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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 20, 2018
Entity Information [Line Items]
Entity Registrant Name	REGENERON PHARMACEUTICALS INC
Entity Central Index Key	0000872589
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		106,144,994
Class A Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,911,354

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 917,876	$ 812,733
Marketable securities	765,642	596,847
Accounts receivable - trade, net	1,534,324	1,538,642
Accounts receivable from Sanofi	243,238	193,684
Accounts receivable from Bayer	261,685	242,014
Inventories	928,553	726,138
Prepaid expenses and other current assets	163,599	224,972
Total current assets	4,814,917	4,335,030
Marketable securities	2,044,703	1,486,494
Property, plant, and equipment, net	2,461,614	2,358,605
Deferred tax assets	545,077	506,291
Other noncurrent assets	85,669	77,866
Total assets	9,951,980	8,764,286
Current liabilities:
Accounts payable	171,906	178,183
Accrued expenses and other current liabilities	670,709	637,162
Total current liabilities	1,331,190	1,135,483
Capital and facility lease obligations	705,903	703,453
Other noncurrent liabilities	190,020	152,073
Total liabilities	2,765,554	2,620,208
Stockholders' equity:
Preferred Stock, $.01 par value; 30,000,000 shares authorized; issued and outstanding - none	0	0
Additional paid-in capital	3,712,599	3,512,833
Retained earnings	3,839,179	2,946,733
Accumulated other comprehensive (loss) income	(11,612)	640
Treasury Stock, at cost; 3,885,469 shares in 2018 and 3,763,868 shares in 2017	(353,852)	(316,240)
Total stockholders' equity	7,186,426	6,144,078
Total liabilities and stockholders' equity	9,951,980	8,764,286
Class A Stock
Stockholders' equity:
Common stock	2	2
Common Stock
Stockholders' equity:
Common stock	110	110
Sanofi
Current liabilities:
Deferred revenue, current	308,179	177,746
Deferred revenue, noncurrent	339,040	379,936
Other
Current liabilities:
Deferred revenue, current	180,396	142,392
Deferred revenue, noncurrent	$ 199,401	$ 249,263

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Treasury stock, outstanding (in shares)	3,885,469	3,763,868
Class A Stock
Stockholders' equity:
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	40,000,000	40,000,000
Common Stock, shares issued (in shares)	1,911,354	1,911,354
Common Stock, shares outstanding (in shares)	1,911,354	1,911,354
Common Stock
Stockholders' equity:
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	320,000,000	320,000,000
Common Stock, shares issued (in shares)	109,929,629	109,477,222

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Revenues	$ 1,608,022	$ 1,470,116	$ 3,119,507	$ 2,789,107
Expenses:
Research and development	529,289	509,975	1,027,875	1,017,410
Selling, general, and administrative	364,884	306,908	695,654	603,754
Total expenses	985,834	919,804	1,930,088	1,808,253
Income from operations	622,188	550,312	1,189,419	980,854
Other income (expense):
Other income (expense), net	40,804	(19,061)	65,410	(9,813)
Interest expense	(6,918)	(5,401)	(13,357)	(12,902)
Total other income (expense)	33,886	(24,462)	52,053	(22,715)
Income before income taxes	656,074	525,850	1,241,472	958,139
Income tax expense	(104,662)	(138,106)	(212,080)	(321,464)
Net income	$ 551,412	$ 387,744	$ 1,029,392	$ 636,675
Net income per share - basic (in dollars per share)	$ 5.12	$ 3.66	$ 9.56	$ 6.02
Net income per share - diluted (in dollars per share)	$ 4.82	$ 3.34	$ 8.97	$ 5.51
Weighted average shares outstanding - basic (in shares)	107,800	106,034	107,724	105,804
Weighted average shares - diluted (in shares)	114,477	116,137	114,697	115,607
Statements of Comprehensive Income
Net income	$ 551,412	$ 387,744	$ 1,029,392	$ 636,675
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on marketable securities	3,374	8,204	(7,706)	15,160
Unrealized gain on cash flow hedges	608	28	2,047	28
Comprehensive income	555,394	395,976	1,023,733	651,863
Product
Revenues:
Revenues	996,382	924,133	1,984,291	1,782,378
Expenses:
Cost of goods sold	35,950	42,133	105,193	103,386
Collaboration and contract manufacturing
Expenses:
Cost of goods sold	55,711	60,788	101,366	83,703
Sanofi \| Product and service, other
Revenues:
Revenues	237,753	222,128	427,243	432,495
Bayer \| Product and service, other
Revenues:
Revenues	262,863	210,355	510,791	404,294
Other \| Product and service, other
Revenues:
Revenues	$ 111,024	$ 113,500	$ 197,182	$ 169,940

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 1,029,392	$ 636,675
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	70,000	73,241
Non-cash compensation expense	189,217	255,047
Other non-cash items, net	(54,980)	37,631
Deferred taxes	(15,487)	(57,737)
Changes in assets and liabilities:
Increase in Sanofi, Bayer, and trade accounts receivable	(64,907)	(232,927)
Increase in inventories	(182,100)	(151,544)
Decrease (increase) in prepaid expenses and other assets	59,432	(77,168)
Increase (decrease) in deferred revenue	(84,238)	(10,655)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities	66,979	(147,232)
Total adjustments	(16,084)	(311,344)
Net cash provided by operating activities	1,013,308	325,331
Cash flows from investing activities:
Purchases of marketable and other securities	(1,181,205)	(477,408)
Sales or maturities of marketable securities	462,212	272,166
Capital expenditures	(191,392)	(105,310)
Net cash used in investing activities	(910,385)	(310,552)
Cash flows from financing activities:
Proceeds in connection with capital and facility lease obligations	0	57,000
Payments in connection with capital and facility lease obligations	0	(19,925)
Proceeds from issuance of Common Stock	34,073	188,693
Payments in connection with Common Stock tendered for employee tax obligations	(31,853)	(31,437)
Net cash provided by financing activities	2,220	194,331
Net increase in cash, cash equivalents, and restricted cash	105,143	209,110
Cash, cash equivalents, and restricted cash at beginning of period	825,233	547,703
Cash, cash equivalents, and restricted cash at end of period	$ 930,376	$ 756,813

Interim Financial Statements (Notes)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Interim Financial Statements

The interim Condensed Consolidated Financial Statements of Regeneron Pharmaceuticals, Inc. and its subsidiaries ("Regeneron," "Company," "we," "us," and "our") have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company's financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, these financial statements reflect all normal recurring adjustments and accruals necessary for a fair statement of the Company's financial position, results of operations, and cash flows for such periods. The results of operations for any interim period are not necessarily indicative of the results for the full year. The December 31, 2017 Condensed Consolidated Balance Sheet data were derived from audited financial statements, but do not include all disclosures required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

Certain reclassifications have been made to prior period amounts to conform with the current period's presentation.

We adopted Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, as of January 1, 2018. The Company adopted the standard using the modified retrospective method, and thus recognized a cumulative-effect adjustment to reduce Retained earnings and increase Deferred revenue on January 1, 2018 by $143.4 million, net of tax. Prior period amounts have not been adjusted in connection with the adoption of this standard.

The new standard did not have an impact on the recognition of revenue from product sales (see Note 2). However, the new standard has resulted in certain changes to the timing of revenue recognition related to our collaboration agreements (see Note 3). As a result of adopting ASC 606, non-refundable upfront payments, which were previously recognized ratably over the performance period, and substantive development milestones, which were previously recognized in the period when the milestone was achieved, will be recognized over the remaining performance period based on the Company's progress towards satisfying its identified performance obligation.

The following tables summarize the impacts of adopting ASC 606 on the Company's condensed consolidated financial statements as of and for the three and six months ended June 30, 2018 compared with the guidance that was in effect before the change.



	June 30, 2018
Balance Sheet Data	As Reported		Adjustments			Balance Without Adoption of ASC 606
Deferred tax assets	$	545,077	$	(16,293	)	$	528,784
Total assets	$	9,951,980	$	(16,293	)	$	9,935,687
Accrued expenses and other current liabilities	$	670,709	$	(1,513	)	$	669,196
Deferred revenue from Sanofi (current)	$	308,179	$	(82,983	)	$	225,196
Deferred revenue - other (current)	$	180,396	$	(49,819	)	$	130,577
Total current liabilities	$	1,331,190	$	(134,315	)	$	1,196,875
Deferred revenue from Sanofi (noncurrent)	$	339,040	$	6,671		$	345,711
Deferred revenue - other (noncurrent)	$	199,401	$	28,734		$	228,135
Total liabilities	$	2,765,554	$	(98,910	)	$	2,666,644
Retained earnings	$	3,839,179	$	82,617		$	3,921,796
Total stockholders' equity	$	7,186,426	$	82,617		$	7,269,043
Total liabilities and stockholders' equity	$	9,951,980	$	(16,293	)	$	9,935,687



	Three Months Ended June 30, 2018									Six Months Ended June 30, 2018
Consolidated Statement of Operations Data	As Reported			Adjustments			Balance Without Adoption of ASC 606			As Reported			Adjustments			Balance Without Adoption of ASC 606
Sanofi collaboration revenue	$	237,753		$	(8,924	)	$	228,829		$	427,243		$	(17,331	)	$	409,912
Other revenue	$	111,024		$	(29,879	)	$	81,145		$	197,182		$	(47,189	)	$	149,993
Total revenues	$	1,608,022		$	(38,803	)	$	1,569,219		$	3,119,507		$	(64,520	)	$	3,054,987
Income from operations	$	622,188		$	(38,803	)	$	583,385		$	1,189,419		$	(64,520	)	$	1,124,899
Income before income taxes	$	656,074		$	(38,803	)	$	617,271		$	1,241,472		$	(64,520	)	$	1,176,952
Income tax expense	$	(104,662	)	$	1,914		$	(102,748	)	$	(212,080	)	$	3,702		$	(208,378	)
Net income	$	551,412		$	(36,889	)	$	514,523		$	1,029,392		$	(60,818	)	$	968,574

The Company also adopted Accounting Standards Update ("ASU") 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, as of January 1, 2018. The amendments require companies to measure equity investments at fair value with changes in fair value recognized in net income. We have elected the measurement alternative for equity investments we hold that do not have readily determinable fair values. Therefore, we will measure such investments at cost minus impairment, if any, and adjust for observable price changes in orderly transactions for identical or similar investments of the same issuer. Upon adoption, the Company recognized a cumulative-effect adjustment, related to unrealized gains on equity securities, to reduce Accumulated other comprehensive income and increase Retained earnings on January 1, 2018 by $6.6 million. See Note 5 and Note 6.

Product Sales (Notes)

6 Months Ended

Jun. 30, 2018

Revenues [Abstract]

Product Sales

Net product sales consist of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
Net Product Sales in the United States	2018		2017		2018		2017
EYLEA^®	$	991,998	$	919,466	$	1,976,047	$	1,773,853
ARCALYST^®	4,384		4,667		8,244		8,525
	$	996,382	$	924,133	$	1,984,291	$	1,782,378

The Company had product sales to certain customers that accounted for more than 10% of total gross product revenue for each of the three and six months ended June 30, 2018 and 2017. Sales to each of these customers as a percentage of the Company's total gross product revenue are as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Besse Medical, a subsidiary of AmerisourceBergen Corporation	56	%	50	%	55	%	51	%
McKesson Corporation	35	%	29	%	37	%	28	%
Curascript SD Specialty Distribution, a subsidiary of Express Scripts	**		20	%	**		20	%
** Sales to Curascript SD Specialty Distribution represented less than 10% of total gross product revenue during the period.

Revenue from product sales is recognized at a point in time when our customer is deemed to have obtained control of the product, which generally occurs upon receipt by our distributors and specialty pharmacies. The Company's written contracts with its customers stipulate product is shipped freight on board destination (FOB destination).

The amount of revenue we recognize varies due to rebates, chargebacks, and discounts provided under governmental and other programs, distribution-related fees, and other sales-related deductions. We estimate the amount of variable consideration that we will be entitled to, in order to determine the transaction price, based upon contracts with customers and government agencies, statutorily-defined discounts applicable to government-funded programs, historical experience, estimated payer mix, and other relevant factors.

The following table summarizes the provisions, and credits/payments, for these sales-related deductions during the six months ended June 30, 2018 and 2017.



	Rebates, Chargebacks, and Discounts			Distribution- Related Fees			Other Sales- Related Deductions			Total
Balance as of December 31, 2017	$	29,840		$	34,142		$	21,320		$	85,302
Provisions	97,698			102,133			19,892			219,723
Credits/payments	(91,108		)	(98,532		)	(24,431		)	(214,071		)
Balance as of June 30, 2018	$	36,430		$	37,743		$	16,781		$	90,954

Balance as of December 31, 2016	$	12,712		$	29,465		$	3,674		$	45,851
Provisions	78,250			90,077			20,531			188,858
Credits/payments	(67,850		)	(90,519		)	(21,312		)	(179,681		)
Balance as of June 30, 2017	$	23,112		$	29,023		$	2,893		$	55,028

Accruals for chargebacks and discounts are recorded as a direct reduction to accounts receivable. Accruals for rebates, distribution-related fees, and other sales-related deductions are recorded within accrued liabilities.

