payment
|
|
Statement of Operations Presentation
|
Regeneron's share of profits or losses in connection with commercialization of products
|
|
Collaboration revenue
|
Reimbursement for manufacturing of commercial supplies
|
|
Collaboration revenue
|
Royalties and/or sales-based milestones earned
|
|
Collaboration revenue
|
Reimbursement of Regeneron's research and development expenses
|
|
Reduction to Research and development expenses
|
Regeneron's obligation for its share of collaborator's research and development expenses
|
|
Research and development expense
|
Up-front and development milestone payments to collaborator
|
|
Research and development expense
|
Reimbursement of Regeneron's commercialization-related expenses
|
|
Reduction to Selling, general, and administrative expense
|
Regeneron's obligation to pay collaborator for its share of gross profits when Regeneron is deemed to be the principal
|
|
Cost of goods sold
|
Up-front and development milestones earned (when we have a combined unit of account which includes a license and providing research and development services)
|
|
Other operating income
|
•
|
are obligated to use commercially reasonable efforts to supply commercial product to our collaborator, we may be reimbursed for our manufacturing costs as commercial product is shipped to the collaborator; however, recognition of such cost reimbursements is deferred until the product is sold by our collaborator to third-party customers;
|
•
|
share in any profits or losses arising from the commercialization of such products, we record our share of the variable consideration, representing net product sales less cost of goods sold and shared commercialization and other expenses, in the period in which such underlying sales occur and costs are incurred by the collaborator; and
|
•
|
receive royalties and/or sales-based milestone payments from our collaborator, we recognize such amounts in the period earned.
|
|
|
Statement of Operations Classification
|
|
Three Months Ended
March 31, |
||||||
|
|
|
2020
|
|
2019
|
|||||
Antibody:
|
|
|
|
|
|
|
||||
Regeneron's share of profits (losses) in connection with commercialization of antibodies
|
|
Sanofi collaboration revenue
|
|
$
|
170.9
|
|
|
$
|
(27.8
|
)
|
Reimbursement for manufacturing of commercial supplies
|
|
Sanofi collaboration revenue
|
|
$
|
80.1
|
|
|
$
|
14.5
|
|
Reimbursement of research and development expenses
|
|
Reduction of Research and development expense
|
|
$
|
77.6
|
|
|
$
|
74.5
|
|
Regeneron's obligation for its share of Sanofi research and development expenses
|
|
Research and development expense
|
|
$
|
(16.7
|
)
|
|
$
|
(7.4
|
)
|
Reimbursement of commercialization-related expenses
|
|
Reduction of Selling, general, and administrative expense
|
|
$
|
91.2
|
|
|
$
|
116.6
|
|
|
|
|
|
|
|
|
||||
Immuno-oncology:
|
|
|
|
|
|
|
||||
Regeneron's share of losses in connection with commercialization of Libtayo outside the United States
|
|
Sanofi collaboration revenue
|
|
$
|
(6.2
|
)
|
|
$
|
(4.7
|
)
|
Reimbursement for manufacturing of commercial supplies
|
|
Sanofi collaboration revenue
|
|
$
|
2.1
|
|
|
—
|
|
|
Reimbursement of research and development expenses
|
|
Reduction of Research and development expense
|
|
$
|
39.9
|
|
|
$
|
46.4
|
|
Reimbursement of commercialization-related expenses
|
|
Reduction of Selling, general, and administrative expense
|
|
$
|
10.4
|
|
|
$
|
2.2
|
|
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profits
|
|
Cost of goods sold
|
|
$
|
(26.8
|
)
|
|
$
|
(12.4
|
)
|
Amounts recognized in connection with up-front payments received
|
|
Other operating income
|
|
$
|
16.5
|
|
|
$
|
26.3
|
|
|
|
March 31,
|
|
December 31,
|
||||
|
|
2020
|
|
2019
|
||||
Accounts receivable
|
|
$
|
458.4
|
|
|
$
|
272.7
|
|
Deferred revenue
|
|
$
|
401.4
|
|
|
$
|
328.8
|
|
|
|
March 31,
|
|
December 31,
|
||||
|
|
2020
|
|
2019
|
||||
Accounts receivable, net
|
|
$
|
(2.4
|
)
|
|
$
|
(16.7
|
)
|
Deferred revenue
|
|
$
|
12.8
|
|
|
$
|
9.4
|
|
Other liabilities
|
|
$
|
527.6
|
|
|
$
|
558.6
|
|
|
|
Statement of Operations Classification
|
|
Three Months Ended
March 31, |
||||||
|
|
|
2020
|
|
2019
|
|||||
Regeneron's net profit in connection with commercialization of EYLEA outside the United States
|
|
Bayer collaboration revenue
|
|
$
|
253.8
|
|
|
$
|
249.3
|
|
Reimbursement for manufacturing of commercial supplies
|
|
Bayer collaboration revenue
|
|
$
|
27.6
|
|
|
$
|
14.7
|
|
Reimbursement of development expenses
|
|
Reduction of Research and development expense
|
|
$
|
12.0
|
|
|
$
|
2.6
|
|
Regeneron's obligation for its share of Bayer research and development expenses
|
|
Research and development expense
|
|
$
|
(8.1
|
)
|
|
$
|
(4.6
|
)
|
Reimbursement of other expenses
|
|
Cost of collaboration and contract manufacturing
|
|
$
|
1.7
|
|
|
$
|
8.8
|
|
|
|
March 31,
|
|
December 31,
|
||||
|
|
2020
|
|
2019
|
||||
Accounts receivable - other
|
|
$
|
279.9
|
|
|
$
|
311.6
|
|
Deferred revenue
|
|
$
|
124.2
|
|
|
$
|
123.0
|
|
|
|
Statement of Operations Classification
|
|
Three Months Ended
March 31, |
||||||
|
|
|
2020
|
|
2019
|
|||||
Reimbursement of research and development expenses
|
|
Reduction of Research and development expense
|
|
$
|
25.2
|
|
|
$
|
32.2
|
|
Amounts recognized in connection with up-front and development milestone payments received
|
|
Other operating income
|
|
$
|
16.6
|
|
|
$
|
21.5
|
|
|
|
March 31,
|
|
