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Collaboration, License, and Other Agreements (Tables) | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of collaborative revenue | Net product sales consist of the following:
|  |  | Three Months Ended March 31,
(In millions) |  |  | 2023 |  | 2022
EYLEA® | U.S. |  | $ | 1,433.8 |  |  | $ | 1,517.6 |
Libtayo®(a) | U.S. |  | 109.7 |  |  | 78.9 |
| ROW(b) |  | 67.2 |  |  | — |
Praluent® | U.S. |  | 40.2 |  |  | 33.6 |
Evkeeza® | U.S. |  | 14.9 |  |  | 8.5 |
Inmazeb® | U.S. |  | 2.2 |  |  | — |
|  |  | $ | 1,668.0 |  |  | $ | 1,638.6 |
(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")
Amounts recognized in our Statements of Operations in connection with our collaborations with Sanofi are detailed below:
|  | Statement of Operations Classification |  | Three Months Ended March 31,
(In millions) |  |  | 2023 |  | 2022
Antibody: |  |  |  |  |  |
Regeneron's share of profits in connection with commercialization of antibodies |  | Collaboration revenue |  | $ | 636.5 |  |  | $ | 415.3 |
Sales-based milestones earned |  | Collaboration revenue |  | $ | — |  |  | $ | 50.0 |
Reimbursement for manufacturing of commercial supplies |  | Collaboration revenue |  | $ | 161.9 |  |  | $ | 160.8 |
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 |  | $ | (26.4) |  |  | $ | 26.8 |
Reimbursement of commercialization-related expenses |  | Reduction of SG&A expense |  | $ | 117.6 |  |  | $ | 91.7 |
Immuno-oncology(a): |  |  |  |  |  |
Regeneron's share of profits in connection with commercialization of Libtayo outside the United States |  | Collaboration revenue |  | $ | — |  |  | $ | 2.8 |
Reimbursement for manufacturing of ex-U.S. commercial supplies |  | Collaboration revenue |  | $ | — |  |  | $ | 2.0 |
Reimbursement of R&D expenses |  | Reduction of R&D expense |  | $ | — |  |  | $ | 21.5 |
Reimbursement of commercialization-related expenses |  | Reduction of SG&A expense |  | $ | — |  |  | $ | 19.0 |
Regeneron's obligation for its share of Sanofi commercial expenses |  | SG&A expense |  | $ | — |  |  | $ | (9.2) |
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profits |  | Cost of goods sold |  | $ | — |  |  | $ | (32.3) |
Amounts recognized in connection with up-front payments received |  | Other operating income |  | $ | — |  |  | $ | 18.1 |
(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.
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) |  |  | 2023 |  | 2022
Regeneron's share of profits in connection with commercialization of EYLEA outside the United States |  | Collaboration revenue |  | $ | 331.6 |  |  | $ | 338.4 |
Reimbursement for manufacturing of ex-U.S. commercial supplies |  | Collaboration revenue |  | $ | 25.3 |  |  | $ | 25.0 |
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 |  | $ | (13.4) |  |  | $ | 0.3 |
Amounts recognized in the Company's Statements of Operations in connection with the Roche Collaboration Agreement are as follows:
|  | Statement of Operations Classification |  | Three Months Ended March 31,
(In millions) |  |  | 2023 |  | 2022
Global gross profit payment from Roche in connection with sales of Ronapreve |  | Collaboration revenue |  | $ | 222.2 |  |  | $ | 216.3 |
Schedule of accounts receivable and deferred revenue information | The following table summarizes contract balances in connection with the Company's Antibody Collaboration with Sanofi:
|  | March 31, |  | December 31,
(In millions) |  | 2023 |  | 2022
Accounts receivable, net |  | $ | 731.5 |  |  | $ | 692.3 |
Deferred revenue |  | $ | 377.5 |  |  | $ | 415.8 |
The following table summarizes contract balances in connection with the Company's Bayer collaboration:
|  | March 31, |  | December 31,
(In millions) |  | 2023 |  | 2022
Accounts receivable, net |  | $ | 356.8 |  |  | $ | 348.2 |
Deferred revenue |  | $ | 134.3 |  |  | $ | 131.9 |
The following table summarizes contract balances in connection with the Roche Collaboration Agreement:
|  | March 31, |  | December 31,
(In millions) |  | 2023 |  | 2022
Accounts receivable, net |  | $ | 220.6 |  |  | $ | 396.6 |

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