8/2/2021
`
`Regeneron Reports Fourth Quarter and Full Year 2012 Financial and Operating Results | Regeneron Pharmaceuticals Inc.
`
`   
`
`February 14, 2013 at 6:30 AM EST
`
`
`
` Back 
`
`REGENERON REPORTS FOURTH QUARTER AND FULL YEAR 2012 FINANCIAL AND OPERATING
`RESULTS
`
`TARRYTOWN, N.Y., Feb. 14, 2013 /PRNewswire/ -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today
`announced nancial and operating results for the fourth quarter and full year 2012 and provided an update on
`development programs. 
`
`The Company reported total revenues of $415 million in the fourth quarter and $1.4 billion for the year ended
`December 31, 2012.  Total revenues included EYLEAU.S. net product sales of $276 million in the fourth quarter and
`$838 million for the full year 2012.  Total revenues for the full year included a $50 million milestone payment from
`Sano and $25 million of milestone payments from Bayer HealthCare in connection with regulatory approvals of
`ZALTRAP (ziv-aibercept) Injection for Intravenous Infusion and EYLEA (aibercept) Injection for Intravitreal
`®
`Injection, respectively, as described below. 
`
`The Company reported non-GAAP net income of $171 million, or $1.47 per diluted share, in the fourth quarter and
`$530 million, or $4.66 per diluted share, for the year ended December 31, 2012.  Non-GAAP net income excludes non-
`cash share-based compensation expense, non-cash interest expense related to the Company's convertible senior
`notes, and a non-cash tax benet of $336 million recorded during the fourth quarter primarily as a result of releasing
`substantially all of the valuation allowance associated with the Company's deferred tax assets as of December 31,
`2012.  The Company reported GAAP net income of $470 million, or $4.08 per diluted share, in the fourth quarter and
`$750 million, or $6.75 per diluted share, for the full year 2012. 
`
`"2012 was truly a transformative year for Regeneron as strong U.S. net sales of EYLEA drove our rst full year of
`protability on a GAAP and non-GAAP basis," said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive
`Ocer of Regeneron.  "With the recent U.S. approval of EYLEA for the treatment of macular edema following central
`retinal vein occlusion (CRVO), and receipt of a Medicare J-Code for EYLEA in January 2013, we expect continued
`strong U.S. growth for EYLEA and forecast U.S. net sales of $1.2 billion to $1.3 billion in 2013.  Outside the U.S., our
`partner Bayer HealthCare has begun to launch EYLEA for the treatment of neovascular age-related macular
`degeneration (wet AMD) in Japan, Europe, Australia, and other regions, and we expect to see substantial sales
`growth through 2013 and beyond as pricing approvals are received." 
`
`"Clinical development of EYLEA in additional indications continued to progress in 2012, as the Phase 3 program in
`diabetic macular edema (DME) was fully enrolled and a Phase 3 trial in macular edema following branch retinal vein
`occlusion (BRVO) was initiated," said George D. Yancopoulos, M.D., Ph.D., Chief Scientic Ocer, and President,
`Regeneron Laboratories.  "Our pipeline also advanced signicantly during 2012, with the roll-out of our broad Phase 3
`ODYSSEY program for REGN727, an antibody targeting PCSK9 to reduce low-density lipoprotein (LDL) cholesterol,
`and the full enrollment of our rst Phase 3 trial for sarilumab, our IL-6 receptor antibody in rheumatoid arthritis.  We
`are also encouraged by the potential of our IL-4R inhibitor, REGN668.  REGN668 demonstrated positive proof of
`concept in allergic asthma and atopic dermatitis, and data from these trials will be submitted to medical conferences
`for presentation later in the year.  We look forward to starting later stage, Phase 2b trials with this antibody during
`2013."
`
`Business Highlights - Fourth Quarter 2012 and 2013 to Date
`
`EYLEA (aibercept) Injection for Intravitreal Injection
`®
`
`The Company and Bayer HealthCare collaborate on the global development and commercialization of
`EYLEA outside the United States, and share prots and losses from commercialization of EYLEA outside
`the United States except for Japan, where the Company receives a royalty on sales.  Regeneron maintains
`exclusive rights to EYLEA in the United States and is entitled to all prots from any such sales.