December 31,
|
||||
|
|
2020
|
|
2019
|
||||
Accounts receivable - other
|
|
$
|
22.5
|
|
|
$
|
21.2
|
|
Other liabilities
|
|
$
|
97.9
|
|
|
$
|
114.4
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2020
|
|
2019
|
||||
Net income - basic and diluted
|
|
$
|
624.6
|
|
|
$
|
461.1
|
|
|
|
|
|
|
||||
(Shares in millions)
|
|
|
|
|
||||
Weighted average shares - basic
|
|
109.8
|
|
|
108.9
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|
||
Stock options
|
|
5.0
|
|
|
6.5
|
|
||
Restricted stock
|
|
0.3
|
|
|
0.1
|
|
||
Weighted average shares - diluted
|
|
115.1
|
|
|
115.5
|
|
||
|
|
|
|
|
|
|
||
Net income per share - basic
|
|
$
|
5.69
|
|
|
$
|
4.23
|
|
Net income per share - diluted
|
|
$
|
5.43
|
|
|
$
|
3.99
|
|
|
|
Three Months Ended
March 31, |
||||
(Shares in millions)
|
|
2020
|
|
2019
|
||
Stock options
|
|
10.2
|
|
|
12.3
|
|
|
|
Amortized
|
|
Unrealized
|
|
Fair
|
||||||||||
As of March 31, 2020
|
|
Cost Basis
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
Corporate bonds
|
|
$
|
4,128.3
|
|
|
$
|
20.7
|
|
|
$
|
(31.6
|
)
|
|
$
|
4,117.4
|
|
U.S. government and government agency obligations
|
|
73.7
|
|
|
1.4
|
|
|
—
|
|
|
75.1
|
|
||||
Sovereign bonds
|
|
36.0
|
|
|
1.2
|
|
|
—
|
|
|
37.2
|
|
||||
Commercial paper
|
|
162.6
|
|
|
0.1
|
|
|
—
|
|
|
162.7
|
|
||||
Certificates of deposit
|
|
77.4
|
|
|
0.1
|
|
|
(0.3
|
)
|
|
77.2
|
|
||||
|
|
$
|
4,478.0
|
|
|
$
|
23.5
|
|
|
$
|
(31.9
|
)
|
|
$
|
4,469.6
|
|
|
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2019
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
$
|
3,960.5
|
|
|
$
|
27.8
|
|
|
$
|
(0.2
|
)
|
|
$
|
3,988.1
|
|
U.S. government and government agency obligations
|
|
54.3
|
|
|
0.2
|
|
|
(0.1
|
)
|
|
54.4
|
|
||||
Sovereign bonds
|
|
26.9
|
|
|
0.4
|
|
|
—
|
|
|
27.3
|
|
||||
Commercial paper
|
|
92.3
|
|
|
—
|
|
|
—
|
|
|
92.3
|
|
||||
Certificates of deposit
|
|
72.3
|
|
|
0.1
|
|
|
—
|
|
|
72.4
|
|
||||
|
|
$
|
4,206.3
|
|
|
$
|
28.5
|
|
|
$
|
(0.3
|
)
|
|
$
|
4,234.5
|
|
|
|
March 31,
|
|
December 31,
|
||||
|
|
2020
|
|
2019
|
||||
Maturities within one year
|
|
$
|
1,795.1
|
|
|
$
|
1,596.5
|
|
Maturities after one year through five years
|
|
2,674.5
|
|
|
2,638.0
|
|
||
|
|
$
|
4,469.6
|
|
|
$
|
4,234.5
|
|
|
Less than 12 Months
|
|
12 Months or Greater
|
|
Total
|
||||||||||||||||
As of March 31, 2020
|
Fair Value
|
|
Unrealized Loss
|
|
Fair Value
|
|
Unrealized Loss
|
|
Fair Value
|
|
Unrealized Loss
|
||||||||||
Corporate bonds
|
$
|
1,990.1
|
|
|
$
|
(31.6
|
)
|
|
—
|
|
|
—
|
|
|
$
|
1,990.1
|
|
|
$
|
(31.6
|
)
|
Certificates of deposit
|
49.5
|
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
49.5
|
|
|
(0.3
|
)
|
||||
|
$
|
2,039.6
|
|
|
$
|
(31.9
|
)
|
|
—
|
|
|
—
|
|
|
$
|
2,039.6
|
|
|
$
|
(31.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate bonds
|
$
|
257.2
|
|
|
$
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
$
|
257.2
|
|
|
$
|
(0.2
|
)
|
U.S. government and government agency obligations
|
17.3
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
17.3
|
|
|
(0.1
|
)
|
||||
|
$
|
274.5
|
|
|
$
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
$
|
274.5
|
|
|
$
|
(0.3
|
)
|
•
|
Level 1 - Quoted prices in active markets for identical assets
|
•
|
Level 2 - Significant other observable inputs, such as quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuations in which significant inputs used are observable
|
•
|
Level 3 - Significant other unobservable inputs
|
|
|
|
Fair Value Measurements at Reporting Date
|
||||||||
As of March 31, 2020
|
Fair Value
|
|
Level 1
|
|
Level 2
|
||||||
Available-for-sale debt securities:
|
|
|
|
|
|
||||||
Corporate bonds
|
$
|
4,117.4
|
|
|
—
|
|
|
$
|
4,117.4
|
|
|
U.S. government and government agency obligations
|
75.1
|
|
|
—
|
|
|
75.1
|
|
|||
Sovereign bonds
|
37.2
|
|
|
—
|
|
|
37.2
|
|
|||
Commercial paper
|
162.7
|
|
|
—
|
|
|
162.7
|
|
|||
Certificates of deposit
|
77.2
|
|
|
—
|
|
|
77.2
|
|
|||
Equity securities (unrestricted)
|
51.7
|
|
|
$
|
51.7
|
|
|
—
|
|
||
Equity securities (restricted)
|
510.3
|
|
|
510.3
|
|
|
—
|
|
|||
|
$
|
5,031.6
|
|
|
$
|
562.0
|
|
|
$
|
4,469.6
|
|
|
|
|
|
|
|
||||||
As of December 31, 2019
|
|
|
|
|
|
||||||
Available-for-sale debt securities:
|
|
|
|
|
|
||||||
Corporate bonds
|
$
|
3,988.1
|
|
|
—
|
|
|
$
|
3,988.1
|
|
|
U.S. government and government agency obligations
|
54.4
|
|
|
—
|
|
|
54.4
|
|
|||
Sovereign bonds
|
27.3
|
|
|
—
|
|
|
27.3
|
|
|||
Commercial paper
|
92.3
|
|
|
—
|
|
|
92.3
|
|
|||
Certificates of deposit
|
72.4
|
|
|
—
|
|
|
72.4
|
|
|||
Equity securities (unrestricted)
|
61.6
|
|
|
$
|
61.6
|
|
|
—
|
|
||
Equity securities (restricted)
|
557.2
|
|
|
557.2
|
|
|
—
|
|
|||
|
$
|
4,853.3
|
|
|
$
|
618.8
|
|
|
$
|
4,234.5
|
|
|
March 31,
|
|
December 31,
|
||||
|
2020
|
|
2019
|
||||
Raw materials
|
$
|
210.9
|
|
|
$
|
216.3
|
|
Work-in-process
|
692.2
|
|
|
727.7
|
|
||
Finished goods
|
96.4
|
|
|
70.6
|
|
||
Deferred costs
|
481.4
|
|
|
400.9
|
|
||
|
$
|
1,480.9
|
|
|
$
|
1,415.5
|
|
|
|
March 31,
|
|
March 31,
|
||||
|
|
2020
|
|
2019
|
||||
Cash and cash equivalents
|
|
$
|
2,208.2
|
|
|
$
|
1,708.5
|
|
Restricted cash included in Other noncurrent assets
|
|
12.5
|
|
|
12.5
|
|
||
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows
|
|
$
|
2,220.7
|
|
|
$
|
1,721.0
|
|
ITEM 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Product
|
|
Disease Area(1)
|
|
Territory
|
||||||
|
|
U.S.
