Regeneron Pharmaceuticals announced a one-time, 100% performance-based equity award for its CEO, Leonard S. Schleifer, and CSO, George D. Yancopoulos, effective September 24, 2026. These awards replace annual equity grants until 2036 and are tied to ambitious, long-term goals for pipeline development and revenue growth over a 10-year performance period.
Key Details
- Award Structure: The CEO can earn up to 2,700,000 Performance Share Units (PSUs) and the CSO up to 2,900,000 PSUs. These one-time grants will be the sole equity compensation for both executives until 2036.
- Performance Period & Timeline: The performance period runs from January 1, 2026, to December 31, 2035. All earned shares are subject to a mandatory holding period and cannot be sold until February 2036.
- Performance Goals: Payouts are tied to new product filings/approvals and, more significantly, revenues from new products. The maximum earnout requires generating nearly $30 billion in new product annual revenues.
- Shareholder Alignment: The total number of earned shares will be adjusted by up to ±20% based on Regeneron's Total Shareholder Return (TSR) relative to the NASDAQ Biotechnology Total Return Index over the 10-year period.