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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, 2022
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 25, 2022:
Class of Common StockNumber of Shares
Class A Stock, $.001 par value1,818,146
Common Stock, $.001 par value107,190,176



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







"ARCALYST®," "Evkeeza®," "EYLEA®," "Inmazeb®," "Libtayo®," "Praluent®" (in the United States), "REGEN-COV®," "Regeneron®," "Regeneron Genetics Center®," "RGC," "Veloci-Bi®," "VelociGene®," "VelociHum®," "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. This report refers to products of Regeneron Pharmaceuticals, Inc., its collaborators, and other parties. Consult the product label in each territory for specific information about such products.



Table of Contents

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except per share data)
June 30,December 31,
20222021
ASSETS
Current assets:
Cash and cash equivalents$3,395.1 $2,885.6 
Marketable securities4,171.3 2,809.1 
Accounts receivable, net5,161.4 6,036.5 
Inventories2,218.5 1,951.3 
Prepaid expenses and other current assets583.6 332.4 
Total current assets15,529.9 14,014.9 
Marketable securities6,415.9 6,838.0 
Property, plant, and equipment, net3,637.7 3,482.2 
Deferred tax assets1,352.4 876.9 
Other noncurrent assets269.9 222.8 
Total assets$27,205.8 $25,434.8 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$534.2 $564.0 
Accrued expenses and other current liabilities1,933.4 2,206.8 
Finance lease liabilities 719.7 
Deferred revenue566.3 442.0 
Total current liabilities3,033.9 3,932.5 
Long-term debt1,980.7 1,980.0 
Finance lease liabilities720.0  
Deferred revenue58.7 73.3 
Other noncurrent liabilities724.7 680.2 
Total liabilities6,518.0 6,666.0 
Stockholders' equity:
Preferred Stock, par value $.01 per share; 30.0 shares authorized; issued and outstanding - none
  
Class A Stock, convertible, par value $.001 per share; 40.0 shares authorized; shares issued and outstanding - 1.8 in 2022 and 2021
  
Common Stock, par value $.001 per share; 320.0 shares authorized; shares issued - 128.3 in 2022 and 126.2 in 2021
0.1 0.1 
Additional paid-in capital9,120.2 8,087.5 
Retained earnings 20,793.9 18,968.3 
Accumulated other comprehensive loss(223.8)(26.2)
Treasury Stock, at cost; 20.6 shares in 2022 and 19.4 shares in 2021
(9,002.6)(8,260.9)
Total stockholders' equity20,687.8 18,768.8 
Total liabilities and stockholders' equity$27,205.8 $25,434.8 
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,
2022202120222021
Statements of Operations
Revenues:
Net product sales$1,754.4 $4,137.8 $3,393.0 $5,862.1 
Collaboration revenue1,043.6 954.7 2,276.1 1,709.1 
Other revenue59.2 46.0 153.2 96.0 
2,857.2 5,138.5 5,822.3 7,667.2 
Expenses:
Research and development794.3 714.2 1,638.1 1,457.1 
Acquired in-process research and development197.0  225.1  
Selling, general, and administrative476.3 414.7 926.3 820.3 
Cost of goods sold149.2 539.4 356.5 722.6 
Cost of collaboration and contract manufacturing147.9 154.3 345.5 279.1 
Other operating (income) expense, net(17.4)(31.3)(37.6)(71.8)
1,747.3 1,791.3 3,453.9 3,207.3 
Income from operations1,109.9 3,347.2 2,368.4 4,459.9 
Other income (expense):
Other (expense) income, net(133.6)420.0 (317.4)574.9 
Interest expense(13.1)(14.4)(26.7)(29.0)
(146.7)405.6 (344.1)545.9 
Income before income taxes963.2 3,752.8 2,024.3 5,005.8 
Income tax expense111.1 653.9 198.7 791.7 
Net income$852.1 $3,098.9 $1,825.6 $4,214.1 
Net income per share - basic$7.90 $29.51 $17.01 $40.06 
Net income per share - diluted$7.47 $27.97 $16.07 $38.07 
Weighted average shares outstanding - basic107.9 105.0 107.3 105.2 
Weighted average shares outstanding - diluted114.0 110.8 113.6 110.7 
Statements of Comprehensive Income
Net income$852.1 $3,098.9 $1,825.6 $4,214.1 
Other comprehensive income (loss), net of tax:
Unrealized loss on debt securities(53.7)(0.8)(198.6)(14.1)
Unrealized gain on cash flow hedges 0.3 1.0 0.5 
Comprehensive income $798.4 $3,098.4 $1,628.0 $4,200.5 
The accompanying notes are an integral part of the financial statements.
