Regeneron Reports Third Quarter 2024 Financial and Operating Results
- Thirdquarter 2024 revenues increased 11% to
$3 .72 billion versus third quarter 2023 - Third quarter 2024 Dupixent®global net sales(recorded by Sanofi) increased 23% to
$3 .82 billion versus third quarter 2023 - Third quarter 2024 U.S. net sales for EYLEA HD®and EYLEA®increased 3% versus third quarter 2023 to
$1 .54 billion, including$392 million from EYLEA HD - Third quarter 2024 Libtayo®global net sales increased 24% to
$289 million versus third quarter 2023 - Third quarter 2024 GAAP diluted EPS increased 30% to
$11.54 and non-GAAP diluted EPS(a)increased 8% to$12.46 versus third quarter 2023; third quarter 2024 includes unfavorable$0.43 impact from acquired IPR&D charge - FDA approved Dupixent as first-ever biologic therapy in
U.S. for treatment of inadequately controlled chronic obstructive pulmonary disease (COPD) and an eosinophilic phenotype - Positive results reported for Dupixent pivotal trials in chronic spontaneous urticaria (CSU) and bullous pemphigoid (BP); CSU sBLA resubmitted and BP sBLA submission planned for fourth quarter 2024
"
Financial Highlights
| ($ in millions, except per share data) | Q3 2024 | Q3 2023 | % Change | ||||||
| Total revenues | $ | 3,721 | $ | 3,363 | 11 | % | |||
| GAAP net income | $ | 1,341 | $ | 1,008 | 33 | % | |||
| GAAP net income per share - diluted | $ | 11.54 | $ | 8.89 | 30 | % | |||
| Non-GAAP net income(a) | $ | 1,462 | $ | 1,329 | 10 | % | |||
| Non-GAAP net income per share - diluted(a) | $ | 12.46 | $ | 11.59 | 8 | % | |||
"Our strong third quarter financial performance was highlighted by double-digit revenue growth and continued investment in our growing pipeline," said
Business Highlights
Key Pipeline Progress
EYLEA HD (aflibercept) 8 mg
- The Company announced positive three-year (156-week) data from an extension study of the Phase 3 PHOTON trial in patients with diabetic macular edema (DME). At three years, the longer-term data showed the vast majority of EYLEA HD patients who entered the extension study sustained the visual gains and anatomic improvements achieved by the end of the second year. Of the EYLEA HD patients who completed the full 156 weeks of treatment, 48% were assigned a dosing interval of ≥20 weeks at the end of the third year. The results were presented at the
American Academy of Ophthalmology (AAO) Annual Meeting.
Dupixent (dupilumab)
- In
September 2024 , theU.S. Food and Drug Administration (FDA) approved Dupixent as an add-on maintenance treatment for adults with inadequately controlled COPD and an eosinophilic phenotype. With this approval, Dupixent is the first biologic medicine approved inthe United States ,European Union (EU), andChina to treat these patients. - In
September 2024 , the FDA approved Dupixent as an add-on maintenance treatment for adolescents aged 12 to 17 years with inadequately controlled chronic rhinosinusitis with nasal polyposis (CRSwNP). - The European Medicines Agency’s (EMA)
Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion recommending expanded approval of Dupixent in the EU to treat children aged 1 to 11 years with eosinophilic esophagitis (EoE). TheEuropean Commission (EC) is expected to announce a final decision in the coming months. - The Company and Sanofi announced that a confirmatory Phase 3 trial met the primary and key secondary endpoints for the investigational treatment of patients with uncontrolled, biologic-naïve CSU receiving background therapy with antihistamines, showing treatment with Dupixent resulted in a nearly 50% reduction in itch and urticaria activity scores from baseline. This positive trial confirms results from the first Phase 3 trial of Dupixent in this setting and these data supported the recent resubmission of a supplemental Biologics License Application (sBLA) to the FDA.
- The Company and Sanofi announced that a Phase 3 trial in bullous pemphigoid met the primary and all key secondary endpoints evaluating the investigational use in adults with moderate-to-severe disease. In the trial, five times more Dupixent patients achieved sustained disease remission compared to those on placebo. This trial will support global regulatory submissions, including the anticipated fourth quarter 2024 submission in
the United States .