Collaboration Agreements (Notes)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Collaboration Agreements

We have entered into various agreements related to our activities to research, develop, manufacture, and commercialize product candidates and utilize our technology platforms. The Company earns collaboration revenue in connection with collaboration agreements to utilize our technology platforms and develop and/or commercialize product candidates. As described in Note 1, during the first quarter of 2018, we adopted ASC 606. Under the terms of the new standard, revenue is measured as the amount of consideration we expect to be entitled to in exchange for transferring promised goods or providing services to a customer, and is recognized when (or as) we satisfy performance obligations under the terms of a contract. Depending on the terms of the arrangement, we may defer the recognition of all or a portion of the consideration received because the performance obligations are satisfied over time.

Our collaboration agreements may require us to deliver various rights, services, and/or goods across the entire life cycle of a product or product candidate. In agreements involving multiple goods or services promised to be transferred to a customer, we must assess, at the inception of the contract, whether each promise represents a separate performance obligation (i.e., is "distinct"), or whether such promises should be combined as a single performance obligation.

The terms of these agreements typically include consideration to be provided to the Company in the form of non-refundable up-front payments, development milestones, payments for development activities, as well as payments for commercialization activities, sales milestones, and sharing of profits or losses arising from the commercialization of products.

At the inception of the contract, the transaction price reflects the amount of consideration we expect to be entitled to in exchange for transferring promised goods or services to our customer. We review our estimate of the transaction price each period, and make revisions to such estimates as necessary. In arrangements where we satisfy performance obligation(s) during the development phase over time, we recognize collaboration revenue over time typically using an input method on the basis of our research and development costs incurred relative to the total expected cost which determines the extent of our progress toward completion.

Under the Company's collaboration agreements, product sales and cost of sales for products which are currently approved are recorded by the Company's collaborators as they are deemed to be the principal in the transaction. The Company shares in any profits or losses arising from the commercialization of such products, and records its share of the variable consideration, representing net product sales less cost of goods sold and shared commercialization and other expenses, as collaboration revenue in the period in which such underlying sales occur and costs are incurred by the collaborator.

In arrangements where the collaborator records product sales, the Company may be obligated to use commercially reasonable efforts to supply commercial bulk product to its collaborators, and may be reimbursed for its manufacturing costs as commercial product is shipped to its collaborators; however, recognition of such cost reimbursements as collaboration revenue is deferred until the product is sold by the Company's collaborators to third-party customers. In addition, we may also be reimbursed for a portion of costs incurred for other commercial-related activities, which are recorded as collaboration revenue in the period in which such costs are incurred.

a. Sanofi

The collaboration revenue we earned from Sanofi is detailed below:



	Three Months Ended June 30,						Six Months Ended June 30,
Sanofi Collaboration Revenue	2018			2017			2018			2017
Antibody:
Reimbursement of Regeneron research and development expenses	$	64,482		$	137,272		$	124,876		$	292,517
Reimbursement of Regeneron commercialization-related expenses	103,666			87,104			189,090			160,663
Regeneron's share of losses in connection with commercialization of antibodies	(68,797		)	(122,281		)	(143,671		)	(230,683		)
Other	31,654			31,204			48,984			42,490
Total Antibody	131,005			133,299			219,279			264,987
Immuno-oncology:
Reimbursement of Regeneron research and development expenses	77,054			68,080			150,878			126,759
Reimbursement of Regeneron commercialization-related expenses	2,061			749			3,271			749
Other	27,633			20,000			53,815			40,000
Total Immuno-oncology	106,748			88,829			207,964			167,508
	$	237,753		$	222,128		$	427,243		$	432,495

Antibodies

In November 2007, the Company entered into a global, strategic collaboration with Sanofi to discover, develop, and commercialize fully human monoclonal antibodies (the "Antibody Collaboration"). The Antibody Collaboration was governed by the companies' Discovery and Preclinical Development Agreement ("Antibody Discovery Agreement") and a License and Collaboration Agreement (each as amended). Pursuant to the Antibody Discovery Agreement, Sanofi agreed to fund up to $130.0 million of the Company's research activities in 2017. The Company's Antibody Discovery Agreement with Sanofi ended on December 31, 2017 without any extension and, therefore, funding from Sanofi under the Antibody Discovery Agreement ceased after 2017. Under the License and Collaboration Agreement, agreed-upon worldwide development expenses incurred by both companies are funded by Sanofi, except that following receipt of the first positive Phase 3 trial results for a co-developed drug candidate, subsequent Phase 3 trial-related costs for that drug candidate ("Shared Phase 3 Trial Costs") are shared 80% by Sanofi and 20% by Regeneron. Consequently, during the three months ended June 30, 2018 and 2017, the Company recognized as research and development expense $9.9 million and $20.6 million, respectively, and during the six months ended June 30, 2018 and 2017, the Company recognized as research and development expense $23.8 million and $45.6 million, respectively, its share of antibody development expenses that Sanofi incurred related to Praluent^®(alirocumab), Kevzara^® (sarilumab), and Dupixent^® (dupilumab).

Effective January 7, 2018, the Company and Sanofi entered into a letter agreement (the "Letter Agreement") in connection with, among other matters, the allocation of additional funds to certain activities relating to dupilumab and REGN3500 (collectively, the "Dupilumab/REGN3500 Eligible Investments"). Refer to the "Immuno-Oncology" section below for further details regarding the Letter Agreement.

In March 2017, the U.S. Food and Drug Administration ("FDA") approved Dupixent for the treatment of adult patients with moderate-to-severe atopic dermatitis, and in September 2017, the European Commission granted marketing authorization for Dupixent for use in adults with moderate-to-severe atopic dermatitis who are candidates for systemic therapy. In May 2017, the FDA approved Kevzara for the treatment of adult patients with moderately to severely active rheumatoid arthritis, and in June 2017, the European Commission granted marketing authorization for Kevzara for the treatment of rheumatoid arthritis in adult patients.

Sanofi leads commercialization activities for products developed under the Antibody Collaboration, subject to the Company's right to co-promote such products. In addition to profit and loss sharing, the Company is entitled to receive up to $250.0 million in sales milestone payments, with milestone payments commencing only if and after aggregate annual sales outside the United States exceed $1.0 billion on a rolling twelve-month basis. The amount of variable consideration related to such share of profits and losses and sales milestones is deemed to be constrained as of June 30, 2018, and therefore has not been included in the transaction price.

The Company's significant promised goods and services consist of providing research and development services, including the manufacturing of clinical supplies, and providing commercial-related services, including the manufacturing of commercial supplies. As it relates to the Antibody Collaboration, "Reimbursement of Regeneron commercialization-related expenses" in the table above represents reimbursement of internal and external costs in connection with commercializing Praluent, Kevzara, and Dupixent. As we recognize Sanofi antibody collaboration revenue in an amount equal to the amount we have the right to invoice and such amount corresponds directly with the value to Sanofi of our performance to date, we do not disclose the value of the transaction price allocated to our remaining unsatisfied performance obligations.

The following table summarizes accounts receivable and deferred revenue information in connection with the Company's Antibody Collaboration with Sanofi:



	June 30,		December 31,
	2018		2017
Accounts receivable, net	$	160,954	$	121,001
Deferred revenue	$	170,906	$	117,682

Significant changes in deferred revenue balances are as follows:



	Six Months Ended June 30, 2018
Increase due to shipments of commercial supplies to Sanofi	$	108,359
Revenue recognized that was included in deferred revenue at the beginning of the period	$	(55,135	)

Immuno-Oncology

In July 2015, the Company and Sanofi entered into a collaboration to discover, develop, and commercialize antibody-based cancer treatments in the field of immuno-oncology (the "IO Collaboration"). The IO Collaboration is governed by an Immuno-oncology Discovery and Development Agreement ("IO Discovery Agreement"), and an Immuno-oncology License and Collaboration Agreement ("IO License and Collaboration Agreement"). In connection with the IO Discovery Agreement, Sanofi made a $265.0 million non-refundable up-front payment to the Company. The term of the IO Discovery Agreement will continue through the later of five years from the effective date of the IO Collaboration or the date our budget for IO Discovery activities, which has been agreed to with Sanofi, is exhausted, subject to Sanofi's option to extend it for up to an additional three years for the continued development (and funding) of selected ongoing programs.

In connection with the IO License and Collaboration Agreement, Sanofi made a $375.0 million non-refundable up-front payment to the Company. Under the terms of the IO License and Collaboration Agreement, the parties are co-developing the Company's antibody product candidate (cemiplimab) targeting the receptor known as programmed cell death protein 1 (PD-1). The parties share equally, on an ongoing basis, development expenses for cemiplimab up to a total of $1.640 billion, an increase of $990.0 million over the budget set forth in the original IO License and Collaboration Agreement. Pursuant to the Letter Agreement, the cemiplimab development budget has been increased and the Company has agreed to allow Sanofi to satisfy in whole or in part its funding obligations with respect to cemiplimab development and Dupilumab/REGN3500 Eligible Investments by selling up to an aggregate of 1,400,000 shares of our Common Stock directly or indirectly owned by Sanofi through September 30, 2020. If Sanofi desires to sell shares of our Common Stock during the term of the Letter Agreement to satisfy a portion or all of its funding obligations for the cemiplimab development and/or Dupilumab/REGN3500 Eligible Investments, we may elect to purchase, in whole or in part, such shares from Sanofi. If we do not elect to purchase such shares, Sanofi may sell the applicable number of shares (subject to certain daily and quarterly limits) in one or more open-market transactions. During the second quarter of 2018, Sanofi elected to sell, and we elected to purchase (by issuing a credit towards the amount owed by Sanofi), 121,601 shares of the Company's Common Stock to satisfy Sanofi's funding obligation related to cemiplimab development costs incurred during the first quarter of 2018. Consequently, we recorded the cost of the shares received, or $37.6 million, as Treasury Stock during the three months ended June 30, 2018.

The Company has principal control over the development of cemiplimab and will lead commercialization activities in the United States, subject to Sanofi’s right to co-promote, while Sanofi will lead commercialization activities outside of the United States and the parties will equally share profits from worldwide sales. The Company will be entitled to a milestone payment of $375.0 million in the event that global sales of certain licensed products targeting PD-1 (including cemiplimab), together with sales of any other products licensed under the IO License and Collaboration Agreement and sold for use in combination with any of such licensed products targeting PD-1, equal or exceed $2.0 billion in any consecutive twelve-month period. The amount of variable consideration related to such milestone is deemed to be constrained as of June 30, 2018, and therefore has not been included in the transaction price.

At the inception of the IO Collaboration, the Company's significant promised goods and services consisted of a license to certain rights and intellectual property and providing research and development services, including the manufacturing of clinical supplies. The Company concluded that the license was not distinct, primarily as a result of (i) Sanofi being unable to benefit from the license on its own or together with other resources that are readily available as the license provides access to Regeneron's complex and specialized know-how and (ii) the research and development services, including manufacturing in support of such services, were expected to significantly modify the initial license. Therefore the promised goods and services were considered a single performance obligation. Consequently, the $640.0 million in aggregate up-front payments made by Sanofi during 2015 in connection with the execution of the IO Collaboration has been recorded as deferred revenue and has been included in the transaction price at the inception of the contract. "Other" Sanofi immuno-oncology revenue in the Sanofi Collaboration Revenue table above primarily includes recognition of deferred revenue from the $640.0 million of up-front payments.

As it relates to the IO Collaboration, "Reimbursement of Regeneron commercialization-related expenses" in the table above represents reimbursement of costs by Sanofi in connection with the commercialization of cemiplimab outside of the United States.

The following table summarizes accounts receivable and deferred revenue information in connection with the Company's IO Collaboration with Sanofi:



	June 30,		December 31,
	2018		2017
Accounts receivable, net	$	76,522	$	59,274
Deferred revenue	$	476,312	$	440,000

Significant changes in deferred revenue balances are as follows:



	Six Months Ended June 30, 2018
Increase as a result of cumulative-effect adjustment arising from the adoption of ASC 606	$	93,643
Revenue recognized that was included in deferred revenue at the beginning of the period	$	(57,331	)

The aggregate amount of the transaction price under the IO Collaboration allocated to the Company's performance obligation that was unsatisfied (or partially unsatisfied) as of June 30, 2018 was $1,550.1 million. This amount is expected to be recognized as revenue over the remaining period the Company is obligated to satisfy its performance obligation in connection with performing development activities.

b. Bayer

EYLEA outside the United States

Revenue earned in connection with our Bayer EYLEA collaboration is detailed below:



	Three Months Ended June 30,				Six Months Ended June 30,
Bayer EYLEA Collaboration Revenue	2018		2017		2018		2017
Regeneron's net profit in connection with commercialization of EYLEA outside the United States	$	246,302	$	190,883	$	478,370	$	365,759
Reimbursement of Regeneron EYLEA development expenses	3,678		2,329		7,135		4,780
Other	12,694		10,593		24,557		21,196
	$	262,674	$	203,805	$	510,062	$	391,735

Under the terms of the license and collaboration agreement with Bayer for the global development and commercialization outside the United States of EYLEA, Bayer markets EYLEA outside the United States, where, for countries other than Japan, the companies share equally in profits and losses from sales of EYLEA. In Japan, the Company is entitled to receive a tiered percentage of between 33.5% and 40.0% of EYLEA net sales. In addition, the Company and Bayer share the funding of agreed-upon EYLEA development costs.

