regn-20230930
000087258912/312023Q3false27417427448000008725892023-01-012023-09-300000872589us-gaap:CommonClassAMember2023-10-26xbrli:shares0000872589us-gaap:CommonStockMember2023-10-2600008725892023-09-30iso4217:USD00008725892022-12-31iso4217:USDxbrli:shares0000872589us-gaap:CommonClassAMember2022-12-310000872589us-gaap:CommonClassAMember2023-09-300000872589us-gaap:CommonStockMember2023-09-300000872589us-gaap:CommonStockMember2022-12-310000872589us-gaap:ProductMember2023-07-012023-09-300000872589us-gaap:ProductMember2022-07-012022-09-300000872589us-gaap:ProductMember2023-01-012023-09-300000872589us-gaap:ProductMember2022-01-012022-09-300000872589regn:CollaborationRevenueMember2023-07-012023-09-300000872589regn:CollaborationRevenueMember2022-07-012022-09-300000872589regn:CollaborationRevenueMember2023-01-012023-09-300000872589regn:CollaborationRevenueMember2022-01-012022-09-300000872589us-gaap:ProductAndServiceOtherMember2023-07-012023-09-300000872589us-gaap:ProductAndServiceOtherMember2022-07-012022-09-300000872589us-gaap:ProductAndServiceOtherMember2023-01-012023-09-300000872589us-gaap:ProductAndServiceOtherMember2022-01-012022-09-3000008725892023-07-012023-09-3000008725892022-07-012022-09-3000008725892022-01-012022-09-300000872589regn:CollaborationandContractManufacturingMember2023-07-012023-09-300000872589regn:CollaborationandContractManufacturingMember2022-07-012022-09-300000872589regn:CollaborationandContractManufacturingMember2023-01-012023-09-300000872589regn:CollaborationandContractManufacturingMember2022-01-012022-09-300000872589us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-12-310000872589us-gaap:CommonStockMember2022-12-310000872589us-gaap:AdditionalPaidInCapitalMember2022-12-310000872589us-gaap:RetainedEarningsMember2022-12-310000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000872589us-gaap:TreasuryStockCommonMember2022-12-310000872589us-gaap:CommonStockMember2023-01-012023-03-310000872589us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-3100008725892023-01-012023-03-310000872589us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000872589us-gaap:RetainedEarningsMember2023-01-012023-03-310000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000872589us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-03-310000872589us-gaap:CommonStockMember2023-03-310000872589us-gaap:AdditionalPaidInCapitalMember2023-03-310000872589us-gaap:RetainedEarningsMember2023-03-310000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000872589us-gaap:TreasuryStockCommonMember2023-03-3100008725892023-03-310000872589us-gaap:CommonStockMember2023-04-012023-06-300000872589us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-3000008725892023-04-012023-06-300000872589us-gaap:TreasuryStockCommonMember2023-04-012023-06-300000872589us-gaap:RetainedEarningsMember2023-04-012023-06-300000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000872589us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-06-300000872589us-gaap:CommonStockMember2023-06-300000872589us-gaap:AdditionalPaidInCapitalMember2023-06-300000872589us-gaap:RetainedEarningsMember2023-06-300000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000872589us-gaap:TreasuryStockCommonMember2023-06-3000008725892023-06-300000872589us-gaap:CommonStockMember2023-07-012023-09-300000872589us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000872589us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000872589us-gaap:RetainedEarningsMember2023-07-012023-09-300000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000872589us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-09-300000872589us-gaap:CommonStockMember2023-09-300000872589us-gaap:AdditionalPaidInCapitalMember2023-09-300000872589us-gaap:RetainedEarningsMember2023-09-300000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000872589us-gaap:TreasuryStockCommonMember2023-09-300000872589us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-12-310000872589us-gaap:CommonStockMember2021-12-310000872589us-gaap:AdditionalPaidInCapitalMember2021-12-310000872589us-gaap:RetainedEarningsMember2021-12-310000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000872589us-gaap:TreasuryStockCommonMember2021-12-3100008725892021-12-310000872589us-gaap:CommonStockMember2022-01-012022-03-310000872589us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-3100008725892022-01-012022-03-310000872589us-gaap:TreasuryStockCommonMember2022-01-012022-03-310000872589us-gaap:RetainedEarningsMember2022-01-012022-03-310000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000872589us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-03-310000872589us-gaap:CommonStockMember2022-03-310000872589us-gaap:AdditionalPaidInCapitalMember2022-03-310000872589us-gaap:RetainedEarningsMember2022-03-310000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000872589us-gaap:TreasuryStockCommonMember2022-03-3100008725892022-03-310000872589us-gaap:CommonStockMember2022-04-012022-06-300000872589us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-3000008725892022-04-012022-06-300000872589us-gaap:TreasuryStockCommonMember2022-04-012022-06-300000872589us-gaap:RetainedEarningsMember2022-04-012022-06-300000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000872589us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-06-300000872589us-gaap:CommonStockMember2022-06-300000872589us-gaap:AdditionalPaidInCapitalMember2022-06-300000872589us-gaap:RetainedEarningsMember2022-06-300000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000872589us-gaap:TreasuryStockCommonMember2022-06-3000008725892022-06-300000872589us-gaap:CommonStockMember2022-07-012022-09-300000872589us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000872589us-gaap:TreasuryStockCommonMember2022-07-012022-09-300000872589us-gaap:RetainedEarningsMember2022-07-012022-09-300000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000872589us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-09-300000872589us-gaap:CommonStockMember2022-09-300000872589us-gaap:AdditionalPaidInCapitalMember2022-09-300000872589us-gaap:RetainedEarningsMember2022-09-300000872589us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000872589us-gaap:TreasuryStockCommonMember2022-09-3000008725892022-09-300000872589regn:EyleaNetProductSalesMembercountry:US2023-07-012023-09-300000872589regn:EyleaNetProductSalesMembercountry:US2022-07-012022-09-300000872589regn:EyleaNetProductSalesMembercountry:US2023-01-012023-09-300000872589regn:EyleaNetProductSalesMembercountry:US2022-01-012022-09-300000872589regn:EYLEAHDMembercountry:US2023-07-012023-09-300000872589regn:EYLEAHDMembercountry:US2022-07-012022-09-300000872589regn:EYLEAHDMembercountry:US2023-01-012023-09-300000872589regn:EYLEAHDMembercountry:US2022-01-012022-09-300000872589country:USregn:LIBTAYONetProductSalesMember2023-07-012023-09-300000872589country:USregn:LIBTAYONetProductSalesMember2022-07-012022-09-300000872589country:USregn:LIBTAYONetProductSalesMember2023-01-012023-09-300000872589country:USregn:LIBTAYONetProductSalesMember2022-01-012022-09-300000872589regn:RestOfWorldMemberregn:LIBTAYONetProductSalesMember2023-07-012023-09-300000872589regn:RestOfWorldMemberregn:LIBTAYONetProductSalesMember2022-07-012022-09-300000872589regn:RestOfWorldMemberregn:LIBTAYONetProductSalesMember2023-01-012023-09-300000872589regn:RestOfWorldMemberregn:LIBTAYONetProductSalesMember2022-01-012022-09-300000872589country:USregn:PraluentNetProductSalesMember2023-07-012023-09-300000872589country:USregn:PraluentNetProductSalesMember2022-07-012