Oncology Programs
- In
August 2024 , the EC approved OrdsponoTM(odronextamab) to treat adult patients with relapsed or refractory (R/R) follicular lymphoma (FL) or R/R diffuse large B-cell lymphoma (DLBCL), after two or more lines of systemic therapy. - The Company announced five-year results from the final pre-specified overall survival (OS) analysis of a Phase 3 trial, which evaluated Libtayo (cemiplimab) monotherapy versus chemotherapy as a first-line treatment for certain adults with advanced non-small cell lung cancer (NSCLC) with ≥50% PD-L1 expression. The results were presented at the IASLC 2024
World Conference on Lung Cancer . - The Company submitted a regulatory application in
Japan for Libtayo for first-line advanced NSCLC (monotherapy and chemotherapy combination). - A Phase 2 study for Libtayo in neoadjuvant NSCLC was initiated.
- The Company presented new, two-year results at the
European Society for Medical Oncology (ESMO) Annual Meeting, evaluating the investigational combination of fianlimab, an antibody to LAG-3, and Libtayo in adults with advanced melanoma across three independent expansion cohorts of a first-in-human, multi-cohort trial. These longer-term results show high clinical activity, including deepening responses, per a blinded independent central review. - In
August 2024 , the FDA issued a Complete Response Letter (CRL) for the BLA for linvoseltamab, a bispecific antibody targeting BCMA and CD3, in R/R multiple myeloma that has progressed after at least three prior therapies. The sole approvability issue identified is related to findings from a pre-approval inspection at a third-party fill/finish manufacturer. Resolution of this issue will be required for both FDA and EC regulatory approvals.
Other Programs
- A Phase 3 study was initiated for pozelimab, an antibody to C5, in combination with cemdisiran, an siRNA therapy, in geographic atrophy.
- A Phase 2 study for REGN7999, an antibody to TMPRSS6, for the treatment of iron overload in patients with beta-thalassemia was initiated.
Third Quarter 2024 Financial Results
Revenues
| ($ in millions) | Q3 2024 | Q3 2023 | % Change | |||||||
| Net product sales: | ||||||||||
| EYLEA HD - | $ | 392 | $ | 43 | * | |||||
| EYLEA - | 1,145 | 1,448 | (21 | %) | ||||||
| Total EYLEA HD and EYLEA - | 1,537 | 1,491 | 3 | % | ||||||
| Libtayo - Global | 289 | 232 | 25 | % | ||||||
| Praluent®- | 53 | 40 | 33 | % | ||||||
| Evkeeza®- | 32 | 19 | 68 | % | ||||||
| Inmazeb®- Global | 35 | 4 | * | |||||||
| Total net product sales | 1,946 | 1,786 | 9 | % | ||||||
| Collaboration revenue: | ||||||||||
| Sanofi | 1,263 | 1,065 | 19 | % | ||||||
| Bayer | 391 | 377 | 4 | % | ||||||
| Other | 6 | (3 | ) | * | ||||||
| Other revenue | 114 | 138 | (17 | %) | ||||||
| Total revenues | $ | 3,720 | $ | 3,363 | 11 | % | ||||
| * Percentage not meaningful | ||||||||||
Total EYLEA HD and EYLEA net product sales in the
Sanofi collaboration revenue increased in the third quarter of 2024, compared to the third quarter of 2023, due to an increase in the Company's share of profits from commercialization of antibodies, which were
Refer to Table 4 for a summary of collaboration revenue.
