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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
  
Commission File Number: 0-19034
REGENERON PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
New York13-3444607
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
777 Old Saw Mill River Road, Tarrytown, New York 10591-6707
(Address of principal executive offices, including zip code)
(914) 847-7000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock - par value $.001 per shareREGNNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo
The number of shares outstanding of each of the registrant's classes of common stock as of July 23, 2020:
Class of Common StockNumber of Shares
Class A Stock, $.001 par value1,848,970
Common Stock, $.001 par value104,543,424



REGENERON PHARMACEUTICALS, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
Page Numbers







"ARCALYST®," "EYLEA®," "Libtayo®" (in the United States), "Praluent®" (in the United States), "Regeneron®," "Regeneron Genetics Center®," "Veloci-Bi®," "VelociGene®," "VelociMab®," "VelocImmune®," "VelociMouse®," "VelociSuite®," "VelociT™," and "ZALTRAP®" are trademarks of Regeneron Pharmaceuticals, Inc. Trademarks and trade names of other companies appearing in this report are, to the knowledge of Regeneron Pharmaceuticals, Inc., the property of their respective owners.


Table of Contents


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except share data)
June 30,December 31,
20202019
ASSETS
Current assets:
Cash and cash equivalents$1,992.2  $1,617.8  
Marketable securities1,152.0  1,596.5  
Accounts receivable - trade, net1,991.0  2,100.0  
Accounts receivable - Sanofi389.2  260.6  
Accounts receivable - other431.1  425.0  
Inventories1,640.9  1,415.5  
Prepaid expenses and other current assets263.8  273.7  
Total current assets7,860.2  7,689.1  
Marketable securities2,587.6  3,256.8  
Property, plant, and equipment, net3,031.4  2,890.4  
Deferred tax assets774.0  824.2  
Other noncurrent assets175.5  144.7  
Total assets$14,428.7  $14,805.2  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$380.1  $418.1  
Accrued expenses and other current liabilities1,257.0  1,211.4  
Debt1,500.0    
Deferred revenue - Sanofi380.2  310.5  
Deferred revenue - other81.3  71.6  
Other liabilities - Sanofi103.8  85.0  
Total current liabilities3,702.4  2,096.6  
Finance lease liabilities715.9  713.9  
Deferred revenue - Sanofi37.8  27.7  
Deferred revenue - other67.0  77.6  
Other liabilities - Sanofi390.3  482.0  
Other noncurrent liabilities457.9  317.7  
Total liabilities5,371.3  3,715.5  
Stockholders' equity:
Preferred Stock, $.01 par value; 30,000,000 shares authorized; issued and outstanding - none
    
Class A Stock, convertible, $.001 par value; 40,000,000 shares authorized; shares issued and outstanding - 1,848,970 in 2020 and 2019
    