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REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
(In millions)
Class A StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Stockholders' Equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 20211.8$ 126.2$0.1 $8,087.5 $18,968.3 $(26.2)(19.4)$(8,260.9)$18,768.8 
Issuance of Common Stock for equity awards granted under long-term incentive plans
— — 1.6 — 593.7 — — — — 593.7 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
— — (0.2)— (105.8)— — — — (105.8)
Issuance/distribution of Common Stock for 401(k) Savings Plan
— — — — 12.8 — — — 1.7 14.5 
Repurchases of Common Stock
— — — — — — — (0.5)(352.0)(352.0)
Stock-based compensation charges— — — — 165.9 — — — — 165.9 
Net income— — — — — 973.5 — — — 973.5 
Other comprehensive loss, net of tax— — — — — — (143.9)— — (143.9)
Balance, March 31, 20221.8  127.6 0.1 8,754.1 19,941.8 (170.1)(19.9)(8,611.2)19,914.7 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 0.8 — 228.0 — — — — 228.0 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — (0.1)— (41.9)— — — — (41.9)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 14.0 — — — 2.2 16.2 
Repurchases of Common Stock— — — — — — — (0.7)(393.6)(393.6)
Stock-based compensation charges— — — — 166.0 — — — — 166.0 
Net income— — — — — 852.1 — — — 852.1 
Other comprehensive loss, net of tax— — — — — — (53.7)— — (53.7)
Balance, June 30, 20221.8 $ 128.3 $0.1 $9,120.2 $20,793.9 $(223.8)(20.6)$(9,002.6)$20,687.8 
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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, 20201.8 $ 121.5 $0.1 $6,716.2 $10,893.0 $29.3 (16.4)$(6,613.3)$11,025.3 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 0.5 — 93.9 — — — — 93.9 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — (0.1)— (66.4)— — — — (66.4)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 8.5 — — — 1.5 10.0 
Repurchases of Common Stock— — — — — — — (0.7)(323.5)(323.5)
Stock-based compensation charges— — — — 135.6 — — — — 135.6 
Net income— — — — — 1,115.2 — — — 1,115.2 
Other comprehensive loss, net of tax— — — — — — (13.1)— — (13.1)
Balance, March 31, 20211.8 121.9 0.1 6,887.8 12,008.2 16.2 (17.1)(6,935.3)11,977.0 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 0.7 — 216.6 — — — — 216.6 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — (0.1)— (26.1)— — — — (26.1)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 11.6 — — — 2.5 14.1 
Repurchases of Common Stock— — — — — — — (0.6)(288.6)(288.6)
Stock-based compensation charges— — — — 135.9 — — — — 135.9 
Net income— — — — — 3,098.9 — — — 3,098.9 
Other comprehensive loss, net of tax— — — — — — (0.5)— — (0.5)
Balance, June 30, 20211.8$ 122.5$0.1 $7,225.8 $15,107.1 $15.7 (17.7)$(7,221.4)$15,127.3 
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,
20222021
Cash flows from operating activities:
Net income $1,825.6 $4,214.1 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization148.7 138.5 
Stock-based compensation expense326.7 276.4 
Losses (gains) on marketable and other securities, net370.9 (553.9)
Other non-cash items, net138.3 192.6 
Deferred taxes(381.0)51.8 
Acquired in-process research and development in connection with asset acquisition195.0  
Changes in assets and liabilities:
Decrease (increase) in accounts receivable875.1 (2,883.9)
Increase in inventories(328.7)(221.5)
Increase in prepaid expenses and other assets(288.5)(277.8)
Increase (decrease) in deferred revenue109.7 (64.8)
(Decrease) increase in accounts payable, accrued expenses, and other liabilities(325.7)423.7 
Total adjustments840.5 (2,918.9)
Net cash provided by operating activities2,666.1 1,295.2 
Cash flows from investing activities:
Purchases of marketable and other securities(3,774.9)(1,886.5)
Sales or maturities of marketable and other securities2,181.4 1,217.1 
Capital expenditures(295.4)(263.8)
Asset acquisition, net of cash acquired(230.3) 
Net cash used in investing activities(2,119.2)(933.2)
Cash flows from financing activities:
Proceeds from issuance of Common Stock828.4 308.2 
Payments in connection with Common Stock tendered for employee tax obligations(147.7)(180.7)
Repurchases of Common Stock(717.1)(612.1)
Net cash used in financing activities(36.4)(484.6)
Net increase (decrease) in cash, cash equivalents, and restricted cash510.5 (122.6)
Cash, cash equivalents, and restricted cash at beginning of period2,898.1 2,207.3 
Cash, cash equivalents, and restricted cash at end of period$3,408.6 $2,084.7 
The accompanying notes are an integral part of the financial statements.
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REGENERON PHARMACEUTICALS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Interim Financial Statements
Basis of Presentation
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 condensed consolidated financial statements 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, 2021 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, 2021.