022-09-300000872589country:USregn:PraluentNetProductSalesMember2023-01-012023-09-300000872589country:USregn:PraluentNetProductSalesMember2022-01-012022-09-300000872589regn:EvkeezaMembercountry:US2023-07-012023-09-300000872589regn:EvkeezaMembercountry:US2022-07-012022-09-300000872589regn:EvkeezaMembercountry:US2023-01-012023-09-300000872589regn:EvkeezaMembercountry:US2022-01-012022-09-300000872589regn:InmazebMembercountry:US2023-07-012023-09-300000872589regn:InmazebMembercountry:US2022-07-012022-09-300000872589regn:InmazebMembercountry:US2023-01-012023-09-300000872589regn:InmazebMembercountry:US2022-01-012022-09-300000872589us-gaap:TradeAccountsReceivableMember2023-09-300000872589us-gaap:TradeAccountsReceivableMember2022-12-310000872589regn:BesseMedicalMemberus-gaap:CustomerConcentrationRiskMemberregn:GrossProductRevenueMember2023-07-012023-09-30xbrli:pure0000872589regn:BesseMedicalMemberus-gaap:CustomerConcentrationRiskMemberregn:GrossProductRevenueMember2022-07-012022-09-300000872589regn:BesseMedicalMemberus-gaap:CustomerConcentrationRiskMemberregn:GrossProductRevenueMember2023-01-012023-09-300000872589regn:BesseMedicalMemberus-gaap:CustomerConcentrationRiskMemberregn:GrossProductRevenueMember2022-01-012022-09-300000872589regn:McKessonCorporationMemberus-gaap:CustomerConcentrationRiskMemberregn:GrossProductRevenueMember2023-07-012023-09-300000872589regn:McKessonCorporationMemberus-gaap:CustomerConcentrationRiskMemberregn:GrossProductRevenueMember2022-07-012022-09-300000872589regn:McKessonCorporationMemberus-gaap:CustomerConcentrationRiskMemberregn:GrossProductRevenueMember2023-01-012023-09-300000872589regn:McKessonCorporationMemberus-gaap:CustomerConcentrationRiskMemberregn:GrossProductRevenueMember2022-01-012022-09-300000872589regn:ShareOfProfitLossesInConnectionWithCommercializationMemberregn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMember2023-07-012023-09-300000872589regn:ShareOfProfitLossesInConnectionWithCommercializationMemberregn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMember2022-07-012022-09-300000872589regn:ShareOfProfitLossesInConnectionWithCommercializationMemberregn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMember2023-01-012023-09-300000872589regn:ShareOfProfitLossesInConnectionWithCommercializationMemberregn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMember2022-01-012022-09-300000872589regn:CollaborationRevenueMemberregn:SalesBasedMilestoneEarnedMemberregn:SanofiCollaborationAgreementAntibodyMember2023-07-012023-09-300000872589regn:CollaborationRevenueMemberregn:SalesBasedMilestoneEarnedMemberregn:SanofiCollaborationAgreementAntibodyMember2022-07-012022-09-300000872589regn:CollaborationRevenueMemberregn:SalesBasedMilestoneEarnedMemberregn:SanofiCollaborationAgreementAntibodyMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberregn:SalesBasedMilestoneEarnedMemberregn:SanofiCollaborationAgreementAntibodyMember2022-01-012022-09-300000872589regn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:ReimbursementForManufacturingOfCommercialSuppliesMember2023-07-012023-09-300000872589regn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:ReimbursementForManufacturingOfCommercialSuppliesMember2022-07-012022-09-300000872589regn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:ReimbursementForManufacturingOfCommercialSuppliesMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:ReimbursementForManufacturingOfCommercialSuppliesMember2022-01-012022-09-300000872589regn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:OtherCollaborationAgreementsMember2023-07-012023-09-300000872589regn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:OtherCollaborationAgreementsMember2022-07-012022-09-300000872589regn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:OtherCollaborationAgreementsMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:OtherCollaborationAgreementsMember2022-01-012022-09-300000872589regn:SanofiCollaborationAgreementAntibodyMemberus-gaap:ResearchAndDevelopmentExpenseMemberregn:ReimbursementOfResearchAndDevelopmentExpensesNetOfObligationForShareOfRDExpensesMember2023-07-012023-09-300000872589regn:SanofiCollaborationAgreementAntibodyMemberus-gaap:ResearchAndDevelopmentExpenseMemberregn:ReimbursementOfResearchAndDevelopmentExpensesNetOfObligationForShareOfRDExpensesMember2022-07-012022-09-300000872589regn:SanofiCollaborationAgreementAntibodyMemberus-gaap:ResearchAndDevelopmentExpenseMemberregn:ReimbursementOfResearchAndDevelopmentExpensesNetOfObligationForShareOfRDExpensesMember2023-01-012023-09-300000872589regn:SanofiCollaborationAgreementAntibodyMemberus-gaap:ResearchAndDevelopmentExpenseMemberregn:ReimbursementOfResearchAndDevelopmentExpensesNetOfObligationForShareOfRDExpensesMember2022-01-012022-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:ReimbursementOfCommercializationRelatedExpensesMember2023-07-012023-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:ReimbursementOfCommercializationRelatedExpensesMember2022-07-012022-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:ReimbursementOfCommercializationRelatedExpensesMember2023-01-012023-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:SanofiCollaborationAgreementAntibodyMemberregn:ReimbursementOfCommercializationRelatedExpensesMember2022-01-012022-09-300000872589regn:ShareOfProfitLossesInConnectionWithCommercializationMemberregn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-07-012023-09-300000872589regn:ShareOfProfitLossesInConnectionWithCommercializationMemberregn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-07-012022-09-300000872589regn:ShareOfProfitLossesInConnectionWithCommercializationMemberregn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-01-012023-09-300000872589regn:ShareOfProfitLossesInConnectionWithCommercializationMemberregn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-01-012022-09-300000872589regn:CollaborationRevenueMemberregn:ReimbursementForManufacturingOfExCommercialSuppliesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-07-012023-09-300000872589regn:CollaborationRevenueMemberregn:ReimbursementForManufacturingOfExCommercialSuppliesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-07-012022-09-300000872589regn:CollaborationRevenueMemberregn:ReimbursementForManufacturingOfExCommercialSuppliesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberregn:ReimbursementForManufacturingOfExCommercialSuppliesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-01-012022-09-300000872589regn:ReimbursementOfResearchAndDevelopmentExpensesMemberus-gaap:ResearchAndDevelopmentExpenseMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-07-012023-09-300000872589regn:ReimbursementOfResearchAndDevelopmentExpensesMemberus-gaap:ResearchAndDevelopmentExpenseMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-07-012022-09-300000872589regn:ReimbursementOfResearchAndDevelopmentExpensesMemberus-gaap:ResearchAndDevelopmentExpenseMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-01-012023-09-300000872589regn:ReimbursementOfResearchAndDevelopmentExpensesMemberus-gaap:ResearchAndDevelopmentExpenseMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-01-012022-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:ReimbursementOfCommercializationRelatedExpensesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-07-012023-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:ReimbursementOfCommercializationRelatedExpensesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-07-012022-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