Regeneron Pharmaceuticals Inc · Q4 2023 earnings

Briefing

Regeneron's Q4 2023 financial performance showed slight revenue growth and strong performance from key products like Dupixent and Libtayo, while advancing its R&D pipeline.

Regeneron reported a 1% increase in revenue to $3.43 billion for Q4 2023. Excluding Ronapreve, revenue increased by 14%. GAAP diluted EPS was $10.19, and non-GAAP diluted EPS was $11.86. Key products like Dupixent and Libtayo saw significant sales growth. The company also submitted Dupixent sBLA for COPD and linvoseltamab BLA for multiple myeloma to the FDA.

• Q4 2023 revenues increased 1% to $3.43 billion, or 14% excluding Ronapreve.
• Dupixent global net sales increased 31% to $3.22 billion.
• U.S. net sales for EYLEA HD and EYLEA were $1.46 billion, including $123 million from EYLEA HD.
• Libtayo global net sales increased 44% to $244 million.

Headline financials

Revenue & EPS history

Regeneron provided its full year 2024 financial guidance, including GAAP R&D expenses of $4.820–$5.070 billion, non-GAAP R&D expenses of $4.300–$4.500 billion, GAAP SG&A expenses of $2.890–$3.090 billion, non-GAAP SG&A expenses of $2.500–$2.650 billion, COCM of $850–$910 million, capital expenditures of $825–$950 million, GAAP effective tax rate of 8%–10%, and non-GAAP effective tax rate of 10%–12%.