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Collaboration, License, and Other Agreements (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of collaboration revenue
Net product sales consist of the following:
Year Ended December 31,
(In millions)202320222021
EYLEA® HD
U.S.$165.8 $— $— 
EYLEA®
U.S.5,719.6 6,264.6 5,792.3 
Total EYLEA HD and EYLEA
U.S.
5,885.4 6,264.6 5,792.3 
Libtayo®(a)
U.S.538.8 374.5 306.3 
Libtayo(a)
ROW(b)
324.3 73.0 —
Total Libtayo
Global
863.1 447.5 306.3 
Praluent®
U.S.182.4 130.0 170.0 
REGEN-COV®(c)
U.S.— — 5,828.0 
Evkeeza®
U.S.77.3 48.6 18.4 
Inmazeb®
U.S.69.8 3.0 — 
ARCALYST®(d)
U.S.— — 2.2 
$7,078.0 $6,893.7 $12,117.2 
(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")
(c) Net product sales of REGEN-COV in the United States relate to product sold in connection with the Company's agreements with the U.S. government. See Note 3 for further details.
(d) Effective April 1, 2021, Kiniksa records net product sales of ARCALYST in the United States. Previously, the Company recorded net product sales of ARCALYST in the United States.
Amounts recognized in the Company's Statements of Operations in connection with its collaborations with Sanofi are detailed below:
Statement of Operations ClassificationYear Ended December 31,
(In millions)202320222021
Antibody:
Regeneron's share of profits in connection with commercialization of antibodies
Collaboration revenue
$3,136.5 $2,082.0 *$1,363.0 
Sales-based milestones earned
Collaboration revenue
$50.0 $100.0 $50.0 
Reimbursement for manufacturing of commercial supplies
Collaboration revenue
$613.0 $633.7 $488.8 
Other
Collaboration revenue
$— $28.7 $— 
Regeneron's obligation for its share of Sanofi R&D expenses, net of reimbursement of R&D expenses(R&D expense)/Reduction of R&D expense$(83.7)$43.0 $129.2 
Reimbursement of commercialization-related expenses Reduction of SG&A expense$534.4 $437.4 $320.5 
Immuno-oncology(a):
Regeneron's share of profits (losses) in connection with commercialization of Libtayo outside the United States
Collaboration revenue
$— $6.7 $(13.6)
Reimbursement for manufacturing of ex-U.S. commercial supplies
Collaboration revenue
$— $4.6 $14.0 
Reimbursement of R&D expensesReduction of R&D expense$— $42.7 $85.1 
Reimbursement of commercialization-related expensesReduction of SG&A expense$— $41.4 $89.6 
Regeneron's obligation for its share of Sanofi commercial expensesSG&A expense$— $(19.9)$(36.3)
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profitsCost of goods sold$— $(70.1)$(133.0)
Amounts recognized in connection with up-front payments receivedOther operating income$— $35.1 $6.1 
* Net of one-time payment of $56.9 million to Sanofi in connection with the amendment to the Antibody License and Collaboration Agreement
(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 ClassificationYear Ended December 31,
(In millions)202320222021
Regeneron's share of profits in connection with commercialization of EYLEA outside the United States
Collaboration revenue
$1,376.4 $1,317.4 $1,349.2 
Reimbursement for manufacturing of ex-U.S. commercial supplies
Collaboration revenue
$111.1 $91.4 $60.1 
One-time payment in connection with change in Japan arrangement
Collaboration revenue
$— $21.9 $— 
Regeneron's obligation for its share of Bayer R&D expenses, net of reimbursement of R&D expenses(R&D expense)/Reduction of R&D expense$(44.0)$16.7 $5.2 
Amounts recognized in the Company's Statements of Operations in connection with its Roche collaboration are as follows:
Statement of Operations ClassificationYear Ended December 31,
(In millions)202320222021
Global gross profit payment from Roche in connection with sales of REGEN-COV and Ronapreve
Collaboration revenue
$224.3 $627.3 $361.8 
Other
Collaboration revenue
$(13.3)$— $— 
Reimbursement of R&D expenses
(R&D expense)/Reduction of R&D expense$(1.5)$6.8 $128.1 
Global gross profit payment to Roche in connection with sales of REGEN-COV and RonapreveCost of goods sold$— $— $259.6 
Schedule of accounts receivable and deferred revenue information
The following table summarizes contract balances in connection with the Company's Antibody Collaboration with Sanofi:
As of December 31,
(In millions)20232022
Accounts receivable, net$1,029.1 $692.3 
Deferred revenue
$427.7 $415.8 
The following table summarizes contract balances in connection with the Company's Bayer collaboration:
As of December 31,
(In millions)20232022
Accounts receivable, net$381.7 $348.2 
Deferred revenue
$138.2 $131.9 
The following table summarizes contract balances in connection with the Company's Alnylam collaboration:
As of December 31,
(In millions)20232022
Accrued expenses and other current liabilities
$22.6 $7.4 
The following table summarizes contract balances in connection with the Company's Roche collaboration:
As of December 31,
(In millions)20232022
Accounts receivable, net$— $396.6 
The following table summarizes the Company's contract balances in connection with this BARDA agreement:
As of December 31,
(In millions)2023
Accounts receivable, net
$18.5 
Schedule of other operating costs and expense, by component
Amounts recognized in the Company's Statements of Operations in connection with its Alnylam collaboration are as follows:
Statement of Operations ClassificationYear Ended December 31,
(In millions)202320222021
Regeneron's obligation for its share of Alnylam R&D expenses, net of reimbursement of R&D expenses
(R&D expense)
$(74.1)$(55.8)$(60.5)
Development milestone
Acquired in-process research and development$(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 securities12.1 
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