The Company is party to a global collaboration with Sanofi to research, develop, and commercialize fully human monoclonal antibodies, which currently consists of Dupixent® (dupilumab), Kevzara® (sarilumab), and itepekimab. Agreed-upon development expenses incurred by the Company and Sanofi are generally shared equally. Sanofi leads commercialization activities for products under the collaboration, subject to the Company's right to co-commercialize such products. The Company co-commercializes Dupixent in the United States and in certain countries outside the United States. The Company also supplies certain commercial bulk product to Sanofi. The parties equally share profits from sales within the United States, and 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)		2026		2025		2026		2025
Regeneron's share of profits	Collaboration revenue	$	2,032.6	$	1,282.1	$	3,483.4	$	2,300.2
Reimbursement for manufacturing of commercial supplies	Collaboration revenue	$	141.7	$	161.5	$	296.0	$	326.6
Regeneron's obligation for its share of Sanofi R&D expenses, net of reimbursement of R&D expenses	(R&D expense)	$	(19.4)	$	(18.0)	$	(36.1)	$	(33.5)
Reimbursement of commercialization-related expenses	Reduction of SG&A expense	$	188.8	$	194.0	$	372.9	$	353.2

As of June 30, 2026, the "development balance," which represented the Company's obligation to reimburse Sanofi for development expenses that were previously funded by Sanofi, was fully repaid and will no longer reduce Sanofi collaboration revenue beginning in the third quarter of 2026.

The Company is party to a license and collaboration agreement with Bayer for the development and commercialization of EYLEA 8 mg (aflibercept 8 mg) and EYLEA (aflibercept). Agreed-upon development expenses incurred by the Company and Bayer are generally shared equally. The Company is also obligated to use commercially reasonable efforts to supply clinical and commercial bulk product to Bayer.

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)		2026		2025		2026		2025
Regeneron's share of profits	Collaboration revenue	$	227.3	$	383.4	$	467.3	$	700.7
Reimbursement for manufacturing of commercial supplies	Collaboration revenue	$	48.9	$	31.6	$	96.2	$	58.2
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	$	(0.6)	$	(5.6)	$	0.4	$	(15.0)

In addition to the collaboration and license agreements discussed above, the Company has 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 expenses, 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.

Acquired IPR&D expenses for the three and six months ended June 30, 2026 were $127.0 million and $228.9 million, respectively, and included up-front and opt-in payments in connection with collaboration and licensing agreements. In addition, Acquired IPR&D expenses for the six months ended June 30, 2026 included the premium on equity securities purchased and development milestone payments in connection with collaboration and licensing agreements.