Christopher Fenimore
Executive Vice President, Finance and Chief Financial Officer at REGN
Executive
About Christopher Fenimore
Christopher Fenimore (age 54) is Executive Vice President, Finance and Chief Financial Officer of Regeneron; he became CFO in February 2024 and was promoted to EVP Finance & CFO in January 2025. He joined Regeneron in 2003, previously serving as Controller and in finance leadership roles; he holds an M.A. in Biotechnology (Columbia), an MBA in Professional Accounting (Rutgers), and a B.A. in Economics (Rutgers), and is a CPA in New York . Regeneron delivered strong 2024 performance—revenues of $14.2B (+8% YoY), GAAP diluted EPS +10% and non-GAAP +4%; capital allocation included $5.1B R&D investment, $756M capex, $2.6B buybacks in 2024, followed by initiation of a quarterly dividend and a buyback authorization expansion of $3B (to $4.5B total) in February 2025; the Compensation Committee credited Fenimore’s leadership in executing these capital priorities .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Regeneron | EVP, Finance & CFO | Jan 2025–present | Oversight of finance organization and capital allocation; CFO role continuity . |
| Regeneron | SVP, Finance & CFO | Feb 2024–Dec 2024 | Executed capital priorities (R&D investment, BD funding, buybacks); led accounting/finance/tax . |
| Regeneron | SVP Controller | Jan 2021–Feb 2024 | Led accounting and reporting controls; succession pipeline for CFO . |
| Regeneron | VP Controller | Mar 2017–Dec 2020 | Strengthened controllership and financial reporting . |
| Regeneron | VP, Deputy Controller | Jan–Mar 2017 | Transition to Controller leadership . |
| Regeneron | VP, Financial Planning | Jan 2012–Dec 2016 | Led corporate FP&A supporting growth and pipeline . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Biotechnology start-up | Vice President, Finance | Pre-2003 | Early-stage finance leadership in biotech sector . |
| Healthcare VC & Investment Banking | Various finance roles | Pre-2003 | Capital markets and investing experience in healthcare . |
| KPMG | Auditor | Pre-2003 | Foundational audit/controls experience; CPA in NY . |
Fixed Compensation
| Metric | 2024 | 2025 | Notes |
|---|---|---|---|
| Base Salary ($) | 660,000 | 725,000 (+9.8%) | 2025 increase reflects 2% merit and $51,800 adjustment upon EVP promotion . |
| Target Bonus (% of salary) | 60% | 60% | Target unchanged; NEO targets held constant last three years . |
| Actual Cash Incentive ($) | 594,000 | — | Paid Jan 2025 for 2024 performance . |
| All Other Compensation ($) | 15,250 (401k match) | — | Company 401(k) match in respect of 2024 . |
Performance Compensation
| Component | Metric/Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual Cash Incentive (2024) | Company multiplier 60%; Personal multiplier 40% | Target bonus = 60% of base salary | Company multiplier 1.5 and Personal multiplier 1.5; payout $594,000 | Cash, paid in Jan 2025 . |
| Company Performance Factors | R&D/product pipeline, commercial/regulatory/manufacturing execution | Baseline set at 1.5 | Kept at 1.5; transformational pipeline offset by EYLEA HD sales shortfall and approval delays (odronextamab/linvoseltamab) | — |
| Personal Performance (Fenimore) | Leadership across accounting/finance/tax; capital allocation execution | Max 1.5 | 1.5 multiplier approved | — |
Equity Awards
| Award Type | Grant Date | Shares/Units | Grant Date Fair Value ($) | Exercise Price ($/sh) | Expiration | Vesting Terms |
|---|---|---|---|---|---|---|
| Stock Options | 12/06/2024 | 9,979 | 2,999,683 | 771.64 | 12/06/2034 | 25%/yr over 4 years, 10-year term . |
| Restricted Stock Awards (RSAs) | 12/06/2024 | 2,591 | 1,999,319 | — | — | 50% on 2nd anniversary; 50% on 4th anniversary . |
| Stock Options | 12/08/2023 | 8,499 | — | 843.79 | 12/08/2033 | 25%/yr over 4 years . |
| RSAs | 12/08/2023 | 2,370 | — | — | — | 50% on 2nd & 4th anniversaries . |
Outstanding Equity (as of 12/31/2024)
| Metric | Quantity/Value |
|---|---|
| Options exercisable (#) | 63,740 |
| Options unexercisable (#) | 21,893 |
| Unvested RSAs (#) | 6,853 |
| Unvested RSAs market value ($) | 4,881,598 |
| RSAs by grant (shares; market value) | 2,591; $1,845,647 (12/06/2024) • 2,370; $1,688,222 (12/08/2023) • 963; $685,974 (12/16/2022) • 929; $661,755 (12/08/2021) |
Option Exercises and Stock Vested (2024)
| Metric | Shares/Value |
|---|---|
| Options exercised (#; $ realized) | 20,000; $9,054,700 |
| RSAs vested (#; $ realized) | 3,197; $2,461,928 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 83,487 shares as of 4/15/2025 (includes options exercisable within 60 days and owned/RSAs per SEC rules) . |
| Breakdown (footnote) | Includes 63,740 options exercisable; 6,853 RSAs; 1,535 shares in 401(k); 1,897 shares in spouse trust; 50 shares in trusts for children . |