:ReimbursementOfCommercializationRelatedExpensesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-01-012023-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:ReimbursementOfCommercializationRelatedExpensesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-01-012022-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:RegeneronsShareOfCommercialExpensesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-07-012023-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:RegeneronsShareOfCommercialExpensesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-07-012022-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:RegeneronsShareOfCommercialExpensesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-01-012023-09-300000872589us-gaap:SellingGeneralAndAdministrativeExpensesMemberregn:RegeneronsShareOfCommercialExpensesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-01-012022-09-300000872589regn:CostOfGoodsSoldMemberregn:SanofiCollaborationAgreementImmunooncologyMemberregn:SanofisShareofLibtayoU.S.GrossProfitsMember2023-07-012023-09-300000872589regn:CostOfGoodsSoldMemberregn:SanofiCollaborationAgreementImmunooncologyMemberregn:SanofisShareofLibtayoU.S.GrossProfitsMember2022-07-012022-09-300000872589regn:CostOfGoodsSoldMemberregn:SanofiCollaborationAgreementImmunooncologyMemberregn:SanofisShareofLibtayoU.S.GrossProfitsMember2023-01-012023-09-300000872589regn:CostOfGoodsSoldMemberregn:SanofiCollaborationAgreementImmunooncologyMemberregn:SanofisShareofLibtayoU.S.GrossProfitsMember2022-01-012022-09-300000872589us-gaap:OtherOperatingIncomeExpenseMemberregn:AmountsRecognizedInConnectionWithUpFrontPaymentsMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-07-012023-09-300000872589us-gaap:OtherOperatingIncomeExpenseMemberregn:AmountsRecognizedInConnectionWithUpFrontPaymentsMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-07-012022-09-300000872589us-gaap:OtherOperatingIncomeExpenseMemberregn:AmountsRecognizedInConnectionWithUpFrontPaymentsMemberregn:SanofiCollaborationAgreementImmunooncologyMember2023-01-012023-09-300000872589us-gaap:OtherOperatingIncomeExpenseMemberregn:AmountsRecognizedInConnectionWithUpFrontPaymentsMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-01-012022-09-300000872589regn:SanofiCollaborationAgreementAntibodyMembersrt:MinimumMember2023-01-012023-09-300000872589srt:MaximumMemberregn:SanofiCollaborationAgreementAntibodyMember2023-01-012023-09-300000872589regn:SanofiCollaborationAgreementAntibodyMember2023-01-012023-09-300000872589regn:SanofiCollaborationAgreementAntibodyMember2022-06-302022-06-300000872589regn:SanofiCollaborationAgreementAntibodyMember2022-07-012022-07-010000872589regn:SalesMilestoneFiveMemberregn:SanofiCollaborationAgreementAntibodyMember2023-09-300000872589regn:SalesMilestoneFiveMemberregn:SanofiCollaborationAgreementAntibodyMember2023-07-012023-09-300000872589regn:SanofiCollaborationAgreementAntibodyMemberregn:SalesMilestoneThreeMember2022-01-012022-03-310000872589regn:SanofiCollaborationAgreementAntibodyMember2023-09-300000872589regn:SanofiCollaborationAgreementAntibodyMember2022-12-310000872589regn:SanofiMember2022-07-012022-12-310000872589regn:SanofiMemberregn:RegulatoryMilestoneMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-07-012022-12-310000872589regn:SanofiMemberregn:SalesBasedMilestonesMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-07-012022-12-310000872589regn:SanofiMemberregn:SalesBasedMilestoneOneMemberregn:SanofiCollaborationAgreementImmunooncologyMember2022-07-012022-12-310000872589regn:SanofiMemberregn:SanofiCollaborationAgreementImmunooncologyMemberregn:SalesBasedMilestoneTwoMember2023-01-012023-09-300000872589regn:SanofiCollaborationAgreementImmunooncologyMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:NetProfitInConnectionWithCommercializationMemberregn:BayerCollaborationAgreementMember2023-07-012023-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:NetProfitInConnectionWithCommercializationMemberregn:BayerCollaborationAgreementMember2022-07-012022-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:NetProfitInConnectionWithCommercializationMemberregn:BayerCollaborationAgreementMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:NetProfitInConnectionWithCommercializationMemberregn:BayerCollaborationAgreementMember2022-01-012022-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:BayerCollaborationAgreementMemberregn:ReimbursementForManufacturingOfCommercialSuppliesMember2023-07-012023-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:BayerCollaborationAgreementMemberregn:ReimbursementForManufacturingOfCommercialSuppliesMember2022-07-012022-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:BayerCollaborationAgreementMemberregn:ReimbursementForManufacturingOfCommercialSuppliesMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:BayerCollaborationAgreementMemberregn:ReimbursementForManufacturingOfCommercialSuppliesMember2022-01-012022-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:OneTimePaymentInConnectionWithChangeInJapanArrangementMemberregn:BayerCollaborationAgreementMember2023-07-012023-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:OneTimePaymentInConnectionWithChangeInJapanArrangementMemberregn:BayerCollaborationAgreementMember2022-07-012022-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:OneTimePaymentInConnectionWithChangeInJapanArrangementMemberregn:BayerCollaborationAgreementMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberus-gaap:NonUsMemberregn:OneTimePaymentInConnectionWithChangeInJapanArrangementMemberregn:BayerCollaborationAgreementMember2022-01-012022-09-300000872589regn:RegeneronsObligationOfResearchAndDevelopmentExpensesNetOfReimbursementOfResearchAndDevelopmentExpensesMemberus-gaap:NonUsMemberregn:ResearchAndDevelopmentExpensesAndReductionOfResearchAndDevelopmentExpenseMemberregn:BayerCollaborationAgreementMember2023-07-012023-09-300000872589regn:RegeneronsObligationOfResearchAndDevelopmentExpensesNetOfReimbursementOfResearchAndDevelopmentExpensesMemberus-gaap:NonUsMemberregn:ResearchAndDevelopmentExpensesAndReductionOfResearchAndDevelopmentExpenseMemberregn:BayerCollaborationAgreementMember2022-07-012022-09-300000872589regn:RegeneronsObligationOfResearchAndDevelopmentExpensesNetOfReimbursementOfResearchAndDevelopmentExpensesMemberus-gaap:NonUsMemberregn:ResearchAndDevelopmentExpensesAndReductionOfResearchAndDevelopmentExpenseMemberregn:BayerCollaborationAgreementMember2023-01-012023-09-300000872589regn:RegeneronsObligationOfResearchAndDevelopmentExpensesNetOfReimbursementOfResearchAndDevelopmentExpensesMemberus-gaap:NonUsMemberregn:ResearchAndDevelopmentExpensesAndReductionOfResearchAndDevelopmentExpenseMemberregn:BayerCollaborationAgreementMember2022-01-012022-09-300000872589regn:BayerCollaborationAgreementMember2023-09-300000872589regn:BayerCollaborationAgreementMember2022-12-310000872589regn:CollaborationRevenueMemberregn:RonapreveMemberregn:RocheCollaborationAgreementMember2023-07-012023-09-300000872589regn:CollaborationRevenueMemberregn:RonapreveMemberregn:RocheCollaborationAgreementMember2022-07-012022-09-300000872589regn:CollaborationRevenueMemberregn:RonapreveMemberregn:RocheCollaborationAgreementMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberregn:RonapreveMemberregn:RocheCollaborationAgreementMember2022-01-012022-09-300000872589regn:CollaborationRevenueMemberregn:RocheCollaborationAgreementMemberregn:OtherMember2023-07-012023-09-300000872589regn:CollaborationRevenueMemberregn:RocheCollaborationAgreementMemberregn:OtherMember2022-07-012022-09-300000872589regn:CollaborationRevenueMemberregn:RocheCollaborationAgreementMemberregn:OtherMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberregn:RocheCollaborationAgreementMemberregn:OtherMember2022-01-012022-09-300000872589regn:RocheCollaborationAgreementMember2023-09-300000872589regn:RocheCollaborationAgreementMember2022-12-310000872589regn:AlnylamPharmaceuticalsInc.CollaborationAgreementMember2019-01-012019-12-310000872589regn:AlnylamPharmaceuticalsInc.StockPurchaseAgreementMemberregn:AlnylamPharmaceuticalsInc.CollaborationAgreementMember2019-01-012019-12-310000872589regn:AlnylamPharmaceuticalsInc.CollaborationAgreementMemberregn:AlnylamMemberregn:ClinicalProofOfPrincipleMilestoneMember2023-07-012023-09-300000872589regn:AlnylamPharmaceuticalsInc.CollaborationAgreementMember2023-01-012023-09-300000872589regn:AlnylamPharmaceuticalsInc.CollaborationAgreementMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300000872589regn:AlnylamPharmaceuticalsInc.CollaborationAgreementMemberus-gaap:ResearchAndDevelopmentExpenseMember2022-07-012022-09-300000872589regn:AlnylamPharmaceuticalsInc.CollaborationAgreementMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300000872589regn:AlnylamPharmaceuticalsInc.CollaborationAgreementMemberus-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-09-300000872589regn:AcquiredInProcessResearchAndDevelopmentMemberregn:AlnylamPharmaceuticalsInc.CollaborationAgreementMember2023-07-012023-09-300000872589regn:AcquiredInProcessResearchAndDevelopmentMemberregn:AlnylamPharmaceuticalsInc.CollaborationAgreementMember2022-07-012022-09-300000872589regn:AcquiredInProcessResearchAndDevelopmentMemberregn:AlnylamPharmaceuticalsInc.CollaborationAgreementMember2023-01-012023-09-300000872589regn:AcquiredInProcessResearchAndDevelopmentMemberregn:AlnylamPharmaceuticalsInc.CollaborationAgreementMember2022-01-012022-09-300000872589regn:AlnylamPharmaceuticalsInc.CollaborationAgreementMember2023-09-300000872589regn:AlnylamPharmaceuticalsInc.CollaborationAgreementMember2022-12-310000872589regn:SonomaBiotherapeuticsIncMember2023-01-012023-03-310000872589regn:SonomaBiotherapeuticsIncCollaborationAgreementMember2023-04-012023-04-300000872589regn:SonomaBiotherapeuticsIncCollaborationAgreementMember2023-01-012023-09-300000872589regn:BARDAOtherTransactionAgreementMember2023-08-012023-08-310000872589regn:NextGenerationCovidAntibodiesMemberregn:USGovernmentMember2023-01-012023-09-300000872589regn:CollaborationRevenueMemberregn:BARDAOtherTransactionAgreementMemberregn:NextGenerationCovidAntibodiesMember2023-07-012023-09-300000872589regn:BARDAOtherTransactionAgreementMember2023-09-300000872589regn:DecibelTherapeuticsIncMember2023-09-012023-09-300000872589regn:DecibelTherapeuticsIncMember2023-09-3000008725892023-09-012023-09-300000872589regn:DecibelTherapeuticsIncMember2023-08-012023-08-310000872589regn:DecibelTherapeuticsIncMember2023-09-250000872589regn:CheckmatePharmaceuticalsIncMember2022-05-012022-05-310000872589regn:CheckmatePharmaceuticalsIncMember2022-04-012022-06-300000872589us-gaap:EmployeeStockOptionMember2023-07-012023-09-300000872589us-gaap:EmployeeStockOptionMember2022-07-012022-09-300000872589us-gaap:EmployeeStockOptionMember2023-01-012023-09-300000872589us-gaap:EmployeeStockOptionMember2022-01-012022-09-300000872589us-gaap:RestrictedStockMember2023-07-012023-09-300000872589us-gaap:RestrictedStockMember2022-07-012022-09-300000872589us-gaap:RestrictedStockMember2023-01-012023-09-300000872589us-gaap:RestrictedStockMember2022-01-012022-09-300000872589us-gaap:EmployeeStockOptionMember2023-07-012023-09-300000872589us-gaap:EmployeeStockOptionMember2022-07-012022-09-300000872589us-gaap:EmployeeStockOptionMember2023-01-012023-09-300000872589us-gaap:EmployeeStockOptionMember2022-01-012022-09-300000872589us-gaap:CorporateBondSecuritiesMember2023-09-300000872589us-gaap:USTreasuryAndGovernmentMember2023-09-300000872589us-gaap:SovereignDebtSecuritiesMember2023-09-300000872589us-gaap:CommercialPaperMember2023-09-300000872589us-gaap:CertificatesOfDepositMember2023-09-300000872589us-gaap:AssetBackedSecuritiesMember2023-09-300000872589us-gaap:CorporateBondSecuritiesMember2022-12-310000872589us-gaap:USTreasuryAndGovernmentMember2022-12-310000872589us-gaap:SovereignDebtSecuritiesMember2022-12-310000872589us-gaap:CommercialPaperMember2022-12-310000872589us-gaap:CertificatesOfDepositMember2022-12-310000872589us-gaap:AssetBackedSecuritiesMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SovereignDebtSecuritiesMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:SovereignDebtSecuritiesMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SovereignDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SovereignDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel3Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberregn:UnrestrictedMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberregn:UnrestrictedMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberregn:UnrestrictedMemberus-gaap:FairValueInputsLevel2Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberregn:UnrestrictedMemberus-gaap:FairValueInputsLevel3Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberregn:RestrictedMember2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberregn:RestrictedMemberus-gaap:FairValueInputsLevel1Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberregn:RestrictedMemberus-gaap:FairValueInputsLevel2Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMemberregn:RestrictedMemberus-gaap:FairValueInputsLevel3Member2023-09-300000872589us-gaap:FairValueMeasurementsRecurringMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateBondSecuritiesMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SovereignDebtSecuritiesMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:SovereignDebtSecuritiesMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SovereignDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SovereignDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel3Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberregn:UnrestrictedMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberregn:UnrestrictedMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberregn:UnrestrictedMemberus-gaap:FairValueInputsLevel2Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberregn:UnrestrictedMemberus-gaap:FairValueInputsLevel3Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberregn:RestrictedMember2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberregn:RestrictedMemberus-gaap:FairValueInputsLevel1Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberregn:RestrictedMemberus-gaap:FairValueInputsLevel2Member2022-12-310000872589us-gaap:FairValueMeasurementsRecurringMemberregn:RestrictedMemberus-gaap:FairValueInputsLevel3Member2022-12-310000872589regn:ShareRepurchaseProgramNovember2021Member2021-11-300000872589regn:ShareRepurchaseProgramNovember2021Member2021-11-012023-06-300000872589regn:ShareRepurchaseProgramJanuary2023Member2023-01-3100008725892022-01-012022-12-3100008725892021-01-012021-12-310000872589regn:A631PatentMember2020-07-16regn:claim0000872589regn:MichaelSBrownMDMember2023-07-012023-09-300000872589regn:MichaelSBrownMDMember2023-09-300000872589regn:ChristopherRFenimoreMember2023-07-012023-09-300000872589regn:ChristopherRFenimoreMember2023-09-300000872589regn:JosephLGoldsteinMDMember2023-07-012023-09-300000872589regn:JosephLGoldsteinMDMember2023-09-300000872589regn:ArthurFRyanMember2023-07-012023-09-300000872589regn:ArthurFRyanMember2023-09-30

