Daniel Van Plew
Executive Vice President and General Manager, Industrial Operations and Product Supply at REGN
Executive
About Daniel Van Plew
Executive Vice President & General Manager, Industrial Operations and Product Supply (IOPS) at Regeneron since January 2016 (joined Regeneron in 2007). Age 52; M.S. in Chemistry (Penn State) and M.B.A. (Michigan State) . Under company‑wide performance in 2024, Regeneron grew revenue 8% to $14.2B and increased GAAP diluted EPS 10% YoY, while maintaining pipeline momentum; these outcomes drove the 2024 company performance multiplier used for bonuses (1.5x) and underpin management pay-for-performance alignment . Over 2020–2024, Regeneron TSR (value of $100) reached $189.71 versus $172.62 for the pharma index; 2024 net income was $4.41B .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Regeneron | EVP & GM, Industrial Operations and Product Supply | 2016–present | Leads global manufacturing and product supply; prepared for new product launches and expanded capacity; Committee weighed contributions alongside a CRL at a third-party fill/finish site when assessing 2024 incentives . |
| Regeneron | SVP & GM, Industrial Operations and Product Supply | 2008–2015 | Scaled IOPS to support commercial growth . |
| Regeneron | VP & GM, Industrial Operations and Product Supply | 2007–2008 | Built early internal manufacturing capabilities . |
| Crucell Holland B.V. | EVP, R&D and Technical Operations | 2006–2007 | Led biopharma technical ops and development . |
| Chiron Biopharmaceuticals (Chiron Corp.) | Senior Director, Vacaville Operations | 2004–2006 | Managed large‑scale biologics operations . |
| Accenture (Health & Life Sciences) | Managerial roles | 1998–2004 | Operations/strategy consulting in life sciences . |
External Roles
- No current public-company board roles were listed for Mr. Van Plew in Regeneron’s executive officer biographies .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 900,000 | 931,500 | 964,100 |
| Target Bonus (% of Salary) | 65% | 65% | 65% |
| Actual Annual Cash Incentive ($) | 1,017,900 | 1,053,527 | 914,931 |
Notes: 2025 base salary set at $983,382 (+2.0%) .
Performance Compensation
Annual cash incentive (design and 2024 outcome)
| Component | Weight | Metric/Framework | Target | Actual multiplier | Payout mechanics |
|---|---|---|---|---|---|
| Company performance | 60% | Multi-factor (pipeline, finance/ops, talent/ESG); committee set 2024 multiplier at 1.5 | 1.0 | 1.5 | Applied to 60% of target bonus . |
| Individual performance | 40% | Leadership of IOPS (launch prep, capacity expansion) offset by CRL at third-party fill/finish site | 1.0 | 1.4 | Applied to 40% of target bonus . |
| 2024 bonus math (Van Plew) | Value |
|---|---|
| 2024 base salary ($) | 964,100 |
| Target bonus @ 65% ($) | 626,665 |
| Weighted multiplier = 0.6×1.5 + 0.4×1.4 | 1.46 |
| 2024 cash incentive paid ($) | 914,931 |
Equity awards (structure, size, vesting)
| Year | Award type | Grant-date fair value ($) | Shares/Options | Strike/Grant price ($) | Vesting | Expiration |
|---|---|---|---|---|---|---|
| 2024 | Stock Options | 4,049,729 | 13,472 | 771.64 | 25% per year over 4 years | 12/06/2034 |
| 2024 | RSAs | 2,699,968 | 3,499 | — | 50% on 12/06/2026; 50% on 12/06/2028 | — |
| 2023 | Stock Options | 4,049,638 | 8,604 unexercisable as of 12/31/24 (total grant 11,473 incl. exercisable portion) | 843.79 | 25% per year over 4 years | 12/08/2033 |
| 2023 | RSAs | 2,699,284 | 3,199 unvested as of 12/31/24 | — | 50% on 12/08/2025; 50% on 12/08/2027 | — |
| 2022 | Stock Options | 4,139,777 | 7,009 unexercisable as of 12/31/24 (grant 14,019 incl. exercisable) | 726.53 | 25% per year over 4 years | 12/16/2032 |
| 2022 | RSAs | 2,759,361 | 1,899 unvested as of 12/31/24 | — | 50% on 12/16/2024; 50% on 12/16/2026 | — |
| 2021 | Stock Options | — | 4,637 unexercisable as of 12/31/24 (grant 18,548 incl. exercisable) | 644.54 | 25% per year over 4 years | 12/08/2031 |
| 2021 | RSAs | — | 2,172 unvested as of 12/31/24 | — | 50% on 12/08/2023; 50% on 12/08/2025 | — |
| 2020 | RSAs (legacy) | — | 5,000 unvested as of 12/31/24 | — | 100% on 12/09/2025 | — |
Program design notes:
- Standard annual NEO mix: 60% options, 40% RSAs; options at fair market value on grant, 10‑year term; RSAs use back‑loaded 2‑and‑4‑year vesting to aid retention .