Common Stock, $.001 par value; 320,000,000 shares authorized; shares issued - 119,757,931 in 2020 and 113,288,103 in 2019
0.1  0.1  
Additional paid-in capital6,263.0  4,428.6  
Retained earnings 8,901.7  7,379.8  
Accumulated other comprehensive income35.5  21.1  
Treasury Stock, at cost; 15,578,240 shares in 2020 and 4,860,123 shares in 2019
(6,142.9) (739.9) 
Total stockholders' equity9,057.4  11,089.7  
Total liabilities and stockholders' equity$14,428.7  $14,805.2  
The accompanying notes are an integral part of the financial statements.
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REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Statements of Operations
Revenues:
Net product sales$1,226.9  $1,205.3  $2,463.6  $2,309.7  
Sanofi collaboration revenue269.1  75.8  516.0  57.8  
Bayer collaboration revenue244.2  277.2  525.6  541.2  
Other revenue211.8  19.5  275.0  41.7  
1,952.0  1,577.8  3,780.2  2,950.4  
Expenses:
Research and development722.0  885.5  1,305.9  1,371.6  
Selling, general, and administrative348.3  294.6  715.6  585.7  
Cost of goods sold102.5  67.0  181.3  137.9  
Cost of collaboration and contract manufacturing173.0  78.8  311.5  180.0  
Other operating (income) expense, net(50.2) (63.7) (90.6) (120.4) 
1,295.6  1,262.2  2,423.7  2,154.8  
Income from operations656.4  315.6  1,356.5  795.6  
Other income (expense):
Other income (expense), net272.2  (82.9) 246.8  (9.1) 
Interest expense(9.7) (8.0) (15.8) (15.7) 
262.5  (90.9) 231.0  (24.8) 
Income before income taxes918.9  224.7  1,587.5  770.8  
Income tax expense21.6  31.6  65.6  116.6  
Net income$897.3  $193.1  $1,521.9  $654.2  
Net income per share - basic$8.19  $1.77  $13.87  $6.00  
Net income per share - diluted$7.61  $1.68  $13.03  $5.69  
Weighted average shares outstanding - basic109.6  109.2  109.7  109.1  
Weighted average shares outstanding - diluted117.9  114.6  116.8  115.0  
Statements of Comprehensive Income
Net income$897.3  $193.1  $1,521.9  $654.2  
Other comprehensive income (loss), net of tax:
Unrealized gain on debt securities
44.6  14.4  15.8  30.5  
Unrealized loss on cash flow hedges
  (1.4) (1.4) (2.4) 
Comprehensive income $941.9  $206.1  $1,536.3  $682.3  
The accompanying notes are an integral part of the financial statements.
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REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
(In millions)
Class A StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Stockholders' Equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 20191.8    113.3  $0.1  $4,428.6  $7,379.8  $21.1  (4.9) $(739.9) $11,089.7  
Issuance of Common Stock for equity awards granted under long-term incentive plans
—  —  3.1  —  817.4  —  —  —  —  817.4  
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
—  —  (0.4) —  (155.1) —  —  —  —  (155.1) 
Issuance/distribution of Common Stock for 401(k) Savings Plan
—  —  —  —  12.5  —  —    2.1  14.6  
Repurchases of Common Stock
—  —  —  —  —  —  —  (0.8) (336.0) (336.0) 
Stock-based compensation charges
—  —  —  —  108.0  —  —  —  —  108.0  
Net income
—  —  —  —  —  624.6  —  —  —  624.6  
Other comprehensive loss, net of tax
—  —  —  —  —  —  (30.2) —  —  (30.2) 
Balance, March 31, 20201.8    116.0  0.1  5,211.4  8,004.4  (9.1) (5.7) (1,073.8) 12,133.0  
Issuance of Common Stock for equity awards granted under long-term incentive plans
—  —  4.4  —  1,355.5  —  —  —  —  1,355.5  
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
—  —  (0.6) —  (416.5) —  —  —  —  (416.5) 
Issuance/distribution of Common Stock for 401(k) Savings Plan
—  —  —  —  7.4  —  —    2.7  10.1  
Repurchases of Common Stock
—  —  —  —  —  —  —  (9.9) (5,071.8) (5,071.8) 
Stock-based compensation charges
—  —  —  —  105.2  —  —  —  —  105.2  
Net income
—  —  —  —  —  897.3  —  —  —  897.3  
Other comprehensive income, net of tax
—  —  —  —  —  —  44.6  —  —  44.6  
Balance, June 30, 20201.8    119.8  $0.1  $6,263.0  $8,901.7  $35.5  (15.6) $(6,142.9) $9,057.4  
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (continued)
Class A StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Stockholders' Equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 20181.9    111.1  $0.1  $3,911.6  $5,254.3  $(12.3) (4.0) $(396.4) $8,757.3  
Issuance of Common Stock for equity awards granted under long-term incentive plans
—  —  0.6  —  140.9  —  —  —  —  140.9  
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
—  —  —  —  (10.7) —  —  —  —  (10.7) 
Issuance of Common Stock for 401(k) Savings Plan
—  —  —  —  4.3  —  —  0.1  6.2  10.5  
Repurchases of Common Stock
—  —  —  —  —  —  —  (0.1) (54.0) (54.0) 
Stock-based compensation charges
—  —  —  —  114.8  —  —  —  —  114.8  
Adjustment upon adoption of new accounting standard
—  —  —  —  —  9.7  —  —  —  9.7  
Net income
—  —  —  —  —  461.1  —  —  —  461.1  
Other comprehensive income, net of tax
—  —  —  —  —  —  15.1  —  —  15.1  
Balance, March 31, 20191.9    111.7  0.1  4,160.9  5,725.1  2.8  (4.0) (444.2) 9,444.7  
Issuance of Common Stock for equity awards granted under long-term incentive plans
—  —  0.3  —  13.9  —  —  —  —  13.9  
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
—  —  (0.1) —  (29.7) —  —  —  —  (29.7) 
Issuance/distribution of Common Stock for 401(k) Savings Plan
—  —  —  —  9.3  —  —  —  2.4  11.7  
Stock-based compensation charges
—  —  —  —  109.2  —  —  —  —  109.2  
Net income
—  —  —  —  —  193.1  —  —  —  193.1  
Other comprehensive income, net of tax
—  —  —  —  —  —  13.0  —  —  13.0  
Balance, June 30, 20191.9    111.9  $0.1  $4,263.6  $5,918.2  $15.8  (4.0) $(441.8) $9,755.9  
The accompanying notes are an integral part of the financial statements.
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REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
June 30,
20202019
Cash flows from operating activities:
Net income $1,521.9