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 September 30, 2023
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: 000-19034
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 October 26, 2023:
Class of Common Stock
Number of Shares
Class A Stock, $.001 par value1,818,146
Common Stock, $.001 par value107,128,838



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







"Altibodies," "ARCALYST®," "Evkeeza®," "EYLEA®," "EYLEA® HD," "Inmazeb®," "Libtayo®," "Praluent®" (in the United States), "REGEN-COV®," "Regeneron®," "Regeneron Genetics Center®," "RGC®," "Veloci-Bi®," "VelociGene®," "VelociHum®," "VelociMab®," "VelocImmune®," "VelociMouse®," "VelociSuite®," "VelociT®," "Veopoz," 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)
September 30,December 31,
20232022
ASSETS
Current assets:
Cash and cash equivalents$2,152.3 $3,105.9 
Marketable securities7,761.3 4,636.4 
Accounts receivable, net5,584.5 5,328.7 
Inventories2,562.0 2,401.9 
Prepaid expenses and other current assets574.7 411.2 
Total current assets18,634.8 15,884.1 
Marketable securities5,778.5 6,591.8 
Property, plant, and equipment, net4,006.1 3,763.0 
Intangible assets, net1,017.2 915.5 
Deferred tax assets2,316.8 1,723.7 
Other noncurrent assets409.9 336.4 
Total assets$32,163.3 $29,214.5 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$536.6 $589.2 
Accrued expenses and other current liabilities2,644.7 2,074.2 
Deferred revenue417.3 477.9 
Total current liabilities3,598.6 3,141.3 
Long-term debt1,982.6 1,981.4 
Finance lease liabilities720.0 720.0 
Deferred revenue125.3 69.8 
Other noncurrent liabilities832.4 638.0 
Total liabilities7,258.9 6,550.5 
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 2023 and 2022
  
Common Stock, par value $.001 per share; 320.0 shares authorized; shares issued - 132.1 in 2023 and 130.4 in 2022
0.1 0.1 
Additional paid-in capital11,251.5 9,949.3 
Retained earnings 26,100.7 23,306.7 
Accumulated other comprehensive loss(176.8)(238.8)
Treasury Stock, at cost; 25.1 shares in 2023 and 22.6 shares in 2022
(12,271.1)(10,353.3)
Total stockholders' equity24,904.4 22,664.0 
Total liabilities and stockholders' equity$32,163.3 $29,214.5 
The accompanying notes are an integral part of the financial statements.
2



Table of Contents

REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Statements of Operations
Revenues:
Net product sales$1,786.1 $1,801.4 $5,226.2 $5,194.4 
Collaboration revenue1,438.3 1,050.6 4,133.1 3,326.7 
Other revenue138.3 84.2 323.6 237.4 
3,362.7 2,936.2 9,682.9 8,758.5 
Expenses:
Research and development1,075.3 911.3 3,261.8 2,549.4 
Acquired in-process research and development100.0  156.1 225.1 
Selling, general, and administrative640.5 529.1 1,893.6 1,455.4 
Cost of goods sold224.5 141.3 625.3 497.8 
Cost of collaboration and contract manufacturing211.9 176.5 673.5 522.0 
Other operating (income) expense, net(0.5)(45.7)(1.6)(83.3)
2,251.7 1,712.5 6,608.7 5,166.4 
Income from operations1,111.0 1,223.7 3,074.2 3,592.1 
Other income (expense):
Other income (expense), net17.6 301.4 32.2 (16.0)
Interest expense(17.8)(15.3)(54.7)(42.0)
(0.2)286.1 (22.5)(58.0)
Income before income taxes1,110.8 1,509.8 3,051.7 3,534.1 
Income tax expense103.0 194.1 257.7 392.8 
Net income$1,007.8 $1,315.7 $2,794.0 $3,141.3 
Net income per share - basic$9.48 $12.31 $26.16 $29.30 
Net income per share - diluted$8.89 $11.66 $24.57 $27.73 
Weighted average shares outstanding - basic106.3 106.9 106.8 107.2 
Weighted average shares outstanding - diluted113.4 112.8 113.7 113.3 
Statements of Comprehensive Income
Net income$1,007.8 $1,315.7 $2,794.0 $3,141.3 
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on debt securities
21.3 (51.3)62.8 (249.9)
Loss on foreign currency translation (0.4) (0.8) 
Unrealized gain on cash flow hedges   1.0 
Comprehensive income $1,028.7 $1,264.4 $2,856.0 $2,892.4 
The accompanying notes are an integral part of the financial statements.
3



