XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.25.1

Collaboration, License, and Other Agreements | 3 Months Ended
--- | ---
Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Collaboration, License, and Other Agreements | Collaboration, License, and Other Agreements a. Sanofi 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 March 31, 2025, the Company's contingent reimbursement obligation to Sanofi in connection with the development balance was approximately $1.453 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). 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) |  |  | 2025 |  | 2024
Regeneron's share of profits |  | Collaboration revenue |  | $ | 1,018.2 |  |  | $ | 804.0 |
Reimbursement for manufacturing of commercial supplies |  | Collaboration revenue |  | $ | 165.0 |  |  | $ | 105.8 |
Regeneron's obligation for its share of Sanofi R&D expenses, net of reimbursement of R&D expenses |  | (R&D expense) |  | $ | (15.5) |  |  | $ | (18.6) |
Reimbursement of commercialization-related expenses |  | Reduction of SG&A expense |  | $ | 159.2 |  |  | $ | 139.5 |
The following table summarizes contract balances in connection with the Company's Sanofi collaboration:
|  | March 31, |  | December 31,
(In millions) |  | 2025 |  | 2024
Accounts receivable, net |  | $ | 1,192.8 |  |  | $ | 1,216.2 |
Deferred revenue |  | $ | 549.5 |  |  | $ | 571.7 |
b. Bayer 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. 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) |  |  | 2025 |  | 2024
Regeneron's share of profits |  | Collaboration revenue |  | $ | 317.3 |  |  | $ | 333.9 |
Reimbursement for manufacturing of commercial supplies |  | Collaboration revenue |  | $ | 26.6 |  |  | $ | 22.1 |
Regeneron's obligation for its share of Bayer R&D expenses, net of reimbursement of R&D expenses |  | (R&D expense) |  | $ | (9.4) |  |  | $ | (8.7) |
The following table summarizes contract balances in connection with the Company's Bayer collaboration:
|  | March 31, |  | December 31,
(In millions) |  | 2025 |  | 2024
Accounts receivable, net |  | $ | 373.2 |  |  | $ | 349.9 |
Deferred revenue |  | $ | 260.0 |  |  | $ | 216.3 |
c. Other In addition to the collaboration and license agreements discussed above, the Company has various 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 various development and commercial milestones), which in the aggregate could be significant.

X
- Definition The entire disclosure for collaborative arrangements in which the entity is a participant, including a) information about the nature and purpose of such arrangements; b) its rights and obligations thereunder; c) the accounting policy for collaborative arrangements; and d) the income statement classification and amounts attributable to transactions arising from the collaborative arrangement between participants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 10 -Topic 808 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479402/808-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 10 -Topic 808 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479402/808-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 808 -Publisher FASB -URI https://asc.fasb.org/808/tableOfContent + Details
Name: | us-gaap_CollaborativeArrangementDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration