secwatch.observer — SEC 8-K summary
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Issuer:     REGENERON PHARMACEUTICALS, INC. (REGN)
CIK:        0000872589
Form:       8-K
Filed at:   2026-09-30T20:14:08+00:00
Accession:  0001104659-26-112340
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Regeneron grants Schleifer, Yancopoulos 10-year PSU awards capped at 2.7M/2.9M shares
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- 2026 PSUs granted Sept 24, 2026 replace annual equity awards for CEO Leonard Schleifer and CSO George Yancopoulos until 2036; no other equity awards permitted before 2036.
- Earnout: 10,000 PSUs per new product BLA/NDA filing, 15,000 per FDA approval, 12,500 per qualifying sBLA/sNDA; 1,800,000 PSUs if New Product Annual Revenues hit $30B.
- Below $10B of new product revenue, no revenue PSUs are earned and activity PSUs cap at 100,000 (CEO)/300,000 (CSO); absolute caps are 2,700,000 and 2,900,000 PSUs.
- Shares cannot be sold until February 2036; a relative TSR modifier vs the NASDAQ Biotechnology Index adjusts earned PSUs by +/-20%; 20% holdback applies before period end.
- Regeneron formed a majority-owned New Subsidiary for a potential non-core opportunity; Schleifer and Yancopoulos each received a partly vesting stake; it has nominal value and no operations yet.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/872589/000110465926112340/0001104659-26-112340-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/872589/000110465926112340/tm2626090d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-112340

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