Regeneron Pharmaceuticals Director Sells $20.4M in Common Stock

Executive Summary

On November 2, 2026, George L. Sing, a Director of Regeneron Pharmaceuticals, Inc. ($REGN), executed multiple transactions consisting of stock option exercises and subsequent open-market sales. In total, Mr. Sing exercised options for 15,269 shares and sold 21,129 shares of Common Stock across nine separate transaction tranches, generating gross proceeds of approximately $20.38 million at weighted-average prices between $960.57 and $970.18.

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Transaction Breakdown

1. Derivative Exercises (Code M):

   • Exercised 7,830 non-qualified stock options with an exercise price of $376.69 per share (expiring January 3, 2027).
   • Exercised 7,439 non-qualified stock options with an exercise price of $380.95 per share (expiring January 2, 2028).
   • Total options exercised: 15,269 shares.

2. Open Market Dispositions (Code S):

   • Sold 1,224 shares at a weighted-average price of $960.57.
   • Sold 540 shares at a weighted-average price of $961.85.
   • Sold 2,522 shares at a weighted-average price of $962.61.
   • Sold 4,338 shares at a weighted-average price of $963.47.
   • Sold 2,670 shares at a weighted-average price of $964.57.
   • Sold 7,073 shares at a weighted-average price of $965.38.
   • Sold 1,522 shares at a weighted-average price of $966.27.
   • Sold 1,040 shares at a weighted-average price of $967.07.
   • Sold 200 shares at a weighted-average price of $970.18.
   • Total shares sold: 21,129 shares (effective weighted-average price: $964.38).

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Ownership Structure Post-Transaction

Following these transactions, Mr. Sing's holdings include:

• Direct Ownership: 25,147 shares of Common Stock.
• Indirect Ownership: 2,150 shares (750 by Spouse, 400 by Spouse/Cust Son, 1,000 by Trust for Son).
• Remaining Exercised Options: 0 remaining under the two reported option tranches.

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Trading Significance Assessment

• Significance Level: Medium
• Context: The transaction primarily reflects an option exercise-and-sell strategy. The options exercised had strike prices ($376.69 and $380.95) significantly below prevailing market levels (~$964), capturing substantial embedded gains ahead of expiration in 2027 and 2028. While Mr. Sing also liquidated approximately 5,860 pre-existing shares beyond the exercised options, he continues to retain over 27,000 shares across direct and indirect accounts.