|
|
EU
|
|
Japan
|
|
ROW(6)
|
||
EYLEA (aflibercept) Injection(2)
|
-
|
Neovascular age-related macular degeneration ("wet AMD")
|
|
a
|
|
a
|
|
a
|
|
a
|
-
|
Diabetic macular edema ("DME")
|
|
a
|
|
a
|
|
a
|
|
a
|
|
-
|
Macular edema following retinal vein occlusion ("RVO"), which includes macular edema following central retinal vein occlusion ("CRVO") and macular edema following branch retinal vein occlusion ("BRVO")
|
|
a
|
|
a
|
|
a
|
|
a
|
|
-
|
Myopic choroidal neovascularization ("mCNV")
|
|
|
|
a
|
|
a
|
|
a
|
|
-
|
Diabetic retinopathy
|
|
a
|
|
|
|
|
|
|
|
-
|
Neovascular glaucoma ("NVG")
|
|
|
|
|
|
a
|
|
|
|
Dupixent (dupilumab) Injection(3)
|
-
|
Atopic dermatitis (in adults and adolescents)(7)
|
|
a
|
|
a
|
|
a
|
|
a
|
-
|
Asthma (in adults and adolescents)
|
|
a
|
|
a
|
|
a
|
|
a
|
|
-
|
Chronic rhinosinusitis with nasal polyposis ("CRSwNP")
|
|
a
|
|
a
|
|
a
|
|
a
|
|
Libtayo (cemiplimab) Injection(3)(4)
|
-
|
Metastatic or locally advanced cutaneous squamous cell carcinoma ("CSCC")
|
|
a
|
|
a
|
|
|
|
a
|
Praluent (alirocumab) Injection(8)
|
-
|
LDL-lowering in heterozygous familial hypercholesterolemia ("HeFH") or clinical atherosclerotic cardiovascular disease ("ASCVD") (in adults)
|
|
a
|
|
a
|
|
a
|
|
a
|
-
|
Cardiovascular risk reduction in patients with established cardiovascular disease
|
|
a
|
|
a
|
|
|
|
a
|
|
Kevzara (sarilumab) Solution for Subcutaneous Injection(3)
|
-
|
Rheumatoid arthritis ("RA") (in adults)
|
|
a
|
|
a
|
|
a
|
|
a
|
ARCALYST® (rilonacept) Injection for Subcutaneous Use
|
-
|
Cryopyrin-Associated Periodic Syndromes ("CAPS"), including Familial Cold Auto-inflammatory Syndrome ("FCAS") and Muckle-Wells Syndrome ("MWS")
|
|
a
|
|
|
|
|
|
|
ZALTRAP® (ziv-aflibercept) Injection for Intravenous Infusion(5)
|
-
|
Metastatic colorectal cancer ("mCRC")
|
|
a
|
|
a
|
|
a
|
|
a
|
|
|
|
|
|
|
|
||||
(1) Refer to label information in each territory for specific indication
|
||||||||||
(2) In collaboration with Bayer (outside the United States)
|
||||||||||
(3) In collaboration with Sanofi
|
||||||||||
(4) Marketed as Libtayo (cemiplimab-rwlc) Injection in the United States
|
||||||||||
(5) Pursuant to a 2015 amended and restated ZALTRAP agreement, Sanofi is solely responsible for the development and commercialization of ZALTRAP, and Sanofi pays us a percentage of aggregate net product sales of ZALTRAP
|
||||||||||
(6) Rest of world. Checkmark in this column indicates that the product has received marketing approval in at least one country outside of the United States, European Union ("EU"), or Japan
|
||||||||||
(7) Approval in Japan is for adults and adolescents 15 years of age and older
|
||||||||||
(8) In collaboration with Sanofi prior to April 2020. Effective April 2020, the Company is solely responsible for the development and commercialization of Praluent in the United States, and Sanofi is solely responsible for the development and commercialization of Praluent outside of the United States. Pursuant to the April 2020 agreement, Sanofi will pay us a percentage of aggregate net product sales of Praluent outside the United States. Refer to "Collaboration Agreements" section below for further details.
