Regeneron Pharmaceuticals, Inc. · NASDAQ:REGN
Regeneron Pharmaceuticals — Corporate Update (January 2016)
9 slides from Regeneron Pharmaceuticals's corporate update, Jan 12, 2016
Slide 1: Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures
NOTE REGARDING FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES 2 This presentation includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. (“Regeneron” or the “Company”), and actual ev
Slide 2: 2016 Financial Overview
2016 FINANCIAL Overview 3 Committing investments to drive long-term shareholder value Significant expenses associated with Praluent®, sarilumab, dupilumab, fasinumab and REGN2222 are incurred offshore LATE-STAGE ANTIBODIES PRODUCT LAUNCHES EARLY PROGRAMS CAPITAL EXPENDITURES
Slide 3: 2016 Financial Guidance
2016 FINANCIAL GUIDANCE1 4 Non-GAAP Unreimbursed R&D: $875MM - $950MM Non-GAAP SG&A: $925MM - $1,000MM This includes REGN incurred commercial-related expenses for Sanofi collaboration antibodies Cash Tax2 as a % of Non-GAAP Pre-tax Income: 35% - 45% Includes one-time ~$222 million tax payment relate
Slide 4: Overview: Late-Stage Antibodies and Cost Sharing
2016 FINANCIAL Overview 5 Sanofi collaboration antibodies: Regeneron funds 20% of an antibody’s Phase 3 costs after the first positive results in a Phase 3 study for that antibody: Praluent®: OUTCOMES study Sarilumab: MONARCH and EXTEND studies Dupilumab: Atopic Dermatitis and Asthma Phase 3 program
Slide 5: Overview: Product Launches and Commercialization Expenses
2016 FINANCIAL OVERVIEW 6 Regeneron’s ~50% share of commercialization expenses for partnered antibodies: Praluent® Our share of 3Q15 loss was ~$75M First full year launch for Praluent® in 2016 will include additional country launches Sarilumab Anticipated 4Q16 launch requires investment Dupilumab Re
Slide 6: Overview: Early Programs
2016 FINANCIAL OVERVIEW 7 LATE-STAGE ANTIBODIES EARLY PROGRAMS PRODUCT LAUNCHES CAPITAL EXPENDITURES REGENERON GENETICS CENTER REGN1033 REGN1500 EYLEA + PDGFR REGN1979 REGN1908-1909 EYLEA + ANG2 IMMUNO-ONCOLOGY EARLY PROGRAMS / TECHNOLOGIES
Slide 7: Overview of Sanofi I/O Collaboration Modeling
OVERVIEW OF SANOFI I/O COLLABORATION MODELING 8 SANOFI WILL PROVIDE UP TO $2.17 BILLION INVESTMENT $640 million in upfront payments to be amortized, currently, over eight years $1 billion of funding from discovery through proof of concept, to be split 75/25 between Sanofi and Regeneron $650 million
Slide 8: 2016 Tax Commentary
9 Intellectual property associated with our late stage antibody pipeline (e.g., Praluent®, sarilumab, dupilumab, etc.) has been migrated outside the U.S. When we recognize losses in lower tax jurisdictions, we experience a higher tax rate because these offshore expenses cannot be used to reduce U.S.
Slide 9: Overview
2016 FINANCIAL OVERVIEW + Intellectual property associated with our late stage antibody pipeline (e.g., Praluent®, sarilumab, dupilumab, etc.) has been migrated outside the U.S. + When we recognize losses in lower tax jurisdictions, we experience a higher tax rate because these offshore expenses can
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