REGN · Regeneron Pharmaceuticals, Inc.

Regeneron disclosed a preliminary acquired IPR&D charge of approximately $102 million on a pre-tax basis for the first quarter ended March 31, 2026. This non-cash expense primarily stems from premiums on equity securities purchased, along with development milestone and up-front payments tied to collaboration and licensing agreements. The charge is expected to reduce both GAAP and non-GAAP net income per diluted share by about $0.81, providing investors with an early view of a key earnings headwind. Regeneron notes that such IPR&D expenses are unpredictable and not forecasted due to variability in transaction timing, magnitude, and occurrence. Results remain unaudited and preliminary, pending completion of financial closing procedures, with potential for variance from these estimates. The disclosure highlights ongoing R&D investments through partnerships, though it underscores the lumpy nature of these costs in quarterly results.