The Company is party to a global, strategic collaboration with Sanofi to research, develop, and commercialize fully human monoclonal antibodies, which currently consists of Dupixent® (dupilumab), Kevzara® (sarilumab), and itepekimab.

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 development expenses that were funded by Sanofi (i.e., "development balance") based on the Company's share of collaboration profits; however, the Company is only required to apply 20% of its share of profits from the collaboration each calendar quarter to reimburse Sanofi for these development expenses. As of June 30, 2025, the Company's contingent reimbursement obligation to Sanofi in connection with the development balance was approximately $1.2 billion.

Sanofi leads commercialization activities for products under the collaboration, subject to the Company's right to co-commercialize such products. The parties equally share profits from sales within the United States. The parties share profits outside the United States on a sliding scale based on sales starting at 65% (Sanofi)/35% (Regeneron) and ending at 55% (Sanofi)/45% (Regeneron).


	Statement of Operations Classification	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)		2025		2024		2025		2024
Regeneron's share of profits	Collaboration revenue	$	1,282.1	$	988.3	$	2,300.2	$	1,792.3
Reimbursement for manufacturing of commercial supplies	Collaboration revenue	$	161.5	$	157.3	$	326.6	$	263.1
Regeneron's obligation for its share of Sanofi R&D expenses, net of reimbursement of R&D expenses	R&D expense	$	(18.0)	$	(9.1)	$	(33.5)	$	(27.7)
Reimbursement of commercialization-related expenses	Reduction of SG&A expense	$	194.0	$	150.8	$	353.2	$	290.3


	June 30,		December 31,
(In millions)	2025		2024
Accounts receivable, net	$	1,336.8	$	1,216.2
Deferred revenue	$	400.8	$	571.7

The Company is party to a license and collaboration agreement with Bayer for the global development and commercialization of EYLEA 8 mg (aflibercept 8 mg) and EYLEA (aflibercept) 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 from such sales. Within the United States, the Company is responsible for commercialization and retains profits from such sales.


	Statement of Operations Classification	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)		2025		2024		2025		2024
Regeneron's share of profits	Collaboration revenue	$	383.4	$	353.0	$	700.7	$	686.9
Reimbursement for manufacturing of commercial supplies	Collaboration revenue	$	31.6	$	22.1	$	58.2	$	44.2
Regeneron's obligation for its share of Bayer R&D expenses, net of reimbursement of R&D expenses	R&D expense	$	(5.6)	$	(14.7)	$	(15.0)	$	(23.4)

In addition to the collaboration and license agreements discussed above, the Company has other collaboration and license agreements that are not individually significant to its operating results or financial condition at this time. Pursuant to the terms of those agreements, the Company may (i) incur, and/or get reimbursed for, research and development costs, and/or (ii) be required to pay, and/or may receive, additional amounts contingent upon the occurrence of various future events (e.g., upon the achievement of development and commercial milestones), which in the aggregate could be significant.

In June 2025, the Company purchased an FDA Rare Pediatric Disease Priority Review Voucher from a third party for $155.0 million (which was recorded as an indefinite-lived intangible asset).

In July 2025, the Company's license agreement with Hansoh Pharmaceuticals Group Company Limited to acquire development and commercial rights outside mainland China, Hong Kong, and Macau for HS-20094 (a dual GLP-1/GIP receptor agonist currently in Phase 3 clinical development in China) became effective. Under the terms of the agreement, the Company made an $80.0 million up-front payment (which will be recorded to Acquired in-process research and development expense in the third quarter of 2025).