Regeneron reports Q1 sales of $3,145 million, down 1% on the same period a year earlier.

The US biotech company reported adjusted net income (non-GAAP) of $1116 million, down 4%.

' While investing in innovation remains our top capital allocation priority, the recent authorization by Regeneron's Board of Directors of a new $3 billion share repurchase program provides us with additional flexibility to continue returning capital to shareholders over time', said Christopher Fenimore, Regeneron's Senior Vice President Finance and CFO.

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