0001804220-23-000016 | 10-Q | XBRL Viewer | Regeneron Pharmaceuticals INC

Product Sales

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")

As of March 31, 2023 and December 31, 2022, the Company had $3.578 billion and $3.586 billion, respectively, of trade accounts receivable that were recorded within Accounts receivable, net.

The Company had product sales to certain customers that accounted for more than 10% of total gross product revenue for the three months ended March 31, 2023 and 2022. Sales to each of these customers as a percentage of the Company's total gross product revenue are as follows:


	Three Months Ended March 31,
	2023		2022
Besse Medical, a subsidiary of AmerisourceBergen Corporation	52	%	55	%
McKesson Corporation	25	%	30	%

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Collaboration, License, and Other Agreements

3 Months Ended

Mar. 31, 2023

Collaboration, License, and Other Agreements

a. Sanofi

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.

Antibody

The Company is party to a global, strategic collaboration with Sanofi to research, develop, and commercialize fully human monoclonal antibodies (the "Antibody Collaboration"), which currently consists of Dupixent® (dupilumab), Kevzara® (sarilumab), and itepekimab.

Under the terms of the Antibody License and Collaboration Agreement (the "LCA"), 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 worldwide development expenses that were funded by Sanofi based on the Company's share of collaboration profits from commercialization of collaboration products. Under the terms of the LCA, the Company was required to apply 10% of its share of the profits from the Antibody Collaboration in any calendar quarter to reimburse Sanofi for these development costs. On July 1, 2022, an amendment to the LCA became effective, pursuant to which the percentage of the Company's share of profits used to reimburse Sanofi for such development costs increased from 10% to 20%. A portion of the value associated with the increase in reimbursement percentage was deemed to be contingent consideration attributable to the Company's acquisition of the Libtayo (cemiplimab) rights described within the "Immuno-Oncology" section below; this portion will be recorded as an increase to the Libtayo intangible asset over time as the Company repays such development costs to Sanofi.

Sanofi leads commercialization activities for products under the Antibody Collaboration, subject to the Company's right to co-commercialize such products. In addition to profit and loss sharing, the Company is entitled to receive sales milestone payments from Sanofi. During the three months ended March 31, 2022, the Company earned a $50.0 million sales-based milestone from Sanofi, upon aggregate annual sales of antibodies outside the United States (including Praluent) exceeding $2.0 billion on a rolling twelve-month basis. The Company is entitled to receive the final sales milestone payment of $50.0 million when such sales outside the United States exceed $3.0 billion on a rolling twelve-month basis.

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

Immuno-Oncology

The Company was previously a party to a collaboration with Sanofi for antibody-based cancer treatments in the field of immuno-oncology (the "IO Collaboration"). Under the terms of the Immuno-oncology License and Collaboration Agreement, the parties were co-developing and co-commercializing Libtayo. The parties shared equally, on an ongoing basis, development and commercialization expenses for Libtayo. The Company had principal control over the development of Libtayo and led commercialization activities in the United States, while Sanofi led commercialization activities outside of the United States. The parties shared equally in profits and losses in connection with the commercialization of Libtayo.

Effective July 1, 2022, the Company obtained the exclusive right to develop, commercialize, and manufacture Libtayo worldwide under an Amended and Restated Immuno-oncology License and Collaboration Agreement with Sanofi (the "A&R IO LCA"). In connection with the A&R IO LCA, in 2022, the Company made a $900.0 million up-front payment to Sanofi, as well as a $100.0 million regulatory milestone payment. In addition, Sanofi earned a $65.0 million sales-based milestone upon the achievement of a specified amount of worldwide net product sales of Libtayo in 2022 and is eligible to receive an additional $35.0 million sales-based milestone upon the achievement of a specified amount of worldwide net product sales of Libtayo in 2023 (aggregate of $100.0 million in sales-based milestones eligible to be earned under the terms of the A&R IO LCA). The Company also pays Sanofi an 11% royalty on net product sales of Libtayo through March 31, 2034. The transaction was accounted for as an asset acquisition and amounts paid to Sanofi in connection with obtaining the worldwide rights to Libtayo, including the up-front payment and any contingent consideration, are recorded as an intangible asset.

b. Bayer

The Company is party to a license and collaboration agreement with Bayer for the global development and commercialization of EYLEA (aflibercept) and aflibercept 8 mg outside the United States. Agreed-upon development expenses incurred by the Company and Bayer are generally shared equally. Bayer markets EYLEA outside the United States, and the companies share equally in profits and losses 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)		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

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

c. Roche

The Company is a party to a collaboration agreement (the "Roche Collaboration Agreement") with Roche to develop, manufacture, and distribute the casirivimab and imdevimab antibody cocktail (known as REGEN-COV® in the United States and Ronapreve™ in other countries). Under the terms of the collaboration agreement, the parties jointly fund certain studies, and the Company has the right to distribute the product in the United States while Roche has the right to distribute the product outside of the United States. The parties share gross profits from worldwide sales based on a pre-specified formula, depending on the amount of manufactured product supplied by each party to the market.

