REGENERON PHARMACEUTICALS, INC. (REGN) Form 8-K — Sep 30, 2026

Regeneron granted one-time 10-year PSU awards to co-founders and co-chairs Leonard Schleifer (CEO, up to 2,700,000 PSUs) and George Yancopoulos (CSO, up to 2,900,000 PSUs), effective September 24, 2026. The awards replace annual equity grants for both executives until 2036. Earnings are tied to FDA filings and approvals plus New Product Annual Revenues, with no revenue-based PSUs earned below $10 billion and full earnout requiring roughly $30 billion in new product revenues — approximately double Regeneron's 2025 total revenues. A relative TSR modifier adjusts payouts ±20% versus the NASDAQ Biotechnology Total Return Index, and no payout boost is possible if absolute TSR is negative.

AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.