`
`In November 2012, Bayer HealthCare received regulatory approval for EYLEA in the European Union for
`BACK
`the treatment of patients with wet AMD.  In November 2012, Bayer HealthCare received pricing approval
`TO TOP
`for EYLEA in Japan for the treatment of patients with wet AMD. 
`
`Net sales recorded by Bayer HealthCare for EYLEA outside of the United States were $19 million in the
`fourth quarter of 2012.
`
`https://newsroom.regeneron.com/news-releases/news-release-details/regeneron-reports-fourth-quarter-and-full-year-2012-financial
`
`1/6
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`Regeneron Exhibit 2039
`Page 01 of 06
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`

`

`8/2/2021
`
`Regeneron Reports Fourth Quarter and Full Year 2012 Financial and Operating Results | Regeneron Pharmaceuticals Inc.
`Launches in additional countries are anticipated to continue throughout 2013 as regulatory and pricing
`approvals are achieved.
`
`Bayer HealthCare submitted applications for marketing authorization for EYLEA in Europe in December
`2012 and in Japan in January 2013 for the treatment of macular edema following CRVO.
`
`ZALTRAP (ziv-aibercept) Injection for Intravenous Infusion
`®
`
`The Company and Sano collaborate on the global development and commercialization of ZALTRAP, and
`share prots and losses from commercialization of ZALTRAP except for Japan, where the Company
`receives a royalty on sales.  Sales of ZALTRAP in the United States commenced in August 2012, and net
`sales recorded by Sano were $23 million in the fourth quarter and $32 million for the full year of 2012.
`
`In February 2013, the European Commission (EC) granted marketing authorization in the European Union
`for ZALTRAP concentrate for solution for infusion in combination with irinotecan/5-uorouracil/folinic
`acid (FOLFIRI) chemotherapy in adults with metastatic colorectal cancer (mCRC) that is resistant to or
`has progressed after an oxaliplatin-containing regimen.  
`
`Marketing authorization applications for ZALTRAP are currently under review by other regulatory agencies
`worldwide.
`
`Monoclonal Antibodies
`
`Regeneron has eleven fully human monoclonal antibodies based on the Company's VelocImmune®
`
`
`technology in clinical development, including six in collaboration with Sano.
`
`ODYSSEY, a large, global Phase 3 program with REGN727, an antibody targeting PCSK9 to reduce LDL
`cholesterol, was initiated in June 2012 and is currently enrolling patients.  The Company expects to report
`initial results from a Phase 3 ODYSSEY trial in the second half of 2013.
`
`REGN668, an antibody targeting IL-4R, demonstrated positive proof of concept in allergic asthma and
`atopic dermatitis.  Data in atopic dermatitis will be presented at the 71 Annual Meeting of the American
`st
`Academy of Dermatology in March 2013.  Data in allergic asthma will be submitted to medical
`conferences for presentation later in the year.
`
`REGN1500, an antibody against an undisclosed target that is being developed outside of the Sano
`collaboration, entered clinical development. 
`
`Fourth Quarter and Full Year 2012 Financial Results
`
`Total Revenues: Total revenues were $415 million in the fourth quarter and $1.4 billion for the full year 2012,
`compared to $123 million in the fourth quarter and $446 million for the full year 2011.  Total revenues include
`collaboration revenues of $127 million in the fourth quarter and $494 million for the full year 2012, compared to $86
`million in the fourth quarter and $370 million for the full year 2011.  Included in collaboration revenues in 2012 were
`$15 million and $10 million substantive milestone payments from Bayer HealthCare which the Company earned in
`the third quarter and fourth quarter of 2012, respectively, in connection with receipt of marketing and pricing
`approvals in Japan for EYLEA for the treatment of wet AMD.  In addition, the Company earned a $50 million
`substantive milestone payment from Sano in the third quarter of 2012 in connection with FDA approval of ZALTRAP
`for patients with mCRC that is resistant to or has progressed following an oxaliplatin-containing regimen.