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

Reimbursement of research and development expenses from Roche was not material for the three months ended March 31, 2023 and 2022.

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

d. Sonoma Biotherapeutics, Inc.In March 2023, the Company and Sonoma Biotherapeutics, Inc. entered into a license and collaboration agreement to bring together the Company's VelociSuite® technologies with Sonoma's technology platform for the discovery, development, and commercialization of novel regulatory T cell (Treg) therapies for autoimmune diseases. In connection with the agreement, the Company made a $45.0 million up-front payment (which was recorded to Acquired in-process research and development expense in the first quarter of 2023) and, in April 2023, the Company purchased an aggregate of $30.0 million of Sonoma preferred stock. Sonoma is also eligible to receive a $45.0 million development milestone payment. The Company and Sonoma will co-fund research and development activities and share equally any future commercial expenses and profits. The Company will have the option to lead late-stage development and commercialization on all products globally, with Sonoma retaining rights to co-promote all such products in the United States.

Net Income Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of shares of Common Stock and Class A Stock outstanding. Net income per share is presented on a combined basis, inclusive of Common Stock and Class A Stock outstanding, as each class of stock has equivalent economic rights. Diluted net income per share includes the potential dilutive effect of other securities as if such securities were converted or exercised during the period, when the effect is dilutive. The calculations of basic and diluted net income per share are as follows:


	Three Months Ended March 31,
(In millions, except per share data)	2023		2022
Net income - basic and diluted	$	817.8	$	973.5

Weighted average shares - basic	107.1		106.8
Effect of dilutive securities:
Stock options	5.0		5.0
Restricted stock awards and restricted stock units	1.9		1.3
Weighted average shares - diluted	114.0		113.1

Net income per share - basic	$	7.64	$	9.12
Net income per share - diluted	$	7.17	$	8.61

Shares which have been excluded from diluted per share amounts because their effect would have been antidilutive include the following:


	Three Months Ended March 31,
(Shares in millions)	2023	2022
Stock options	1.7	2.2

Marketable Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable securities as of March 31, 2023 and December 31, 2022 consist of both available-for-sale debt securities of investment grade issuers (see below and Note 6) as well as equity securities of publicly traded companies (see Note 6).

The following tables summarize the Company's investments in available-for-sale debt securities:


(In millions)	Amortized		Unrealized				Fair
As of March 31, 2023	Cost Basis		Gains		Losses		Value
Corporate bonds	$	6,819.1	$	4.8	$	(231.7)	$	6,592.2
U.S. government and government agency obligations	2,902.2		5.5		(4.3)		2,903.4
Sovereign bonds	72.6		0.1		(2.3)		70.4
Commercial paper	279.1		0.1		(0.1)		279.1
Certificates of deposit	153.9		—		(0.2)		153.7
Asset-backed securities	53.9		0.1		(1.5)		52.5
	$	10,280.8	$	10.6	$	(240.1)	$	10,051.3

As of December 31, 2022
Corporate bonds	$	6,975.5	$	—	$	(291.1)	$	6,684.4
U.S. government and government agency obligations	2,945.4		0.9		(6.9)		2,939.4
Sovereign bonds	67.1		—		(3.0)		64.1
Commercial paper	121.1		—		—		121.1
Certificates of deposit	182.1		—		(0.1)		182.0
Asset-backed securities	28.9		—		(1.7)		27.2
	$	10,320.1	$	0.9	$	(302.8)	$	10,018.2

The Company classifies its investments in available-for-sale debt securities based on their contractual maturity dates. The available-for-sale debt securities as of March 31, 2023 mature at various dates through August 2028. The fair values of available-for-sale debt securities by contractual maturity consist of the following:


	March 31,		December 31,
(In millions)	2023		2022
Maturities within one year	$	5,043.4	$	4,636.4
Maturities after one year through five years	4,996.6		5,381.4
Maturities after five years	11.3		0.4
	$	10,051.3	$	10,018.2

The following table shows the fair value of the Company's available-for-sale debt securities that have unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous loss position.


	Less than 12 Months				12 Months or Greater				Total
(In millions) As of March 31, 2023	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate bonds	$	707.1	$	(8.1)	$	5,293.7	$	(223.6)	$	6,000.8	$	(231.7)
U.S. government and government agency obligations	228.1		(0.1)		79.2		(4.2)		307.3		(4.3)
Sovereign bonds	—		—		64.0		(2.3)		64.0		(2.3)
Commercial paper	212.6		(0.1)		—		—		212.6		(0.1)
Certificates of deposit	74.9		(0.1)		2.9		(0.1)		77.8		(0.2)
Asset-backed securities	—		—		24.7		(1.5)		24.7		(1.5)
	$	1,222.7	$	(8.4)	$	5,464.5	$	(231.7)	$	6,687.2	$	(240.1)

