Regeneron Pharmaceuticals — Aug 1, 2025 release

5 In July 2025, the Company's board of directors declared a cash dividend of $0.88 per share on the Company's common stock and Class A stock, payable on September 3, 2025 to shareholders of record as of August 18, 2025. 2025 Financial Guidance (b) The Company's full year 2025 financial guidance consists of the following components: 2025 Guidance Prior Updated GAAP R&D $5.560–$5.795 billion $5.660–$5.790 billion Non-GAAP R&D (a) $5.000–$5.200 billion $5.100–$5.200 billion GAAP SG&A $2.910–$3.095 billion $2.810–$2.940 billion Non-GAAP SG&A (a) $2.550–$2.700 billion $2.450–$2.550 billion GAAP gross margin on net product sales 83%–84% Approximately 83% Non-GAAP gross margin on net product sales (a) 86%–87% Approximately 86% COCM * $1.000–$1.150 billion $1.000–$1.050 billion Capital expenditures * $850–$950 million $880–$950 million GAAP effective tax rate 9%–11% 11%–13% Non-GAAP effective tax rate (a) 11%–13% Unchanged * GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been or are expected to be recorded 6 A reconciliation of full year 2025 GAAP to non-GAAP financial guidance is included below: Projected Range ($ in millions) Low High GAAP R&D $ 5,660  $ 5,790  Stock-based compensation expense 560  590  Non-GAAP R&D $ 5,100  $ 5,200  GAAP SG&A $ 2,810  $ 2,940  Stock-based compensation expense 360  390  Non-GAAP SG&A $ 2,450  $ 2,550  GAAP gross margin on net product sales 83% 83% Intangible asset amortization expense 2% 2% Stock-based compensation expense 1% 1% Non-GAAP gross margin on net product sales 86% 86% GAAP ETR 11% 13% Income tax effect of GAAP to non-GAAP r