Operating Expenses
| GAAP | %Change | Non-GAAP(a) | %Change | ||||||||||||||||
| ($ in millions) | Q3 2024 | Q3 2023 | Q3 2024 | Q3 2023 | |||||||||||||||
| Research and development (R&D) | $ | 1,272 | $ | 1,075 | 18 | % | $ | 1,146 | $ | 954 | 20 | % | |||||||
| Acquired in-process research and development (IPR&D) | $ | 56 | $ | 100 | (44 | %) | * | * | n/a | ||||||||||
| Selling, general, and administrative (SG&A) | $ | 714 | $ | 641 | 11 | % | $ | 613 | $ | 534 | 15 | % | |||||||
| Cost of goods sold (COGS) | $ | 262 | $ | 225 | 16 | % | $ | 217 | $ | 181 | 20 | % | |||||||
| Cost of collaboration and contract manufacturing (COCM) | $ | 229 | $ | 212 | 8 | % | * | * | n/a | ||||||||||
| Other operating expense (income), net | $ | 8 | $ | (1 | ) | ** | $ | — | * | ** | |||||||||
| * GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been recorded. | |||||||||||||||||||
| ** Percentage not meaningful | |||||||||||||||||||
- GAAP and non-GAAP R&D expenses increased in the third quarter of 2024, compared to the third quarter of 2023, driven by the advancement of the Company's clinical pipeline, including late-stage oncology programs, and higher headcount and headcount-related costs.
- Acquired IPR&D for the third quarter of 2024 included a $45 million development milestone in connection with the Company's collaboration agreement with
Sonoma Biotherapeutics, Inc. Acquired IPR&D expense in the third quarter of 2023 related to a$100 million development milestone in connection with the Company's collaboration with Alnylam Pharmaceuticals, Inc. - GAAP and non-GAAP SG&A expenses increased in the third quarter of 2024, compared to the third quarter of 2023, due to higher commercialization-related expenses to support the Company's launch of EYLEA HD and higher headcount and headcount-related costs partly related to the Company's international commercial expansion.
- GAAP and non-GAAP COGS increased in the third quarter of 2024, compared to the third quarter of 2023, primarily due to higher start-up costs for the Company's
Rensselaer, New York fill/finish facility.
Other Financial Information
GAAP other income (expense) included the recognition of net unrealized gains on equity securities of
In the third quarter of 2024, the Company's GAAP effective tax rate (ETR) was 10.2%, compared to 9.3% in the third quarter of 2023. The GAAP ETR increased in the third quarter of 2024, compared to the third quarter of 2023, due to a lower benefit from income earned in foreign jurisdictions with tax rates lower than the
GAAP net income per diluted share was
During the third quarter of 2024, the Company repurchased shares of its common stock and recorded the cost of the shares, or $738 million, as Treasury Stock. As of
2024 Financial Guidance(c)
The Company's full year 2024 financial guidance consists of the following components:
| 2024 Guidance | ||||
| Prior | Updated | |||
| GAAP R&D | ||||
| Non-GAAP R&D(a) | ||||
| GAAP SG&A | ||||
| Non-GAAP SG&A(a) | ||||
| GAAP gross margin on net product sales(d) | Approximately 86% | Unchanged | ||
| Non-GAAP gross margin on net product sales(a)(d) | Approximately 89% | Unchanged | ||
| COCM(e)* | $850–$910 million | $860–$900 million | ||
| Capital expenditures* | $750–$820 million | $700–$740 million | ||
| GAAP effective tax rate | 8%–9% | Unchanged | ||