|
Clinical Program
|
|
Phase 1
|
|
Phase 2
|
|
Phase 3
|
|
Regulatory Review(i)
|
|
2020 Events to Date
|
|
Select Upcoming Milestones(k)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ophthalmology
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
EYLEA
|
|
|
-
|
High-dose formulation in wet AMD
|
-
|
Retinopathy of prematurity
("ROP")(c)
|
|
|
-
|
Approved by Ministry of Health, Labour and Welfare ("MHLW") for NVG in Japan
|
-
|
Initiate Phase 3 studies of a high-dose formulation of aflibercept in wet AMD and DME (mid-2020)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immunology & Inflammatory Diseases
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Dupixent (dupilumab)(a)
Antibody to IL-4R alpha subunit
|
|
|
-
|
Grass allergy
|
-
|
Atopic dermatitis in pediatrics (6 months–5 years of age) (Phase 2/3)(d)
|
-
|
Atopic dermatitis in pediatrics (6–11 years of age) (U.S. and EU)(d)
|
-
|
Approved by MHLW for CRSwNP in Japan
|
-
|
FDA decision (target action date of May 26, 2020) on supplemental Biologics License Application ("sBLA") and European Commission ("EC") decision (second half 2020) for expanded atopic dermatitis indication in pediatric patients (6–11 years of age)
|
|
|
-
|
Peanut allergy
|
|
|
|
|
|||||
|
|
|
|
|
-
|
Asthma in pediatrics (6–11 years of age)
|
-
|
Auto-injector for 300 mg dose (U.S. and Japan)
|
|
|
|
|
|
|
|
|
|
-
|
Eosinophilic esophagitis
("EOE")(c) |
|
|
|
|
||
|
|
|
|
|
-
|
Chronic obstructive pulmonary disease ("COPD")
|
|
|
|
-
|
Report results from Phase 3 study for atopic dermatitis in pediatric patients (6 months–5 years of age) (2022)
|
|
|
|
|
|
|
-
|
Bullous pemphigoid (Phase 2/3)(c)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Chronic spontaneous urticaria
|
|
|
|
-
|
Report results from Phase 3 study for asthma in pediatric patients (6–11 years of age) (second half 2020)
|
|
|
|
|
|
|
-
|
Prurigo nodularis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
FDA decision on application for 300 mg auto-injector (target action date of June 20, 2020)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Resubmit sBLA for 200 mg auto-injector (second half 2020)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Present results from Phase 2a trial in grass allergy at medical meeting (mid-2020)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Report results from Phase 2 study in peanut allergy (first half 2021)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinical Program (continued)
|
|
Phase 1
|
|
Phase 2
|
|
Phase 3
|
|
Regulatory Review(i)
|
|
2020 Events to Date
|
|
Select Upcoming Milestones(k)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Initiate Phase 3 study in pediatric patients with EOE (second half 2020)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Report results from Phase 2 portion of Phase 2/3 study in EOE (mid-2020)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Initiate Phase 3 studies in hand and foot atopic dermatitis and allergic bronchopulmonary aspergillosis ("ABPA") (second half 2020)
|
Kevzara (sarilumab)(a)
Antibody to IL-6R
|
|
|
-
|
Polyarticular-course juvenile idiopathic arthritis ("pcJIA")
|
-
|
Polymyalgia rheumatica ("PMR")
|
|
|
-
|
Reported preliminary results from Phase 2 portion of Phase 2/3 U.S. study in hospitalized COVID-19 patients and that Phase 3 portion of the study will continue to enroll "critical" patients only
|
-
|
Report results from Phase 3 U.S. study in COVID-19 (June 2020)
|
|
|
-
|
Systemic juvenile idiopathic arthritis ("sJIA")
|
-
|
Giant cell arteritis ("GCA")
|
|
|
|
|
|||
|
|
-
|
Hospitalized "critical" COVID-19 patients
|
|
|
|
|
|||||
REGN3500(a)
Antibody to IL-33.
Studied as monotherapy and in combination with Dupixent.
|
|
|
-
|
Asthma
|
|
|
|
|
-
|
Discontinued further clinical development in atopic dermatitis due to lack of efficacy
|
|
|
|
|
-
|
COPD
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
REGN1908-1909(f)
Multi-antibody therapy to Feld1
|
|
|
-
|
Cat allergy
|
|
|
|
|
|
|
-
|
Report results from Phase 2 study in cat allergic asthmatics (first half 2020)
|
REGN5713-5714-5715
Antibody to Betv1
|
-
|
Birch allergy
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oncology
|
||||||||||||
|
||||||||||||
Libtayo (cemiplimab)(a)(h)
Antibody to PD-1
|
-
|
Solid tumors and advanced hematologic malignancies
|
-
|
Basal cell carcinoma ("BCC")
(potentially pivotal study)
|
-
|
First-line non-small cell lung cancer ("NSCLC"), monotherapy
|
|
|
-
|
Reported that Phase 3 monotherapy trial in first-line NSCLC met its primary endpoint. The Independent Data Monitoring Committee recommended stopping the trial early due to highly significant improvement in overall survival.
|
-
|
Submit sBLA and Marketing Authorization Application ("MAA") for monotherapy NSCLC (second half 2020)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinical Program (continued)
|
|
Phase 1
|
|
Phase 2
|
|
Phase 3
|
|
Regulatory Review(i)
|
|
2020 Events to Date
|
|
Select Upcoming Milestones(k)
|
|
|
|
-
|
Metastatic or locally advanced CSCC(d)
|
-
|
First-line NSCLC, chemotherapy combination
|
|
|
-
|
Reported that Phase 2 study in BCC demonstrated clinically-meaningful and durable responses
|
-
|
Complete patient enrollment in Phase 3 first-line NSCLC chemotherapy combination study (second half 2020)
|
|
|
|
-
|
Neoadjuvant CSCC
|
-
|
Second-line cervical cancer(e)
|
|
|
||||
|
|
|
|
|
-
|
Adjuvant CSCC
|
|
|
-
|