| Ownership % of common | Not specified in proxy table for Fenimore . |
| Stock ownership guidelines | Other NEOs must hold shares valued at ≥2× base salary; “owned” includes time-based RS/RSU; options and unvested performance units excluded . |
| Pledging/hedging | Prohibited for directors and employees, including NEOs . |
| Clawback policy | Broad recoupment/reduction policy covering financial and non-financial compliance violations; Nasdaq-compliant supplement for restatements (covers compensation tied to financial measures incl. stock price/TSR) . |
Employment Terms
| Provision | Terms |
|---|---|
| Change-in-control severance (double trigger) | Cash severance equals 2×(2024 base salary + avg cash incentives for prior 3 years); 24 months of medical/dental/vision/disability/life; tax/financial planning advisory services for 24 months; equity acceleration per plan . |
| Fenimore potential payout (illustrative, 12/31/2024) | Cash severance $2,080,228; benefits continuation $200,503; accelerated equity value $5,016,161; total $7,296,892; no cutback indicated under assumptions . |
| Restrictive covenants | Plan includes covenants, including a one-year non-solicit of employees; value not ascribed in excise tax analysis . |
| Excise tax gross-ups | Company policy prohibits excise tax gross-ups in new plans/arrangements for executive officers; medical insurance benefits in 2025–2026 assumed taxable and eligible for tax gross-up under the change-in-control plan . |
| Insider trading policy | Formal policy governing transactions by officers; referenced in 2024 Annual Report exhibit . |
Performance & Track Record
- Company performance context under Fenimore’s finance leadership: 2024 revenues $14.2B (+8% YoY), GAAP diluted EPS +10% and non-GAAP +4%; R&D investment $5.1B; capex $756M; $2.6B buybacks; in Feb 2025 the board initiated a quarterly dividend and expanded buyback authorization by $3B to $4.5B total .
- Compensation Committee cited Fenimore’s leadership across accounting, finance, and tax, and the successful execution of capital allocation priorities (investment in R&D, BD funding, buybacks) in setting his personal multiplier at 1.5 in 2024 .
Compensation Structure Analysis
- Mix emphasizes at‑risk, equity-heavy pay: 2024 equity grant value $5.0M (60% options, 40% RSAs) vs. salary $660k and cash incentive $594k; options only deliver value with post‑grant stock appreciation; RSAs vest over four years (more back‑loaded than industry norms) .
- Company performance multiplier lowered to 1.5 given balanced outcomes (pipeline advances vs. select commercial/regulatory shortfalls), signaling discipline in pay-for-performance calibration .
- Governance mitigants: robust clawback policy; prohibition on hedging/pledging; stock ownership guidelines (≥2× salary for NEOs) to reinforce alignment .
Risk Indicators & Red Flags
- Change-in-control economics include full equity acceleration and two-year cash/benefit severance—material but within biotech norms; excise tax gross-ups are prohibited by policy, though taxable medical benefits are assumed grossed-up under the plan .
- Insider selling pressure indicators: 63,740 options exercisable and 21,893 unexercisable as of year-end 2024; RSAs vest in sizable tranches in 2025–2028 (e.g., 50% of 2023 RSAs scheduled 12/08/2025; 50% of 2024 RSAs scheduled 12/06/2026), which may create windows for liquidity but do not by themselves imply sales .
- Clawback breadth (financial and non‑financial violations) reduces governance risk on incentive outcomes .
Equity Vesting Calendar Highlights (selected)
- RSAs: 2021 grant (929 shares) final vest 12/08/2025; 2022 grant (963) final vest 12/16/2026; 2023 grant (2,370) 50% vest 12/08/2025 and 50% 12/08/2027; 2024 grant (2,591) 50% vest 12/06/2026 and 50% 12/06/2028 .
- 2024 options (9,979) vest 25% annually beginning 12/06/2025; 2023 options (8,499) vest 25% annually beginning 12/08/2024 .
Investment Implications
- Alignment: Equity-heavy mix (options + RSAs), meaningful unvested RSAs value ($4.88M), and ownership guidelines promote long-term alignment; hedging/pledging prohibited and robust clawback further reduce misalignment risk .
- Retention: Multi-year vesting and double-trigger CIC benefits support retention; upcoming vesting tranches through 2028 suggest steady retention hooks with moderate overhang; governance mitigants in place .
- Trading signals: 2024 exercises (20,000 options; $9.05M value realized) show activity but not necessarily selling; watch vesting dates (Dec 8/16/2025–2028) and 10b5‑1 plans/blackout windows for potential liquidity events; beneficial ownership of 83,487 shares provides skin‑in‑the‑game .
- Pay-for-performance: 2024 multipliers and unchanged equity grant values reflect disciplined linkage to company outcomes (top-line/EPS growth vs. specific shortfalls), reducing risk of discretionary windfalls .