The following table summarizes accounts receivable and deferred revenue information in connection with the Company's EYLEA collaboration with Bayer:



	June 30,		December 31,
	2018		2017
Accounts receivable, net	$	261,646	$	241,153
Deferred revenue	$	73,750	$	68,734

Significant changes in deferred revenue balances are as follows:



	Six Months Ended June 30, 2018
Increase due to shipments of commercial supplies to Bayer	$	24,666
Revenue recognized that was included in deferred revenue at the beginning of the period	$	(19,650	)

Ang2 antibody and PDGFR-beta antibody outside the United States

In 2016, the Company entered into an agreement with Bayer governing the joint development and commercialization outside the United States of nesvacumab, an antibody product candidate to angiopoietin-2 (Ang2), including REGN910-3 (Ang2 in combination with aflibercept), for the treatment of ocular diseases or disorders. In connection with the agreement, Bayer made a non-refundable up-front payment and paid a portion of our global development costs and development costs exclusively for the territory outside the United States. In the fourth quarter of 2017, the Company reported that results from two Phase 2 studies of REGN910-3 did not provide sufficient differentiation to warrant Phase 3 development. Therefore, during the fourth quarter of 2017, the Company accelerated and recognized the remaining amount of deferred revenue from the $50.0 million up-front payment (which was initially recorded as deferred revenue) received from Bayer as the Company deemed its performance obligation to be satisfied.

In 2014, the Company entered into a license and collaboration agreement with Bayer governing the joint development and commercialization outside the United States of an antibody product candidate to Platelet Derived Growth Factor Receptor Beta (PDGFR-beta), including REGN2176-3, a combination product candidate comprised of an antibody to PDGFR-beta co-formulated with aflibercept. Effective in the first quarter of 2017, the Company discontinued clinical development of REGN2176-3, and on July 31, 2017, the Company and Bayer agreed to terminate this collaboration agreement.

c. Teva

In September 2016, the Company and Teva entered into a collaboration agreement (the "Teva Collaboration Agreement") to develop and commercialize fasinumab globally, excluding certain Asian countries that are subject to our collaboration agreement with Mitsubishi Tanabe Pharma Corporation. In connection with the Teva Collaboration Agreement, Teva made a $250.0 million non-refundable up-front payment in September 2016. The Company leads global development activities, and the parties share development costs equally, on an ongoing basis, under a global development plan. The Company is also responsible for the manufacture and supply of fasinumab globally.

During the second and fourth quarters of 2017, the Company earned, and recognized as substantive milestones, development milestones of $25.0 million and $35.0 million, respectively, from Teva upon initiation of two Phase 3 trials. In addition, the Company is entitled to receive up to an aggregate of $400.0 million in development milestones and up to an aggregate of $1,890.0 million in contingent payments upon achievement of specified annual net sales amounts. The amount of variable consideration related to such milestones is deemed to be constrained as of June 30, 2018, and therefore has not been included in the transaction price.

At the inception of the Teva Collaboration Agreement, the Company's significant promised goods and services consisted of a license to certain rights and intellectual property and providing research and development services, including the manufacturing of clinical supplies. The Company concluded that the license was not distinct, primarily as a result of (i) Teva being unable to benefit from the license on its own or together with other resources that are readily available as the license providing access to Regeneron's complex and specialized know-how and (ii) the research and development services, including manufacturing in support of such services, were expected to significantly modify the initial license. Therefore the promised goods and services were considered a single performance obligation. Consequently, the $250.0 million up-front payment and development milestones received from Teva, as described above, have been recorded as deferred revenue and have been included in the transaction price.

The Company recognized $68.8 million and $67.7 million of revenue for the three months ended June 30, 2018 and 2017, respectively, and $127.4 million and $100.8 million of revenue for the six months ended June 30, 2018 and 2017, respectively, in connection with the Teva Collaboration Agreement.

The following tables summarize accounts receivable and deferred revenue information in connection with the Teva Collaboration Agreement:



	June 30,		December 31,
	2018		2017
Accounts receivable, net (recorded within Prepaid expenses and other current assets)	$	35,504	$	71,297
Deferred revenue	$	194,564	$	197,357

Significant changes in deferred revenue balances are as follows:



	Six Months Ended June 30, 2018
Increase as a result of cumulative-effect adjustment arising from the adoption of ASC 606	$	48,216
Revenue recognized that was included in deferred revenue at the beginning of the period	$	(52,826	)

The aggregate amount of the transaction price under the Teva Collaboration Agreement allocated to the Company's performance obligation that was unsatisfied (or partially unsatisfied) as of June 30, 2018 was $525.3 million. This amount is expected to be recognized as revenue over the remaining period the Company is obligated to satisfy its performance obligation in connection with performing development activities.

Net Income Per Share (Notes)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Net Income Per Share

The Company's basic net income per share amounts have been computed by dividing net income by the weighted average number of shares of Common Stock and Class A Stock outstanding. Net income per share is presented on a combined basis, inclusive of Common Stock and Class A Stock outstanding, as each class of stock has equivalent economic rights. Diluted net income per share includes the potential dilutive effect of other securities as if such securities were converted or exercised during the period, when the effect is dilutive. The calculations of basic and diluted net income per share are as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Net income - basic and diluted	$	551,412	$	387,744	$	1,029,392	$	636,675

(Shares in thousands)
Weighted average shares - basic	107,800		106,034		107,724		105,804
Effect of dilutive securities:
Stock options	6,664		9,602		6,959		9,310
Restricted stock	13		501		14		493
Dilutive potential shares	6,677		10,103		6,973		9,803
Weighted average shares - diluted	114,477		116,137		114,697		115,607

Net income per share - basic	$	5.12	$	3.66	$	9.56	$	6.02
Net income per share - diluted	$	4.82	$	3.34	$	8.97	$	5.51

Shares which have been excluded from diluted per share amounts because their effect would have been antidilutive include the following:



	Three Months Ended June 30,		Six Months Ended June 30,
(Shares in thousands)	2018	2017	2018	2017
Stock options	14,865	7,959	14,872	11,055
Restricted stock	60	—	57	16

Marketable Securities (Notes)

6 Months Ended

Jun. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable securities as of June 30, 2018 and December 31, 2017 consist of both available-for-sale debt securities of investment grade issuers (see below and Note 6) as well as equity securities of publicly traded companies (see Note 6).

The following tables summarize the Company's investments in available-for-sale debt securities:



	Amortized		Unrealized					Fair
As of June 30, 2018	Cost Basis		Gains		Losses			Value
Available-for-sale debt securities:
Corporate bonds	$	2,497,276	$	2,282	$	(18,987	)	$	2,480,571
U.S. government and government agency obligations	126,395		30		(1,589		)	124,836
Municipal bonds	2,572		—		(8		)	2,564
Commercial paper	76,013		—		—			76,013
Certificates of deposit	40,773		—		—			40,773
	$	2,743,029	$	2,312	$	(20,584	)	$	2,724,757

As of December 31, 2017
Available-for-sale debt securities:
Corporate bonds	$	1,717,976	$	2,176	$	(7,672	)	$	1,712,480
U.S. government and government agency obligations	186,699		34		(1,241		)	185,492
Municipal bonds	4,600		—		(13		)	4,587
Commercial paper	106,973		—		—			106,973
Certificates of deposit	11,024		—		—			11,024
	$	2,027,272	$	2,210	$	(8,926	)	$	2,020,556

The Company classifies its investments in available-for-sale debt securities based on their contractual maturity dates. The available-for-sale debt securities listed as of June 30, 2018 mature at various dates through March 2023. The fair values of available-for-sale debt security investments by contractual maturity consist of the following:



	June 30, 2018		December 31, 2017
Maturities within one year	$	765,642	$	593,783
Maturities after one year through five years	1,959,115		1,426,773
	$	2,724,757	$	2,020,556

The following table shows the fair value of the Company's available-for-sale debt securities that have unrealized losses and that are deemed to be only temporarily impaired, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.



	Less than 12 Months					12 Months or Greater					Total
As of June 30, 2018	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate bonds	$	1,588,876	$	(15,052	)	$	218,109	$	(3,935	)	$	1,806,985	$	(18,987	)
U.S. government and government agency obligations	45,936		(656		)	71,864		(933		)	117,800		(1,589		)
Municipal bonds	2,061		(8		)	—		—			2,061		(8		)
	$	1,636,873	$	(15,716	)	$	289,973	$	(4,868	)	$	1,926,846	$	(20,584	)

As of December 31, 2017
Corporate bonds	$	930,970	$	(4,924	)	$	256,750	$	(2,748	)	$	1,187,720	$	(7,672	)
U.S. government and government agency obligations	110,532		(409		)	67,921		(832		)	178,453		(1,241		)
Municipal bonds	2,582		(10		)	2,005		(3		)	4,587		(13		)
	$	1,044,084	$	(5,343	)	$	326,676	$	(3,583	)	$	1,370,760	$	(8,926	)

There were no realized losses on sales of marketable securities, and realized gains were not material, for the three and six months ended June 30, 2018 and 2017.

With respect to marketable securities, for the three and six months ended June 30, 2018 and 2017, amounts reclassified from Accumulated other comprehensive (loss) income into Other income, net were related to realized gains on sales. The Company adopted ASU 2016-01 (see Note 1) during the first quarter of 2018; as a result, there were $16.5 million and $25.9 million of net unrealized gains on equity securities recognized in Other income, net for the three and six months ended June 30, 2018, respectively. For the three and six months ended June 30, 2017, there were $5.8 million and $11.2 million, respectively, of net unrealized gains on equity securities that were recorded in Other comprehensive income (loss).

Fair Value Measurements (Notes)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company's assets that are measured at fair value on a recurring basis consist of the following:



			Fair Value Measurements at Reporting Date Using
As of June 30, 2018	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Available-for-sale debt securities:
Corporate bonds	$	2,480,571	—		$	2,480,571
U.S. government and government agency obligations	124,836		—		124,836
Municipal bonds	2,564		—		2,564
Commercial paper	76,013		—		76,013
Certificates of deposit	40,773		—		40,773
Equity securities	85,588		$	85,588	—
	$	2,810,345	$	85,588	$	2,724,757

As of December 31, 2017
Available-for-sale debt securities:
Corporate bonds	$	1,712,480	—		$	1,712,480
U.S. government and government agency obligations	185,492		—		185,492
Municipal bonds	4,587		—		4,587
Commercial paper	106,973		—		106,973
Certificates of deposit	11,024		—		11,024
Equity securities	62,785		$	62,785	—
	$	2,083,341	$	62,785	$	2,020,556

Marketable securities included in Level 2 are valued using quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuations in which significant inputs used are observable. The Company considers market liquidity in determining the fair value for these securities. The Company did not record any charges for other-than-temporary impairment of its Level 2 marketable securities during the three and six months ended June 30, 2018 and 2017. There were no transfers of marketable securities between Levels 1 or 2 classifications during the three and six months ended June 30, 2018 and 2017.

The fair value of interest rate swap and interest rate cap contracts, which were recorded within Other noncurrent assets, was not material as of June 30, 2018 and December 31, 2017 (see Note 8). The fair value of these contracts was determined based on Level 2 inputs, using significant inputs that are observable either directly or indirectly, including London Interbank Offered Rate ("LIBOR") and interest rate swap rates.

As of June 30, 2018 and December 31, 2017, the Company had $45.5 million and $37.5 million, respectively, in equity investments that do not have a readily determinable fair value. These investments are recorded at cost within Other noncurrent assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories (Notes)

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:



	June 30,		December 31,
	2018		2017
Raw materials	$	205,463	$	190,045
Work-in-process	400,834		302,042
Finished goods	26,571		21,791
Deferred costs	295,685		212,260
	$	928,553	$	726,138

Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred.

Derivative Instruments and Hedging Activities (Notes)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

The Company is exposed to market fluctuations in interest rates, including those in connection with its March 2017 lease of laboratory and office facilities in Tarrytown, New York. Commencing in the second quarter of 2017, the Company entered into interest rate swap and interest rate cap agreements to manage a portion of such interest rate risk; no new agreements of this nature were entered into during the six months ended June 30, 2018. All of the Company's derivative instruments are utilized for risk management purposes, and are not used for trading or speculative purposes.

The Company's derivative instruments are designated as cash flow hedges for accounting purposes. Since the specific terms of the derivative instruments match those of the item being hedged, the derivative instruments are deemed to be highly effective in offsetting the changes in cash flows of the hedged item. As such, changes in the fair value of these derivatives are recorded in accumulated other comprehensive income (loss) until the underlying transaction affects earnings, and are then reclassified to earnings in the same account as the hedged transaction. The Company would record any gain or loss related to the ineffectiveness directly to earnings.