Submit sBLA and MAA in BCC (second half 2020)
|
||
|
|
|
|
|
|
|
|
|
|
|
-
|
Interim analysis from Phase 3 study in cervical cancer (2021)
|
REGN1979
Bispecific antibody targeting CD20 and CD3
|
-
|
Certain B-cell malignancies(c)
|
-
|
B-cell non-Hodgkin lymphoma ("B-NHL") (potentially pivotal study)
|
|
|
|
|
-
|
Expanded potentially pivotal Phase 2 program with different subtypes of NHL
|
-
|
Report updated results from initial study in certain B-cell malignancies (mid-2020)
|
REGN5458(a)
Bispecific antibody targeting BCMA and CD3
|
-
|
Multiple myeloma
|
|
|
|
|
|
|
|
|
-
|
Report updated results from initial study in multiple myeloma (second half 2020)
|
REGN5459(a)
Bispecific antibody targeting BCMA and CD3
|
-
|
Multiple myeloma
|
|
|
|
|
|
|
|
|
|
|
REGN4018(a)
Bispecific antibody targeting MUC16 and CD3
|
-
|
Platinum-resistant ovarian cancer
|
|
|
|
|
|
|
|
|
|
|
REGN5678
Bispecific antibody targeting PSMA and CD28
|
-
|
Prostate cancer
|
|
|
|
|
|
|
|
|
|
|
REGN5093
Bispecific antibody targeting two distinct MET epitopes
|
-
|
MET-altered advanced NSCLC
|
|
|
|
|
|
|
|
|
|
|
REGN3767(f)
Antibody to LAG-3
|
-
|
Solid tumors and advanced hematologic malignancies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinical Program (continued)
|
|
Phase 1
|
|
Phase 2
|
|
Phase 3
|
|
Regulatory Review(i)
|
|
2020 Events to Date
|
|
Select Upcoming Milestones(k)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cardiovascular/Metabolic Diseases
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Praluent (alirocumab)(j)
Antibody to PCSK9
|
|
|
|
|
-
|
Homozygous familial hypercholesterolemia ("HoFH")(c) in adults and pediatrics
|
|
|
-
|
Reported results from Phase 3 study in adult patients with HoFH
|
-
|
Submit sBLA for HoFH in adults (mid-2020)
|
|
|
|
|
-
|
HeFH in pediatrics
|
|
|
|
|
|
|
|
Evinacumab(f) (REGN1500)
Antibody to ANGPTL3
|
|
|
-
|
Refractory hypercholesterolemia (both HeFH and non-FH)
|
-
|
HoFH (U.S.)(c)(d)
|
-
|
HoFH (U.S.)(c)(d)
|
|
|
-
|
Complete rolling BLA submission for HoFH (mid-2020)
|
|
|
|
|
|
|
|
|
-
|
Submit MAA for HoFH (second half 2020)
|
|||
|
|
-
|
Severe hypertriglyceridemia
|
|
|
|
|
|
|
|||
Pozelimab(f) (REGN3918)
Antibody to C5
|
|
|
-
|
Paroxysmal nocturnal hemoglobinuria ("PNH")(c)
|
|
|
|
|
|
|
-
|
Initiate combination program with Alnylam's cemdisiran (second half 2020)
|
|
|
|
-
|
CD55-deficient protein-losing enteropathy(c)
|
|
|
|
|
|
|
-
|
Initiate Phase 3 program in PNH (next 12 months)
|
Garetosmab(f) (REGN2477)
Antibody to Activin A
|
|
|
-
|
Fibrodysplasia ossificans progressiva
("FOP")(c)(e) (potentially pivotal study)
|
|
|
|
|
-
|
Reported results from Phase 2 study in FOP
|
-
|
Submit first regulatory application (in the United States) (second half 2020)
|
|
|
|
|
|
|
|
|
-
|
Initiate Phase 3 study for FOP in pediatrics (2021)
|
|||
REGN4461(f)
Agonist antibody to leptin receptor ("LEPR")
|
|
|
-
|
Generalized lipodystrophy(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pain
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Fasinumab(b)(f) (REGN475)
Antibody to NGF
|
|
|
|
|
-
|
Osteoarthritis pain of the knee or hip(e)
|
|
|
|
|
-
|
Report results from Phase 3 studies in osteoarthritis pain of the knee or hip (mid-2020)
|
REGN5069
Antibody to GFRα3
|
|
|
-
|
Osteoarthritis pain of the knee(e)
|
|
|
|
|
|
|
-
|
Report results from Phase 2 study in osteoarthritis pain of the knee (second half 2020)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinical Program (continued)
|
|
Phase 1
|
|
Phase 2
|
|
Phase 3
|
|
Regulatory Review(i)
|
|
2020 Events to Date
|
|
Select Upcoming Milestones(k)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infectious Diseases
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
REGN-EB3(f)(g) (REGN3470-3471-3479)
Multi-antibody therapy to Ebola virus infection ("Ebola")
|
|
|
|
|
|
|
-
|
Ebola (U.S.)(c)(d)
|
|
|
-
|
FDA decision on BLA for Ebola (target action date of October 25, 2020)
|
Note: For purposes of the table above, a program is classified in Phase 1, 2, or 3 clinical development after recruiting for the corresponding study or studies has commenced
|
||||
(a) In collaboration with Sanofi
|
||||
(b) In collaboration with Teva and Mitsubishi Tanabe Pharma
|
||||
(c) FDA granted orphan drug designation
|
||||
(d) FDA granted Breakthrough Therapy designation
|
||||
(e) FDA granted Fast Track designation
|
||||
(f) Sanofi did not opt-in to or elected not to continue to co-develop the product candidate. Under the terms of our agreement, Sanofi is entitled to receive royalties on any future sales of the product candidate.
|
||||
(g) We and the Biomedical Advanced Research Development Authority ("BARDA") of the U.S. Department of Health and Human Services ("HHS") are parties to agreements whereby HHS provides certain funding to support research, development, and manufacturing of these antibodies.
|
||||
(h) Studied as monotherapy and in combination with other antibodies and treatments
|
||||
(i) Information in this column relates to U.S., EU, and Japan regulatory submissions only
|
||||
(j) In collaboration with Sanofi prior to April 2020. Effective April 2020, the Company is solely responsible for the development and commercialization of Praluent in the United States, and Sanofi is solely responsible for the development and commercialization of Praluent outside of the United States. Refer to "Collaboration Agreements" section below for further details.
