v3.26.1
Collaboration, License, and Other Agreements (Tables)
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Collaborative Revenue
Net product sales consist of the following:
Three Months Ended
March 31,
(In millions)20262025
EYLEA HD®
U.S.$468.4 $306.8 
EYLEA®
U.S.473.1 736.0 
Total EYLEA HD and EYLEAU.S.941.5 1,042.8 
Libtayo®
U.S.286.1 192.5 
Libtayo
Rest of world
152.1 92.6 
Total Libtayo
Global
438.2 285.1 
Praluent®
U.S.66.6 56.8 
Evkeeza®
U.S.45.7 30.9 
Lynozyfic®
Global
11.2 — 
Other products
Global
31.3 — 
$1,534.5 $1,415.6 
Amounts recognized in the Company's Statements of Operations in connection with its Sanofi collaboration are as follows:
Statement of Operations Classification
Three Months Ended
March 31,
(In millions)20262025
Regeneron's share of profits
Collaboration revenue$1,450.8 $1,018.2 
Reimbursement for manufacturing of commercial suppliesCollaboration revenue$154.3 $165.0 
Regeneron's obligation for its share of Sanofi R&D expenses, net of reimbursement of R&D expenses
(R&D expense)
$(16.7)$(15.5)
Reimbursement of commercialization-related expenses
Reduction of SG&A expense$184.1 $159.2 
Amounts recognized in the Company's Statements of Operations in connection with its Bayer collaboration are as follows:
Statement of Operations Classification
Three Months Ended
March 31,
(In millions)20262025
Regeneron's share of profits
Collaboration revenue$240.0 $317.3 
Reimbursement for manufacturing of commercial supplies
Collaboration revenue$47.3 $26.6 
Reimbursement of R&D expenses, net of Regeneron's obligation for its share of Bayer R&D expenses
Reduction of R&D expense/(R&D expense)
$1.0 $(9.4)
Schedule of Accounts Receivable and Deferred Revenue Information
The following table summarizes contract balances in connection with the Company's Sanofi collaboration:
March 31,December 31,
(In millions)
2026
2025
Accounts receivable, net $1,713.2 $1,610.6 
Deferred revenue
$545.4 $442.3 
The following table summarizes contract balances in connection with the Company's Bayer collaboration:
March 31,December 31,
(In millions)
2026
2025
Accounts receivable, net$241.1 $287.6 
Deferred revenue
$291.7 $295.7