The Company assesses, both at inception and on an ongoing basis, whether derivatives used continue to be highly effective in offsetting changes in cash flows of the hedged items. The Company does not exclude any portion of the cash flow hedge contracts from the assessment of hedge effectiveness. If and when a derivative is no longer expected to be highly effective, hedge accounting would be discontinued.

The following table summarizes the notional amounts of the Company's outstanding interest rate swap and cap agreements:



	June 30,		December 31,
	2018		2017
Interest rate swap contracts	$	75,000	$	75,000
Interest rate cap contracts	$	75,000	$	75,000

As it relates to cash flow hedges, for the three and six months ended June 30, 2018 and 2017, amounts of gains and losses recognized in Other comprehensive income (loss), and amounts reclassified from Accumulated other comprehensive (loss) income into Interest expense were not material. As of June 30, 2018, the amounts expected to be reclassified out of Accumulated other comprehensive income into Interest expense over the next 12 months are not expected to be material. For the three and six months ended June 30, 2018 and 2017, there were no gains or losses recorded related to the ineffective portion of the derivative instruments.

Income Taxes (Notes)	6 Months Ended
Income Taxes (Notes)	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to U.S. federal, state, and foreign income taxes. The Company recorded an income tax provision in its Statement of Operations of $104.7 million and $138.1 million for the three months ended June 30, 2018 and 2017, respectively, and $212.1 million and $321.5 million for the six months ended June 30, 2018 and 2017, respectively. The Company's effective tax rate was 16.0% and 26.3% for the three months ended June 30, 2018 and 2017, respectively, and 17.1% and 33.6% for the six months ended June 30, 2018 and 2017, respectively. On December 22, 2017, the bill known as the "Tax Cuts and Jobs Act" (the "Act") was signed into law. The Act, which became effective with respect to most of its provisions as of January 1, 2018, significantly revised U.S. corporate income tax laws by, among other things, reducing the U.S. federal corporate income tax rate from 35% to 21%, changing the taxation of foreign earnings (including taxation of certain global intangible low-taxed income ("GILTI")), allowing for a foreign-derived intangible income deduction and immediate expensing for qualified assets, repealing the deduction for domestic manufacturing, and imposing further limitations on the deductibility of executive compensation. As a result of the Act being signed into law, we recognized a provisional charge of $326.2 million in the fourth quarter of 2017 related to the re-measurement of the Company's U.S. net deferred tax assets at the lower enacted corporate tax rates; such amount was not adjusted during the six months ended June 30, 2018. The provisional charge recorded in the fourth quarter of 2017 is an estimate, and the measurement of deferred tax assets is subject to further analysis, such as developing interpretations and clarifications of the provisions of the Act, which could result in changes to this estimate during 2018. In addition, we have not yet elected an accounting method regarding whether to record deferred tax assets and liabilities for expected amounts of GILTI inclusions or whether to treat such amounts as a period cost. The Company's effective tax rate for the three and six months ended June 30, 2018 was positively impacted, compared to the U.S. federal statutory rate, primarily by the tax benefit associated with stock-based compensation, income earned in foreign jurisdictions with tax rates lower than the U.S. federal statutory rate, the foreign-derived intangible income deduction, and the federal tax credit for research activities. The Company's effective tax rate for the three and six months ended June 30, 2017 was positively impacted, compared to the U.S. federal statutory rate, by the tax benefit associated with stock-based compensation, the domestic manufacturing deduction, and the federal tax credit for research activities, partly offset by losses incurred in foreign jurisdictions with rates lower than the U.S. federal statutory rate and the non-tax deductible Branded Prescription Drug Fee. Income tax provisions recorded in the Statement of Comprehensive Income for the three and six months ended June 30, 2018 and 2017 were not material.

Statement of Cash Flows (Notes)

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Information [Abstract]

Statement of Cash Flows

The Company adopted ASU 2016-18, Statement of Cash Flows - Restricted Cash, during the first quarter of 2018, and the standard has been retrospectively applied to all periods presented. The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows:



	June 30,		June 30,
	2018		2017
Cash and cash equivalents	$	917,876	$	744,313
Restricted cash included in Other noncurrent assets	12,500		12,500
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$	930,376	$	756,813

Restricted cash consists of amounts held by financial institutions pursuant to contractual arrangements.

Supplemental disclosure of non-cash investing and financing activities

Included in accounts payable, accrued expenses, and other liabilities as of June 30, 2018 and December 31, 2017 were $38.4 million and $41.8 million, respectively, of accrued capital expenditures. Included in accounts payable, accrued expenses, and other liabilities as of June 30, 2017 and December 31, 2016 were $30.9 million and $28.2 million, respectively, of accrued capital expenditures.

As described in Note 3, during the six months ended June 30, 2018, we purchased (by issuing a credit towards the amount owed by Sanofi) 121,601 shares of our Common Stock from Sanofi, and recorded the cost of the shares received, or $37.6 million, as Treasury Stock.

The Company recognized an additional capital lease obligation of $201.2 million in connection with the Company's lease of additional premises at its Tarrytown, New York facility during the six months ended June 30, 2017.

