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Guidance history, every release

Regeneron Pharmaceuticals (REGN) · 8 releases, Oct 31, 2024 to Jul 30, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 31, 2024 FY24 Q3	Jan 13, 2025 FY24 Q4	Apr 29, 2025 FY25 Q1	Aug 1, 2025 FY25 Q2	Oct 28, 2025 FY25 Q3	Jan 12, 2026 FY25 Q4	Apr 29, 2026 FY26 Q1	Jul 30, 2026 FY26 Q2
For FY2026
GAAP gross margin on net product sales	—	—	—	—	—	—	New“77%–78%”	Raised“78%–79%”
Non-GAAP gross margin on net product sales	—	—	—	—	—	—	New“83%–84%”	Raised“84%–85%”
Capital expenditures	—	—	—	—	—	—	New“$1.100–$1.200 billion”	Lowered“$1.030–$1.100 billion”
Cash dividend declared	—	—	—	—	—	—	New“$0.94 per share”	—
Cash dividend declared per share	—	—	—	—	—	—	—	New“$0.94”
GAAP COCM	—	—	—	—	—	—	New“$955 million–$1.035 billion”	Narrowed“$985 million–$1.035 billion”
GAAP effective tax rate	—	—	—	—	—	—	New“12%–14%”	Narrowed“13%–14%”
GAAP R&D	—	—	—	—	—	—	New“$6.450–$6.680 billion”	Narrowed“$6.500–$6.635 billion”
GAAP R&D expense	—	—	—	—	—	New“~$6.5 billion”	—	—
GAAP SG&A	—	—	—	—	—	—	New“$2.860–$3.040 billion”	Lowered“$2.830–$2.960 billion”
Non-GAAP COCM	—	—	—	—	—	—	New“$940 million–$1.020 billion”	Narrowed“$970 million–$1.020 billion”
Non-GAAP effective tax rate	—	—	—	—	—	—	New“13%–15%”	Narrowed“14%–15%”
Non-GAAP R&D	—	—	—	—	—	—	New“$5.900–$6.100 billion”	Narrowed“$5.950–$6.050 billion”
Non-GAAP R&D spend expected in 2026	—	—	—	—	—	New“$7B+”	—	—
Non-GAAP SG&A	—	—	—	—	—	—	New“$2.500–$2.650 billion”	Narrowed“$2.500–$2.600 billion”
For FY2025
GAAP gross margin on net product sales	—	—	New“83%–84%”	Lowered“Approximately 83%”	Lowered“Approximately 82%”	—	—	—
Non-GAAP gross margin on net product sales	—	—	New“86%–87%”	Lowered“Approximately 86%”	Reiterated“Approximately 86%”	—	—	—
Capital expenditures	—	—	New“$850–$950 million”	Narrowed“$880–$950 million”	Lowered“$850–$890 million”	—	—	—
Cash dividend declared	—	—	—	New“$0.88 per share”	—	—	—	—
Cash dividend per share	—	—	New“$0.88 per share”	—	Reiterated“$0.88 per share”	—	—	—
COCM	—	—	New“$1.000–$1.150 billion”	Narrowed“$1.000–$1.050 billion”	Lowered“$950 million–$1.000 billion”	—	—	—
GAAP effective tax rate	—	—	New“9%–11%”	Raised“11%–13%”	Raised“Approximately 14%”	—	—	—
GAAP R&D	—	—	New“$5.560–$5.795 billion”	Narrowed“$5.660–$5.790 billion”	Narrowed“$5.680–$5.750 billion”	—	—	—
GAAP SG&A	—	—	New“$2.910–$3.095 billion”	Lowered“$2.810–$2.940 billion”	Lowered“$2.775–$2.845 billion”	—	—	—
Non-GAAP effective tax rate	—	—	New“11%–13%”	—	Narrowed“Approximately 12%”	—	—	—
Non-GAAP R&D	—	—	New“$5.000–$5.200 billion”	Narrowed“$5.100–$5.200 billion”	Narrowed“$5.150–$5.200 billion”	—	—	—
Non-GAAP SG&A	—	—	New“$2.550–$2.700 billion”	Lowered“$2.450–$2.550 billion”	Lowered“$2.400–$2.450 billion”	—	—	—