`
`Product Revenues: Net product sales were $281 million in the fourth quarter and $858 million for the full year 2012,
`compared to $30 million in the fourth quarter and $45 million for the full year 2011.  The increase was due to the
`approval and launch of EYLEA in November 2011.  EYLEA net product sales were $276 million in the fourth quarter
`and $838 million for the full year 2012, compared to $25 million for both the fourth quarter and full year 2011.
` ARCALYST net product sales were $5 million in both the fourth quarters of 2012 and 2011, and $20 million for both
`the full years 2012 and 2011.  
`
`Research and Development (R&D) Expenses: In 2012, GAAP R&D expenses were $181 million in the fourth quarter
`and $626 million for the full year, compared to $129 million in the fourth quarter and $530 million for the full year
`2011.  The higher R&D expenses in 2012 were principally due to increased R&D headcount and activities, primarily
`related to the Company's antibody collaboration with Sano, and higher non-cash share-based compensation
`expense, partly offset by lower EYLEA development costs incurred by Bayer HealthCare.  In 2012, R&D related non-
`cash share-based compensation expense was $18 million for the fourth quarter and $54 million for the full year,
`compared to $9 million in the fourth quarter and $33 million for the full year 2011.
`
`Selling, General, and Administrative (SG&A) Expenses: In 2012, GAAP SG&A expenses were $58 million in the fourth
`quarter and $211 million for the full year, compared to $36 million in the fourth quarter and $117 million for the full
`BACK
`TO TOP
`year 2011.  The increase was primarily due to higher selling expenses in connection with commercialization of
`EYLEA, higher SG&A headcount, and higher non-cash share-based compensation expense.  In 2012, SG&A related
`non-cash share-based compensation expense was $12 million in the fourth quarter and $39 million for the full year,
`compared to $6 million in the fourth quarter and $23 million for the full year 2011.    
`
`https://newsroom.regeneron.com/news-releases/news-release-details/regeneron-reports-fourth-quarter-and-full-year-2012-financial
`
`2/6
`
`Regeneron Exhibit 2039
`Page 02 of 06
`
`

`

`8/2/2021
`
`Regeneron Reports Fourth Quarter and Full Year 2012 Financial and Operating Results | Regeneron Pharmaceuticals Inc.
`Cost of Goods Sold (COGS): In 2012, GAAP COGS was $30 million in the fourth quarter and $84 million for the full
`year, compared to $3 million in the fourth quarter and $4 million for the full year 2011.  The increase in 2012 was due
`to the launch of EYLEA in the fourth quarter of 2011. 
`
`Interest Expense: In 2012, GAAP interest expense was $11 million in the fourth quarter and $45 million for the full
`year, compared to $9 million in the fourth quarter and $21 million for the full year 2011.  In connection with the
`Company's convertible senior notes, which were issued in October 2011, the Company incurred interest expense of
`$8 million in the fourth quarter of 2012, and $29 million for the full year 2012, which included $6 million and $22
`million of non-cash interest expense, respectively.  In both the fourth quarter and full year 2011, the Company
`incurred interest expense of $5 million related to the Company's convertible senior notes, which included $4 million
`of non-cash interest expense.
`
`Income Tax Benet: In the fourth quarter of 2012, the Company recorded a GAAP income tax benet of $336 million,
`primarily attributable to the release of substantially all of the valuation allowance associated with the Company's
`deferred tax assets.  The decision to reverse the valuation allowance was made after the Company determined that it
`was more likely than not that these deferred tax assets would be realized.  Due to the release of the valuation
`allowance in 2012, starting in 2013, the Company will record income taxes on GAAP income using an estimated
`effective tax rate (which is expected to approximate statutory tax rates).  Non-GAAP net income excludes the release
`of the valuation allowance described above, as well as non-cash income tax expense.  The Company does not
`currently pay, or expect to pay in the near future, signicant cash income taxes.  When the Company begins paying
`signicant cash income taxes, it expects to no longer exclude non-cash income tax expense from non-GAAP net
`income.