Beginning with the first quarter of 2022, the Company added a new line item, Acquired in-process research and development, to its Condensed Consolidated Statements of Operations and Comprehensive Income. This line item includes in-process research and development acquired in connection with asset acquisitions as well as up-front/opt-in payments related to license and collaboration agreements. Amounts recorded in this line item for the three and six months ended June 30, 2022 would have historically been recorded to Research and development expenses. No such amounts were recorded for the three and six months ended June 30, 2021.
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2. Product Sales
Net product sales consist of the following:
(In millions)Three Months Ended
June 30,
Six Months Ended
June 30,
Net Product Sales in the United States
2022202120222021
EYLEA®
$1,621.2 $1,424.7$3,138.8$2,771.7
Libtayo®*
90.9 78.0169.8147.1
Praluent®
31.2 41.964.885.2
REGEN-COV®**
 2,591.22,853.4
Evkeeza®
11.1 2.019.62.5
ARCALYST®***
   2.2 
$1,754.4$4,137.8$3,393.0$5,862.1
** Net product sales of REGEN-COV in the United States relate to product sold in connection with our agreements with the U.S. government. See Note 3 for further details.
*** Effective April 1, 2021, Kiniksa records net product sales of ARCALYST in the United States. Previously, the Company recorded net product sales of ARCALYST in the United States.
* Prior to July 1, 2022, Regeneron recorded net product sales of Libtayo in the United States and Sanofi recorded net product sales of Libtayo outside the United States. Effective July 1, 2022, the Company will record global net product sales of Libtayo. See Note 3 for further details.
As of June 30, 2022 and December 31, 2021, the Company had $3.888 billion and $5.059 billion, respectively, of trade accounts receivable that were recorded within Accounts receivable, net.
The Company had product sales to certain customers that accounted for more than 10% of total gross product revenue for the three and six months ended June 30, 2022 and 2021. 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,
2022202120222021
Besse Medical, a subsidiary of AmerisourceBergen Corporation
57 %22 %56 %30 %
McKesson Corporation28 %14 %29 %19 %
U.S. government %57 % %43 %
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3. Collaboration, License, and Other Agreements
a. Sanofi
Amounts recognized in our Statements of Operations in connection with our collaborations with Sanofi are detailed below:
Statement of Operations ClassificationThree Months Ended
June 30,
Six Months Ended
June 30,
(In millions)2022202120222021
Antibody:
Regeneron's share of profits in connection with commercialization of antibodiesCollaboration revenue$496.6 $327.6 $911.9 $588.2 
Sales-based milestone earnedCollaboration revenue$ $ $50.0 $ 
Reimbursement for manufacturing of commercial suppliesCollaboration revenue$145.5 $110.9 $306.3 $216.5 
OtherCollaboration revenue$28.9 $ $28.9 $ 
Reimbursement of research and development expensesReduction of Research and development expense$52.7 $46.5 $89.2 $77.1 
Regeneron's obligation for its share of Sanofi research and development expensesResearch and development expense$(15.6)$(10.6)$(25.3)$(22.5)
Reimbursement of commercialization-related expenses Reduction of Selling, general, and administrative expense$110.8 $78.3 $202.5 $137.9 
Immuno-oncology:
Regeneron's share of profits (losses) in connection with commercialization of Libtayo outside the United StatesCollaboration revenue$3.9 $(3.5)$6.7 $(9.6)
Reimbursement for manufacturing of ex-U.S. commercial suppliesCollaboration revenue$2.6 $2.7 $4.6 $7.4 
Reimbursement of research and development expensesReduction of Research and development expense$21.2 $22.5 $42.7 $44.4 
Reimbursement of commercialization-related expensesReduction of Selling, general, and administrative expense$22.4 $20.7 $41.4 $39.2 
Regeneron's obligation for its share of Sanofi commercial expensesSelling, general, and administrative expense$(10.7)$(10.9)$(19.9)$(18.6)
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profitsCost of goods sold$(37.8)$(34.4)$(70.1)$(64.8)
Amounts recognized in connection with up-front payments receivedOther operating income$17.0 $20.7 $35.1 $43.6 
Antibody
The Company is party to a global, strategic collaboration with Sanofi to research, develop, and commercialize fully human monoclonal antibodies (the "Antibody Collaboration"), which currently consists of Dupixent® (dupilumab), Kevzara® (sarilumab), and itepekimab.
Under the terms of the Antibody License and Collaboration Agreement, Sanofi is generally responsible for funding 80% to 100% of agreed-upon development costs. We are obligated to reimburse Sanofi for 30% to 50% of worldwide development expenses that were funded by Sanofi based on our share of collaboration profits from commercialization of collaboration products. Under the terms of the Antibody License and Collaboration Agreement, we were required to apply 10% of our share of the profits from the Antibody Collaboration in any calendar quarter to reimburse Sanofi for these development costs. On July 1, 2022, an amendment to the Antibody License and Collaboration Agreement became effective, pursuant to which the percentage of Regeneron’s share of profits used to reimburse Sanofi for such development costs increased from 10% to 20%.