As of December 31, 2022
Corporate bonds	$	2,445.4	$	(73.1)	$	4,200.4	$	(218.0)	$	6,645.8	$	(291.1)
U.S. government and government agency obligations	785.2		(2.0)		71.0		(4.9)		856.2		(6.9)
Sovereign bonds	18.6		(1.1)		45.6		(1.9)		64.2		(3.0)
Certificates of deposit	40.2		(0.1)		—		—		40.2		(0.1)
Asset-backed securities	11.5		(0.6)		15.2		(1.1)		26.7		(1.7)
	$	3,300.9	$	(76.9)	$	4,332.2	$	(225.9)	$	7,633.1	$	(302.8)

The unrealized losses on corporate bonds as of March 31, 2023 were primarily driven by increases in interest rates. The Company has reviewed its portfolio of available-for-sale debt securities and determined that the decline in fair value below cost did not result from credit-related factors. In addition, the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, such securities before recovery of their amortized cost bases.

With respect to marketable securities, for the three months ended March 31, 2023 and 2022, amounts reclassified from Accumulated other comprehensive loss into Other (expense) income, net were related to realized gains and losses on sales of available-for-sale debt securities.

For the three months ended March 31, 2023 and 2022, realized gains and losses on sales of marketable securities were not material.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The table below summarizes the Company's assets which are measured at fair value on a recurring basis. The following fair value hierarchy is used to classify assets, based on inputs to valuation techniques utilized to measure fair value:

•Level 1 - Quoted prices in active markets for identical assets

•Level 2 - Significant other observable inputs, such as quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuations in which significant inputs used are observable

•Level 3 - Significant other unobservable inputs


(In millions)			Fair Value Measurements at Reporting Date
As of March 31, 2023	Fair Value		Level 1		Level 2
Cash equivalents	$	1,422.7	$	154.1	$	1,268.6
Available-for-sale debt securities:
Corporate bonds	6,592.2		—		6,592.2
U.S. government and government agency obligations	2,903.4		—		2,903.4
Sovereign bonds	70.4		—		70.4
Commercial paper	279.1		—		279.1
Certificates of deposit	153.7		—		153.7
Asset-backed securities	52.5		—		52.5
Equity securities (unrestricted)	20.7		20.7		—
Equity securities (restricted)	1,038.0		1,028.3		9.7
	$	12,532.7	$	1,203.1	$	11,329.6

As of December 31, 2022
Cash equivalents	$	1,662.8	$	88.3	$	1,574.5
Available-for-sale debt securities:
Corporate bonds	6,684.4		—		6,684.4
U.S. government and government agency obligations	2,939.4		—		2,939.4
Sovereign bonds	64.1		—		64.1
Commercial paper	121.1		—		121.1
Certificates of deposit	182.0		—		182.0
Asset-backed securities	27.2		—		27.2
Equity securities (unrestricted)	24.6		24.6		—
Equity securities (restricted)	1,185.4		1,185.4		—
	$	12,891.0	$	1,298.3	$	11,592.7

The Company held certain restricted equity securities as of March 31, 2023 which are subject to transfer restrictions that expire at various dates through 2024.

During the three months ended March 31, 2023 and 2022, we recorded $164.7 million and $211.2 million of net unrealized losses, respectively, on equity securities in Other (expense) income, net.

In addition to the investments summarized in the table above, as of both March 31, 2023 and December 31, 2022, the Company had $48.3 million in equity investments that do not have a readily determinable fair value. These investments are recorded within Other noncurrent assets.

The fair value of our long-term debt, which was determined based on Level 2 inputs, was estimated to be $1.516 billion and $1.443 billion as of March 31, 2023 and December 31, 2022, respectively.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


	March 31,		December 31,
(In millions)	2023		2022
Raw materials	$	844.6	$	818.4
Work-in-process	855.7		963.1
Finished goods	169.3		98.6
Deferred costs	555.1		521.8
	$	2,424.7	$	2,401.9

Inventory balances in the table above are net of reserves of $752.3 million and $720.7 million as of March 31, 2023 and December 31, 2022, respectively. Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to U.S. federal, state, and foreign income taxes. The Company's effective tax rate was 4.7% and 8.3% for the three months ended March 31, 2023 and 2022, respectively. The Company's effective tax rate for the three months ended March 31, 2023 was positively impacted, compared to the U.S. federal statutory rate, primarily by stock-based compensation and income earned in foreign jurisdictions with tax rates lower than the U.S. federal statutory rate. In August 2022, the Inflation Reduction Act of 2022 ("IRA") was signed into law in the United States. The IRA created a new corporate alternative minimum tax of 15% on adjusted financial statement income and an excise tax of 1% of the value of certain stock repurchases. The provisions of the IRA became effective for periods beginning after December 31, 2022. The IRA had no impact on the Company's financial statements for the three months ended March 31, 2023. The Company's effective tax rate for the three months ended March 31, 2022 was positively impacted, compared to the U.S. federal statutory rate, primarily by income earned in foreign jurisdictions with tax rates lower than the U.S. federal statutory rate and stock-based compensation.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Share Repurchase Programs

In November 2021, our board of directors authorized a share repurchase program to repurchase up to $3.0 billion of our Common Stock. The share repurchase program permits the Company to make repurchases through a variety of methods, including open-market transactions (including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act), privately negotiated transactions, accelerated share repurchases, block trades, and other transactions in compliance with Rule 10b-18 of the Exchange Act. Repurchases may be made from time to time at management’s discretion, and the timing and amount of any such repurchases will be determined based on share price, market conditions, legal requirements, and other relevant factors. The program has no time limit and can be discontinued at any time. There can be no assurance as to the timing or number of shares of any repurchases in the future.