`
`Non-GAAP and GAAP Net Income (Loss): The Company reported non-GAAP net income of $171 million, or $1.79 per
`basic share and $1.47 per diluted share, in the fourth quarter of 2012, compared to a non-GAAP net loss of $34
`million, or $0.37 per share (basic and diluted), in the fourth quarter of 2011.  The Company reported non-GAAP net
`income of $530 million, or $5.60 per basic share and $4.66 per diluted share, for the full year 2012, compared to a
`non-GAAP net loss of $162 million, or $1.79 per share (basic and diluted), for the full year 2011.  Non-GAAP net
`income (loss) excludes non-cash share-based compensation expense, non-cash interest expense related to the
`convertible senior notes, and non-cash income tax expense or benet. 
`
`The Company reported GAAP net income of $470 million, or $4.92 per basic share and $4.08 per diluted share, in the
`fourth quarter of 2012, compared to a GAAP net loss of $53 million, or $0.58 per share (basic and diluted), in the
`fourth quarter of 2011.  The Company reported GAAP net income of $750 million, or $7.92 per basic share and $6.75
`per diluted share, for the full year 2012, compared to a GAAP net loss of $222 million, or $2.45 per share (basic and
`diluted), for the full year 2011.
`
`Cash Position: At December 31, 2012, cash and marketable securities totaled $588 million (including $8 million of
`restricted cash and marketable securities), compared to $811 million (including $8 million of restricted cash and
`marketable securities) at December 31, 2011.  In addition, accounts receivable related to sales of EYLEA totaled $592
`million at December 31, 2012, compared to $26 million at December 31, 2011.
`
`Use of Non-GAAP Financial Measures: The Company believes that the presentation of non-GAAP measures is useful
`to investors because it excludes (i) non-cash share-based compensation expense which uctuates from period to
`period based on factors that are not within the Company's control, such as the Company's stock price on the dates
`share-based grants are issued, (ii) non-cash interest expense related to the Company's convertible senior notes since
`this is not deemed useful in evaluating the Company's operating performance, (iii) non-cash income tax expense,
`since the Company does not currently pay, or expect to pay in the near future, signicant cash income taxes due
`primarily to the utilization of net operating loss and tax credit carry-forwards; therefore, non-cash income tax expense
`is not deemed useful in evaluating the Company's operating performance, and (iv) a non-cash tax benet as a result
`of releasing substantially all of the valuation allowance associated with the Company's deferred tax assets. 
`Furthermore, management uses these non-GAAP measures for planning, budgeting, forecasting, assessing historical
`performance, and making nancial and operational decisions, and also provides forecasts to investors on this basis. 
`However, there are limitations in the use of these non-GAAP nancial measures as they exclude certain expenses
`that are recurring in nature.  Furthermore, the Company's non-GAAP nancial measures may not be comparable with
`non-GAAP information provided by other companies.  The non-GAAP nancial measures should be considered
`supplemental to, and not a substitute for, measures of nancial performance prepared in accordance with GAAP.  A
`reconciliation of the Company's GAAP to non-GAAP results is included in Table 3 of this press release.
`
`Conference Call Information
`
`Regeneron will host a conference call and simultaneous webcast to discuss its fourth quarter and full year 2012
`nancial and operating results on Thursday, February 14, 2013, at 8:30 AM.  To access this call, dial (888) 660-6127
`(U.S.) or (973) 890-8355 (International).  A link to the webcast may be accessed from the 'Events and Presentations'
`page of Regeneron's website at www.regeneron.com.  A replay of the conference call and webcast will be archived on
`BACK
`the Company's website and will be available for 30 days. 
`TO TOP
`
`About Regeneron Pharmaceuticals, Inc.
`
`https://newsroom.regeneron.com/news-releases/news-release-details/regeneron-reports-fourth-quarter-and-full-year-2012-financial
`
`3/6
`
`Regeneron Exhibit 2039
`Page 03 of 06
`
`

`

`8/2/2021
`
`Regeneron Reports Fourth Quarter and Full Year 2012 Financial and Operating Results | Regeneron Pharmaceuticals Inc.