Table of Contents

REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
(In millions)
Class A StockCommon StockAdditional
Paid-in Capital
Retained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Stockholders' Equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 20221.8$ 130.4$0.1 $9,949.3 $23,306.7 $(238.8)(22.6)$(10,353.3)$22,664.0 
Issuance of Common Stock for equity awards granted under long-term incentive plans
— — 1.1 — 491.3 — — — — 491.3 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
— — (0.1)— (99.2)— — — — (99.2)
Issuance/distribution of Common Stock for 401(k) Savings Plan
— — — — 18.9 — — — 1.7 20.6 
Repurchases of Common Stock
— — — — — — — (0.9)(693.9)(693.9)
Stock-based compensation charges— — — — 237.4 — — — — 237.4 
Net income— — — — — 817.8 — — — 817.8 
Other comprehensive income, net of tax— — — — — — 57.2 — — 57.2 
Balance, March 31, 20231.8  131.4 0.1 10,597.7 24,124.5 (181.6)(23.5)(11,045.5)23,495.2 
Issuance of Common Stock for equity awards granted under long-term incentive plans
— — 0.2 — 80.7 — — — — 80.7 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
— — — — (14.0)— — — — (14.0)
Issuance/distribution of Common Stock for 401(k) Savings Plan
— — — — 16.1 — — — 2.4 18.5 
Repurchases of Common Stock
— — — — — — — (1.0)(722.8)(722.8)
Stock-based compensation charges— — — — 208.0 — — — — 208.0 
Net income— — — — — 968.4 — — — 968.4 
Other comprehensive loss, net of tax— — — — — — (16.1)— — (16.1)
Balance, June 30, 20231.8  131.6 0.1 10,888.5 25,092.9 (197.7)(24.5)(11,765.9)24,017.9 
Issuance of Common Stock for equity awards granted under long-term incentive plans
— — 0.7 — 268.9 — — — — 268.9 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
— — (0.2)— (129.4)— — — — (129.4)
Issuance/distribution of Common Stock for 401(k) Savings Plan
— — — — 16.1 — — — 1.9 18.0 
Repurchases of Common Stock
— — — — — — — (0.6)(507.1)(507.1)
Stock-based compensation charges— — — — 207.4 — — — — 207.4 
Net income— — — — — 1,007.8 — — — 1,007.8 
Other comprehensive income, net of tax
— — — — — — 20.9 — — 20.9 
Balance, September 30, 20231.8$ 132.1 $0.1 $11,251.5 $26,100.7 $(176.8)(25.1)$(12,271.1)$24,904.4 
4



Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (continued)
Class A StockCommon StockAdditional
Paid-in Capital
Retained 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)$18,768.8 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 1.6 — 593.7 — — — — 593.7 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — (0.2)— (105.8)— — — — (105.8)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 12.8 — — — 1.7 14.5 
Repurchases of Common Stock— — — — — — — (0.5)(352.0)(352.0)
Stock-based compensation charges— — — — 165.9 — — — — 165.9 
Net income— — — — — 973.5 — — — 973.5 
Other comprehensive loss, net of tax— — — — — — (143.9)— — (143.9)
Balance, March 31, 20221.8 127.6 0.1 8,754.1 19,941.8 (170.1)(19.9)(8,611.2)19,914.7 
Issuance of Common Stock for equity awards granted under long-term incentive plans
— — 0.8 — 228.0 — — — — 228.0 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
— — (0.1)— (41.9)— — — — (41.9)
Issuance/distribution of Common Stock for 401(k) Savings Plan
— — — — 14.0 — — — 2.2 16.2 
Repurchases of Common Stock
— — — — — — — (0.7)(393.6)(393.6)
Stock-based compensation charges— — — — 166.0 — — — — 166.0 
Net income— — — — — 852.1 — — — 852.1 
Other comprehensive loss, net of tax— — — — — — (53.7)— — (53.7)
Balance, June 30, 20221.8  128.3 0.1 9,120.2 20,793.9 (223.8)(20.6)(9,002.6)20,687.8 
Issuance of Common Stock for equity awards granted under long-term incentive plans
— — 0.9 — 322.9 — — — — 322.9 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
— — (0.2)— (108.9)— — — — (108.9)
Issuance/distribution of Common Stock for 401(k) Savings Plan
— — — — 12.9 — — — 1.6 14.5 
Repurchases of Common Stock
— — — — — — — (1.4)(913.0)(913.0)
Stock-based compensation charges— — — — 171.1 — — — — 171.1 
Net income— — — — — 1,315.7 — — — 1,315.7 
Other comprehensive loss, net of tax— — — — — — (51.3)— — (51.3)
Balance, September 30, 20221.8$ 129.0 $0.1 $9,518.2 $22,109.6 $(275.1)(22.0)$(9,914.0)$21,438.8 
The accompanying notes are an integral part of the financial statements.
5



Table of Contents

REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
September 30,
20232022
Cash flows from operating activities:
Net income $2,794.0 $3,141.3 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization308.0 241.3 
Stock-based compensation expense644.6 493.0 
Losses on marketable and other securities, net324.5 117.4 
Other non-cash items, net17.4 199.0 
Deferred income taxes(551.5)(466.7)
Acquired in-process research and development in connection with asset acquisition 195.0 
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
(256.1)488.2 
Increase in inventories(224.4)(552.2)
Increase in prepaid expenses and other assets(284.4)(167.3)
(Decrease) increase in deferred revenue(5.1)92.0 
Increase (decrease) in accounts payable, accrued expenses, and other liabilities737.3 (486.0)
Total adjustments710.3 153.7 
Net cash provided by operating activities3,504.3 3,295.0 
Cash flows from investing activities:
Purchases of marketable and other securities(9,514.2)(4,345.0)
Sales or maturities of marketable and other securities7,059.3 4,013.1 
Capital expenditures(467.2)(437.9)
Payments for Libtayo intangible asset(145.7)(926.8)
Acquisitions, net of cash acquired
(51.1)(230.3)
Net cash used in investing activities(3,118.9)(1,926.9)
Cash flows from financing activities:
Proceeds from issuance of Common Stock844.5 1,146.9 
Payments in connection with Common Stock tendered for employee tax obligations(242.5)(256.6)
Repurchases of Common Stock(1,946.0)(1,651.7)
Net cash used in financing activities(1,344.0)(761.4)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(0.6) 
Net (decrease) increase in cash, cash equivalents, and restricted cash(959.2)606.7 
Cash, cash equivalents, and restricted cash at beginning of period3,119.4 2,898.1 
Cash, cash equivalents, and restricted cash at end of period$2,160.2 $3,504.8 
The accompanying notes are an integral part of the financial statements.
6



Table of Contents

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, 2022 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, 2022.
Certain reclassifications have been made to prior period amounts to conform with the current period's presentation.
7