Legal Matters (Notes)	6 Months Ended
Legal Matters (Notes)	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters From time to time, the Company is a party to legal proceedings in the course of the Company's business. Costs associated with the Company's involvement in legal proceedings are expensed as incurred. The outcome of any such proceedings, regardless of the merits, is inherently uncertain. If the Company were unable to prevail in any such proceedings, its consolidated financial position, results of operations, and future cash flows may be materially impacted. Proceedings Relating to '287 Patent, '163 Patent, and '018 Patent The Company is a party to patent infringement litigation initiated by the Company involving its European Patent No. 1,360,287 (the "'287 Patent"), its European Patent No. 2,264,163 (the "'163 Patent"), and its U.S. Patent No. 8,502,018 (the "'018 Patent"). Each of these patents concerns genetically engineered mice capable of producing chimeric antibodies that are part human and part mouse. Chimeric antibody sequences can be used to produce high-affinity fully human monoclonal antibodies. In these proceedings, the Company claims infringement of several claims of the '287 Patent, the '163 Patent, and the '018 Patent (as applicable), and seeks, among other types of relief, an injunction and an account of profits in connection with the defendants' infringing acts, which may include, among other things, the making, use, keeping, sale, or offer for sale of genetically engineered mice (or certain cells from which they are derived) that infringe one or more claims of the '287 Patent, the '163 Patent, and the '018 Patent (as applicable). On September 25, 2013, the Company commenced patent infringement litigation against Kymab Ltd in the English High Court of Justice, Chancery Division, Patents Court, in London, asserting the '287 Patent and '163 Patent. A trial to adjudicate the claims of infringement and counterclaims of invalidity of the '287 Patent and the '163 Patent was held from November 16, 2015 through December 8, 2015. On February 1, 2016, the court issued a final judgment, finding that the asserted claims of the '287 and '163 Patents are novel, not obvious, and infringed by Kymab's genetically engineered mice. However, the court invalidated the '287 and '163 Patents on the ground of insufficiency. The hearing for the Company's appeal and Kymab's cross-appeal was held on October 17–20, 2017. On March 28, 2018, the Court of Appeal (Civil Division of England and Wales) reversed the English High Court's decision and held that the '287 Patent and '163 Patent are both valid and infringed by Kymab. On June 5, 2018, the Court of Appeal issued a final order, which enjoins Kymab from infringing the '287 Patent and '163 Patent (subject to certain exceptions) and requires Kymab to destroy or deliver to a third party all products and antibodies and cells engineered to produce antibodies which infringe the '287 Patent and '163 Patent (subject to certain exceptions). The provisions of the final order are stayed pending final determination of Kymab's application for permission to appeal to the Supreme Court of the United Kingdom and, if permission is granted, Kymab's appeal. The Company has also been awarded a portion of the legal fees incurred by it in connection with the proceedings in the English High Court of Justice and the Court of Appeal described above. On March 11, 2014, the Company commenced '287 Patent infringement litigation and '018 Patent infringement litigation against Merus N.V., a company based in Utrecht, The Netherlands, in the District Court of The Hague (currently stayed by agreement of the parties) and the United States District Court for the Southern District of New York, respectively. On November 21, 2014, the United States District Court for the Southern District of New York issued its Opinion and Order on Claim Construction in the '018 Patent infringement litigation, in which it held the '018 Patent invalid and not infringed. On November 2, 2015, the United States District Court for the Southern District of New York issued an opinion and order finding that the '018 Patent was procured by inequitable conduct, thus rendering it unenforceable. On July 27, 2017, the United States Court of Appeals for the Federal Circuit (the "Federal Circuit") affirmed the District Court's decision regarding inequitable conduct without deciding the issues of validity and infringement; and, on December 26, 2017, the Federal Circuit denied the Company's petition for panel rehearing and rehearing en banc. On May 25, 2018, the Company filed a petition for a writ of certiorari with the United States Supreme Court. On July 8 and July 13, 2016, notices of opposition against the '163 Patent were filed in the European Patent Office (the "EPO") by Merus N.V. and Kymab and Novo Nordisk A/S, respectively. The notices assert, as applicable, lack of novelty, lack of inventive step, and insufficiency. The Company's response to the oppositions was filed on December 30, 2016. Following an oral hearing before the Opposition Division of the EPO on February 5–7, 2018, the Opposition Division upheld the '163 Patent without amendments. Kymab, Merus, and Novo Nordisk each filed a notice of appeal of the Opposition Division's decision on February 9, 2018, May 25, 2018, and June 26, 2018, respectively. With respect to the '018 Patent infringement litigation against Merus N.V., on June 25, 2018, the United States District Court for the Southern District of New York granted Merus's motion for attorneys' fees and costs in the amount of $10.5 million, plus pre- and post-judgment interest. On July 25, 2018, the Company filed a notice of appeal with the Federal Circuit. If the Company is ultimately required to pay such amounts, this payment is not expected to have a material impact on the Company's financial statements. Other than as noted above, the Company is not at this time able to predict the outcome of, or estimate possible gain or a range of possible loss, if any, related to, the '287 Patent, '163 Patent, and '018 Patent proceedings. Proceedings Relating to Praluent (alirocumab) Injection As described in greater detail below, the Company is currently a party to patent infringement actions initiated by Amgen Inc. against the Company and Sanofi (and/or the Company's and Sanofi's respective affiliated entities) in a number of jurisdictions relating to Praluent, which the Company is jointly developing and commercializing with Sanofi. In the United States, Amgen has asserted a number of U.S. patents, which were subsequently narrowed to U.S. Patent Nos. 8,829,165 (the "'165 Patent") and 8,859,741 (the "'741 Patent"), and seeks a permanent injunction to prevent the Company and the Sanofi defendants from commercial manufacturing, using, offering to sell, or selling within the United States (as well as importing into the United States) (collectively, "Commercializing") Praluent. Amgen also seeks a judgment of patent infringement of the asserted patents, monetary damages (together with interest), costs and expenses of the lawsuits, and attorneys' fees. A jury trial in this litigation was held in the United States District Court for the District of Delaware (the "District Court") from March 8 to March 16, 2016. During the course of the trial, the District Court ruled as a matter of law in favor of Amgen that the asserted patent claims were not obvious, and in favor of the Company and the Sanofi defendants that there was no willful infringement of the asserted patent claims by the Company or the Sanofi defendants. On March 16, 2016, the jury returned a verdict in favor of Amgen, finding that the asserted claims of the '165 and '741 Patents were not invalid based on either a lack of written description or a lack of enablement. On January 3, 2017, the District Court issued a final opinion and judgment, denying the Company and the Sanofi defendants' motions for new trial and judgment as a matter of law. The District Court also denied as moot Amgen's motion to strike the Company and the Sanofi defendants' request to obtain a judgment as a matter of law, which allowed the Federal Circuit to address the Company and the Sanofi defendants' patent invalidity arguments on appeal. On January 12, 2017, the Company and the Sanofi defendants filed a notice of appeal with the Federal Circuit. On April 19, 2017, the District Court granted Amgen's motion to amend the judgment on an accounting of supplemental damages and enhancement of such damages if deemed appropriate, but deferred the order until after the Federal Circuit issued a decision on the appeal. Oral argument on the appeal was held on June 6, 2017. On October 5, 2017, the Federal Circuit reversed in part the District Court's decision, remanded for a new trial on the issues of written description and enablement, and, as discussed below, vacated the District Court's permanent injunction. In addition, it affirmed the District Court's ruling that Amgen's patents were not obvious. The Federal Circuit further concluded the Company and the Sanofi defendants were not entitled to judgment as a matter of law on the issues of written description and enablement on this record. On February 23, 2018, the Federal Circuit denied Amgen's petition for rehearing en banc, and on March 2, 2018 the Federal Circuit issued a mandate to transfer jurisdiction of the case back to the District Court. On July 23, 2018, Amgen filed a petition for a writ of certiorari with the United States Supreme Court. A new jury trial is currently scheduled to begin on February 19, 2019. On January 5, 2017, the District Court granted a permanent injunction prohibiting Regeneron and the Sanofi defendants from Commercializing Praluent in the United States but subsequently delayed its imposition until February 21, 2017. The Federal Circuit stayed the injunction pending appeal on February 8, 2017 and vacated it on October 5, 2017. On July 25, 2016, Amgen filed a lawsuit against Regeneron, Sanofi-Aventis Groupe S.A., Sanofi-Synthelabo Limited, Aventis Pharma Limited, Sanofi Winthrop Industrie S.A., and Sanofi-Aventis Deutschland GmbH in the English High Court of Justice, Chancery Division, Patents Court, in London, seeking a declaration of infringement of Amgen's European Patent No. 2,215,124 (the "'124 Patent"), which pertains to PCSK9 monoclonal antibodies, by Praluent. The lawsuit also seeks a permanent injunction, damages, an accounting of profits, and costs and interest. On February 8, 2017, the court temporarily stayed this litigation on terms mutually agreed by the parties. Also on July 25, 2016, Amgen filed a lawsuit for infringement of the '124 Patent against Regeneron, Sanofi-Aventis Groupe S.A., Sanofi Winthrop Industrie S.A., and Sanofi-Aventis Deutschland GmbH in the Regional Court of Düsseldorf, Germany (the "Düsseldorf Regional Court"), seeking a permanent injunction, an accounting of marketing activities, a recall of Praluent and its removal from distribution channels, and damages. On November 14, 2017, the Düsseldorf Regional Court issued a decision staying the infringement proceedings until a decision of the Opposition Division of the EPO concerning the pending opposition filed by the Company, Sanofi, and several other opponents against the '124 Patent (as discussed below). Following Amgen's request to reopen the proceedings in light of the issuance of the Preliminary Opinion (as defined below), the Düsseldorf Regional Court has scheduled an oral hearing for September 11, 2018. On July 12, 2018, Sanofi-Aventis Deutschland GmbH, Sanofi-Aventis Groupe S.A., and Sanofi Winthrop Industrie S.A. filed an action in the Federal Patents Court (the "FPC") in Munich, Germany, seeking a compulsory license from Amgen based on the '124 Patent for the continued commercializing of Praluent in Germany. This compulsory license action included a request for a provisional compulsory license. The FPC has issued a summons for oral hearing scheduled for September 6, 2018 in the provisional compulsory license proceedings. On September 26, 2016, Amgen filed a lawsuit for infringement of the '124 Patent in the Tribunal de grande instance in Paris, France against Regeneron, Sanofi-Aventis Groupe S.A., Sanofi Winthrop Industrie, and Sanofi Chimie (subsequently added as a defendant). Amgen is seeking the prohibition of allegedly infringing activities with a €10,000 penalty per drug unit of Praluent produced in violation of the court order sought by Amgen; an appointment of an expert for the assessment of damages; disclosure of technical (including supply-chain) and accounting information to the expert and the court; provisional damages of €10.0 million (which would be awarded on an interim basis pending final determination); reimbursement of costs; publication of the ruling in three newspapers; and provisional enforcement of the decision to be issued, which would ensure enforcement of the decision (including any provisional damages) pending appeal. Amgen is not seeking a preliminary injunction in this proceeding at this time. On April 10, 2017, the Company and the Sanofi parties filed briefs seeking invalidation of certain of the claims of the '124 Patent, and Amgen filed a response on July 28, 2017. Oral hearing on this infringement lawsuit is currently scheduled for February 12, 2019. The '124 Patent is also subject to opposition proceedings in the EPO seeking to invalidate certain of its claims, which were initiated by Sanofi on February 24, 2016 and, separately, by the Company, Sanofi, and several other opponents on November 24, 2016. On December 13, 2017, the Opposition Division of the EPO issued a preliminary, non-binding opinion (the "Preliminary Opinion") regarding the validity of the '124 Patent, indicating that it currently considers the claims of a new request filed by Amgen in response to the opposition to satisfy the requirements for patentability. The Preliminary Opinion was accompanied by a summons to oral hearing to be held on November 28–30, 2018. On May 19, 2017, Amgen filed a lawsuit for infringement of Amgen's Japanese Patent Nos. 5,906,333 (the "'333 Patent") and 5,705,288 (the "'288 Patent") in the Tokyo District Court Civil Division against Sanofi K.K. Amgen's complaint alleges that manufacturing, selling or otherwise transferring, and offering to sell or otherwise transfer Praluent (alirocumab) in Japan (as well as importing Praluent (alirocumab) into Japan) infringe the '333 and '288 Patents. The complaint further seeks a permanent injunction, disposal of product, and court costs. The Company has not been named as a defendant in this litigation. At this time, the Company is not able to predict the outcome of, or estimate a range of possible loss, if any, related to, these proceedings. Proceedings Relating to Dupixent (dupilumab) Injection On March 20, 2017, the Company, Sanofi-Aventis U.S. LLC, and Genzyme Corporation filed a lawsuit against Amgen and Immunex Corporation, a wholly owned subsidiary of Amgen, in the United States District Court for the District of Massachusetts seeking a declaratory judgment that the Company's and the other plaintiffs' Commercializing of Dupixent does not directly or indirectly infringe U.S. Patent No. 8,679,487 (the "'487 Patent") owned by Immunex Corporation relating to antibodies that bind the human interleukin-4 receptor. On May 1, 2017, the Company and the other plaintiffs filed a notice of voluntary dismissal of this action without prejudice. On March 23, 2017, the Company, Sanofi-Aventis U.S. LLC, and Genzyme Corporation initiated an inter partes review ("IPR") in the United States Patent and Trademark Office ("USPTO") seeking a declaration of invalidity of the '487 Patent. On July 28 and 31, 2017, the same parties filed two additional IPR petitions in the USPTO seeking declarations of invalidity of the '487 Patent based on different grounds (the "Additional IPR Petitions"). On October 4, 2017, the Patent Trial and Appeal Board ("PTAB") of the USPTO issued a decision on the first IPR petition and declined to institute an IPR proceeding to review the validity of the '487 Patent. On February 15, 2018, the PTAB issued two decisions instituting the Company's and Sanofi's Additional IPR Petitions on all claims of the '487 Patent for which review had been requested. Oral hearing on the Additional IPR Petitions has been scheduled for November 14, 2018. On April 5, 2017, Immunex Corporation filed a lawsuit against the Company, Sanofi, Sanofi-Aventis U.S. LLC, Genzyme Corporation, and Aventisub LLC in the United States District Court for the Central District of California seeking a judgment of patent infringement of the '487 Patent and a declaratory judgment of infringement of the '487 Patent, in each case by the Company's and the other defendants' Commercializing of Dupixent; monetary damages (together with interest); an order of willful infringement of the '487 Patent, which would allow the court in its discretion to award damages up to three times the amount assessed; costs and expenses of the lawsuit; and attorneys' fees. Immunex is not seeking an injunction in this proceeding at this time. On June 21, 2017, the court denied a motion to dismiss Immunex's complaint previously filed by the Company and the Sanofi parties. On June 28, 2017, the Company and the Sanofi parties filed an answer to Immunex's complaint and counterclaims against Immunex and Amgen (which was amended on October 31, 2017 to, among other things, add an inequitable conduct allegation), and Immunex and Amgen filed an answer to the counterclaims on July 28, 2017. A combined hearing on the construction of certain disputed claim terms of the '487 Patent and summary judgment on the issue of indefiniteness of the '487 Patent claims was held on July 12, 2018. The issues of claim construction and summary judgment, among others, are still pending with the court. A jury trial has been scheduled to start on July 23, 2019. On September 30, 2016, Sanofi initiated a revocation proceeding in the United Kingdom to invalidate the U.K. counterpart of European Patent No. 2,292,665 (the "'665 Patent"), another patent owned by Immunex relating to antibodies that bind the human interleukin-4 receptor. At the joint request of the parties to the revocation proceeding, the U.K. Patents Court ordered on January 30, 2017 that the revocation action be stayed pending the final determination of the currently pending EPO opposition proceedings initiated by the Company and Sanofi in relation to the '665 Patent. The oral hearing before the EPO on the oppositions occurred on November 20, 2017, at which the claims of the '665 Patent were found invalid and the patent was revoked. A final written decision of revocation of the '665 Patent was issued by the EPO on January 4, 2018. Immunex filed a notice of appeal of the EPO's decision on January 31, 2018. On September 20, 2017 and September 21, 2017, respectively, the Company and Sanofi initiated opposition proceedings in the EPO against Immunex's European Patent No. 2,990,420 (the "'420 Patent"), a divisional patent of the '665 Patent (i.e., a patent that shares the same priority date, disclosure, and patent term of the parent '665 Patent but contains claims to a different invention). An oral hearing before the EPO on the '420 Patent opposition proceedings has been scheduled for January 24–25, 2019. The original patent term of the Immunex patents is set to expire in 2021. At this time, the Company is not able to predict the outcome of, or estimate a range of possible loss, if any, related to, these proceedings. Proceedings Relating to EYLEA (aflibercept) Injection and ZALTRAP^® (ziv-aflibercept) Injection for Intravenous Infusion On March 19, 2018, Novartis Vaccines and Diagnostics, Inc., Novartis Pharma AG, and Grifols Worldwide Operations Limited (collectively, the "Novartis Parties") filed a lawsuit against the Company in the United States District Court for the Southern District of New York, seeking a judgment of patent infringement of U.S. Patent No. 5,688,688 (the "'688 Patent") by the Company's manufacture of aflibercept (the active ingredient used in both EYLEA and ZALTRAP); monetary damages (together with interest) for a limited period prior to the '688 Patent expiration; an order of willful infringement of the '688 Patent, which would allow the court in its discretion to award damages up to three times the amount assessed; costs and expenses of the lawsuit; and attorneys' fees. The '688 Patent expired on November 18, 2014. The Novartis Parties are not seeking an injunction in these proceedings. At this time, the Company is not able to predict the outcome of, or estimate a range of possible loss, if any, related to, these proceedings. Proceedings Relating to Shareholder Derivative Claims On December 30, 2015, an alleged shareholder filed a shareholder derivative complaint in the New York Supreme Court, naming the then current and certain former non-employee members of the Company's board of directors, the Chairman of the board of directors, the Company's Chief Executive Officer, and the Company's Chief Scientific Officer as defendants and Regeneron as a nominal defendant. The complaint asserts that the individual defendants breached their fiduciary duties and were unjustly enriched when they approved and/or received allegedly excessive compensation in 2013 and 2014. The complaint seeks damages in favor of the Company for the alleged breaches of fiduciary duties and unjust enrichment; changes to Regeneron's corporate governance and internal procedures; invalidation of the Regeneron Pharmaceuticals, Inc. 2014 Long-Term Incentive Plan with respect to the individual defendants' compensation and a shareholder vote regarding the individual defendants' equity compensation; equitable relief, including an equitable accounting with disgorgement; and award of the costs of the action, including attorneys' fees. On June 28, 2017, the court dismissed the plaintiff's claims with respect to certain compensation awarded in 2013 but denied the defendants' motion to dismiss the other claims set forth in the complaint. On November 8, 2017, another alleged shareholder filed a second shareholder derivative complaint in the New York Supreme Court, naming the then current and certain former non-employee members of the Company's board of directors, the Chairman of the board of directors, the Company's Chief Executive Officer, the Company's Chief Scientific Officer, and Regeneron as defendants. The complaint asserts that the individual defendants breached their fiduciary duties and were unjustly enriched when they approved and/or received allegedly excessive compensation in 2014, 2015, and 2016. The complaint seeks damages in favor of Regeneron for the alleged breaches of fiduciary duties and unjust enrichment; changes to Regeneron's corporate governance and internal procedures; invalidation of Regeneron's 2014 Long-Term Incentive Plan with respect to the individual defendants' compensation and the imposition of meaningful limits on the amount of equity payable to the individual defendants; a shareholder vote regarding the individual defendants' equity compensation; equitable relief, including an equitable accounting with disgorgement; and award of the costs of the action, including attorneys' fees. On December 4, 2017, the plaintiff in the second action moved to consolidate both actions, to be appointed lead plaintiff, and to have its counsel be appointed lead counsel in the proposed consolidated action. The court heard oral argument on March 7, 2018 and denied the motion. The parties in both the first derivative action and the second derivative action have agreed to a schedule for document discovery and the filing of defendants' appeal of the court's June 28, 2017 decision, as well as a stay of all non-document discovery pending a decision on defendants' appeal. On March 19, 2018, the defendants appealed the court's June 28, 2017 decision to the Appellate Division of the Supreme Court, First Judicial Department. On April 19, 2018, the Appellate Division granted the second plaintiff's motion to intervene in this appeal. On July 26, 2018, the parties to the second shareholder derivative action filed with the court a stipulation of compromise and settlement. The settlement is subject to court approval. Under the terms of the stipulation, final approval of the settlement would release the claims asserted in the original suit as well. The court has scheduled a hearing for August 8, 2018 to determine whether to preliminarily approve the settlement and schedule a final approval hearing. Pursuant to the Company's By-Laws and the New York Business Corporation Law, expenses in connection with the foregoing are being advanced by the Company for the individual defendants. On or about December 15, 2015, the Company received a shareholder litigation demand upon the Company's board of directors made by a purported Regeneron shareholder. On or about November 3, 2017, the Company received a second shareholder litigation demand upon the Company's board of directors made by another purported Regeneron shareholder, which was substantially similar to the December 15, 2015 shareholder litigation demand. The demands asserted that the then current and certain former non-employee members of the board of directors and the Chairman of the board of directors excessively compensated themselves in 2013 and 2014. The demands requested that the board of directors investigate and bring legal action against these directors for breach of fiduciary duty, unjust enrichment, and corporate waste, and implement internal controls and systems designed to prohibit and prevent similar actions in the future. On December 20, 2017, the parties to the shareholder derivative action filed on December 30, 2015 entered into a stipulation with the second demanding shareholder. The stipulation provides that the purported shareholder will intervene as a plaintiff in the action, and that the purported shareholder's litigation demand will be withdrawn and deemed null and void. The stipulation was approved by the court on January 18, 2018. The first shareholder litigation demand has also since been withdrawn. While the Company is unable at this time to predict the ultimate outcome of these proceedings, any possible loss related to these proceedings is not expected to have a material impact on the Company's financial statements. Department of Justice Investigation In January 2017, the Company received a subpoena from the U.S. Attorney's Office for the District of Massachusetts requesting documents relating to its support of 501(c)(3) organizations that provide financial assistance to patients; documents concerning its provision of financial assistance to patients with respect to products sold or developed by Regeneron (including EYLEA, Praluent, ARCALYST, and ZALTRAP); and certain other related documents and communications. The Company is cooperating with this investigation. The Company cannot predict the outcome or duration of this investigation or any other legal proceedings or any enforcement actions or other remedies that may be imposed on the Company arising out of this investigation.