`Regeneron is a leading science-based biopharmaceutical company based in Tarrytown, New York that discovers,
`invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions. 
`Regeneron markets medicines for eye diseases, colorectal cancer, and a rare inammatory condition and has product
`candidates in development in other areas of high unmet medical need, including hypercholesterolemia, rheumatoid
`arthritis, asthma, and atopic dermatitis.  For additional information about the company, please visit
`www.regeneron.com.
`
`Regeneron Forward-Looking Statement
`
`This news release includes forward-looking statements that involve risks and uncertainties relating to future events
`and the future nancial performance of Regeneron, and actual events or results may differ materially from these
`forward-looking statements.  These statements concern, and these risks and uncertainties include, among others,
`the nature, timing, and possible success and therapeutic applications of Regeneron's products, product candidates,
`and research and clinical programs now underway or planned, including without limitation EYLEA (aibercept);
`®
`unforeseen safety issues resulting from the administration of products and product candidates in patients; the
`likelihood and timing of possible regulatory approval and commercial launch of Regeneron's late-stage product
`candidates; determinations by regulatory and administrative governmental authorities which may delay or restrict
`Regeneron's ability to continue to develop or commercialize Regeneron's products and product candidates;
`competing drugs and product candidates that may be superior to Regeneron's products and product candidates;
`uncertainty of market acceptance of Regeneron's products and product candidates; the ability of Regeneron to
`manufacture and manage supply chains for multiple products and product candidates; coverage and reimbursement
`determinations by third-party payers, including Medicare and Medicaid; unanticipated expenses; the costs of
`developing, producing, and selling products; the ability of Regeneron to meet any of its sales or other nancial
`projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for
`any license or collaboration agreement, including Regeneron's agreements with Sano and Bayer HealthCare, to be
`canceled or terminated without any further product success; and risks associated with third party intellectual
`property and pending or future litigation relating thereto.  A more complete description of these and other material
`risks can be found in Regeneron's lings with the United States Securities and Exchange Commission, including its
`Form 10-K for the year ended December 31, 2011 and its Form 10-Q for the quarter ended September 30, 2012. 
`Regeneron does not undertake any obligation to update publicly any forward-looking statement, including without
`limitation any nancial projection or guidance, whether as a result of new information, future events, or otherwise,
`unless required by law.
`
`This news release and/or the nancial results attached to this news release include amounts that are considered "non-
`GAAP nancial measures" under SEC rules.  As required, Regeneron has provided reconciliations of these measures.
`
` 
`
`
`
`Contacts Information:
`
`Michael Aberman, M.D.
`
`Investor Relations
`
`914.847.7799
`
`michael.aberman@regeneron.com
`
` 
`
`TABLE 1
`
`
`ASSETS
`
`Cash, restricted cash, and marketable securities
`
`Accounts receivable - trade, net
`
`Accounts receivable from Sanofi
`
`Deferred tax assets
`
`Property, plant, and equipment, net
`
`Other assets
`
`Total assets
`
`
`
`Peter Dworkin
`
`Corporate Communications
`
`914.847.7640
`
`peter.dworkin@regeneron.com
`
`REGENERON PHARMACEUTICALS, INC.
`
`CONDENSED BALANCE SHEETS (Unaudited)
`
`(In thousands)
`
`
`
`
`
`
`
`
` $
`
`
`
`
`
`
`
`
`
`
`
`
` $
`
`
`
`
`
`December 31,
`
`2012
`
`
`
`
`
`
`587,511 $
`
`593,207
`99,913
`
`340,156
`
`379,940
`
`79,763
`
`
`
`2,080,490 $
`
`
`
`
`
`December 31,
`
`2011
`
`
`
`
`
`
`810,550
`28,254
`74,781
`
`367,955
`42,043
`BACK
`
`TO TOP
`1,323,583
`
`
`
`https://newsroom.regeneron.com/news-releases/news-release-details/regeneron-reports-fourth-quarter-and-full-year-2012-financial
`
`4/6
`
`Regeneron Exhibit 2039
`Page 04 of 06
`
`

`

`Regeneron Reports Fourth Quarter and Full Year 2012 Financial and Operating Results | Regeneron Pharmaceuticals Inc.
