Collaboration, License, and Other Agreements (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Net product sales consist of the following:


		Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)		2023		2022		2023		2022
EYLEA®	U.S.	$	1,448.2	$	1,629.4	$	4,382.1	$	4,768.2
EYLEA HD	U.S.	42.7		—		42.7		—
Libtayo®(a)	U.S.	144.1		94.7		384.0		264.5
Libtayo(a)	ROW(b)	88.3		31.0		235.3		31.0
Praluent®	U.S.	40.4		29.7		121.1		94.5
Evkeeza®	U.S.	19.1		13.6		53.3		33.2
Inmazeb®	U.S.	3.3		3.0		7.7		3.0
		$	1,786.1	$	1,801.4	$	5,226.2	$	5,194.4

(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 September 30,					Nine Months Ended September 30,
(In millions)		2023		2022			2023		2022
Antibody:
Regeneron's share of profits in connection with commercialization of antibodies	Collaboration revenue	$	863.0	$	551.1	*	$	2,250.6	$	1,463.0	*
Sales-based milestones earned	Collaboration revenue	$	50.0	$	—		$	50.0	$	50.0
Reimbursement for manufacturing of commercial supplies	Collaboration revenue	$	151.5	$	160.5		$	506.0	$	466.8
Other	Collaboration revenue	$	—	$	(0.2)		$	—	$	28.7
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	$	(25.8)	$	(4.3)		$	(66.7)	$	59.6
Reimbursement of commercialization-related expenses	Reduction of SG&A expense	$	135.5	$	108.6		$	384.0	$	311.1

Immuno-oncology(a):
Regeneron's share of profits in connection with commercialization of Libtayo outside the United States	Collaboration revenue	$	—	$	—		$	—	$	6.7
Reimbursement for manufacturing of ex-U.S. commercial supplies	Collaboration revenue	$	—	$	—		$	—	$	4.6
Reimbursement of R&D expenses	Reduction of R&D expense	$	—	$	—		$	—	$	42.7
Reimbursement of commercialization-related expenses	Reduction of SG&A expense	$	—	$	—		$	—	$	41.4
Regeneron's obligation for its share of Sanofi commercial expenses	SG&A expense	$	—	$	—		$	—	$	(19.9)
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profits	Cost of goods sold	$	—	$	—		$	—	$	(70.1)
Amounts recognized in connection with up-front payments received	Other operating income	$	—	$	—		$	—	$	35.1

* Net of one-time payment of $56.9 million to Sanofi in connection with the amendment to the Antibody License and Collaboration Agreement described below
(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 September 30,				Nine Months Ended September 30,
(In millions)		2023		2022		2023		2022
Regeneron's share of profits in connection with commercialization of EYLEA outside the United States	Collaboration revenue	$	349.9	$	315.3	$	1,031.0	$	993.4
Reimbursement for manufacturing of ex-U.S. commercial supplies	Collaboration revenue	$	27.2	$	17.5	$	79.7	$	60.3
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	$	(9.7)	$	7.1	$	(35.1)	$	10.3

Amounts recognized in the Company's Statements of Operations in connection with its Roche collaboration are as follows:


	Statement of Operations Classification	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)		2023		2022		2023		2022
Global gross profit payment from Roche in connection with sales of Ronapreve	Collaboration revenue	$	—	$	6.4	$	222.2	$	230.9
Other	Collaboration revenue	$	(5.7)	$	—	$	(9.5)	$	—

Schedule of Accounts Receivable and Deferred Revenue Information

The following table summarizes contract balances in connection with the Company's Antibody Collaboration with Sanofi:


	September 30,		December 31,
(In millions)	2023		2022
Accounts receivable, net	$	1,128.2	$	692.3
Deferred revenue	$	417.3	$	415.8

The following table summarizes contract balances in connection with the Company's Bayer collaboration:


	September 30,		December 31,
(In millions)	2023		2022
Accounts receivable, net	$	361.7	$	348.2
Deferred revenue	$	125.3	$	131.9

The following table summarizes contract balances in connection with the Company's Roche collaboration:


	September 30,		December 31,
(In millions)	2023		2022
Accounts receivable, net	$	—	$	396.6

The following table summarizes contract balances in connection with the Company's Alnylam collaboration:


	September 30,		December 31,
(In millions)	2023		2022
Accrued expenses and other current liabilities	$	111.5	$	7.4

The following table summarizes the Company's contract balances in connection with this BARDA agreement:


	September 30,
(In millions)	2023
Accounts receivable, net	$	34.2

Schedule of Collaboration Expenses

Amounts recognized in the Company's Statements of Operations in connection with its Alnylam collaboration are as follows:


	Statement of Operations Classification	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)		2023		2022		2023		2022
Regeneron's obligation for its share of Alnylam R&D expenses, net of reimbursement of R&D expenses	(R&D expense)	$	(13.5)	$	(10.6)	$	(52.1)	$	(36.1)
Development milestone	Acquired in-process research and development	$	(100.0)	$	—	$	(100.0)	$	—

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the amounts recognized for assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date:


	September 25,
(In millions)	2023
Cash and cash equivalents	$	42.2
Marketable securities	12.1
Deferred tax assets, net	58.1
Indefinite-lived intangible asset related to in-process research and development	42.5
Goodwill	5.2
Other assets and liabilities, net	(11.4)
	$	148.7