| Non-GAAP effective tax rate(a) | 10%–11% | Unchanged | ||
| * GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been or are expected to be recorded. | ||||
A reconciliation of full year 2024 GAAP to non-GAAP financial guidance is included below:
| ($ in millions) | Low | High | ||||||
| GAAP R&D | $ | 5,055 | $ | 5,145 | ||||
| Stock-based compensation expense | 520 | 540 | ||||||
| Acquisition and integration costs | 10 | 30 | ||||||
| Non-GAAP R&D | $ | 4,525 | $ | 4,575 | ||||
| GAAP SG&A | $ | 2,930 | $ | 3,020 | ||||
| Stock-based compensation expense | 340 | 360 | ||||||
| Acquisition, integration, and other costs | 40 | 60 | ||||||
| Non-GAAP SG&A | $ | 2,550 | $ | 2,600 | ||||
| GAAP gross margin on net product sales | Approximately 86% | Approximately 86% | ||||||
| Stock-based compensation expense | 1 | % | 1 | % | ||||
| Intangible asset amortization expense | 1 | % | 1 | % | ||||
| Acquisition and integration costs | <1% | <1% | ||||||
| Non-GAAP gross margin on net product sales | Approximately 89% | Approximately 89% | ||||||
| GAAP ETR | 8 | % | 9 | % | ||||
| Income tax effect of GAAP to non-GAAP reconciling items | 2 | % | 2 | % | ||||
| Non-GAAP ETR | 10 | % | 11 | % | ||||
| (a) | This press release uses non-GAAP R&D, non-GAAP SG&A, non-GAAP COGS, non-GAAP gross margin on net product sales, non-GAAP other operating (income) expense, net, non-GAAP other income (expense), net, non-GAAP ETR, non-GAAP net income, non-GAAP net income per share, total revenues excluding RonapreveTM(b), and free cash flow, which are financial measures that are not calculated in accordance with |
| (b) | The casirivimab and imdevimab antibody cocktail for COVID-19 is known as REGEN-COV®in |
| (c) | The Company's 2024 financial guidance does not assume the completion of any business development transactions not completed as of the date of this press release. |
| (d) | Gross margin on net product sales represents gross profit expressed as a percentage of total net product sales recorded by the Company. Gross profit is calculated as net product sales less cost of goods sold. |
| (e) | Corresponding reimbursements from collaborators and others for manufacturing of commercial supplies is recorded within revenues. |
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This press release includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of
Non-GAAP Financial Measures
This press release and/or the financial results attached to this press release include amounts that are considered "non-GAAP financial measures" under
| Contact Information: | ||
| Investor Relations | Corporate Affairs | |
| 914-847-8790 | 914-847-8827 | |
| ryan.crowe@regeneron.com | christina.chan@regeneron.com | |
TABLE 1
| 2024 | 2023 | |||||
| Assets: | ||||||
| Cash and marketable securities | $ | 18,287.4 | $ | 16,241.3 | ||
| Accounts receivable, net | 6,107.1 | 5,667.3 | ||||
| Inventories | 3,018.0 | 2,580.5 | ||||
| Property, plant, and equipment, net | 4,439.2 | 4,146.4 | ||||
| Intangible assets, net | 1,120.1 | 1,038.6 | ||||
| Deferred tax assets | 3,015.1 | 2,575.4 | ||||
| Other assets | 1,455.0 | 830.7 | ||||
| Total assets | $ | 37,441.9 | $ | 33,080.2 | ||
| Liabilities and stockholders' equity: | ||||||
| Accounts payable, accrued expenses, and other liabilities | $ | 4,577.4 | $ | 3,818.6 | ||