In January 2023, our board of directors authorized an additional share repurchase program to repurchase up to $3.0 billion of our Common Stock. The share repurchase program was approved under terms substantially similar to the share repurchase program described above.

As of March 31, 2023, an aggregate of $3.051 billion remained available for share repurchases under the Company's share repurchase programs.

The table below summarizes the shares of our Common Stock we repurchased and the cost of the shares, which were recorded as Treasury Stock.


	Three Months Ended March 31,
(In millions)	2023		2022
Number of shares	0.9		0.6
Total cost of shares	$	693.9	$	352.0

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Cash and Cash Equivalents [Abstract]

Cash Flows

3 Months Ended

Mar. 31, 2023

Statement of Cash Flows

The following provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheet to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows:


	March 31,
(In millions)	2023		2022
Cash and cash equivalents	$	3,916.3	$	3,345.7
Restricted cash included in Other noncurrent assets	12.5		13.5
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$	3,928.8	$	3,359.2

Restricted cash consists of amounts held by financial institutions pursuant to contractual arrangements.

Supplemental disclosure of non-cash investing and financing activities


	March 31,		December 31,		March 31,		December 31,
(In millions)	2023		2022		2022		2021
Accrued capital expenditures	$	90.3	$	70.8	$	80.7	$	74.8
Accrued contingent consideration for Libtayo intangible asset	$	55.2	$	135.5	$	—	$	—