Table of Contents
2. Product Sales
Net product sales consist of the following:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2023202220232022
EYLEA®
U.S.$1,448.2 $1,629.4 $4,382.1 $4,768.2 
EYLEA HD
U.S.42.7  42.7  
Libtayo®(a)
U.S.144.1 94.7 384.0 264.5 
Libtayo(a)
ROW(b)
88.3 31.0 235.3 31.0 
Praluent®
U.S.40.4 29.7 121.1 94.5 
Evkeeza®
U.S.19.1 13.6 53.3 33.2 
Inmazeb®
U.S.3.3 3.0 7.7 3.0 
$1,786.1 $1,801.4 $5,226.2 $5,194.4 
(a) 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 records global net product sales of Libtayo. See Note 3 for further details.
(b) Rest of world ("ROW")
As of September 30, 2023 and December 31, 2022, the Company had $3.792 billion and $3.586 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 nine months ended September 30, 2023 and 2022. Sales to each of these customers as a percentage of the Company's total gross product revenue are as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Besse Medical, a subsidiary of Cencora, Inc.
53 %56 %52 %56 %
McKesson Corporation24 %28 %25 %29 %
8



Table of Contents
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
September 30,
Nine Months Ended
September 30,
(In millions)2023202220232022
Antibody:
Regeneron's share of profits in connection with commercialization of antibodiesCollaboration revenue$863.0 $551.1 *$2,250.6 $1,463.0 *
Sales-based milestones earnedCollaboration revenue$50.0 $ $50.0 $50.0 
Reimbursement for manufacturing of commercial suppliesCollaboration revenue$151.5 $160.5 $506.0 $466.8 
OtherCollaboration revenue$ $(0.2)$ $28.7 
Regeneron's obligation for its share of Sanofi R&D expenses, net of reimbursement of R&D expenses(R&D expense)/Reduction of R&D expense$(25.8)$(4.3)$(66.7)$59.6 
Reimbursement of commercialization-related expenses Reduction of SG&A expense$135.5 $108.6 $384.0 $311.1 
Immuno-oncology(a):
Regeneron's share of profits in connection with commercialization of Libtayo outside the United StatesCollaboration revenue$ $ $ $6.7 
Reimbursement for manufacturing of ex-U.S. commercial suppliesCollaboration revenue$ $ $ $4.6 
Reimbursement of R&D expensesReduction of R&D expense$ $ $ $42.7 
Reimbursement of commercialization-related expensesReduction of SG&A expense$ $ $ $41.4 
Regeneron's obligation for its share of Sanofi commercial expensesSG&A expense$ $ $ $(19.9)
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profitsCost of goods sold$ $ $ $(70.1)
Amounts recognized in connection with up-front payments receivedOther operating income$ $ $ $35.1 
* Net of one-time payment of $56.9 million to Sanofi in connection with the amendment to the Antibody License and Collaboration Agreement described below
(a) As described within the "Immuno-Oncology" section below, effective July 1, 2022, the Company obtained the exclusive right to develop, commercialize, and manufacture Libtayo worldwide.
9



Table of Contents
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 (the "LCA"), Sanofi is generally responsible for funding 80% to 100% of agreed-upon development costs. The Company is obligated to reimburse Sanofi for 30% to 50% of worldwide development expenses that were funded by Sanofi based on the Company's share of collaboration profits from commercialization of collaboration products. Under the terms of the LCA, the Company was required to apply 10% of its 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 LCA became effective, pursuant to which the percentage of the Company's share of profits used to reimburse Sanofi for such development costs increased from 10% to 20%. A portion of the value associated with the increase in reimbursement percentage was deemed to be contingent consideration attributable to the Company's acquisition of the Libtayo (cemiplimab) rights described within the "Immuno-Oncology" section below; this portion will be recorded as an increase to the Libtayo intangible asset over time as the Company repays such development costs to Sanofi.
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 was entitled to receive sales milestone payments from Sanofi. During the three months ended September 30, 2023, the Company earned the final $50.0 million sales-based milestone from Sanofi, upon aggregate annual sales of antibodies outside the United States (including Praluent) exceeding $3.0 billion on a rolling twelve-month basis. 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.
The following table summarizes contract balances in connection with the Company's Antibody Collaboration with Sanofi:
September 30,December 31,
(In millions)20232022
Accounts receivable, net $1,128.2 $692.3 
Deferred revenue
$417.3 $415.8 
Immuno-Oncology
The Company was previously a 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, 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"). In connection with the A&R IO LCA, in 2022, the Company made a $900.0 million up-front payment to Sanofi, as well as a $100.0 million regulatory milestone payment. In addition, Sanofi was eligible to earn an aggregate of $100.0 million in Libtayo sales-based milestones under the terms of the A&R IO LCA, of which they earned $65.0 million in 2022 and $35.0 million in 2023. The Company also pays Sanofi an 11% royalty on net product sales of Libtayo through March 31, 2034. The transaction was accounted for as an asset acquisition and amounts paid to Sanofi in connection with obtaining the worldwide rights to Libtayo, including the up-front payment and any contingent consideration, are recorded as an intangible asset.
10



Table of Contents
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 is responsible for commercialization activities outside the United States, and the companies share equally in profits and losses from such sales.
Amounts recognized in the Company's Statements of Operations in connection with its Bayer collaboration are as follows:
Statement of Operations ClassificationThree Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2023202220232022
Regeneron's share of profits in connection with commercialization of EYLEA outside the United StatesCollaboration revenue$349.9 $315.3 $1,031.0 $993.4 
Reimbursement for manufacturing of ex-U.S. commercial suppliesCollaboration revenue$27.2 $17.5 $79.7 $60.3 
One-time payment in connection with change in Japan arrangement
Collaboration revenue$ $ $ $21.9 
Regeneron's obligation for its share of Bayer R&D expenses, net of reimbursement of R&D expenses(R&D expense)/Reduction of R&D expense$(9.7)$7.1 $(35.1)$10.3 
The following table summarizes contract balances in connection with the Company's Bayer collaboration:
September 30,December 31,
(In millions)20232022
Accounts receivable, net$361.7 $348.2 
Deferred revenue
$125.3 $131.9 
c. Roche
The Company is a party to a collaboration agreement with Roche to develop, manufacture, and distribute the casirivimab and imdevimab antibody cocktail (known as REGEN-COV® in the United States and Ronapreve in other countries). Under the terms of the collaboration agreement, the parties jointly fund certain studies, and the Company has the right to distribute the product in the United States while Roche has the right to distribute the product outside of the United States. The parties share gross profits from worldwide sales based on a pre-specified formula, depending on the amount of manufactured product supplied by each party to the market.
Amounts recognized in the Company's Statements of Operations in connection with its Roche collaboration are as follows:
Statement of Operations ClassificationThree Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2023202220232022
Global gross profit payment from Roche in connection with sales of RonapreveCollaboration revenue$ $6.4 $222.2 $230.9 
OtherCollaboration revenue$(5.7)$ $(9.5)$ 
Reimbursement of research and development expenses from Roche was not material for the three and nine months ended September 30, 2023 and 2022.
The following table summarizes contract balances in connection with the Company's Roche collaboration:
September 30,December 31,
(In millions)20232022
Accounts receivable, net$ $396.6 
11