|
||||
(k) As described in the section preceding the table above and Part II, Item 1A. "Risk Factors," development timelines may be further subject to change as a result of the impact of the COVID-19 pandemic
|
|
|
Three Months Ended
March 31, |
||||||
(In millions, except per share data)
|
|
2020
|
|
2019
|
||||
Revenues
|
|
$
|
1,828.2
|
|
|
$
|
1,372.6
|
|
Operating expenses
|
|
1,128.1
|
|
|
892.6
|
|
||
Income from operations
|
|
700.1
|
|
|
480.0
|
|
||
Other (expense) income, net
|
|
(31.5
|
)
|
|
66.1
|
|
||
Income before income taxes
|
|
668.6
|
|
|
546.1
|
|
||
Income tax expense
|
|
44.0
|
|
|
85.0
|
|
||
Net income
|
|
$
|
624.6
|
|
|
$
|
461.1
|
|
|
|
|
|
|
||||
Net income per share - diluted
|
|
$
|
5.43
|
|
|
$
|
3.99
|
|
|
|
Three Months Ended
March 31, |
|
|
||||||||
(In millions)
|
|
2020
|
|
2019
|
|
$ Change
|
||||||
Net product sales in the United States:
|
|
|
|
|
|
|
||||||
EYLEA
|
|
$
|
1,172.0
|
|
|
$
|
1,074.1
|
|
|
$
|
97.9
|
|
Libtayo
|
|
61.7
|
|
|
26.8
|
|
|
34.9
|
|
|||
ARCALYST
|
|
3.0
|
|
|
3.5
|
|
|
(0.5
|
)
|
|||
Sanofi and Bayer collaboration revenue:
|
|
|
|
|
|
|
||||||
Sanofi
|
|
246.9
|
|
|
(18.0
|
)
|
|
264.9
|
|
|||
Bayer
|
|
281.4
|
|
|
264.0
|
|
|
17.4
|
|
|||
Other revenue
|
|
63.2
|
|
|
22.2
|
|
|
41.0
|
|
|||
Total revenues
|
|
$
|
1,828.2
|
|
|
$
|
1,372.6
|
|
|
$
|
455.6
|
|
|
|
Three Months Ended
March 31, |
||||||
(In millions)
|
|
2020
|
|
2019
|
||||
Antibody:
|
|
|
|
|
||||
Regeneron's share of profits (losses) in connection with commercialization of antibodies
|
|
$
|
170.9
|
|
|
$
|
(27.8
|
)
|
Reimbursement for manufacturing of commercial supplies(1)
|
|
80.1
|
|
|
14.5
|
|
||
Total Antibody
|
|
251.0
|
|
|
(13.3
|
)
|
||
Immuno-oncology:
|
|
|
|
|
||||
Regeneron's share of losses in connection with commercialization of Libtayo outside the United States
|
|
(6.2
|
)
|
|
(4.7
|
)
|
||
Reimbursement for manufacturing of commercial supplies(1)
|
|
2.1
|
|
|
—
|
|
||
Total Immuno-oncology
|
|
(4.1
|
)
|
|
(4.7
|
)
|
||
Total Sanofi collaboration revenue
|
|
$
|
246.9
|
|
|
$
|
(18.0
|
)
|
|
|
|
|
|
||||
(1) The corresponding costs incurred by us in connection with such production is recorded within Cost of collaboration and contract manufacturing.
|
|
|
Three Months Ended
March 31, |
||||||
(In millions)
|
|
2020
|
|
2019
|
||||
Regeneron's net profit in connection with commercialization of EYLEA outside the United States
|
|
$
|
253.8
|
|
|
$
|
249.3
|
|
Reimbursement for manufacturing of commercial supplies(1)
|
|
27.6
|
|
|
14.7
|
|
||
Total Bayer collaboration revenue
|
|
$
|
281.4
|
|
|
$
|
264.0
|
|
|
|
|
|
|
||||
(1) The corresponding costs incurred by us in connection with such production is recorded within Cost of collaboration and contract manufacturing.
|
|
|
Three Months Ended
March 31, |
||||||
(In millions)
|
|
2020
|
|
2019
|
||||
EYLEA net product sales outside the United States
|
|
$
|
681.7
|
|
|
$
|
669.4
|
|
Regeneron's share of collaboration profit from sales outside the United States
|
|
$
|
268.2
|
|
|
$
|
263.4
|
|
Reimbursement of development expenses incurred by Bayer in accordance with Regeneron's payment obligation
|
|
(14.4
|
)
|
|
(14.1
|
)
|
||
Regeneron's net profit in connection with commercialization of EYLEA outside the United States
|
|
$
|
253.8
|
|
|
$
|
249.3
|
|
|
|
|
|
|
||||
Regeneron's net profit as a percentage of EYLEA net product sales outside the United States
|
|
37
|
%
|
|
37
|
%
|
•
|
recognition of revenue in connection with our agreements with BARDA related to REGN-EB3 for the treatment of Ebola and antibodies for the treatment of COVID-19;
|
•
|
Sanofi's reimbursement for manufacturing commercial supplies of ZALTRAP and a percentage of aggregate net product sales of ZALTRAP under the terms of the Amended ZALTRAP Agreement;
|
•
|
royalties on worldwide sales of Ilaris® (canakinumab) under the terms of a 2009 agreement with Novartis. The royalty rates in the agreement start at 4% and reach 15% when annual sales exceed $1.5 billion, and we are entitled to royalties until Novartis ceases sale of products subject to royalty; and
|
•
|
recognition of revenue in connection with sequencing of samples by the Regeneron Genetics Center® ("RGC") for its customers.
|
|
|
Three Months Ended
March 31, |
|
|
||||||||
(In millions, except headcount data)
|
|
2020
|
|
2019
|
|
$ Change
|
||||||
Research and development(1)
|
|
$
|
583.9
|
|
|
$
|
486.1
|
|
|
$
|
97.8
|
|
Selling, general, and administrative(1)
|
|
367.3
|
|
|
291.1
|
|
|
76.2
|
|
|||
Cost of goods sold(2)
|
|
78.8
|
|
|
70.9
|
|
|
7.9
|
|
|||
Cost of collaboration and contract manufacturing(3)
|
|
138.5
|
|
|
101.2
|
|
|
37.3
|
|
|||
Other operating (income) expense, net
|
|
(40.4
|
)
|
|
(56.7
|
)
|
|
16.3
|
|
|||
Total operating expenses
|
|
$
|
1,128.1
|
|
|
$
|
892.6
|
|
|
$
|
235.5
|
|
|
|
|
|
|
|
|
||||||
Average headcount
|
|
8,030
|
|
|
7,448
|
|
|
582
|
|
|||
|
|
|
|
|
|
|
||||||
(1) Includes cost reimbursements from collaborators who are not deemed to be our customers
|
||||||||||||
(2) Cost of goods sold includes costs in connection with producing commercial supplies for products that are sold by Regeneron in the United States (i.e., for which we record net product sales) and any royalties we are obligated to pay on such sales, period costs for our Limerick manufacturing facility, and amounts we are obligated to pay to Sanofi for its share of Libtayo U.S. gross profits.
