Regeneron Pharmaceuticals — Oct 31, 2024 release

2024 Financial Guidance (c) The Company's full year 2024 financial guidance consists of the following components: 2024 Guidance Prior Updated GAAP R&D $5.020–$5.170 billion $5.055–$5.145 billion Non-GAAP R&D (a) $4.500–$4.600 billion $4.525–$4.575 billion GAAP SG&A $2.920–$3.060 billion $2.930–$3.020 billion Non-GAAP SG&A (a) $2.550–$2.650 billion $2.550–$2.600 billion GAAP gross margin on net product sales (d) Approximately 86% Unchanged Non-GAAP gross margin on net product sales (a)(d) Approximately 89% Unchanged COCM (e)* $850–$910 million $860–$900 million Capital expenditures * $750–$820 million $700–$740 million GAAP effective tax rate 8%–9% Unchanged Non-GAAP effective tax rate (a) 10%–11% Unchanged * GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been or are expected to be recorded. 6 A reconciliation of full year 2024 GAAP to non-GAAP financial guidance is included below: Projected Range ($ in millions) Low High GAAP R&D $ 5,055  $ 5,145  Stock-based compensation expense 520  540  Acquisition and integration costs 10  30  Non-GAAP R&D $ 4,525  $ 4,575  GAAP SG&A $ 2,930  $ 3,020  Stock-based compensation expense 340  360  Acquisition, integration, and other costs 40  60  Non-GAAP SG&A $ 2,550  $ 2,600  GAAP gross margin on net product sales Approximately 86% Approximately 86% Stock-based compensation expense 1% 1% Intangible asset amortization expense 1% 1% Acquisition and integration costs <1% <1% Non-GAAP gross margin on net product sales Approximately 89% Approximately 89% GAAP ETR 8% 9% Income tax effect of GAAP to non-GAAP reconciling items 2% 2% Non-GAAP ETR 10% 11% 7 (a) This press release uses non-GAAP R&D, non-GAAP SG&A, non-GAAP COGS, non-GAAP gross margin on net product sal