| Finance lease liabilities | 720.0 | 720.0 | ||||
| Deferred revenue | 834.6 | 585.6 | ||||
| Long-term debt | 1,984.0 | 1,982.9 | ||||
| Stockholders' equity | 29,325.9 | 25,973.1 | ||||
| Total liabilities and stockholders' equity | $ | 37,441.9 | $ | 33,080.2 | ||
TABLE 2
| Three Months Ended | Nine Months Ended | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Net product sales | $ | 1,946.4 | $ | 1,786.1 | $ | 5,626.3 | $ | 5,226.2 | ||||||||
| Collaboration revenue | 1,660.1 | 1,438.3 | 4,450.9 | 4,133.1 | ||||||||||||
| Other revenue | 114.2 | 138.3 | 335.6 | 323.6 | ||||||||||||
| 3,720.7 | 3,362.7 | 10,412.8 | 9,682.9 | |||||||||||||
| Expenses: | ||||||||||||||||
| Research and development | 1,271.5 | 1,075.3 | 3,719.9 | 3,261.8 | ||||||||||||
| Acquired in-process research and development | 56.2 | 100.0 | 87.2 | 156.1 | ||||||||||||
| Selling, general, and administrative | 714.4 | 640.5 | 2,162.2 | 1,893.6 | ||||||||||||
| Cost of goods sold | 262.3 | 224.5 | 760.5 | 625.3 | ||||||||||||
| Cost of collaboration and contract manufacturing | 228.8 | 211.9 | 644.6 | 673.5 | ||||||||||||
| Other operating expense (income), net | 8.0 | (0.5 | ) | 37.9 | (1.6 | ) | ||||||||||
| 2,541.2 | 2,251.7 | 7,412.3 | 6,608.7 | |||||||||||||
| Income from operations | 1,179.5 | 1,111.0 | 3,000.5 | 3,074.2 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Other income (expense), net | 327.3 | 17.6 | 866.0 | 32.2 | ||||||||||||
| Interest expense | (13.8 | ) | (17.8 | ) | (44.7 | ) | (54.7 | ) | ||||||||
| 313.5 | (0.2 | ) | 821.3 | (22.5 | ) | |||||||||||
| Income before income taxes | 1,493.0 | 1,110.8 | 3,821.8 | 3,051.7 | ||||||||||||
| Income tax expense | 152.4 | 103.0 | 326.9 | 257.7 | ||||||||||||
| Net income | $ | 1,340.6 | $ | 1,007.8 | $ | 3,494.9 | $ | 2,794.0 | ||||||||
| Net income per share - basic | $ | 12.40 | $ | 9.48 | $ | 32.36 | $ | 26.16 | ||||||||
| Net income per share - diluted | $ | 11.54 | $ | 8.89 | $ | 30.23 | $ | 24.57 | ||||||||
| Weighted average shares outstanding - basic | 108.1 | 106.3 | 108.0 | 106.8 | ||||||||||||
| Weighted average shares outstanding - diluted | 116.2 | 113.4 | 115.6 | 113.7 | ||||||||||||
TABLE 3
| Three Months Ended | Nine Months Ended | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| GAAP R&D | $ | 1,271.5 | $ | 1,075.3 | $ | 3,719.9 | $ | 3,261.8 | ||||||||
| Stock-based compensation expense | 123.7 | 107.4 | 369.1 | 356.0 | ||||||||||||
| Acquisition and integration costs | 2.0 | 13.5 | 11.1 | 17.7 | ||||||||||||
| Non-GAAP R&D | $ | 1,145.8 | $ | 954.4 | $ | 3,339.7 | $ | 2,888.1 | ||||||||
| GAAP SG&A | $ | 714.4 | $ | 640.5 | $ | 2,162.2 | $ | 1,893.6 | ||||||||
| Stock-based compensation expense | 83.1 | 74.4 | 251.9 | 224.5 | ||||||||||||
| Acquisition, integration, and other costs | 18.2 | 32.4 | 46.7 | 58.5 | ||||||||||||
| Non-GAAP SG&A | $ | 613.1 | $ | 533.7 | $ | 1,863.6 | $ | 1,610.6 | ||||||||
| GAAP COGS | $ | 262.3 | $ | 224.5 | $ | 760.5 | $ | 625.3 | ||||||||
| Stock-based compensation expense | 18.3 | 22.1 | 57.4 | 64.1 | ||||||||||||
| Acquisition and integration costs | 0.5 | 0.9 | 1.7 | 1.4 | ||||||||||||
| Intangible asset amortization expense | 26.1 | 20.7 | 74.4 | 59.0 | ||||||||||||
| Charges related to REGEN-COV | — | — | — | (10.0 | ) | |||||||||||