Legal Matters	3 Months Ended
Legal Matters	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters From time to time, the Company is a party to legal proceedings in the course of the Company's business. The outcome of any such proceedings, regardless of the merits, is inherently uncertain. If the Company were unable to prevail in any such proceedings, its consolidated financial position, results of operations, and future cash flows may be materially impacted. Costs associated with the Company's involvement in legal proceedings are expensed as incurred. The Company recognizes accruals for loss contingencies associated with such proceedings when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. As of March 31, 2023 and December 31, 2022, the Company's accruals for loss contingencies were not material. There are certain loss contingencies that the Company deems reasonably possible for which the possible loss or range of possible loss is not estimable at this time. Proceedings Relating to Praluent (alirocumab) Injection As described below, the Company is currently a party to patent infringement actions initiated by Amgen Inc. (and/or its affiliated entities) against the Company and/or Sanofi (and/or the Company's and Sanofi's respective affiliated entities) in a number of jurisdictions relating to Praluent. In addition, as described below, the Company filed a lawsuit against Amgen alleging that Amgen engaged in an anticompetitive bundling scheme which was designed to exclude Praluent from the market in violation of federal and state laws. United States In the United States, Amgen has asserted claims of U.S. Patent Nos. 8,829,165 (the "'165 Patent") and 8,859,741 (the "'741 Patent"), and sought a permanent injunction to prevent the Company and the Sanofi defendants from commercial manufacturing, using, offering to sell, or selling within the United States (as well as importing into the United States) (collectively, "Commercializing") Praluent. Amgen also seeks a judgment of patent infringement of the asserted patents, monetary damages (together with interest), costs and expenses of the lawsuits, and attorneys' fees. As previously reported, on February 11, 2021, the United States Court of Appeals for the Federal Circuit (the "Federal Circuit") affirmed the lower court's decision that certain of Amgen's asserted patent claims are invalid based on lack of enablement. On April 14, 2021, Amgen filed a petition for a rehearing en banc with the Federal Circuit, which was denied on June 21, 2021. On November 4, 2022, the United States Supreme Court granted Amgen's petition for writ of certiorari. An oral hearing was held on March 27, 2023. On May 27, 2022, the Company filed a lawsuit against Amgen in the United States District Court for the District of Delaware, alleging that, beginning in 2020, Amgen engaged in an anticompetitive bundling scheme which was designed to exclude Praluent from the market in violation of federal and state laws. The lawsuit seeks damages for harm caused by the alleged scheme, as well as injunctive relief restraining Amgen from continuing its alleged anticompetitive conduct. On August 1, 2022, Amgen filed a motion to dismiss the complaint. On August 11, 2022, Amgen filed a motion to stay these proceedings pending resolution of the patent litigation described in the preceding paragraph. An oral hearing on Amgen's motion to dismiss and motion to stay was held on January 6, 2023. On February 10, 2023, the court denied Amgen's motion to stay; and on March 21, 2023, the court denied Amgen's motion to dismiss. A trial has been scheduled to begin in November 2024. Europe Amgen has asserted European Patent No. 2,215,124 (the "'124 Patent"), which pertains to PCSK9 monoclonal antibodies, in certain countries in Europe. In October 2020, the '124 Patent claims directed to compositions of matter and medical use relevant to Praluent were ruled invalid based on a lack of inventive step by the Technical Board of Appeal (the "TBA") of the European Patent Office (the "EPO"). Following the EPO's decision, each of the '124 Patent infringement proceedings initiated by Amgen against the Company and certain of Sanofi's affiliated entities in these countries was dismissed, including in Germany. The dismissal in Germany followed an earlier finding of infringement and granting of an injunction, both of which were subsequently overturned. As a result of the overturned injunction in Germany, the Company and/or certain of Sanofi's affiliated entities are seeking damages caused by Amgen's enforcement of the injunction. As part of its opposition to these damages claims, on March 23, 2022, Amgen filed a counterclaim that asserted the German designation of European Patent No. 2,641,917 (the "'917 Patent") and seeks, among other things, a judgment of patent infringement, injunctive relief, and monetary damages. The '917 Patent is a divisional patent of the '124 Patent discussed above (i.e., a patent that shares the same priority date, disclosure, and patent term of the parent '124 Patent but contains claims to a different invention). The '917 Patent is also subject to opposition proceedings in the EPO, which were initiated by Sanofi on May 5, 2021. An oral hearing before the EPO was held on February 21, 2023, at which the '917 Patent was revoked. Amgen filed a notice to appeal to the TBA of the EPO on February 27, 2023. Proceedings Relating to EYLEA (aflibercept) Injection Certain of the Company's patents pertaining to EYLEA are subject to post-grant proceedings before the United States Patent and Trademark Office ("USPTO"), EPO, or other comparable foreign authorities, including those described in greater detail below. In addition, the Company has filed patent infringement lawsuits in several jurisdictions alleging infringement of certain Company patents pertaining to EYLEA, including those described in greater detail below. United States On February 11, 2020, anonymous parties filed two requests for ex parte reexamination of the Company's U.S. Patent Nos. 10,406,226 (the "'226 Patent") and 10,464,992 (the "'992 Patent"), and the USPTO has granted both requests. On May 5, 2021, Mylan Pharmaceuticals Inc. filed inter partes review ("IPR") petitions in the USPTO against the Company's U.S. Patent Nos. 9,254,338 (the "'338 Patent") and 9,669,069 (the "'069 Patent") seeking declarations of invalidity of