Regeneron 4Q and FY20 Results

Regeneron

4Q Revenues: $2.4 billion (+30%)

4Q Earnings: $1.1 billion (+5%)

YTD Revenues: $8.5 billion (+30%)

YTD Earnings: $3.5 billion (+66%)

Comments: EYLEA U.S. sales increased 10% to $1.3 billion in the quarter. Full year EYLEA sales in the U.S. increased to $4.9 billion, up 7%. Dupixent global sales, which are recorded by Sanofi, increased 56% to $1.17 in the quarter. REGEN-COV antibody cocktail for COVID-19 received FDA Emergency Use Authorization. Regeneron signed an agreement with U.S. government to purchase up to 1.25 million additional doses. Net product sales of REGEN-COV were $146 million in the quarter and $186 million for the full year.

Total revenues also include Sanofi and Bayer collaboration revenues of $678 million in the quarter and $2.4 billion for the year. Sanofi collaboration revenue increased primarily due to the Company's share of profits from commercialization of antibodies, which were $230 million and $785 million in the quarter and full year, respectively, compared to $104 million and $209 million in 4Q and FY19, respectively. R&D expenses were up 35% to $745 million in the quarter.