`
`
` $
`
`
`
`
`
`
`
`
`
`
` $
`
`8/2/2021
`
`LIABILITIES AND STOCKHOLDERS' EQUITY
`
`Accounts payable, accrued expenses, and other liabilities
`
`Deferred revenue
`
`Facility lease obligations
`
`Convertible senior notes
`
`Stockholders' equity
`
`Total liabilities and stockholders' equity
` 
`
` 
`
`
`
`TABLE 2
`
`
`
`
`Revenues:
`
` Net product sales
`
` Sanofi collaboration revenue
`
` Bayer HealthCare collaboration revenue
`
` Technology licensing
`
` Contract research and other
`
`Expenses:
`
` Research and development
`
` Selling, general, and administrative
`
` Cost of goods sold
`
`Income (loss) from operations
`
`Other income (expense):
`
` Investment income
`
` Interest expense
`
`Income (loss) before income taxes
`
`Income tax benefit
`
`Net income (loss)
`
`Net income (loss) per share - basic
`
`Net income (loss) per share - diluted
`
`Weighted average shares outstanding - basic
`
`Weighted average shares outstanding - diluted
` 
`
`
`
`118,604 $
`
`259,173
`160,810
`
`296,518
`
`1,245,385
`
`
`
`2,080,490 $
`
`
`REGENERON PHARMACEUTICALS, INC.
`
`CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
`
`
`
`Three months ended
`
`(In thousands, except per share data)
`
`
`
`
`
`
`
` $
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
` $
`
` $
` $
`
`
`
`
`2012
`
`December 31,
`
`
`
`281,471 $
`
`104,779
`21,791
`
`5,892
`
`669
`
`414,602
`
`
`
`
`
`181,024
`
`57,739
`
`30,169
`
`268,932
`
`
`
`145,670
`
`
`
`
`
`
`384
`
`
`(11,495)
`
`(11,111)
`
`
`
`134,559
`
`
`
`335,848
`
`
`470,407 $
`
`
`4.92 $
`4.08 $
`
`
`95,691
`
`117,237
`
`
`2011
`
`
`
`
`
`
`
`
`29,752 $
`77,032
`9,374
`5,892
`927
`122,977
`
`
`129,041
`36,349
`2,989
`168,379
`
`
`(45,402)
`
`
`799
`
`(9,455)
`(8,656)
`
`
`
`(54,058)
`
`615
`
`(53,443) $
`
`(0.58) $
`(0.58) $
`
`91,797
`91,797
`
`
`
`Year ended
`
`2012
`
`December 31,
`
`
`
`858,093 $
`423,814
`70,099
`23,571
`2,900
`1,378,477
`
`
`625,554
`210,755
`84,455
`920,764
`
`457,713
`
`
`2,012
`
`(45,304)
`(43,292)
`
`
`414,421
`
`335,848
`
`750,269 $
`
`7.92 $
`6.75 $
`
`94,685
`115,382
`
` 
`
` TABLE 3
`
`
`
`
`
`
`
`
`REGENERON PHARMACEUTICALS, INC.