|
||||||||||||
(3) Cost of collaboration and contract manufacturing includes costs we incur in connection with producing commercial drug supplies for collaborators and others
|
|
|
Three Months Ended
March 31, |
||||||
(In millions, except effective tax rate)
|
|
2020
|
|
2019
|
||||
Income tax expense
|
|
$
|
44.0
|
|
|
$
|
85.0
|
|
Effective tax rate
|
|
6.6
|
%
|
|
15.6
|
%
|
|
March 31,
|
|
December 31,
|
|
|
||||||
(In millions)
|
2020
|
|
2019
|
|
$ Change
|
||||||
Financial assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
2,208.2
|
|
|
$
|
1,617.8
|
|
|
$
|
590.4
|
|
Marketable securities - current
|
1,795.2
|
|
|
1,596.5
|
|
|
198.7
|
|
|||
Marketable securities - noncurrent
|
3,236.4
|
|
|
3,256.8
|
|
|
(20.4
|
)
|
|||
|
$
|
7,239.8
|
|
|
$
|
6,471.1
|
|
|
$
|
768.7
|
|
|
|
|
|
|
|
||||||
Working capital:
|
|
|
|
|
|
||||||
Current assets
|
$
|
8,644.1
|
|
|
$
|
7,689.1
|
|
|
$
|
955.0
|
|
Current liabilities
|
2,055.2
|
|
|
2,096.6
|
|
|
(41.4
|
)
|
|||
|
$
|
6,588.9
|
|
|
$
|
5,592.5
|
|
|
$
|
996.4
|
|
|
March 31,
|
|
March 31,
|
|
|
||||||
(In millions)
|
2020
|
|
2019
|
|
$ Change
|
||||||
Cash flows provided by operating activities
|
$
|
698.0
|
|
|
$
|
897.0
|
|
|
$
|
(199.0
|
)
|
Cash flows used in investing activities
|
$
|
(443.2
|
)
|
|
$
|
(776.1
|
)
|
|
$
|
332.9
|
|
Cash flows provided by financing activities
|
$
|
335.6
|
|
|
$
|
119.9
|
|
|
$
|
215.7
|
|
•
|
the impact of SARS-CoV-2 (the virus that has caused the COVID-19 pandemic) on our business and the demand for our marketed products, as well as its impact on, among other things, our employees, collaborators, suppliers, and other third parties on which we rely, our ability to continue to manage our supply chain, and the global economy (as further discussed above under "Risks Related to the COVID-19 Pandemic - Our business may be adversely affected by the effects of the COVID-19 pandemic");
|
•
|
effectiveness of the commercial strategy in and outside the United States for the marketing of our products, including pricing strategy;
|
•
|
sufficient coverage of, and reimbursement for, our marketed products by third-party payors, including Medicare and Medicaid in the United States and other government and private payors in the United States and foreign jurisdictions, as well as U.S. and foreign payor restrictions on eligible patient populations and the reimbursement process (including drug price control measures that may be introduced in the United States by various federal and state authorities);
|
•
|
our ability and our collaborators' ability to maintain sales of our marketed products in the face of competitive products and to differentiate our marketed products from competitive products, including as applicable product candidates currently in clinical development; and, in the case of EYLEA, the existing and potential new competition for EYLEA (discussed further under "The commercial success of our products and product candidates is subject to significant competition - Marketed Products" below) and the willingness of retinal specialists and patients to start or continue treatment with EYLEA or to switch from another product to EYLEA;
|
•
|
serious complications or side effects in connection with the use of our marketed products, as discussed under "Risks Related to Maintaining Approval of Our Marketed Products and the Development and Obtaining Approval of Our Product Candidates and New Indications for Our Marketed Products - Serious complications or side effects in connection with the use of our products and in clinical trials for our product candidates and new indications for our marketed products could cause our regulatory approvals to be revoked or limited or lead to delay or discontinuation of development of our product candidates or new indications for our marketed products, which could severely harm our business, prospects, operating results, and financial condition" below;
|
•
|
maintaining and successfully monitoring commercial manufacturing arrangements for our marketed products with third parties who perform fill/finish or other steps in the manufacture of such products to ensure that they meet our standards and those of regulatory authorities, including the FDA, which extensively regulate and monitor pharmaceutical manufacturing facilities;
|
•
|
our ability to meet the demand for commercial supplies of our marketed products;
|
•
|
the outcome of the pending patent infringement proceedings relating to Dupixent and Praluent (described further in Note 11 to our Condensed Consolidated Financial Statements included in this report), as well as other risks relating to our marketed products associated with intellectual property of other parties and pending or future litigation relating thereto (as discussed under "Risks Related to Intellectual Property and Market Exclusivity" below);
|
•
|
the outcome of the pending government investigations described in Note 11 to our Condensed Consolidated Financial Statements included in this report;
|
•
|
the results of post-approval studies, whether conducted by us or by others and whether mandated by regulatory agencies or voluntary, and studies of other products that could implicate an entire class of products or are perceived to do so; and
|
•
|
the effect of existing and new health care laws and regulations currently being considered or implemented in the United States, including price reporting and other disclosure requirements of such laws and regulations and the potential impact of such requirements on physician prescribing practices and payor coverage.
|
•
|
changes in the FDA and foreign regulatory processes for new therapeutics that may delay or prevent the approval of any of our current or future product candidates;
|
•
|
new laws, regulations, or judicial decisions related to healthcare availability or the payment for healthcare products and services, including prescription drugs, that would make it more difficult for us to market and sell products once they are approved by the FDA or foreign regulatory agencies;
|
•
|
changes in FDA and foreign regulations that may require additional safety monitoring prior to or after the introduction of new products to market, which could materially increase our costs of doing business; and
|
•
|
changes in FDA and foreign cGMPs that may make it more difficult and costly for us to maintain regulatory compliance and/or manufacture our marketed product and product candidates in accordance with cGMPs.
|
•
|
unfamiliar foreign laws or regulatory requirements or unexpected changes to those laws or requirements;
|
•
|
other laws and regulatory requirements to which our business activities abroad are subject, such as the FCPA and the U.K. Bribery Act (discussed in greater detail above under "Risks from the improper conduct of employees, agents, contractors, or collaborators could adversely affect our reputation and our business, prospects, operating results, and financial condition");
|
•
|
changes in the political or economic condition of a specific country or region;
|
•
|
fluctuations in the value of foreign currency versus the U.S. dollar;
|
•
|
tariffs, trade protection measures, import or export licensing requirements, trade embargoes, and sanctions (including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury), and other trade barriers;
|
•
|
difficulties in attracting and retaining qualified personnel; and
|
•
|
cultural differences in the conduct of business.
