Regeneron Pharmaceuticals — Oct 31, 2024 release

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 sales, non-GAAP other operating (income) expense, net, non-GAAP other income (expense), net, non-GAAP ETR, non-GAAP net income, non-GAAP net income per share, total revenues excluding Ronapreve ™(b) , and free cash flow, which are financial measures that are not calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are computed by excluding certain non-cash and/or other items from the related GAAP financial measure. The Company also includes a non-GAAP adjustment for the estimated income tax effect of reconciling items. A reconciliation of the Company's GAAP to non-GAAP results is included in Table 3 of this press release. The Company makes such adjustments for items the Company does not view as