Regeneron Pharmaceuticals — Oct 28, 2025 release

2025 Financial Guidance* The Company's full year 2025 financial guidance consists of the following components: 2025 Guidance Prior Updated GAAP R&D $5.660–$5.790 billion $5.680–$5.750 billion Non-GAAP R&D (a) $5.100–$5.200 billion $5.150–$5.200 billion GAAP SG&A ** $2.810–$2.940 billion $2.775–$2.845 billion Non-GAAP SG&A (a)** $2.450–$2.550 billion $2.400–$2.450 billion GAAP gross margin on net product sales Approximately 83% Approximately 82% Non-GAAP gross margin on net product sales (a) Approximately 86% Unchanged COCM *** $1.000–$1.050 billion $950 million–$1.000 billion Capital expenditures *** $880–$950 million $850–$890 million GAAP effective tax rate 11%–13% Approximately 14% Non-GAAP effective tax rate (a) 11%–13% Approximately 12% * The Company's 2025 financial guidance does not assume the completion of any business development transactions not completed as of the date of this press release ** The Company's 2025 financial guidance includes potential matching program donations to Good Days, an independent national non-profit charitable organization, to support Good Days’ Retinal Vascular and Neovascular Disease Fund *** GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been or are expected to be recorded 6 A reconciliation of full year 2025 GAAP to non-GAAP financial guidance is included below: Projected Range ($ in millions) Low High GAAP R&D $ 5,680  $ 5,750  Stock-based compensation expense 530  550  Non-GAAP R&D (a) $ 5,150  $ 5,200  GAAP SG&A $ 2,775  $ 2,845  Stock-based compensation expense 350  370  Litigation settlements 25  25  Non-GAAP SG&A (a) $ 2,400  $ 2,450  GAAP gross margin on net product sales 82% 82% Intangible asset amortization expense 2% 2% Stock-based compensation expense 1% 1% Other < 1% < 1% Non-GAAP gross margin on net product sales (a) 86% 86% GAAP ETR 14% 14% Income tax effect of GAAP to non-GAAP reco