Director Michael S. Brown filed a Form 4 with the SEC on November 3, 2026, disclosing the exercise of 1,929 non-qualified stock options and the same-day sale of 1,929 shares of Regeneron Pharmaceuticals, Inc. common stock on October 30, 2026.

Key Highlights

  • Option exercise: Brown acquired 1,929 shares of common stock via exercise of non-qualified stock options at a conversion price of $725.89 per share on October 30, 2026.
  • Sale transaction: Brown disposed of 1,929 shares of common stock at a price of $875 per share on October 30, 2026.
  • Direct ownership after transactions: Following the reported transactions, Brown directly held 1,380 shares of common stock.
  • Indirect holdings: Brown also holds 5,000 shares indirectly through a SLAT and 6,485 shares indirectly through a Trust, according to the filing.
  • Rule 10b5-1 plan: The transactions were made pursuant to a plan adopted on February 25, 2026, intended to comply with Rule 10b5-1(c).
  • Option expiration: The exercised options carried an expiration date of January 3, 2033, with zero cost recorded as the price of the derivative security.

Brown's October 30 Option Exercise and Share Sale at Regeneron Pharmaceuticals

According to the Form 4 filed with the SEC, Michael S. Brown, a director of Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), executed two linked transactions on October 30, 2026. First, Brown exercised 1,929 non-qualified stock options at an exercise price of $725.89 per share, acquiring 1,929 shares of common stock. Immediately following, he disposed of those same 1,929 shares at a sale price of $875 per share. Both transactions were coded as an option exercise (M) and a sale (S), respectively, under the applicable SEC instructions.

The filing states that these transactions were "made pursuant to a plan intended to comply with Rule 10b5-1(c) adopted on February 25, 2026." The exercised options had an expiration date of January 3, 2033. Per footnote 3 in the filing, the vesting schedule provided that on the date of the company's first annual meeting of shareholders following the grant date, a portion of the options equal to the portion of one year that had passed from the date of grant became exercisable, with the remainder becoming exercisable on the first anniversary of the grant date.

After the reported transactions, Brown directly held 1,380 shares of common stock. The filing also reports indirect holdings: 5,000 shares held through a SLAT and 6,485 shares held through a Trust. Regarding the Trust, the filing notes that those shares "are held in a trust for the benefit of the reporting person's immediate family members," with Brown's spouse serving as trustee. The filing further states that "the reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose."

What Was Disclosed

Director Michael S. Brown disclosed the exercise of 1,929 non-qualified stock options at $725.89 and the sale of 1,929 Regeneron common shares at $875, both on October 30, 2026, under a pre-established Rule 10b5-1(c) plan, leaving him with 1,380 directly held shares.