Collaboration, License, and Other Agreements

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

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.