`
`RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) (Unaudited)
`
`
`
`
`(In thousands, except per share data)
`
`
`
`
`Three months ended
`
`
`
`
`
`Year ended
`
`https://newsroom.regeneron.com/news-releases/news-release-details/regeneron-reports-fourth-quarter-and-full-year-2012-financial
`
`
`102,068
`300,250
`160,514
`275,019
`485,732
`
`1,323,583
`
`2011
`
`
`
`
`
`
`
`
`
`
`
`
`
`44,686
`326,609
`43,072
`24,858
`6,599
`445,824
`
`
`529,506
`117,261
`4,216
`650,983
`
`(205,159)
`
`
`3,549
`(21,282)
`(17,733)
`
`(222,892)
`
`1,132
`
`(221,760)
`
`(2.45)
`(2.45)
`
`90,610
`90,610
`
`BACK
`TO TOP
`
`
`
`
`
`
`
`
`
`5/6
`
`Regeneron Exhibit 2039
`Page 05 of 06
`
`

`

`8/2/2021
`
`(3)
`
`(4)
`
`(6)
`
`
`
`
` GAAP net income (loss)
`
`Adjustments:
` R&D: Non-cash share-based compensation expense
` SG&A: Non-cash share-based compensation expense
` COGS: Non-cash share-based compensation expense
` Interest expense: Non-cash interest related to convertible
` senior notes
`(2)
` Income taxes: Non-cash income tax expense
` Income taxes: Release of valuation allowance
` Non-GAAP net income (loss)
`
` Non-GAAP net income (loss) per share - basic
` Non-GAAP net income (loss) per share - diluted
`
`
` Shares used in calculating:
` Non-GAAP net income (loss) per share - basic
` Non-GAAP net income (loss) per share - diluted
`
` 
`
`Regeneron Reports Fourth Quarter and Full Year 2012 Financial and Operating Results | Regeneron Pharmaceuticals Inc.
`
`
`
`
`
`
`2011
`
`
`
`
` $
`(53,443) $
`
`
`
`9,198
`
`6,314
`
`
`
`3,944
`
`(1)
`
`(1)
`
`(1)
`
`December 31,
`
`
`
`2012
`
`
`470,407
`
`18,498
`
`11,851
`
`422
`
`5,591
`
` $
`
`
`
`
`
`
`
`
` $
`
` $
` $
`
`
`
`
`
`
`4,308
`(340,156)
`170,921
`
`1.79
`
`1.47
`(5)
`
`
`
`95,691
`
`117,237
`
`
`
` $
`
` $
`$
`
`
`
`
`
`
`
`
`(33,987) $
`
`(0.37) $
`(0.37) $
`
`
`
`91,797
`91,797
`
`
`December 31,
`
`
`
`2012
`
`
`750,269
`
`53,833
`
`39,249
`
`1,075
`
`21,623
`
`4,308
`(340,156)
`530,201
`
`5.60
`(5)
`4.66
`
`
`
`94,685
`
`115,382
`
`
` $
`
`
`
`
`
`
`
`
` $
`
` $
`$
`
`
`
`
`
`
`
`2011
`
`
`
`
`(221,760)
`
`32,757
`23,315
`
`3,944
`
`
`
`(161,744)
`
`(1.79)
`(1.79)
`
`
`
`90,610
`90,610
`
`
`(1
`
` To exclude non-cash compensation expense related to employee stock option and restricted stock awards
`
`) (
`
`2
`
`)
`
`To exclude non-cash interest expense related to the amortization of the debt discount and debt issuance costs on the Company's 1.875% convertible senior notes
`
`(3
`
`)
`
`To exclude GAAP income tax expense as this amount is not payable in cash
`
`(4
`
` To exclude non-cash tax benefit related to releasing substantially all of the valuation allowance associated with the Company's deferred tax assets
`
`) (
`
`5
`
`For diluted non-GAAP per share calculations, excludes $1.9 million of interest expense for the three months ended December 31, 2012 and $7.5 million of interest expense for the year ended
`
`)
`
`December 31, 2012, related to the contractual coupon interest rate on the Company's 1.875% convertible senior notes, since these securities were dilutive
`
`(6
`
`For periods with non-GAAP net income, weighted average shares outstanding includes the dilutive effect, if any, of employee stock options, restricted stock awards, convertible senior notes, and
`
`warrants
`
`)
`
` 
`
` 
`
`SOURCE Regeneron Pharmaceuticals, Inc.
`
`News Provided by Acquire Media
`
`https://newsroom.regeneron.com/news-releases/news-release-details/regeneron-reports-fourth-quarter-and-full-year-2012-financial
`
`6/6
`
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`TO TOP
`
`Regeneron Exhibit 2039
`Page 06 of 06
`
`