- All awards subject to clawback policy and 2023 Nasdaq-compliant clawback supplement .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (common) as of 4/15/2025 | 91,906 shares . |
| Options outstanding (12/31/2024) | 55,990 exercisable; 33,722 unexercisable . |
| Unvested time‑based stock (RSAs/RSUs) | 15,769 shares (aggregate across 2020–2024 grants) . |
| Hedging/pledging | Prohibited by policy . |
| Ownership guidelines | Robust stock ownership guidelines for senior executives (guidelines count time‑based restricted stock; unexercised options and unearned PSUs generally excluded) . |
Recent Form 4 activity (trading pressure indicators):
| Date | Transaction | Shares | Price ($) | Post‑txn holding | Source |
|---|---|---|---|---|---|
| 2024‑02‑14 | Sale | 10,434 | 942.28 (VWAP) | 33,838 (direct/indirect noted in filing) | |
| 2024‑12‑06 | Grant (Options) | 13,472 | 771.64 strike | — | |
| 2024‑12‑06 | Grant (RSAs) | 3,499 | — | — |
Vesting overhang watch:
- RSAs scheduled to release on 12/06/2026, 12/08/2025/2027, 12/16/2026, 12/08/2025, and 12/09/2025 (see table above) may create episodic liquidity events; options begin vesting annually through 2034 .
Employment Terms
| Topic | Key terms |
|---|---|
| Change-in-Control (CIC) severance plan (non-CEO NEOs) | Double‑trigger. If terminated without Cause or resign for Good Reason within two years after or 180 days before a CIC: lump sum 2x (base salary + average cash incentive of prior 3 years), pro‑rata current‑year bonus, benefits continuation (est. 24 months), and equity acceleration/extended exercise per plan conditions. Excise tax cutback to avoid 280G tax (no gross‑up) . |
| Illustrative CIC payout (as of 12/31/2024) | Cash severance $3,929,542; benefits continuation $195,336; accelerated equity value $11,547,074; total $15,671,952 (no cutback required in scenario) . |
| Equity vesting on CIC | “Double trigger” for all employees (except 2020 CEO/CSO PSUs): acceleration only upon qualifying termination in 2 years post‑CIC . |
| Clawback | Comprehensive clawback for violations with Nasdaq-compliant supplement for restatements; covers incentive-based compensation and, broadly, both financial and non‑financial violations causing significant harm . |
| Perquisites | 401(k) match ($15,250 in 2024) and tax/financial planning allowance ($11,200) among disclosed NEO perqs . |
| Hedging/Pledging | Prohibited . |
| Tax gross‑ups | Company policy against excise tax gross‑ups for officers (CEO legacy agreement excepted) . |
| Non-compete/Non-solicit | CIC plan includes a one‑year employee non‑solicit covenant for participants (valuation assumptions noted in CIC table) . |
Performance & Track Record (role‑relevant)
- Manufacturing and supply execution: Committee highlighted Mr. Van Plew’s leadership of IOPS in launch preparation and capacity expansion when awarding 2024 incentives; also considered FDA CRL tied to a third‑party fill/finish inspection for linvoseltamab (R/R multiple myeloma) .
- Company outcomes under current framework: 2024 revenues +8% to $14.2B; GAAP diluted EPS +10% YoY; robust pipeline progress (regulatory and clinical milestones) driving the 1.5x company performance multiplier used for NEO cash bonuses .
Compensation Committee, Peer Group, Say‑on‑Pay (context)
- Peer group for executive pay includes AbbVie, Amgen, BMS, Eli Lilly, Merck, Vertex, Biogen, Gilead, Alnylam, BioMarin, Incyte (Seagen removed in 2024) .
- 2024 Say‑on‑Pay passed with 95% approval (highest in a decade), following ongoing investor engagement and enhanced CD&A disclosure .
- Annual equity for NEOs (ex‑CEO/CSO) is value‑denominated, mix maintained at 60% options/40% RSAs; back‑loaded RSA vesting to reinforce retention; awards subject to clawback .
Investment Implications
- Alignment and retention: High at‑risk pay with multi‑year vesting (options to 2034; RSAs through 2028+) and robust clawback/ownership/anti‑hedging policies support long‑term alignment and talent retention .
- Potential selling pressure windows: Notable unvested RSA tranches (2025–2028) and ongoing option vesting create periodic liquidity events; 2024 realized option exercises (35,375 sh; $20.28M value) and a 10,434‑share sale in Feb‑2024 illustrate cadence of activity .
- CIC economics: Illustrative $15.7M payout (with $11.55M accelerated equity value) indicates meaningful CIC exposure; however, double‑trigger design and cutback provisions mitigate single‑trigger risk and gross‑up optics (no gross‑up for NEOs) .
- Execution watch‑items: Manufacturing QA dependencies at third‑party sites (CRL reference) are an execution risk factor within IOPS remit that the Committee explicitly considered in 2024 pay outcomes .
Appendix — Additional Detailed Tables
Outstanding awards at 12/31/2024 (Van Plew)
| Category | Count/Value |
|---|---|
| Options exercisable | 55,990 |
| Options unexercisable | 33,722 |
| Unvested stock awards (RSAs/RSUs) | 15,769; market value $11,232,733 (at $712.33/share) . |
2024 Option exercises and stock vested (value realized)
| Item | Shares | Value ($) |
|---|---|---|
| Options exercised (2024) | 35,375 | 20,283,170 |
| Stock vested (2024) | 2,864 | 2,147,263 |
Base salary progression and 2025 update
| Year | Base Salary ($) |
|---|---|
| 2022 | 900,000 |
| 2023 | 931,500 |
| 2024 | 964,100 |
| 2025 (set) | 983,382 |
2024–2025 company performance drivers informing incentives
- Company multiplier (2024): 1.5, weighing pipeline approvals/submissions, data readouts, earlier‑stage progress, finance/ops metrics, and talent/ESG progress .
- Business highlights: 2024 revenues $14.2B (+8%); non‑GAAP EPS $45.62 (+4%); R&D investment $5.1B; capex $756M .
All citations: Regeneron 2025 DEF 14A unless otherwise indicated.