|
•
|
net product sales of our marketed products (as recorded by us or our collaborators), in particular EYLEA, Dupixent, and Libtayo, as well as our overall operating results;
|
•
|
if any of our product candidates or our new indications for our marketed products receive regulatory approval, net product sales of, and profits from, these product candidates and new indications;
|
•
|
market acceptance of, and the market share for, our marketed products, especially EYLEA, Dupixent, and Libtayo;
|
•
|
whether our net product sales and net profits underperform, meet, or exceed the expectations of investors or analysts;
|
•
|
announcement of actions by the FDA or foreign regulatory authorities or their respective advisory committees regarding our, or our collaborators', or our competitors', currently pending or future application(s) for regulatory approval of product candidate(s) or new indications for marketed products;
|
•
|
announcement of submission of an application for regulatory approval of one or more of our, or our competitors', product candidates or new indications for marketed products;
|
•
|
progress, delays, or results in clinical trials of our or our competitors' product candidates or new indications for marketed products;
|
•
|
announcement of technological innovations or product candidates by us or competitors;
|
•
|
claims by others that our products or technologies infringe their patents;
|
•
|
challenges by others to our patents in the EPO and in the USPTO;
|
•
|
public concern as to the safety or effectiveness of any of our marketed products or product candidates or new indications for our marketed products;
|
•
|
pricing or reimbursement actions, decisions, or recommendations by government authorities, insurers, or other organizations (such as health maintenance organizations and pharmacy benefit management companies) affecting the coverage, reimbursement, or use of any of our marketed products or competitors' products;
|
•
|
our ability to raise additional capital as needed on favorable terms;
|
•
|
developments in our relationships with collaborators or key customers;
|
•
|
developments in the biotechnology industry or in government regulation of healthcare, including those relating to compounding (i.e., a practice in which a pharmacist, a physician, or, in the case of an outsourcing facility, a person under the supervision of a pharmacist, combines, mixes, or alters ingredients of a drug to create a medication tailored to the needs of an individual patient);
|
•
|
large sales of our Common Stock by our executive officers or other employees, directors, or significant shareholders (or the expectation of any such sales);
|
•
|
changes in tax rates, laws, or interpretation of tax laws;
|
•
|
arrivals and departures of key personnel;
|
•
|
general market conditions;
|
•
|
our ability to repurchase our Common Stock under any share repurchase program on favorable terms or at all;
|
•
|
trading activity that results from the rebalancing of stock indices in which our Common Stock is included, or the inclusion or exclusion of our Common Stock from such indices;
|
•
|
other factors identified in these "Risk Factors"; and
|
•
|
the perception by the investment community or our shareholders of any of the foregoing factors.
|
•
|
our current executive officers and directors beneficially owned 9.2% of our outstanding shares of Common Stock, assuming conversion of their Class A Stock into Common Stock and the exercise of all options held by such persons which are exercisable within 60 days of April 14, 2020, and 19.8% of the combined voting power of our outstanding shares of Common Stock and Class A Stock, assuming the exercise of all options held by such persons which are exercisable within 60 days of April 14, 2020; and
|
•
|
our five largest shareholders (including our largest shareholder Sanofi) plus Dr. Schleifer, our Chief Executive Officer, beneficially owned approximately 45.9% of our outstanding shares of Common Stock, assuming, in the case of our Chief Executive Officer, the conversion of his Class A Stock into Common Stock and the exercise of all options held by him which are exercisable within 60 days of April 14, 2020. In addition, these five shareholders plus our Chief Executive Officer held approximately 51.9% of the combined voting power of our outstanding shares of Common Stock and Class A Stock, assuming the exercise of all options held by our Chief Executive Officer which are exercisable within 60 days of April 14, 2020.
|
•
|
authorization to issue "blank check" preferred stock, which is preferred stock that can be created and issued by the board of directors without prior shareholder approval, with rights senior to those of our Common Stock and Class A Stock;
|
•
|
a staggered board of directors, so that it would take three successive annual shareholder meetings to replace all of our directors;
|
•
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a requirement that removal of directors may only be effected for cause and only upon the affirmative vote of at least eighty percent (80%) of the outstanding shares entitled to vote for directors, as well as a requirement that any vacancy on the board of directors may be filled only by the remaining directors;
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•
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a provision whereby any action required or permitted to be taken at any meeting of shareholders may be taken without a meeting, only if, prior to such action, all of our shareholders consent, the effect of which is to require that shareholder action may only be taken at a duly convened meeting;
|
•
|
a requirement that any shareholder seeking to bring business before an annual meeting of shareholders must provide timely notice of this intention in writing and meet various other requirements; and
|
•
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under the New York Business Corporation Law, in addition to certain restrictions which may apply to "business combinations" involving our Company and an "interested shareholder," a plan of merger or consolidation of our Company must be approved by two-thirds of the votes of all outstanding shares entitled to vote thereon. See the risk factor above captioned "Our existing shareholders may be able to exert significant influence over matters requiring shareholder approval and over our management."
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Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of a Publicly Announced Program
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
|
|||||
1/1/2020–1/31/2020
|
|
385,019
|
|
|
$
|
353.47
|
|
|
385,019
|
|
|
609,875,630
|
|
2/1/2020–2/29/2020
|
|
198,160
|
|
|
$
|
382.69
|
|
|
198,160
|
|
|
534,041,574
|
|
3/1/2020–3/31/2020
|
|
264,902
|
|
(a)
|
$
|
468.27
|
|
|
135,988
|
|
(a)
|
473,117,435
|
|
Total
|
|
848,081
|
|
(a)
|
|
|
719,167
|
|
(a)
|
|
|||
|
|
|
|
|
|
|
|
|
|||||
(a) The difference between the total number of shares purchased and the total number of shares purchased as part of a publicly announced program is related to Common Stock we elected to purchase from Sanofi (as described above).
|
Exhibit Number
|
|
Description
|
18
|
|
|
31.1
|
|
|
31.2
|
|
|
32
|
|
|
101
|
|
Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language ("Inline XBRL"): (i) the Registrant's Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019; (ii) the Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2020 and 2019; (iii) the Registrant's Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2020 and 2019; (iv) the Registrant's Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019; and (v) the notes to the Registrant's Condensed Consolidated Financial Statements.
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
|
|
|
REGENERON PHARMACEUTICALS, INC.
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|
|
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Date:
|
May 5, 2020
|
|
By:
|
/s/ Robert E. Landry
|
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|
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|
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|
|
|
|
Robert E. Landry
|
|
|
|
|
|
Executive Vice President, Finance and
|
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
(Duly Authorized Officer)
|
|
1 Year Regeneron Pharmaceuticals Chart |
1 Month Regeneron Pharmaceuticals Chart |
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