Sanofi leads commercialization activities for products under the Antibody Collaboration, subject to the Company's right to co-commercialize such products. In addition to profit and loss sharing, the Company is entitled to receive sales milestone payments
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from Sanofi. During the three months ended March 31, 2022, the Company earned a $50.0 million sales-based milestone from Sanofi, upon aggregate annual sales of antibodies outside the United States (including Praluent) exceeding $2.0 billion on a rolling twelve-month basis. We are entitled to receive up to an aggregate of $100.0 million in additional sales milestone payments from Sanofi, which includes the next sales milestone payment of $50.0 million that would be earned when such sales outside the United States exceed $2.5 billion on a rolling twelve-month basis.
The following table summarizes contract balances in connection with the Company's Antibody Collaboration with Sanofi:
June 30,December 31,
(In millions)20222021
Accounts receivable, net $751.5 $504.8 
Deferred revenue
$457.5 $368.7 
Immuno-oncology
The Company has been party to a collaboration with Sanofi for antibody-based cancer treatments in the field of immuno-oncology (the "IO Collaboration"). Under the terms of the Immuno-oncology License and Collaboration Agreement, the parties were co-developing and co-commercializing Libtayo. The parties shared equally, on an ongoing basis, development and commercialization expenses for Libtayo. The Company had principal control over the development of Libtayo and led commercialization activities in the United States (see Note 2 for related product sales information), while Sanofi led commercialization activities outside of the United States. The parties shared equally in profits and losses in connection with the commercialization of Libtayo.
Effective July 1, 2022, the Company obtained the exclusive right to develop, commercialize, and manufacture Libtayo worldwide under an Amended and Restated Immuno-oncology License and Collaboration Agreement with Sanofi (the "A&R IO LCA"). Consequently, in July 2022, the Company made a $900.0 million up-front payment to Sanofi, and Sanofi is eligible to receive a $100.0 million regulatory milestone and up to an aggregate of $100.0 million in sales-based milestones upon achieving certain amounts of worldwide net product sales of Libtayo through 2023. The Company will also pay Sanofi an 11% royalty on net product sales of Libtayo through March 31, 2034. Amounts paid to Sanofi in connection with obtaining the worldwide rights to Libtayo, including the up-front payment and any contingent consideration, will be recorded as an intangible asset.
The Company was obligated to reimburse Sanofi for half of the development costs it funded that were attributable to clinical development of antibody product candidates under the Amended and Restated Immuno-oncology Discovery and Development Agreement from our share of profits from commercialized IO Collaboration products. Under the A&R IO LCA, the amount of development costs incurred under the IO Collaboration for which we are obligated to reimburse Sanofi is $35.0 million, and the Company will reimburse Sanofi for such development costs by paying Sanofi a 0.5% royalty on net product sales of Libtayo until all such development costs have been reimbursed by Regeneron.
The following table summarizes contract balances in connection with the Company's IO Collaboration with Sanofi:
June 30,December 31,
(In millions)20222021
Accounts receivable, net
$12.4 $(22.5)
Deferred revenue
$33.8 $16.0 
Other liabilities
$241.0 $276.1 
Other liabilities include up-front payments received from Sanofi for which recognition had been deferred. During the third quarter of 2022, in connection with the A&R IO LCA, the remaining IO Collaboration Other liabilities balance will be recorded as a reduction to the intangible asset described above.
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b. Bayer
The Company is party to a license and collaboration agreement with Bayer for the global development and commercialization of EYLEA (aflibercept) and aflibercept 8 mg outside the United States. Agreed-upon development expenses incurred by the Company and Bayer are generally shared equally.
Bayer markets EYLEA outside the United States and the companies share equally in profits and losses from sales. In Japan, the Company was entitled to receive a tiered percentage of between 33.5% and 40.0% of EYLEA net product sales through 2021, and effective January 1, 2022, the companies share equally in profits and losses from sales.
Amounts recognized in our Statements of Operations in connection with our Bayer collaboration are as follows:
Statement of Operations ClassificationThree Months Ended
June 30,
Six Months Ended
June 30,
(In millions)2022202120222021
Regeneron's share of profits in connection with commercialization of EYLEA outside the United StatesCollaboration revenue$339.7 $335.4 $678.1 $644.3 
Reimbursement for manufacturing of ex-U.S. commercial suppliesCollaboration revenue$17.8 $13.7 $42.8 $27.6 
One-time payment in connection with change in Japan arrangement
Collaboration revenue$ $ $21.9 $