Recently Issued Accounting Standards (Notes)	6 Months Ended
Recently Issued Accounting Standards (Notes)	Jun. 30, 2018
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases. The new standard requires a lessee to recognize on its balance sheet (for both finance and operating leases) a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. We plan to adopt this standard in the first quarter of 2019 and are evaluating the impact that this guidance will have on our financial statements, including related disclosures. The new standard will result in the Company recording additional assets and corresponding liabilities related to operating leases; however, we do not expect the standard to have a material impact to our Consolidated Balance Sheets. The ultimate impact that the new standard will have will depend on the total amount of the Company's lease commitments as of the adoption date. We are in process of implementing a new lease accounting software system, and expect the implementation of the new standard to have a significant impact on our internal controls and processes.

Recently Issued Accounting Standards (Policies)	6 Months Ended
Recently Issued Accounting Standards (Policies)	Jun. 30, 2018
Accounting Policies [Abstract]
Legal Matters	Costs associated with the Company's involvement in legal proceedings are expensed as incurred.
New Accounting Pronouncements	In February 2016, the FASB issued ASU 2016-02, Leases. The new standard requires a lessee to recognize on its balance sheet (for both finance and operating leases) a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. We plan to adopt this standard in the first quarter of 2019 and are evaluating the impact that this guidance will have on our financial statements, including related disclosures. The new standard will result in the Company recording additional assets and corresponding liabilities related to operating leases; however, we do not expect the standard to have a material impact to our Consolidated Balance Sheets. The ultimate impact that the new standard will have will depend on the total amount of the Company's lease commitments as of the adoption date. We are in process of implementing a new lease accounting software system, and expect the implementation of the new standard to have a significant impact on our internal controls and processes.

Interim Financial Statements (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles



	June 30, 2018
Balance Sheet Data	As Reported		Adjustments			Balance Without Adoption of ASC 606
Deferred tax assets	$	545,077	$	(16,293	)	$	528,784
Total assets	$	9,951,980	$	(16,293	)	$	9,935,687
Accrued expenses and other current liabilities	$	670,709	$	(1,513	)	$	669,196
Deferred revenue from Sanofi (current)	$	308,179	$	(82,983	)	$	225,196
Deferred revenue - other (current)	$	180,396	$	(49,819	)	$	130,577
Total current liabilities	$	1,331,190	$	(134,315	)	$	1,196,875
Deferred revenue from Sanofi (noncurrent)	$	339,040	$	6,671		$	345,711
Deferred revenue - other (noncurrent)	$	199,401	$	28,734		$	228,135
Total liabilities	$	2,765,554	$	(98,910	)	$	2,666,644
Retained earnings	$	3,839,179	$	82,617		$	3,921,796
Total stockholders' equity	$	7,186,426	$	82,617		$	7,269,043
Total liabilities and stockholders' equity	$	9,951,980	$	(16,293	)	$	9,935,687



	Three Months Ended June 30, 2018									Six Months Ended June 30, 2018
Consolidated Statement of Operations Data	As Reported			Adjustments			Balance Without Adoption of ASC 606			As Reported			Adjustments			Balance Without Adoption of ASC 606
Sanofi collaboration revenue	$	237,753		$	(8,924	)	$	228,829		$	427,243		$	(17,331	)	$	409,912
Other revenue	$	111,024		$	(29,879	)	$	81,145		$	197,182		$	(47,189	)	$	149,993
Total revenues	$	1,608,022		$	(38,803	)	$	1,569,219		$	3,119,507		$	(64,520	)	$	3,054,987
Income from operations	$	622,188		$	(38,803	)	$	583,385		$	1,189,419		$	(64,520	)	$	1,124,899
Income before income taxes	$	656,074		$	(38,803	)	$	617,271		$	1,241,472		$	(64,520	)	$	1,176,952
Income tax expense	$	(104,662	)	$	1,914		$	(102,748	)	$	(212,080	)	$	3,702		$	(208,378	)
Net income	$	551,412		$	(36,889	)	$	514,523		$	1,029,392		$	(60,818	)	$	968,574

Product Sales (Tables)

6 Months Ended

Jun. 30, 2018

Revenues [Abstract]

Schedule of product sales

Net product sales consist of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
Net Product Sales in the United States	2018		2017		2018		2017
EYLEA^®	$	991,998	$	919,466	$	1,976,047	$	1,773,853
ARCALYST^®	4,384		4,667		8,244		8,525
	$	996,382	$	924,133	$	1,984,291	$	1,782,378

The collaboration revenue we earned from Sanofi is detailed below:



	Three Months Ended June 30,						Six Months Ended June 30,
Sanofi Collaboration Revenue	2018			2017			2018			2017
Antibody:
Reimbursement of Regeneron research and development expenses	$	64,482		$	137,272		$	124,876		$	292,517
Reimbursement of Regeneron commercialization-related expenses	103,666			87,104			189,090			160,663
Regeneron's share of losses in connection with commercialization of antibodies	(68,797		)	(122,281		)	(143,671		)	(230,683		)
Other	31,654			31,204			48,984			42,490
Total Antibody	131,005			133,299			219,279			264,987
Immuno-oncology:
Reimbursement of Regeneron research and development expenses	77,054			68,080			150,878			126,759
Reimbursement of Regeneron commercialization-related expenses	2,061			749			3,271			749
Other	27,633			20,000			53,815			40,000
Total Immuno-oncology	106,748			88,829			207,964			167,508
	$	237,753		$	222,128		$	427,243		$	432,495

Revenue earned in connection with our Bayer EYLEA collaboration is detailed below:



	Three Months Ended June 30,				Six Months Ended June 30,
Bayer EYLEA Collaboration Revenue	2018		2017		2018		2017
Regeneron's net profit in connection with commercialization of EYLEA outside the United States	$	246,302	$	190,883	$	478,370	$	365,759
Reimbursement of Regeneron EYLEA development expenses	3,678		2,329		7,135		4,780
Other	12,694		10,593		24,557		21,196
	$	262,674	$	203,805	$	510,062	$	391,735

Schedules of Concentration of Risk, by Risk Factor



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Besse Medical, a subsidiary of AmerisourceBergen Corporation	56	%	50	%	55	%	51	%
McKesson Corporation	35	%	29	%	37	%	28	%
Curascript SD Specialty Distribution, a subsidiary of Express Scripts	**		20	%	**		20	%
** Sales to Curascript SD Specialty Distribution represented less than 10% of total gross product revenue during the period.

Sales Related Deductions Activity

The following table summarizes the provisions, and credits/payments, for these sales-related deductions during the six months ended June 30, 2018 and 2017.



	Rebates, Chargebacks, and Discounts			Distribution- Related Fees			Other Sales- Related Deductions			Total
Balance as of December 31, 2017	$	29,840		$	34,142		$	21,320		$	85,302
Provisions	97,698			102,133			19,892			219,723
Credits/payments	(91,108		)	(98,532		)	(24,431		)	(214,071		)
Balance as of June 30, 2018	$	36,430		$	37,743		$	16,781		$	90,954

Balance as of December 31, 2016	$	12,712		$	29,465		$	3,674		$	45,851
Provisions	78,250			90,077			20,531			188,858
Credits/payments	(67,850		)	(90,519		)	(21,312		)	(179,681		)
Balance as of June 30, 2017	$	23,112		$	29,023		$	2,893		$	55,028

Collaboration Agreements (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Schedule of collaboration revenue

Net product sales consist of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
Net Product Sales in the United States	2018		2017		2018		2017
EYLEA^®	$	991,998	$	919,466	$	1,976,047	$	1,773,853
ARCALYST^®	4,384		4,667		8,244		8,525
	$	996,382	$	924,133	$	1,984,291	$	1,782,378

The collaboration revenue we earned from Sanofi is detailed below:



	Three Months Ended June 30,						Six Months Ended June 30,
Sanofi Collaboration Revenue	2018			2017			2018			2017
Antibody:
Reimbursement of Regeneron research and development expenses	$	64,482		$	137,272		$	124,876		$	292,517
Reimbursement of Regeneron commercialization-related expenses	103,666			87,104			189,090			160,663
Regeneron's share of losses in connection with commercialization of antibodies	(68,797		)	(122,281		)	(143,671		)	(230,683		)
Other	31,654			31,204			48,984			42,490
Total Antibody	131,005			133,299			219,279			264,987
Immuno-oncology:
Reimbursement of Regeneron research and development expenses	77,054			68,080			150,878			126,759
Reimbursement of Regeneron commercialization-related expenses	2,061			749			3,271			749
Other	27,633			20,000			53,815			40,000
Total Immuno-oncology	106,748			88,829			207,964			167,508
	$	237,753		$	222,128		$	427,243		$	432,495

Revenue earned in connection with our Bayer EYLEA collaboration is detailed below:



	Three Months Ended June 30,				Six Months Ended June 30,
Bayer EYLEA Collaboration Revenue	2018		2017		2018		2017
Regeneron's net profit in connection with commercialization of EYLEA outside the United States	$	246,302	$	190,883	$	478,370	$	365,759
Reimbursement of Regeneron EYLEA development expenses	3,678		2,329		7,135		4,780
Other	12,694		10,593		24,557		21,196
	$	262,674	$	203,805	$	510,062	$	391,735

Schedule of accounts receivable and deferred revenue information

The following table summarizes accounts receivable and deferred revenue information in connection with the Company's Antibody Collaboration with Sanofi:



	June 30,		December 31,
	2018		2017
Accounts receivable, net	$	160,954	$	121,001
Deferred revenue	$	170,906	$	117,682

Significant changes in deferred revenue balances are as follows:



	Six Months Ended June 30, 2018
Increase due to shipments of commercial supplies to Sanofi	$	108,359
Revenue recognized that was included in deferred revenue at the beginning of the period	$	(55,135	)

The following tables summarize accounts receivable and deferred revenue information in connection with the Teva Collaboration Agreement:



	June 30,		December 31,
	2018		2017
Accounts receivable, net (recorded within Prepaid expenses and other current assets)	$	35,504	$	71,297
Deferred revenue	$	194,564	$	197,357

Significant changes in deferred revenue balances are as follows:



	Six Months Ended June 30, 2018
Increase as a result of cumulative-effect adjustment arising from the adoption of ASC 606	$	48,216
Revenue recognized that was included in deferred revenue at the beginning of the period	$	(52,826	)

The following table summarizes accounts receivable and deferred revenue information in connection with the Company's IO Collaboration with Sanofi:



	June 30,		December 31,
	2018		2017
Accounts receivable, net	$	76,522	$	59,274
Deferred revenue	$	476,312	$	440,000

Significant changes in deferred revenue balances are as follows:



	Six Months Ended June 30, 2018
Increase as a result of cumulative-effect adjustment arising from the adoption of ASC 606	$	93,643
Revenue recognized that was included in deferred revenue at the beginning of the period	$	(57,331	)

The following table summarizes accounts receivable and deferred revenue information in connection with the Company's EYLEA collaboration with Bayer:



	June 30,		December 31,
	2018		2017
Accounts receivable, net	$	261,646	$	241,153
Deferred revenue	$	73,750	$	68,734

Significant changes in deferred revenue balances are as follows:



	Six Months Ended June 30, 2018
Increase due to shipments of commercial supplies to Bayer	$	24,666
Revenue recognized that was included in deferred revenue at the beginning of the period	$	(19,650	)

Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Basic and Diluted Net Income (Loss) Per Share

The calculations of basic and diluted net income per share are as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Net income - basic and diluted	$	551,412	$	387,744	$	1,029,392	$	636,675