For FY2024
GAAP gross margin on net product sales	New“Approximately 86% Unchanged”	—	—	—	—	—	—	—
Non-GAAP gross margin on net product sales	New“Approximately 89% Unchanged”	—	—	—	—	—	—	—
Capital expenditures	New“$700–$740 million”	—	—	—	—	—	—	—
COCM	New“$860–$900 million”	—	—	—	—	—	—	—
GAAP effective tax rate	New“8%–9% Unchanged”	—	—	—	—	—	—	—
GAAP R&D	New“$5.055–$5.145 billion”	—	—	—	—	—	—	—
GAAP SG&A	New“$2.930–$3.020 billion”	—	—	—	—	—	—	—
Non-GAAP effective tax rate	New“10%–11% Unchanged”	—	—	—	—	—	—	—
Non-GAAP R&D	New“$4.525–$4.575 billion”	—	—	—	—	—	—	—
Non-GAAP SG&A	New“$2.550–$2.600 billion”	—	—	—	—	—	—	—
No period stated
GAAP gross margin on net product sales	New“Approximately 86%”	—	Lowered“84%–85%”	Lowered“83%–84%”	Lowered“Approximately 83%”	—	Lowered“79%–80%”	Lowered“77%–78%”
Non-GAAP gross margin on net product sales	New“Approximately 89%”	—	Lowered“87%–88%”	Lowered“86%–87%”	—	—	—	Lowered“83%–84%”
Capital expenditures	New“$750–$820 million”	—	Raised“$850–$975 million”	Narrowed“$850–$950 million”	Narrowed“$880–$950 million”	—	Raised“$1.100–$1.300 billion”	Narrowed“$1.100–$1.200 billion”
Cash dividend	—	—	New“$0.88 per share”	Reiterated“$0.88 per share”	Reiterated“$0.88 per share”	—	Raised“$0.94 per share”	Reiterated“$0.94 per share”
COCM	New“$850–$910 million”	—	—	Raised“$1.000–$1.150 billion”	Narrowed“$1.000–$1.050 billion”	—	—	—
GAAP COCM	—	—	—	—	—	—	—	New“$955 million–$1.035 billion”
GAAP effective tax rate	New“8%–9%”	—	—	Raised“9%–11%”	—	—	—	Raised“12%–14%”
GAAP R&D	New“$5.020–$5.170 billion”	—	—	Raised“$5.560–$5.795 billion”	Narrowed“$5.660–$5.790 billion”	—	—	Raised“$6.450–$6.680 billion”
GAAP SG&A	New“$2.920–$3.060 billion”	—	—	Widened“$2.910–$3.095 billion”	Lowered“$2.810–$2.940 billion”	—	—	Raised“$2.860–$3.040 billion”
Investment committed to U.S. manufacturing and R&D infrastructure expansion	—	—	—	—	—	New“~$6B”	—	—
New share repurchase program authorization	—	—	New“up to an additional $3.0 billion”	—	—	—	—	—
Non-GAAP COCM	—	—	—	—	—	—	—	New“$940 million–$1.020 billion”
Non-GAAP effective tax rate	New“10%–11%”	—	—	Raised“11%–13%”	Reiterated“11%–13%”	—	—	Raised“13%–15%”
Non-GAAP R&D	New“$4.500–$4.600 billion”	—	—	Raised“$5.000–$5.200 billion”	Narrowed“$5.100–$5.200 billion”	—	—	Raised“$5.900–$6.100 billion”
Non-GAAP SG&A	New“$2.550–$2.650 billion”	—	—	Widened“$2.550–$2.700 billion”	Lowered“$2.450–$2.550 billion”	—	—	Raised“$2.500–$2.650 billion”
Ongoing and planned investments in New York and North Carolina infrastructure and manufacturing	—	—	New“more than $7 billion”	—	—	—	—	—
Remaining share repurchase authorization	—	—	—	—	New“$2.156 billion”	—	—	—
Share repurchase program authorized	—	—	—	—	—	—	New“$3.0 billion”	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.