Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Market for Registrant's Common Equity
Our Common Stock, par value $.001 per share, is quoted on The NASDAQ Global Select Market under the symbol "REGN." Our Class A Stock, par value $.001 per share, is not publicly quoted or traded.
As of January 29, 2021, there were 162 shareholders of record of our Common Stock and 16 shareholders of record of our Class A Stock.
We have never paid cash dividends on our Common Stock or Class A Stock and do not anticipate paying any in the foreseeable future.
STOCK PERFORMANCE GRAPH
Set forth below is a line graph comparing the cumulative total shareholder return on Regeneron's Common Stock with the cumulative total return of (i) the NASDAQ US Benchmark Pharmaceuticals Total Return Index ("NQ US Pharma TR Index"), and (ii) Standard & Poor's 500 Stock Index ("S&P 500") for the period from December 31, 2015 through December 31, 2020. The comparison assumes that $100 was invested on December 31, 2015 in our Common Stock and in both of the foregoing indices. All values assume reinvestment of the pre-tax value of dividends paid by companies included in these indices. The historical stock price performance of our Common Stock shown in the graph below is not necessarily indicative of future stock price performance.
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12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Regeneron $ 100.00 $ 67.62 $ 69.25 $ 68.80 $ 69.17 $ 88.99
S&P 500 $ 100.00 $ 109.54 $ 130.81 $ 122.65 $ 158.07 $ 183.77
NQ US Pharma TR Index $ 100.00 $ 98.91 $ 119.09 $ 127.20 $ 145.65 $ 160.97
This performance graph shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference into any filing of ours under the Securities Act of 1933, as amended, or the Securities Exchange Act, except as shall be expressly set forth by specific reference to such filing.
Issuer Purchases of Equity Securities
The table below reflects shares of Common Stock we repurchased under the share repurchase program approved in November 2019, as well as Common Stock withheld by us for employees to satisfy their tax withholding obligations arising upon the vesting of restricted stock granted under one of our long-term incentive plans, during the three months ended December 31, 2020. Refer to Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Share Repurchase Program " for further details of the share repurchase program.
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of a Publicly Announced Program Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (b)
10/1/2020–10/31/2020 72,870 $ 556.23 72,870 $ 332,144,883
11/1/2020–11/30/2020 596,867 $ 524.36 596,867 $ 19,172,999
12/1/2020–12/31/2020 41,636 $ 516.76 36,854 —
Total 711,373 (a)
706,591 (a)
(a) The difference between the total number of shares purchased and the total number of shares purchased as part of a publicly announced program relates to Common Stock withheld by us for employees to satisfy their tax withholding obligations arising upon the vesting of restricted stock granted under one of our long-term incentive plans.
(b) In January 2021, our board of directors authorized a new share repurchase program to repurchase up to $1.5 billion of our Common Stock. See Item 7. "Liquidity and Capital Resources - Share Repurchase Program" for further details.
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ITEM 6. SELECTED FINANCIAL DATA
The selected financial data set forth below for the years ended December 31, 2020, 2019, and 2018 and as of December 31, 2020 and 2019 are derived from and should be read in conjunction with our audited financial statements, including the notes thereto, included elsewhere in this report. Certain prior year amounts have been reclassified to conform to the current year's presentation, including revisions related to the change in presentation for certain amounts received from collaborators who are not deemed to be our customers; see Note 1 to our Consolidated Financial Statements for further details.
Year Ended December 31,
(In millions, except per share data) 2020 2019 2018 2017 2016
Statement of Operations Data:
Revenues:
Net product sales $ 5,567.6 $ 4,834.4 $ 4,106.2 $ 3,718.5 $ 3,338.4
Sanofi and Bayer collaboration revenue 2,372.5 1,549.2 910.4 456.3 223.9
Other revenue 557.0 174.0 129.0 82.7 68.3
8,497.1 6,557.6 5,145.6 4,257.5 3,630.6
Expenses:
Research and development (1)
2,735.0 2,450.0 1,468.8 1,180.5 1,297.4
Selling, general, and administrative 1,346.0 1,341.9 1,127.2 940.0 860.9
Cost of goods sold 491.9 362.3 180.0 202.5 194.6
Cost of collaboration and contract manufacturing 628.0 402.8 237.5 169.4 82.6
Other operating (income) expense, net (280.4) (209.2) (402.3) (314.5) (135.6)
4,920.5 4,347.8 2,611.2 2,177.9 2,299.9
Income from operations 3,576.6 2,209.8 2,534.4 2,079.6 1,330.7
Other income (expense), net 233.8 219.3 19.1 (1.1) (0.9)
Income before income taxes 3,810.4 2,429.1 2,553.5 2,078.5 1,329.8
Income tax expense (2)
297.2 313.3 109.1 880.0 434.3
Net income $ 3,513.2 $ 2,115.8 $ 2,444.4 $ 1,198.5 $ 895.5
Net income per share - basic $ 32.65 $ 19.38 $ 22.65 $ 11.27 $ 8.55
Net income per share - diluted $ 30.52 $ 18.46 $ 21.29 $ 10.34 $ 7.70
As of December 31,
(In millions) 2020 2019 2018 2017 2016
Balance Sheet Data:
Cash, cash equivalents, and marketable securities (current and non-current)
$ 6,722.6 $ 6,471.1 $ 4,564.9 $ 2,896.0 $ 1,902.9
Total assets $ 17,163.3 $ 14,805.2 $ 11,734.5 $ 8,764.3 $ 6,973.5
Long-term debt (3)
$ 1,978.5 — — — —
Finance lease liabilities
$ 717.2 $ 713.9 $ 708.5 $ 703.5 $ 481.1
Stockholders' equity $ 11,025.3 $ 11,089.7 $ 8,757.3 $ 6,144.1 $ 4,449.2
(1) Research and development expenses for the year ended December 31, 2019 includes a $400.0 million up-front payment to Alnylam in connection with our collaboration agreement. See Part I, Item 1. "Collaboration, License, and Other Agreements - Alnylam") for further details.
(2) As a result of the Tax Cuts and Jobs Act being signed into law in December 2017, income taxes for the year ended December 31, 2017 included a charge of $326.2 million related to the re-measurement of our U.S. net deferred tax assets at the lower enacted corporate tax rate. See Note 14 to our Consolidated Financial Statements for further details.
(3) In 2020, the Company issued and sold senior unsecured notes. See Item 7. "Liquidity and Capital Resources - Issuance of Senior Notes" for further details.
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