Regeneron Pharmaceuticals — Apr 29, 2025 release

2025 Financial Guidance (b) The Company's full year 2025 financial guidance consists of the following components: 2025 Guidance Prior Updated GAAP R&D $5.560–$5.795 billion Unchanged Non-GAAP R&D (a) $5.000–$5.200 billion Unchanged GAAP SG&A $2.910–$3.095 billion Unchanged Non-GAAP SG&A (a) $2.550–$2.700 billion Unchanged GAAP gross margin on net product sales 84%–85% 83%–84% Non-GAAP gross margin on net product sales (a) 87%–88% 86%–87% COCM (d)* $1.000–$1.150 billion Unchanged Capital expenditures * $850–$975 million $850–$950 million GAAP effective tax rate 9%–11% Unchanged Non-GAAP effective tax rate (a) 11%–13% Unchanged * GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been or are expected to be recorded 6 A reconciliation of full year 2025 GAAP to non-GAAP financial guidance is included below: Projected Range ($ in millions) Low High GAAP R&D $ 5,560  $ 5,795  Stock-based compensation expense 560  590  Acquisition and integration costs —  5  Non-GAAP R&D $ 5,000  $ 5,200  GAAP SG&A $ 2,910  $ 3,095  Stock-based compensation expense 360  390  Acquisition and integration costs —  5  Non-GAAP SG&A $ 2,550  $ 2,700  GAAP gross margin on net product sales 83% 84% Intangible asset amortization expense 2% 2% Stock-based compensation expense 1% 1% Non-GAAP gross margin on net product sales 86% 87% GAAP ETR 9% 11% Income tax effect of GAAP to non-GAAP reconciling items 2% 2% Non-GAAP ETR 11% 13% 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, and free cas