| Non-GAAP COGS | $ | 217.4 | $ | 180.8 | $ | 627.0 | $ | 510.8 | ||||||||
| GAAP other operating expense (income), net | $ | 8.0 | $ | (0.5 | ) | $ | 37.9 | $ | (1.6 | ) | ||||||
| Change in fair value of contingent consideration | 8.0 | — | 37.9 | — | ||||||||||||
| Non-GAAP other operating expense (income), net | $ | — | $ | (0.5 | ) | $ | — | $ | (1.6 | ) | ||||||
| GAAP other income (expense), net | $ | 313.5 | $ | (0.2 | ) | $ | 821.3 | $ | (22.5 | ) | ||||||
| (Gains) losses on investments, net | (134.7 | ) | 127.0 | (331.2 | ) | 324.5 | ||||||||||
| Non-GAAP other income (expense), net | $ | 178.8 | $ | 126.8 | $ | 490.1 | $ | 302.0 | ||||||||
| GAAP net income | $ | 1,340.6 | $ | 1,007.8 | $ | 3,494.9 | $ | 2,794.0 | ||||||||
| Total of GAAP to non-GAAP reconciling items above | 145.2 | 398.4 | 519.0 | 1,095.7 | ||||||||||||
| Income tax effect of GAAP to non-GAAP reconciling items | (23.4 | ) | (77.1 | ) | (84.4 | ) | (211.5 | ) | ||||||||
| Non-GAAP net income | $ | 1,462.4 | $ | 1,329.1 | $ | 3,929.5 | $ | 3,678.2 | ||||||||
| Non-GAAP net income per share - basic | $ | 13.53 | $ | 12.50 | $ | 36.38 | $ | 34.44 | ||||||||
| Non-GAAP net income per share - diluted | $ | 12.46 | $ | 11.59 | $ | 33.53 | $ | 31.90 | ||||||||
| Shares used in calculating: | ||||||||||||||||
| Non-GAAP net income per share - basic | 108.1 | 106.3 | 108.0 | 106.8 | ||||||||||||
| Non-GAAP net income per share - diluted | 117.4 | 114.7 | 117.2 | 115.3 | ||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (Unaudited)(continued) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue reconciliation: | ||||||||||||||||
| Total revenues | $ | 3,720.7 | $ | 3,362.7 | $ | 10,412.8 | $ | 9,682.9 | ||||||||
| Global gross profits earned in connection with sales ofRonapreve | 0.5 | — | 1.4 | 222.2 | ||||||||||||
| Other | — | (5.7 | ) | — | (9.5 | ) | ||||||||||
| Total revenues excluding Ronapreve | $ | 3,720.2 | $ | 3,368.4 | $ | 10,411.4 | $ | 9,470.2 | ||||||||
| Effective tax rate reconciliation: | ||||||||||||||||
| GAAP ETR | 10.2 | % | 9.3 | % | 8.6 | % | 8.4 | % | ||||||||
| Income tax effect of GAAP to non-GAAP reconciling items | 0.5 | % | 2.6 | % | 0.9 | % | 2.9 | % | ||||||||
| Non-GAAP ETR | 10.7 | % | 11.9 | % | 9.5 | % | 11.3 | % | ||||||||
| Nine Months Ended | ||||||||||||||||
| 2024 | 2023 | |||||||||||||||
| Free cash flow reconciliation: | ||||||||||||||||
| Net cash provided by operating activities | $ | 3,157.7 | $ | 3,504.3 | ||||||||||||
| Capital expenditures | (556.3 | ) | (467.2 | ) | ||||||||||||
| Free cash flow | $ | 2,601.4 | $ | 3,037.1 | ||||||||||||
TABLE 4
| Three Months Ended | Nine Months Ended | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Sanofi collaboration revenue: | ||||||||||||||
| $ | 1,088.3 | $ | 863.0 | $ | 2,880.6 | $ | 2,250.6 | |||||||
| Sales-based milestones earned | — | 50.0 | — | 50.0 | ||||||||||
| Reimbursement for manufacturing of commercial supplies | 175.1 | 151.5 | 438.2 | 506.0 | ||||||||||
| Total Sanofi collaboration revenue | 1,263.4 | 1,064.5 | 3,318.8 | 2,806.6 | ||||||||||
| Bayer collaboration revenue: | ||||||||||||||
| 367.6 | 349.9 | 1,054.5 | 1,031.0 | |||||||||||
| Reimbursement for manufacturing of ex- | 23.2 | 27.2 | 67.4 | 79.7 | ||||||||||
| Total Bayer collaboration revenue | 390.8 | 377.1 | 1,121.9 | 1,110.7 | ||||||||||
