Regeneron (REGN) Tops Q4 EPS by $5.35

GAAP

Non-GAAP(1)

R&D

$3.170 billion–$3.400 billion

$2.800 billion–$3.000 billion

SG&A

$1.890 billion–$2.030 billion

$1.650 billion–$1.770 billion

Gross margin on net product sales(5)

89%–91%

90%–92%

COCM(6)

$750 million–$830 million

*

Other operating (income) expense, net

($60) million–($80) million

*

Capital expenditures

$650 million–$730 million

*

Effective tax rate (ETR)

12%–14%

13%–15%

* GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been or are expected to be recorded.