Analyst Conference Summary

Biotechnology

Regeneron Pharmaceuticals
REGN

conference date: February 3, 2025 @ 5:30 AM Pacific Time
for quarter ending: December 31, 2024 (Q4, fourth quarter 2024)


Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $3.72 billion and % from $ billion in the year-earlier quarter.

Net income was $ billion, down % sequentially from $1.34 billion, and up % from $ billion year-earlier.

Diluted Earnings Per Share (EPS) was $, down % sequentially from $11.54 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Leonard S. Schleifer, CEO, said ""

Dupixent sales grew % in Q4 2024. For Chronic rhinosinusitis with nasal polyps in adolescents was granted FDA approval in September 2024. FDA approved for COPD in September 2024. Already approved in EU for COPS.

Competition is increasing in the anti-VEGF eyecare space. But HD is differentiated from other products.

In September 2024, the FDA approved Dupixent as an add-on maintenance treatment for adults with inadequately controlled COPD and an eosinophilic phenotype. Also 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 EMA recommended Dupixent for children with eosinophic esophagitis.

Itepekimab anti IL-33 for COPD in former smokers is in two Phase 3 trials with results expected 2H 2025.

Phase 2 obesity trial underway combining semaglutide with and without garetosmab is underway, hoping for better weight loss with muscle retention.

Regeneron is testing several potential cancer agents, including in combo with Libtayo and 8 different bispecifics, plus one CAR-T therapy.

Future growth will be fueled by the breadth and depth of the pipeline. Genetic medicines portfolio pipeline has high potential future value.

Revenue by type: product sales $ billion. Collaboration revenue $ billion (includes Sanofi Dupixent sales), including Dupixent sold by Sanofi. Other income $ million.

Regeneron product revenue $ millions
therapy Q4 2024 Q3 2024 Q4 2023 y/y
Eylea $ $1,145 $ %
Eylea HD 392
Praluent* 53 %
Evkeeza 32 %
Inmazeb 35 na
Libtayo 289 %

*global sales, including by partners

Non-GAAP results: net income $ billion, up % sequentially from $1.46 billion and up % from $ billion year earlier. Diluted EPS $, up % sequentially from $12.46 and up % from $ year-earlier.

See also the Regeneron Pipeline.

Cash and equivalents balance ended at $ billion, up sequentially from $18.3 billion. $ billion long-term debt. Cash from operations was $ billion, free cash flow $ billion. $ million was used for shares repurchased in the quarter.

GAAP expenses of $ billion consisted of: cost of goods sold $ million; research and development $ billion; acquired in-process R&D $ million; selling, general and administrative $ million; collaboration manufacturing costs $ million; other operating expense $ million. Leaving income from operations of $ billion. Other income was $ million. Income tax $ million.

Q&A selective summary:

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Disclaimer: My analyst call summaries may include both condensations of statements made by company representatives and my own analysis. They are not covered by any warranty. I cannot guarantee anything said by company representatives is true. These are my personal notes and serve as the basis of my Seeking Alpha articles.

Copyright 2025 William P. Meyers