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Regeneron Pharmaceuticals — Jan 12, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001104659-26-002691
Open on SEC.gov ↗
Showing in the filing
GAAP R&D expense
“~$6.5 billion”
Period
FY2026
Measure
Company-defined measure
Source
Prose
All guidance in this release · 3
GAAP R&D expense for FY2026
“~$6.5 billion”
Investment committed to U.S. manufacturing a…
“~$6B”
Non-GAAP R&D spend expected in 2026 for FY2026
“$7B+”
Exhibit 99.1 · the passage around this item
… earlier in the release
YoY growth 27% WW YoY growth Q3 2025 global net sales $365M 27% WW YoY growth Q4 2025 U.S. net sales $1.1B 6 Deploying capital to maximize long-term value creation Disciplined capital allocation approach laying the foundation for Regeneron’s next wave of innovation * Reflects estimated Non-GAAP R&D expense, which excludes SBC. GAAP R&D expense for 2026 is estimated to be ~$6.5 billion. Formal financial guidance will be provided at Q4 2025 earnings. † License agreement with Hansoh Pharma. ‡ Global collaboration with Tessera Therapeutics, Inc. is subject to customary closing conditions, including applicable regulatory agency clearances under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the U.S. § Based on preliminary, unaudited results. As of December 31, 2025, ~$1.5B was remaining under current share repurchase program. Internal Investment Investing in world-class R&D capabilities and infrastructure to support sustainable growth Leveraging external innovation to complement internal R&D Expand through complementary opportunities across early and late development stages • Collaboration with Alnylam, including in-licensing of cemdisiran (C5 siRNA) • GLP-1/GIP in-licensed for obesity franchise expansion† • Global collaborations for investigative gene editing therapies with Intellia, Mammoth and Tessera ‡ Rewarding shareholders through opportunistic share repurchases and dividends ~$6B committed to U.S. manufacturing and R&D infrastructure expansion over the coming years Non-GAAP R&D* spend expected in 2026 $7B+ Capital returned to shareholders i
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.