| Other collaboration revenue: | ||||||||||||||
| Global gross profits earned from Roche in connection withsales of Ronapreve | 0.5 | — | 1.4 | 222.2 | ||||||||||
| Other | 5.4 | (3.3 | ) | 8.8 | (6.4 | ) | ||||||||
| Total collaboration revenue | $ | 1,660.1 | $ | 1,438.3 | $ | 4,450.9 | $ | 4,133.1 | ||||||
TABLE 5
| Three Months Ended | |||||||||||||||||||||
| 2024 | 2023 | % Change | |||||||||||||||||||
| ROW(g) | Total | ROW | Total | (Total Sales) | |||||||||||||||||
| EYLEA HD and EYLEA(a) | $ | 1,536.9 | $ | 931.7 | $ | 2,468.6 | $ | 1,490.9 | $ | 872.2 | $ | 2,363.1 | 4 | % | |||||||
| Dupixent(b) | $ | 2,824.7 | $ | 992.5 | $ | 3,817.2 | $ | 2,366.3 | $ | 731.3 | $ | 3,097.6 | 23 | % | |||||||
| Libtayo(c) | $ | 194.5 | $ | 94.1 | $ | 288.6 | $ | 144.1 | $ | 88.3 | $ | 232.4 | 24 | % | |||||||
| Praluent(d) | $ | 52.9 | $ | 138.5 | $ | 191.4 | $ | 40.4 | $ | 125.1 | $ | 165.5 | 16 | % | |||||||
| Kevzara(b) | $ | 72.7 | $ | 47.4 | $ | 120.1 | $ | 52.4 | $ | 43.3 | $ | 95.7 | 25 | % | |||||||
| REGEN-COV(e) | $ | — | $ | 1.2 | $ | 1.2 | $ | — | $ | — | $ | — | * | ||||||||
| Other products(f) | $ | 68.2 | $ | 23.2 | $ | 91.4 | $ | 23.4 | $ | 15.5 | $ | 38.9 | 135 | % | |||||||
| Nine Months Ended | |||||||||||||||||||||
| 2024 | 2023 | % Change | |||||||||||||||||||
| ROW | Total | ROW | Total | (Total Sales) | |||||||||||||||||
| EYLEA HD and EYLEA(a) | $ | 4,473.2 | $ | 2,688.9 | $ | 7,162.1 | $ | 4,424.8 | $ | 2,605.6 | $ | 7,030.4 | 2 | % | |||||||
| Dupixent(b) | $ | 7,652.9 | $ | 2,797.5 | $ | 10,450.4 | $ | 6,369.6 | $ | 2,002.4 | $ | 8,372.0 | 25 | % | |||||||
| Libtayo(c) | $ | 536.1 | $ | 313.8 | $ | 849.9 | $ | 384.0 | $ | 241.0 | $ | 625.0 | 36 | % | |||||||
| Praluent(d) | $ | 179.0 | $ | 405.6 | $ | 584.6 | $ | 121.1 | $ | 330.6 | $ | 451.7 | 29 | % | |||||||
| Kevzara(b) | $ | 187.8 | $ | 136.1 | $ | 323.9 | $ | 148.5 | $ | 125.2 | $ | 273.7 | 18 | % | |||||||
| REGEN-COV(e) | $ | — | $ | 3.5 | $ | 3.5 | $ | — | $ | 613.2 | $ | 613.2 | (99 | %) | |||||||
| Other products(f) | $ | 124.4 | $ | 61.7 | $ | 186.1 | $ | 64.0 | $ | 48.9 | $ | 112.9 | 65 | % | |||||||
| Note: The table above includes net product sales of | |||||||||||||||||||||
| * Percentage not meaningful | |||||||||||||||||||||
| (a)The Company records net product sales of EYLEA HD and EYLEA in | |||||||||||||||||||||
| (b)Sanofi records global net product sales of Dupixent and Kevzara, and the Company records its share of profits in connection with global sales of such products within Collaboration revenue. | |||||||||||||||||||||
| (c)The Company records global net product sales of Libtayo and pays Sanofi a royalty on such sales. Prior to | |||||||||||||||||||||
| (d)The Company records net product sales of Praluent in | |||||||||||||||||||||
| (e)Roche records net product sales outside | |||||||||||||||||||||
| (f)Included in this line item are products which are sold by the Company and others. Refer to "Third Quarter 2024 Financial Results" section above for a complete listing of net product sales recorded by the Company. Not included in this line item are net product sales of ARCALYST®, which are recorded by Kiniksa; net product sales of ARCALYST were | |||||||||||||||||||||
| (g)Rest of world (ROW) | |||||||||||||||||||||
Source: Regeneron Pharmaceuticals, Inc.