(Shares in thousands)
Weighted average shares - basic	107,800		106,034		107,724		105,804
Effect of dilutive securities:
Stock options	6,664		9,602		6,959		9,310
Restricted stock	13		501		14		493
Dilutive potential shares	6,677		10,103		6,973		9,803
Weighted average shares - diluted	114,477		116,137		114,697		115,607

Net income per share - basic	$	5.12	$	3.66	$	9.56	$	6.02
Net income per share - diluted	$	4.82	$	3.34	$	8.97	$	5.51

Antidilutive Securities

Shares which have been excluded from diluted per share amounts because their effect would have been antidilutive include the following:



	Three Months Ended June 30,		Six Months Ended June 30,
(Shares in thousands)	2018	2017	2018	2017
Stock options	14,865	7,959	14,872	11,055
Restricted stock	60	—	57	16

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Debt Securities

The following tables summarize the Company's investments in available-for-sale debt securities:



	Amortized		Unrealized					Fair
As of June 30, 2018	Cost Basis		Gains		Losses			Value
Available-for-sale debt securities:
Corporate bonds	$	2,497,276	$	2,282	$	(18,987	)	$	2,480,571
U.S. government and government agency obligations	126,395		30		(1,589		)	124,836
Municipal bonds	2,572		—		(8		)	2,564
Commercial paper	76,013		—		—			76,013
Certificates of deposit	40,773		—		—			40,773
	$	2,743,029	$	2,312	$	(20,584	)	$	2,724,757

As of December 31, 2017
Available-for-sale debt securities:
Corporate bonds	$	1,717,976	$	2,176	$	(7,672	)	$	1,712,480
U.S. government and government agency obligations	186,699		34		(1,241		)	185,492
Municipal bonds	4,600		—		(13		)	4,587
Commercial paper	106,973		—		—			106,973
Certificates of deposit	11,024		—		—			11,024
	$	2,027,272	$	2,210	$	(8,926	)	$	2,020,556

Marketable Securities, Based on Contractual Maturity Dates

The fair values of available-for-sale debt security investments by contractual maturity consist of the following:



	June 30, 2018		December 31, 2017
Maturities within one year	$	765,642	$	593,783
Maturities after one year through five years	1,959,115		1,426,773
	$	2,724,757	$	2,020,556

Fair Value and Unrealized Losses of Marketable Securities



	Less than 12 Months					12 Months or Greater					Total
As of June 30, 2018	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate bonds	$	1,588,876	$	(15,052	)	$	218,109	$	(3,935	)	$	1,806,985	$	(18,987	)
U.S. government and government agency obligations	45,936		(656		)	71,864		(933		)	117,800		(1,589		)
Municipal bonds	2,061		(8		)	—		—			2,061		(8		)
	$	1,636,873	$	(15,716	)	$	289,973	$	(4,868	)	$	1,926,846	$	(20,584	)

As of December 31, 2017
Corporate bonds	$	930,970	$	(4,924	)	$	256,750	$	(2,748	)	$	1,187,720	$	(7,672	)
U.S. government and government agency obligations	110,532		(409		)	67,921		(832		)	178,453		(1,241		)
Municipal bonds	2,582		(10		)	2,005		(3		)	4,587		(13		)
	$	1,044,084	$	(5,343	)	$	326,676	$	(3,583	)	$	1,370,760	$	(8,926	)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on a recurring basis

The Company's assets that are measured at fair value on a recurring basis consist of the following:



			Fair Value Measurements at Reporting Date Using
As of June 30, 2018	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Available-for-sale debt securities:
Corporate bonds	$	2,480,571	—		$	2,480,571
U.S. government and government agency obligations	124,836		—		124,836
Municipal bonds	2,564		—		2,564
Commercial paper	76,013		—		76,013
Certificates of deposit	40,773		—		40,773
Equity securities	85,588		$	85,588	—
	$	2,810,345	$	85,588	$	2,724,757

As of December 31, 2017
Available-for-sale debt securities:
Corporate bonds	$	1,712,480	—		$	1,712,480
U.S. government and government agency obligations	185,492		—		185,492
Municipal bonds	4,587		—		4,587
Commercial paper	106,973		—		106,973
Certificates of deposit	11,024		—		11,024
Equity securities	62,785		$	62,785	—
	$	2,083,341	$	62,785	$	2,020,556

Inventories (Tables)

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories consist of the following:



	June 30,		December 31,
	2018		2017
Raw materials	$	205,463	$	190,045
Work-in-process	400,834		302,042
Finished goods	26,571		21,791
Deferred costs	295,685		212,260
	$	928,553	$	726,138

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the notional amounts of the Company's outstanding interest rate swap and cap agreements:



	June 30,		December 31,
	2018		2017
Interest rate swap contracts	$	75,000	$	75,000
Interest rate cap contracts	$	75,000	$	75,000

Statement of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Information [Abstract]

Restrictions on Cash and Cash Equivalents [Table Text Block]

The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows:



	June 30,		June 30,
	2018		2017
Cash and cash equivalents	$	917,876	$	744,313
Restricted cash included in Other noncurrent assets	12,500		12,500
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$	930,376	$	756,813

Interim Financial Statements Narrative (Details) $ in Millions	Jan. 01, 2018 USD ($)
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect on retained earnings, net of tax	$ (143.4)
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue	143.4
Equity Securities \| Unrestricted \| Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect on retained earnings, net of tax	6.6
Reclassification from accumulated other comprehensive income, current period, before tax	$ 6.6

Interim Financial Statements Schedule of Balance Sheet Data (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax assets	$ 545,077	$ 506,291
Total assets	9,951,980	8,764,286
Accrued expenses and other current liabilities	670,709	637,162
Total current liabilities	1,331,190	1,135,483
Total liabilities	2,765,554	2,620,208
Retained earnings	3,839,179	2,946,733
Total stockholders' equity	7,186,426	6,144,078
Total liabilities and stockholders' equity	9,951,980	8,764,286
Balance Without Adoption of ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax assets	528,784
Total assets	9,935,687
Accrued expenses and other current liabilities	669,196
Total current liabilities	1,196,875
Total liabilities	2,666,644
Retained earnings	3,921,796
Total stockholders' equity	7,269,043
Total liabilities and stockholders' equity	9,935,687
Adjustments \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax assets	(16,293)
Total assets	(16,293)
Accrued expenses and other current liabilities	(1,513)
Total current liabilities	(134,315)
Total liabilities	(98,910)
Retained earnings	82,617
Total stockholders' equity	82,617
Total liabilities and stockholders' equity	(16,293)
Sanofi
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue, current	308,179	177,746
Deferred revenue, noncurrent	339,040	379,936
Sanofi \| Balance Without Adoption of ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue, current	225,196
Deferred revenue, noncurrent	345,711
Sanofi \| Adjustments \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue, current	(82,983)
Deferred revenue, noncurrent	6,671
Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue, current	180,396	142,392
Deferred revenue, noncurrent	199,401	$ 249,263
Other \| Balance Without Adoption of ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue, current	130,577
Deferred revenue, noncurrent	228,135
Other \| Adjustments \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue, current	(49,819)
Deferred revenue, noncurrent	$ 28,734

Interim Financial Statements Schedule of Statements of Operations Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ 1,608,022	$ 1,470,116	$ 3,119,507	$ 2,789,107
Income from operations	622,188	550,312	1,189,419	980,854
Income before income taxes	656,074	525,850	1,241,472	958,139
Income tax expense	(104,662)	(138,106)	(212,080)	(321,464)
Net income	551,412	387,744	1,029,392	636,675
Balance Without Adoption of ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	1,569,219		3,054,987
Income from operations	583,385		1,124,899
Income before income taxes	617,271		1,176,952
Income tax expense	(102,748)		(208,378)
Net income	514,523		968,574
Accounting Standards Update 2014-09 \| Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	(38,803)		(64,520)
Income from operations	(38,803)		(64,520)
Income before income taxes	(38,803)		(64,520)
Income tax expense	1,914		3,702
Net income	(36,889)		(60,818)
Sanofi \| Product and service, other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	237,753	222,128	427,243	432,495
Sanofi \| Balance Without Adoption of ASC 606 \| Product and service, other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	228,829		409,912
Sanofi \| Accounting Standards Update 2014-09 \| Adjustments \| Product and service, other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	(8,924)		(17,331)
Other \| Product and service, other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	111,024	$ 113,500	197,182	$ 169,940
Other \| Balance Without Adoption of ASC 606 \| Product and service, other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	81,145		149,993
Other \| Accounting Standards Update 2014-09 \| Adjustments \| Product and service, other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ (29,879)		$ (47,189)

Product Sales Schedule of Net Product Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Revenues	$ 1,608,022	$ 1,470,116	$ 3,119,507	$ 2,789,107
Product
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Revenues	996,382	924,133	1,984,291	1,782,378
UNITED STATES \| EYLEA
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Revenues	991,998	919,466	1,976,047	1,773,853
UNITED STATES \| ARCALYST
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Revenues	4,384	4,667	8,244	8,525
UNITED STATES \| Product
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Revenues	$ 996,382	$ 924,133	$ 1,984,291	$ 1,782,378

Product Sales Schedule of Concentration of Risk, by Risk Factor (Details) - Gross Sales Revenue - Customer concentration risk	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Besse Medical, a subsidiary of AmerisourceBergen Corporation
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Concentration risk, percentage	56.00%	50.00%	55.00%	51.00%
McKesson Corporation
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Concentration risk, percentage	35.00%	29.00%	37.00%	28.00%
Curascript SD Specialty Distribution, a subsidiary of Express Scripts
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Concentration risk, percentage		20.00%		20.00%

Product Sales Schedule of Sales Related Deductions Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	$ 85,302	$ 45,851
Provisions	219,723	188,858
Credits/payments	(214,071)	(179,681)
Ending Balance	90,954	55,028
Rebates, Chargebacks, and Discounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	29,840	12,712
Provisions	97,698	78,250
Credits/payments	(91,108)	(67,850)
Ending Balance	36,430	23,112
Distribution- Related Fees
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	34,142	29,465
Provisions	102,133	90,077
Credits/payments	(98,532)	(90,519)
Ending Balance	37,743	29,023
Other Sales- Related Deductions
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	21,320	3,674
Provisions	19,892	20,531
Credits/payments	(24,431)	(21,312)
Ending Balance	$ 16,781	$ 2,893

Collaboration Agreements Schedule of Collaboration Revenue Earned From Sanofi (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 1,608,022	$ 1,470,116	$ 3,119,507	$ 2,789,107
Product and service, other \| Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Revenues	131,005	133,299	219,279	264,987
Product and service, other \| Sanofi Collaboration Agreement, Immuno-oncology
Disaggregation of Revenue [Line Items]
Revenues	106,748	88,829	207,964	167,508
Product and service, other \| Sanofi
Disaggregation of Revenue [Line Items]
Revenues	237,753	222,128	427,243	432,495
Reimbursement of Regeneron research and development expenses \| Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Revenues	64,482	137,272	124,876	292,517
Reimbursement of Regeneron research and development expenses \| Sanofi Collaboration Agreement, Immuno-oncology
Disaggregation of Revenue [Line Items]
Revenues	77,054	68,080	150,878	126,759
Reimbursement of Regeneron commercialization-related expenses \| Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Revenues	103,666	87,104	189,090	160,663
Reimbursement of Regeneron commercialization-related expenses \| Sanofi Collaboration Agreement, Immuno-oncology
Disaggregation of Revenue [Line Items]
Revenues	2,061	749	3,271	749
Regeneron's share of losses in connection with commercialization of antibodies \| Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Revenues	(68,797)	(122,281)	(143,671)	(230,683)
Other \| Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Revenues	31,654	31,204	48,984	42,490
Other \| Sanofi Collaboration Agreement, Immuno-oncology
Disaggregation of Revenue [Line Items]
Revenues	$ 27,633	$ 20,000	$ 53,815	$ 40,000

Collaboration Agreements Sanofi - Antibodies Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Research and development	$ 529,289	$ 509,975	$ 1,027,875	$ 1,017,410
Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Annual funding maximum of research activities per amended agreement					$ 130,000
Percentage of Trial Costs borne by collaborating party			80.00%
Percentage of Trial Costs borne by entity			20.00%
Maximum amount of sales milestone payments if total sales achieve specific levels			$ 250,000
Levels of twelve month sales at which sales milestone payments would be received			$ 1,000,000
Period for achieving sales target for milestone payment, rolling basis			12 months
Praluent, Kevzara, and Dupixent \| Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Research and development	$ 9,900	$ 20,600	$ 23,800	$ 45,600

Collaboration Agreements Schedule of Accounts Receivable and Deferred Revenue Information - Antibody Collaboration (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 243,238	$ 193,684
Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Accounts receivable, net	160,954	121,001
Deferred revenue	$ 170,906	$ 117,682

Collaboration Agreements Schedule of Significant Changes in Deferred Revenue Balances - Antibody Collaboration (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Increase (decrease) in deferred revenue	$ (84,238)	$ (10,655)
Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Increase (decrease) in deferred revenue	108,359
Revenue recognized that was included in deferred revenue at the beginning of the period	$ (55,135)

