Regeneron Director Michael S. Brown Sells $1.69M in Shares via 10b5-1 Plan

Regeneron Pharmaceuticals, Inc. (REGN) - Form 4 Insider Transaction Analysis

Summary

On October 30, 2026, Director Michael S. Brown executed a pre-scheduled exercise and sale transaction involving Regeneron Pharmaceuticals common stock:

1. Option Exercise (Code M): Exercised 1,929 non-qualified stock options at an exercise price of $725.89 per share.
2. Open Market Sale (Code S): Sold 1,929 shares at $875.00 per share, generating gross proceeds of $1,687,875.00.

Key Details

• Net Cash Flow / Spread: The gross spread realized between the exercise price ($725.89) and the sale price ($875.00) is $149.11 per share, resulting in a pre-tax gain of approximately $287,633.19.
• Rule 10b5-1 Plan: The transactions were executed pursuant to a pre-established Rule 10b5-1(c) trading plan adopted on February 25, 2026.
• Post-Transaction Holdings:
  • Direct Ownership: 1,380 shares of common stock.
  • Indirect Ownership: 11,485 shares (5,000 shares held by a Spousal Lifetime Access Trust [SLAT] and 6,485 shares held by a family trust).
  • Total Beneficial Ownership: 12,865 shares.

Trading Significance

Significance Rating: Low This transaction represents a standard option exercise and liquidation under a pre-established Rule 10b5-1 trading plan. The director maintains substantial indirect and direct equity exposure (over 12,800 shares), meaning this sale does not reflect a change in insider sentiment or an active discretionary divestment.