the '338 Patent and the '069 Patent. On November 10, 2021, the USPTO issued a decision instituting both IPR proceedings. On December 9, 2021, Apotex Inc. and Celltrion, Inc. each filed two separate IPR petitions against the Company's '338 and '069 Patents requesting that their IPRs be instituted and joined with the IPR proceedings initiated by Mylan concerning the '338 and '069 Patents, which petitions were granted on February 9, 2022. An oral hearing was held on August 10, 2022. On November 9, 2022, the USPTO issued final written decisions finding that the claims of the '338 and '069 Patents are unpatentable and, therefore, invalid. On January 10, 2023, the Company filed notices of appeal of the USPTO written decisions concerning the '338 and '069 Patents with the Federal Circuit. In 2022, Mylan filed IPR petitions against the Company's U.S. Patent Nos. 10,130,681 (the "'681 Patent") and 10,888,601 (the "'601 Patent") (each filed July 1, 2022) and 10,857,205 (the "'205 Patent") (filed October 28, 2022) seeking declarations of invalidity of each of these patents. On January 11, 2023, the USPTO instituted IPR proceedings concerning the '681 Patent and the '601 Patent. On February 21, 2023, the Company filed a Notice of Disclaimer with the USPTO, disclaiming all claims of the '205 Patent; and, as a result, on March 1, 2023, the USPTO denied institution of Mylan's IPR petition against the '205 Patent. On January 6, 2023 and March 26, 2023, Samsung Bioepis Co., Ltd. filed separate IPR petitions against the Company's '681 Patent and '601 Patent, respectively, seeking declarations of invalidity of such patents. On September 9, 2022, Apotex filed an IPR petition against the Company's U.S. Patent No. 11,253,572 (the "'572 Patent") seeking a declaration of invalidity of the '572 Patent. On March 10, 2023, the USPTO declined to institute an IPR proceeding concerning the '572 Patent. On April 27, 2023, Samsung Bioepis Co., Ltd. filed a separate IPR petition against the '572 Patent seeking a declaration of invalidity of the '572 Patent. On January 17, 2023 and February 28, 2023, Celltrion filed IPR petitions against the '992 Patent and the '226 Patent, respectively, seeking declarations of invalidity of such patents. On August 2, 2022, the Company filed a patent infringement lawsuit against Mylan in the United States District Court for the Northern District of West Virginia alleging that Mylan's filing for a U.S. Food and Drug Administration approval of an aflibercept biosimilar infringes certain Company patents. On April 20, 2023, Mylan filed a motion for summary judgment or partial summary judgment concerning four of the asserted patents. On April 26, 2023, the Company filed a stipulation accepting summary judgment of noninfringement of all asserted claims of the Company's U.S. Patent No. 11,104,715. A trial has been scheduled to begin on June 12, 2023 concerning certain claims of the '601 Patent, the '572 Patent, and the Company's U.S. Patent No. 11,084,865. Europe On October 26 and October 27, 2021, anonymous parties initiated opposition proceedings in the EPO against the Company's European Patent No. 2,944,306 (the "'306 Patent") seeking revocation of the '306 Patent in its entirety. Canada On June 15, July 15, August 30, and October 4, 2022, the Company and Bayer Inc. filed patent infringement lawsuits against BGP Pharma ULC d.b.a Viatris Canada ("Viatris Canada") in the Federal Court of Canada seeking a declaration that the making, constructing, using, or selling of an aflibercept biosimilar would directly or indirectly infringe one or more claims of the Company's Canadian Patent Nos. 2,654,510 (the "'510 Patent) and 3,007,276 (the "'276 Patent") (in the lawsuit filed on June 15, 2022); the Company's Canadian Patent No. 2,965,495 (the "'495 Patent") (in the lawsuit filed on July 15, 2022); the Company's Canadian Patent No. 2,906,768 (the "'768 Patent") (in the lawsuit filed on August 30, 2022, which has been joined with the lawsuit filed on July 15, 2022); and the Company's Canadian Patent No. 3,129,193 (the "'193 Patent") (in the lawsuit filed on October 4, 2022). A trial for the lawsuit concerning the '510 Patent and the '276 Patent has been scheduled for March 2024; a trial for the lawsuit concerning the '193 Patent has been scheduled for May 2024; and a trial for the lawsuit concerning the '495 Patent and the '768 Patent has been scheduled for November/December 2024. The filing of the lawsuit concerning the '510 Patent and the '276 Patent resulted in a statutory 24-month stay of regulatory approval of Viatris Canada's aflibercept biosimilar in Canada unless the lawsuit is resolved earlier. On March 27, 2023, in light of the transfer of the New Drug Submission ("NDS") discussed below, the Company filed a motion in the Federal Court of Canada seeking termination of the Viatris Canada action relating to the '510 Patent and the '276 Patent in the Federal Court of Canada. On March 23, 2023, following the transfer of Viatris Canada's NDS of its aflibercept biosimilar to Biosimilar Collaborations Ireland Limited ("BCIL"), the Company and Bayer Inc. filed a patent infringement lawsuit against BCIL in the Federal Court of Canada seeking a declaration that the making, constructing, using, or selling of an aflibercept biosimilar would directly or indirectly infringe one or more claims of the Company's '510 and '276 Patents. South Korea On October 31, 2022 and December 13, 2022, Samsung Bioepis Co., Ltd. initiated invalidation proceedings before the Intellectual Property Trial and Appeal Board of the Korean Intellectual Property Office against the Company's Korean Patent Nos. 1131429 and 1406811, respectively, seeking revocation of each of such patents in its entirety. On January 16, 2023, the Company filed patent infringement lawsuits against Samsung Bioepis Co., Ltd. and its parent Samsung Biologics Co., Ltd. before the Seoul Central District Court seeking a declaration that the making, constructing, using, or selling of an aflibercept biosimilar would infringe one or more claims of Company's Korean Patent No. 659477 (the "'477 Patent"). On March 2, 2023, the Company filed an affirmative scope confirmation action against Samsung Bioepis Co., Ltd. before the Intellectual Property Tribunal and Appeal Board of the Korean Intellectual Property Office seeking a ruling that Samsung Bioepis's aflibercept