Collaboration Agreements Sanofi - Immuno-Oncology Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2015	Jun. 30, 2018	Dec. 31, 2015
Disaggregation of Revenue [Line Items]
Cost of Treasury stock shares received		$ 37.6
Sanofi Collaboration Agreement, Immuno-oncology
Disaggregation of Revenue [Line Items]
Maximum shares the collaborator could sell (in shares)		1,400,000
Treasury stock, shares acquired		121,601
Remaining performance obligation		$ 1,550.1
Sanofi Collaboration Agreement, Immuno-oncology \| IO Discovery Agreement [Member]
Disaggregation of Revenue [Line Items]
Up-front payment received	$ 265.0
License agreement term	5 years
Additional years to extend the agreement	3 years
Sanofi Collaboration Agreement, Immuno-oncology \| IO Agreement [Member]
Disaggregation of Revenue [Line Items]
Up-front payment received			$ 640.0
Sanofi Collaboration Agreement, Immuno-oncology \| IO License and Collaboration Agreement [Member]
Disaggregation of Revenue [Line Items]
Up-front payment received	$ 375.0
Maximum amount of shared development costs		1,640.0
Increase amount of shared development costs		$ 990.0
Sanofi Collaboration Agreement, Immuno-oncology \| IO License and Collaboration Agreement [Member] \| PD-1 [Member]
Disaggregation of Revenue [Line Items]
Maximum amount of sales milestone payments if total sales achieve specific levels	375.0
Levels of twelve month sales at which sales milestone payments would be received	$ 2,000.0
Period for achieving sales target for milestone payment, rolling basis	12 months

Collaboration Agreements Schedule of Accounts Receivable and Deferred Revenue Information - IO Collaboration (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 243,238	$ 193,684
Sanofi Collaboration Agreement, Immuno-oncology
Disaggregation of Revenue [Line Items]
Accounts receivable, net	76,522	59,274
Deferred revenue	$ 476,312	$ 440,000

Collaboration Agreements Schedule of Significant Changes in Deferred Revenue Balances - IO Collaboration (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Increase as a result of cumulative-effect adjustment arising from the adoption of ASC 606	$ (84,238)	$ (10,655)
Sanofi Collaboration Agreement, Immuno-oncology
Disaggregation of Revenue [Line Items]
Revenue recognized that was included in deferred revenue at the beginning of the period	(57,331)
Accounting Standards Update 2014-09 \| Sanofi Collaboration Agreement, Immuno-oncology
Disaggregation of Revenue [Line Items]
Increase as a result of cumulative-effect adjustment arising from the adoption of ASC 606	$ 93,643

Collaboration Agreements Schedule of Collaboration Revenue Earned From Bayer (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 1,608,022	$ 1,470,116	$ 3,119,507	$ 2,789,107
Bayer \| Product and service, other
Disaggregation of Revenue [Line Items]
Revenues	262,863	210,355	510,791	404,294
Outside United States \| Bayer \| Product and service, other
Disaggregation of Revenue [Line Items]
Revenues	262,674	203,805	510,062	391,735
Outside United States \| Bayer \| Net profit in connection with commercialization
Disaggregation of Revenue [Line Items]
Revenues	246,302	190,883	478,370	365,759
Outside United States \| Bayer \| Reimbursement of Regeneron research and development expenses
Disaggregation of Revenue [Line Items]
Revenues	3,678	2,329	7,135	4,780
Outside United States \| Bayer \| Other
Disaggregation of Revenue [Line Items]
Revenues	$ 12,694	$ 10,593	$ 24,557	$ 21,196

Collaboration Agreements Bayer Narrative (Details) - Bayer - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2017	Jun. 30, 2018
Ang2 Antibody
Disaggregation of Revenue [Line Items]
Up-front payment received	$ 50.0
Minimum
Disaggregation of Revenue [Line Items]
Revenue based on percentage of annual sales in Japan		33.50%
Maximum
Disaggregation of Revenue [Line Items]
Revenue based on percentage of annual sales in Japan		40.00%

Collaboration Agreements Schedule of Accounts Receivable and Deferred Revenue Information - Bayer Collaboration (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 261,685	$ 242,014
Bayer
Disaggregation of Revenue [Line Items]
Accounts receivable, net	261,646	241,153
Deferred revenue	$ 73,750	$ 68,734

Collaboration Agreements Schedule of Significant Changes in Deferred Revenue Balances - Bayer Collaboration (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Increase (decrease) in deferred revenue	$ (84,238)	$ (10,655)
Bayer
Disaggregation of Revenue [Line Items]
Increase (decrease) in deferred revenue	24,666
Revenue recognized that was included in deferred revenue at the beginning of the period	$ (19,650)

Collaboration Agreements Teva Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Sep. 30, 2016	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenues		$ 1,608,022		$ 1,470,116	$ 3,119,507	$ 2,789,107
Teva Pharmaceuticals Collaboration Agreement [Member]
Disaggregation of Revenue [Line Items]
Up-front payment received	$ 250,000
Revenue recognition, milestone method, revenue recognized			$ 35,000	25,000
Aggregate future development milestone payments the Company is eligible to receive					400,000
Collaborative arrangement, additional eligible aggregate payments					1,890,000
Revenues		68,800		$ 67,700	127,400	$ 100,800
Remaining performance obligation		$ 525,300			$ 525,300

Collaboration Agreements Schedule of Accounts Receivable and Deferred Revenue Information - Teva Collaboration (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Accounts receivable, net (recorded within Prepaid expenses and other current assets)	$ 163,599	$ 224,972
Teva Pharmaceuticals Collaboration Agreement [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable, net (recorded within Prepaid expenses and other current assets)	35,504	71,297
Deferred revenue	$ 194,564	$ 197,357

Collaboration Agreements Schedule of Significant Changes in Deferred Revenue Balances - Teva Collaboration (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Increase as a result of cumulative-effect adjustment arising from the adoption of ASC 606	$ (84,238)	$ (10,655)
Teva Pharmaceuticals Collaboration Agreement [Member] \| Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Increase as a result of cumulative-effect adjustment arising from the adoption of ASC 606	48,216
Revenue recognized that was included in deferred revenue at the beginning of the period	$ (52,826)

Net Income Per Share Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Net income - basic and diluted	$ 551,412	$ 387,744	$ 1,029,392	$ 636,675
Weighted average shares outstanding - basic (in shares)	107,800	106,034	107,724	105,804
Effect of dilutive securities:
Stock options (in shares)	6,664	9,602	6,959	9,310
Restricted stock (in shares)	13	501	14	493
Dilutive potential shares (in shares)	6,677	10,103	6,973	9,803
Weighted average shares - diluted (in shares)	114,477	116,137	114,697	115,607
Net income per share - basic (in dollars per share)	$ 5.12	$ 3.66	$ 9.56	$ 6.02
Net income per share - diluted (in dollars per share)	$ 4.82	$ 3.34	$ 8.97	$ 5.51

Net Income Per Share Schedule of Antidilutive Securities Excluded From Computation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares (in shares)	14,865	7,959	14,872	11,055
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of shares (in shares)	60	0	57	16

Marketable Securities Schedule of Investments in Available For Sale Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 2,743,029	$ 2,027,272
Unrealized Gains	2,312	2,210
Unrealized Losses	(20,584)	(8,926)
Fair Value	2,724,757	2,020,556
Corporate bonds \| Unrestricted
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	2,497,276	1,717,976
Unrealized Gains	2,282	2,176
Unrealized Losses	(18,987)	(7,672)
Fair Value	2,480,571	1,712,480
U.S. government and government agency obligations \| Unrestricted
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	126,395	186,699
Unrealized Gains	30	34
Unrealized Losses	(1,589)	(1,241)
Fair Value	124,836	185,492
Municipal bonds \| Unrestricted
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	2,572	4,600
Unrealized Gains	0	0
Unrealized Losses	(8)	(13)
Fair Value	2,564	4,587
Commercial paper \| Unrestricted
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	76,013	106,973
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	76,013	106,973
Certificates of deposit \| Unrestricted
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	40,773	11,024
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 40,773	$ 11,024

Marketable Securities Schedule of Debt Securities Based on Contractual Maturity Dates (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Maturities within one year	$ 765,642	$ 593,783
Maturities after one year through five years	1,959,115	1,426,773
Total	$ 2,724,757	$ 2,020,556

Marketable Securities Schedule of Fair Value and Unrealized Losses of Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	$ 1,636,873	$ 1,044,084
Unrealized Loss - Less than 12 months	(15,716)	(5,343)
Fair Value - 12 Months or Greater	289,973	326,676
Unrealized Loss - 12 Months or Greater	(4,868)	(3,583)
Fair Value - Total	1,926,846	1,370,760
Unrealized Loss - Total	(20,584)	(8,926)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	1,588,876	930,970
Unrealized Loss - Less than 12 months	(15,052)	(4,924)
Fair Value - 12 Months or Greater	218,109	256,750
Unrealized Loss - 12 Months or Greater	(3,935)	(2,748)
Fair Value - Total	1,806,985	1,187,720
Unrealized Loss - Total	(18,987)	(7,672)
U.S. government and government agency obligations
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	45,936	110,532
Unrealized Loss - Less than 12 months	(656)	(409)
Fair Value - 12 Months or Greater	71,864	67,921
Unrealized Loss - 12 Months or Greater	(933)	(832)
Fair Value - Total	117,800	178,453
Unrealized Loss - Total	(1,589)	(1,241)
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	2,061	2,582
Unrealized Loss - Less than 12 months	(8)	(10)
Fair Value - 12 Months or Greater	0	2,005
Unrealized Loss - 12 Months or Greater	0	(3)
Fair Value - Total	2,061	4,587
Unrealized Loss - Total	$ (8)	$ (13)

Marketable Securities Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Marketable Securities Narrative (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Marketable securities, realized gain (loss)	$ 0	$ 0	$ 0	$ 0
Net unrealized gain on securities	$ 16,500,000	$ 5,800,000	$ 25,900,000	$ 11,200,000

Fair Value Measurements Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - Unrestricted - Measured on a recurring basis - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Quoted Prices in Active Markets for Identical Assets (Level 1)
Available-for-sale debt securities:
Corporate bonds	$ 0	$ 0
U.S. government and government agency obligations	0	0
Municipal bonds	0	0
Commercial paper	0	0
Certificates of deposit	0	0
Equity securities	85,588	62,785
Total marketable securities	85,588	62,785
Significant Other Observable Inputs (Level 2)
Available-for-sale debt securities:
Corporate bonds	2,480,571	1,712,480
U.S. government and government agency obligations	124,836	185,492
Municipal bonds	2,564	4,587
Commercial paper	76,013	106,973
Certificates of deposit	40,773	11,024
Equity securities	0	0
Total marketable securities	2,724,757	2,020,556
Estimate of Fair Value Measurement
Available-for-sale debt securities:
Corporate bonds	2,480,571	1,712,480
U.S. government and government agency obligations	124,836	185,492
Municipal bonds	2,564	4,587
Commercial paper	76,013	106,973
Certificates of deposit	40,773	11,024
Equity securities	85,588	62,785
Total marketable securities	$ 2,810,345	$ 2,083,341

Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0	$ 0	$ 0	$ 0
Securities owned not readily marketable	45,500		45,500		$ 37,500
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other than temporary impairment losses, investments	$ 0	$ 0	$ 0	$ 0

Inventories Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 205,463	$ 190,045
Work-in-process	400,834	302,042
Finished goods	26,571	21,791
Deferred costs	295,685	212,260
Total Inventories	$ 928,553	$ 726,138

Derivative Instruments and Hedging Activities Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Derivative [Line Items]
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	$ 0	$ 0	$ 0	$ 0
Interest rate swap contracts
Derivative [Line Items]
Derivative, Notional Amount	75,000,000		75,000,000		$ 75,000,000
Interest rate cap contracts
Derivative [Line Items]
Derivative, Notional Amount	$ 75,000,000		$ 75,000,000		$ 75,000,000

Income Taxes Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
Income Taxes Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating Loss Carryforwards [Line Items]
Total income tax expense (benefit)	$ (104,662)		$ (138,106)	$ (212,080)	$ (321,464)
Effective income tax rate	16.00%		26.30%	17.10%	33.60%
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Provisional charge for re-measurement of U.S. deferred tax assets due to US Tax Reform		$ 326,200

Statement of Cash Flows Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 917,876	$ 812,733	$ 744,313
Restricted cash included in Other noncurrent assets	12,500		12,500
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$ 930,376	$ 825,233	$ 756,813	$ 547,703

Statement of Cash Flows Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Condensed Cash Flow Statements, Captions [Line Items]
Accrued capital expenditures	$ 38.4	$ 30.9	$ 41.8	$ 28.2
Cost of Treasury stock shares received	$ 37.6
Capital lease obligations incurred		$ 201.2
Sanofi Collaboration Agreement, Immuno-oncology
Condensed Cash Flow Statements, Captions [Line Items]
Treasury stock, shares acquired	121,601

Legal Matters Narrative (Details) $ in Millions	Jun. 25, 2018 USD ($)	Sep. 26, 2016 EUR (€)
Loss Contingency [Abstract]
Attorneys' fees \| $	$ 10.5
Loss contingency, damages sought, per unit produced		€ 10,000
Loss contingency, damages sought, amount		€ 10,000,000