Regeneron Director Kathryn Guarini Exercises Options, Sells Shares

What Happened

Kathryn Guarini, a director of Regeneron Pharmaceuticals (REGN), exercised 400 stock options on Aug 10, 2026 at an exercise price of $719.37 (total cost $287,748) and simultaneously sold 400 shares in the open market at $800.00 per share (proceeds $320,000). The filing also shows a related derivative disposition of 400 shares at $0.00, reflecting the conversion/issuance of shares upon exercise.

This sequence—exercise followed by an immediate sale—is typically a cashless or coordinated transaction and is generally treated as routine rather than a directional bet on the stock.

Key Details

• Transaction date: August 10, 2026
• Option exercise: 400 shares @ $719.37 — total cost $287,748 (code M)
• Open-market sale: 400 shares @ $800.00 — proceeds $320,000 (code S)
• Derivative conversion: 400 shares @ $0.00 (represents conversion/issuance upon exercise)
• Plan/notes: Transaction made pursuant to a Rule 10b5-1 trading plan adopted Feb 13, 2026 (Footnote F1). Footnote F2 explains the vesting schedule for the underlying options.
• Filing: Report filed Aug 12, 2026 (two days after the Aug 10 transaction); filing appears timely based on the reported dates.
• Shares owned after transaction: Not specified in the provided filing details.

Context

• For option exercises: the filing shows Guarini exercised options and sold the resulting shares the same day, which is common when insiders use options to capture value and not necessarily an expression of long-term buying or selling intent.
• The 10b5-1 plan indicates the sale was prearranged under a plan designed to avoid trading based on nonpublic information.
• No evidence here that this was a gift or a 10% owner transaction; it appears to be routine director option exercise and sale.