biosimilar is covered by the claims of the '477 Patent. On March 7, 2023, the action was designated for expedited proceedings. Proceedings Relating to EYLEA (aflibercept) Injection Pre-filled Syringe On June 19, 2020, Novartis Pharma AG, Novartis Pharmaceuticals Corporation, and Novartis Technology LLC (collectively, "Novartis") filed a patent infringement lawsuit (as amended on August 2, 2021) in the U.S. District Court for the Northern District of New York asserting claims of Novartis's U.S. Patent No. 9,220,631 (the "'631 Patent") and seeking preliminary and permanent injunctions to prevent the Company from continuing to infringe the '631 Patent. Novartis also seeks a judgment of patent infringement of the '631 Patent, monetary damages (together with interest), an order of willful infringement of the '631 Patent (which would allow the court in its discretion to award damages up to three times the amount assessed), costs and expenses of the lawsuits, and attorneys' fees. On November 7, 2022, the Company and Novartis entered into a stipulation staying the lawsuit in light of the decision in the IPR proceeding discussed below. On July 16, 2020, the Company initiated two IPR petitions in the USPTO seeking a declaration of invalidity of the '631 Patent on two separate grounds. On October 26, 2021, the USPTO issued a decision instituting the IPR proceeding. An oral hearing was held on July 21, 2022. On October 25, 2022, the Patent Trial and Appeal Board ("PTAB") of the USPTO issued a final written decision invalidating all claims of the '631 Patent. On December 23, 2022, Novartis filed a notice of appeal of the PTAB's decision to the Federal Circuit. On July 17, 2020, the Company filed an antitrust lawsuit against Novartis and Vetter Pharma International Gmbh ("Vetter") in the United States District Court for the Southern District of New York seeking a declaration that the '631 Patent is unenforceable and a judgment that the defendants' conduct violates Sections 1 and 2 of the Sherman Antitrust Act of 1890, as amended (the "Sherman Antitrust Act"). The Company is also seeking injunctive relief and treble damages. On September 4, 2020, Novartis filed, and Vetter moved to join, a motion to dismiss the complaint, to transfer the lawsuit to the Northern District of New York, or to stay the suit; and on October 19, 2020, Novartis filed, and Vetter moved to join, a second motion to dismiss the complaint on different grounds. On January 25, 2021, the Company filed an amended complaint seeking a judgment that Novartis's conduct violates Section 2 of the Sherman Antitrust Act based on additional grounds, as well as a judgment of tortious interference with contract. On February 22, 2021, Novartis filed, and Vetter moved to join, a motion to dismiss the amended complaint. On September 21, 2021, the court granted Novartis and Vetter's motion to transfer this lawsuit to the Northern District of New York. As a result, this lawsuit was transferred to the same judge that had been assigned to the patent infringement lawsuit discussed above. On November 5, 2021, the Company filed a motion to stay these proceedings in light of the pending IPR proceeding discussed above. On January 31, 2022, the court denied the Company's motion to stay these proceedings and granted Novartis and Vetter's motion to dismiss the amended complaint. On June 10, 2022, the Company filed an appeal of the District Court's decision to dismiss the amended complaint with the U.S. Court of Appeals for the Second Circuit. Proceedings Relating to REGEN-COV (casirivimab and imdevimab) On October 5, 2020, Allele Biotechnology and Pharmaceuticals, Inc. ("Allele") filed a lawsuit (as amended on April 8, 2021 and December 12, 2022) against the Company in the United States District Court for the Southern District of New York, asserting infringement of U.S. Patent No. 10,221,221 (the "'221 Patent"). Allele seeks a judgment of patent infringement of the '221 Patent, an award of monetary damages (together with interest), an order of willful infringement of the '221 Patent (which would allow the court in its discretion to award damages up to three times the amount assessed), costs and expenses of the lawsuit, and attorneys' fees. On July 16, 2021, the Company filed a motion to dismiss the complaint, which motion was denied on March 2, 2022. Department of Justice Matters In January 2017, the Company received a subpoena from the U.S. Attorney's Office for the District of Massachusetts requesting documents relating to its support of 501(c)(3) organizations that provide financial assistance to patients; documents concerning its provision of financial assistance to patients with respect to products sold or developed by Regeneron (including EYLEA, Praluent, ARCALYST®, and ZALTRAP®); and certain other related documents and communications. On June 24, 2020, the U.S. Attorney's Office for the District of Massachusetts filed a civil complaint in the U.S. District Court for the District of Massachusetts alleging violations of the federal Anti-Kickback Statute, and asserting causes of action under the federal False Claims Act and state law. On August 24, 2020, the Company filed a motion to dismiss the complaint in its entirety. On December 4, 2020, the court denied the motion to dismiss. On December 28, 2022, the U.S. Attorney’s Office for the District of Massachusetts filed a motion for partial summary judgment. On January 31, 2023, the Company filed a motion for summary judgment. In September 2019, the Company and Regeneron Healthcare Solutions, Inc., a wholly-owned subsidiary of the Company, each received a civil investigative demand ("CID") from the U.S. Department of Justice pursuant to the federal False Claims Act relating to remuneration paid to physicians in the form of consulting fees, advisory boards, speaker fees, and payment or reimbursement for travel and entertainment allegedly in violation of the federal Anti-Kickback Statute. The CIDs relate to EYLEA, Praluent, Dupixent, ZALTRAP, ARCALYST, and Kevzara and cover the period from January 2015 to the present. On June 3, 2021, the United States District Court for the Central District of California unsealed a qui tam complaint filed against the Company, Regeneron Healthcare Solutions, Inc., and Sanofi-Aventis U.S. LLC by two qui tam plaintiffs (known as relators) purportedly on behalf of the United States