Regeneron Pharmaceuticals — Apr 29, 2026 release

6 2026 Financial Guidance* The Company's full year 2026 financial guidance consists of the following components: 2026 Guidance Prior Updated GAAP R&D $6.450–$6.680 billion Unchanged Non-GAAP R&D (a) $5.900–$6.100 billion Unchanged GAAP SG&A $2.860–$3.040 billion Unchanged Non-GAAP SG&A (a) $2.500–$2.650 billion Unchanged GAAP gross margin on net product sales 79%–80% 77%–78% Non-GAAP gross margin on net product sales (a) 83%–84% Unchanged GAAP COCM $940 million–$1.020 billion $955 million–$1.035 billion Non-GAAP COCM (a) $940 million–$1.020 billion Unchanged Capital expenditures $1.100–$1.300 billion $1.100–$1.200 billion GAAP effective tax rate 12%–14% Unchanged Non-GAAP effective tax rate (a) 13%–15% Unchanged * The Company's 2026 financial guidance does not assume the completion of any business development transactions not completed as of the date of this press release 7 A reconciliation of full year 2026 GAAP to non-GAAP financial guidance is included below: Projected Range ($ in millions) Low High GAAP R&D $ 6,450  $ 6,680  Stock-based compensation expense (550) (580) Non-GAAP R&D (a) $ 5,900  $ 6,100  GAAP SG&A $ 2,860  $ 3,040  Stock-based compensation expense (350) (370) Other* (10) (20) Non-GAAP SG&A (a) $ 2,500  $ 2,650  GAAP gross margin on net product sales 77% 78% Stock-based compensation expense 1% 1% Other** 5% 5% Non-GAAP gross margin on net product sales (a) 83% 84% GAAP COCM $ 955 $ 1,035 Temporary manufacturing interruption-related costs (15) (15) Non-GAAP COCM (a) $ 940  $ 1,020  GAAP ETR 12% 14% Income tax effect of GAAP to non-GAAP reconciling items 1% 1% Income tax expense: Shortfall from stock-based compensation (<1%) (<1%) Non-GAAP ETR (a) 13% 15% * Inclu