Table of Contents
d. Alnylam
In 2019, the Company and Alnylam Pharmaceuticals, Inc. entered into a global, strategic collaboration to discover, develop, and commercialize RNA interference ("RNAi") therapeutics for a broad range of diseases by addressing therapeutic disease targets expressed in the eye and central nervous system ("CNS"), in addition to a select number of targets expressed in the liver. In connection with entering into the collaboration, the Company made an up-front payment of $400.0 million to Alnylam, and also purchased shares of Alnylam common stock for $400.0 million. For each program, the Company provides Alnylam with a specified amount of funding at program initiation and at lead candidate designation. Under the terms of the collaboration, the parties perform discovery research until designation of lead candidates. Following designation of a lead candidate, the parties may further advance such lead candidate under either a co-development/co-commercialization collaboration agreement ("Co-Co Collaboration Agreement") (under which the parties are advancing ALN-APP and ALN-PNP, which are currently in clinical development) or license agreement.
During the three months ended September 30, 2023, the Company became obligated to pay Alnylam a $100.0 million development milestone, which was recorded to Acquired in-process research and development expense, upon the achievement of specified proof-of-principle criteria for the ALN-APP program. Alnylam is eligible to receive an additional $100.0 million clinical proof-of-principle milestone in connection with an eye program.
Amounts recognized in the Company's Statements of Operations in connection with its Alnylam collaboration are as follows:
Statement of Operations ClassificationThree Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2023202220232022
Regeneron's obligation for its share of Alnylam R&D expenses, net of reimbursement of R&D expenses
(R&D expense)
$(13.5)$(10.6)$(52.1)$(36.1)
Development milestone
Acquired in-process research and development$(100.0)$ $(100.0)$ 
The following table summarizes contract balances in connection with the Company's Alnylam collaboration:
September 30,December 31,
(In millions)20232022
Accrued expenses and other current liabilities
$111.5 $7.4 
e. Sonoma
In March 2023, the Company and Sonoma Biotherapeutics, Inc. entered into a license and collaboration agreement to bring together the Company's VelociSuite® technologies with Sonoma's technology platform for the discovery, development, and commercialization of novel regulatory T cell ("Treg") therapies for autoimmune diseases. In connection with the agreement, the Company made a $45.0 million up-front payment (which was recorded to Acquired in-process research and development expense in the first quarter of 2023) and, in April 2023, the Company purchased an aggregate of $30.0 million of Sonoma preferred stock. Sonoma is also eligible to receive a $45.0 million development milestone payment. The Company and Sonoma will co-fund research and development activities and share equally any future commercial expenses and profits. The Company will have the option to lead late-stage development and commercialization on all products globally, with Sonoma retaining rights to co-promote all such products in the United States.
f. Biomedical Advanced Research and Development Authority ("BARDA")
In August 2023, the Company expanded its Other Transaction Agreement ("OTA") with BARDA, pursuant to which the U.S. Department of Health and Human Services ("HHS") is obligated to fund up to 70% of the Company's costs incurred for certain development activities related to a next-generation COVID-19 monoclonal antibody therapy for the prevention of SARS-CoV-2 infection. The agreement could result in payments to the Company of up to approximately $326 million in the aggregate to support clinical development, clinical manufacturing, and the regulatory licensure process.
Amounts recognized within Other revenue in the Company's Statements of Operations in connection with this BARDA agreement were $34.2 million for the three months ended September 30, 2023.
12



Table of Contents
The following table summarizes the Company's contract balances in connection with this BARDA agreement:
September 30,
(In millions)2023
Accounts receivable, net
$34.2 
g. Decibel
In 2017, the Company entered into an agreement with Decibel Therapeutics, Inc. to discover and develop new potential therapeutics to protect, repair and restore hearing (including DB-OTO, which is currently in clinical development, and preclinical programs for GJB2-related and stereocilin-related hearing loss). In connection with the agreement, the Company also purchased shares of Decibel stock.
In August 2023, the Company entered into an Agreement and Plan of Merger to acquire Decibel, and in September 2023, the Company completed its acquisition of Decibel. The Company paid $101.3 million in cash (or $4.00 per share of Decibel common stock), of which $6.6 million was attributed to post-combination services to be rendered by Decibel equity award holders, and as a result, was excluded from the amount of consideration transferred for purchase accounting. In addition, Decibel shareholders received one non-tradeable contingent value right ("CVR") per share of Decibel common stock, which entitles the holder to receive up to $3.50 per share in cash upon achievement of certain clinical development and regulatory milestones for DB-OTO within specified time periods. At closing, the Company recorded a liability related to the fair value of the CVRs of $43.7 million (see Note 6). The maximum aggregate amount that holders of the CVRs may be entitled to receive if all the milestones contemplated by the CVRs are achieved is approximately $97 million.
The fair value of the Company's investment in Decibel stock immediately before the acquisition date was $10.3 million.
The Decibel acquisition was accounted for as a business combination. In a business combination, the acquisition method of accounting generally requires that the assets acquired and liabilities assumed be recorded as of the date of the acquisition at their respective fair values. Amounts allocated to acquired in-process research and development are capitalized and accounted for as indefinite-lived intangible assets, subject to impairment testing until completion or abandonment of the associated research and development efforts. Any excess of the purchase price (consideration transferred) over the fair values of net assets acquired is recorded as goodwill. Transaction costs in connection with a business combination are expensed as incurred.
The following table summarizes the amounts recognized for assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date:
September 25,
(In millions)2023
Cash and cash equivalents$42.2 
Marketable securities12.1 
Deferred tax assets, net
58.1 
Indefinite-lived intangible asset related to in-process research and development 42.5 
Goodwill
5.2 
Other assets and liabilities, net
(11.4)
$148.7 
The final determination of fair values of assets acquired, liabilities assumed, and tax-related items will be completed no later than one year from the acquisition date.
h. Checkmate
In May 2022, the Company completed its acquisition of Checkmate Pharmaceuticals, Inc. for a total equity value of approximately $250 million. As a result of the transaction, which was accounted for as an asset acquisition, the Company recorded, during the three months ended June 30, 2022, (i) a charge of $195.0 million to Acquired in-process research and development and (ii) net assets of $61.7 million, including $26.4 million of cash and cash equivalents acquired, related to the assets acquired (including deferred tax assets and investments) and liabilities assumed.
13



Table of Contents
4. Net Income Per Share
Basic net income per share is 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
September 30,
Nine Months Ended
September 30,
(In millions, except per share data)2023202220232022
Net income - basic and diluted$1,007.8 $1,315.7 $2,794.0 $3,141.3 
Weighted average shares - basic106.3 106.9 106.8 107.2 
Effect of dilutive securities:
Stock options4.8 4.3 4.9 4.7 
Restricted stock awards and restricted stock units2.3 1.6 2.0 1.4 
Weighted average shares - diluted113.4 112.8 113.7 113.3 
Net income per share - basic$9.48 $12.31 $26.16 $29.30 
Net income per share - diluted$8.89