and various states (the "State Plaintiffs"), asserting causes of action under the federal False Claims Act and state law. Also on June 3, 2021, the United States and the State Plaintiffs notified the court of their decision to decline to intervene in the case. On October 29, 2021, the qui tam plaintiffs filed an amended complaint in this matter. On January 14, 2022, the Company filed a motion to dismiss the amended complaint in its entirety. In June 2021, the Company received a CID from the U.S. Department of Justice pursuant to the federal False Claims Act. The CID states that the investigation concerns allegations that the Company (i) violated the False Claims Act by paying kickbacks to distributors and ophthalmology practices to induce purchase of EYLEA, including through discounts, rebates, credit card fees, free units of EYLEA, and inventory management systems; and (ii) inflated reimbursement rates for EYLEA by excluding applicable discounts, rebates, and benefits from the average sales price reported to the Centers for Medicare & Medicaid Services. The CID covers the period from January 2011 through June 2021. The Company is cooperating with this investigation. California Department of Insurance Subpoena In September 2022, the Company received a subpoena from the Insurance Commissioner for the State of California pursuant to the California Insurance Code. The subpoena seeks information relating to the marketing, sale, and distribution of EYLEA, including (i) discounts, rebates, credit card fees, and inventory management systems; (ii) Regeneron's relationships with distributors; (iii) price reporting; (iv) speaker programs; and (v) patient support programs. The subpoena covers the period from January 1, 2014 through August 1, 2021. The Company is cooperating with this investigation. Proceedings Initiated by Other Payors Relating to Patient Assistance Organization Support The Company is party to several lawsuits relating to the conduct alleged in the civil complaint filed by the U.S. Attorney's Office for the District of Massachusetts discussed under "Department of Justice Matters" above. These lawsuits were filed by UnitedHealthcare Insurance Company and United Healthcare Services, Inc. (collectively, "UHC") and Humana Inc. ("Humana") in the United States District Court for the Southern District of New York on December 17, 2020 and July 22, 2021, respectively; and by Blue Cross and Blue Shield of Massachusetts, Inc. and Blue Cross and Blue Shield of Massachusetts HMO Blue, Inc. (collectively, "BCBS"), Medical Mutual of Ohio ("MMO"), Horizon Healthcare Services, Inc. d/b/a Horizon Blue Cross Blue Shield of New Jersey ("Horizon"), and Local 464A United Food and Commercial Workers Union Welfare Service Benefit Fund ("Local 464A") in the U.S. District Court for the District of Massachusetts on December 20, 2021, February 23, 2022, April 4, 2022, and June 17, 2022, respectively. These lawsuits allege causes of action under state law and the federal Racketeer Influenced and Corrupt Organizations Act and seek monetary damages and equitable relief. The MMO and Local 464A lawsuits are putative class action lawsuits. On December 29, 2021, the lawsuits filed by UHC and Humana were stayed by the United States District Court for the Southern District of New York pending resolution of the proceedings before the U.S. District Court for the District of Massachusetts discussed under "Department of Justice Matters" above. On September 27, 2022, the lawsuits filed by BCBS, MMO, and Horizon were stayed by the U.S. District Court for the District of Massachusetts pending resolution of the proceedings before the same court discussed under "Department of Justice Matters" above; and, in light of these stays, the parties to the Local 464A action have also agreed to stay that matter. Proceedings Relating to Shareholder Derivative Complaint On June 29, 2021, an alleged shareholder filed a shareholder derivative complaint in the New York Supreme Court, naming the current and certain former members of the Company's board of directors and certain current and former executive officers of the Company as defendants and Regeneron as a nominal defendant. The complaint asserts that the individual defendants breached their fiduciary duties in relation to the allegations in the civil complaint filed by the U.S. Attorney's Office for the District of Massachusetts discussed under "Department of Justice Matters" above. The complaint seeks an award of damages allegedly sustained by the Company; an order requiring Regeneron to take all necessary actions to reform and improve its corporate governance and internal procedures; disgorgement from the individual defendants of all profits and benefits obtained by them resulting from their sales of Regeneron stock; and costs and disbursements of the action, including attorneys' fees. On July 28, 2021, the defendants filed a notice of removal, removing the case from the New York Supreme Court to the U.S. District Court for the Southern District of New York. On September 23, 2021, the plaintiff moved to remand the case to the New York Supreme Court. Also on September 23, 2021, the individual defendants moved to dismiss the complaint in its entirety. On December 19, 2022, the U.S. District Court for the Southern District of New York denied the plaintiff's motion to remand the case and granted a motion to stay the case pending resolution of the proceedings before the U.S. District Court for the District of Massachusetts discussed under "Department of Justice Matters" above. As a result of the stay, the court also terminated the Company's motion to dismiss the complaint without prejudice. The Company can therefore renew the motion to dismiss upon conclusion of the stay.

Interim Financial Statements (Policies)	3 Months Ended
Interim Financial Statements (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The interim Condensed Consolidated Financial Statements of Regeneron Pharmaceuticals, Inc. and its subsidiaries ("Regeneron," "Company," "we," "us," and "our") have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company's financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, these financial statements reflect all normal recurring adjustments and accruals necessary for a fair statement of the Company's condensed consolidated financial statements for such periods. The results of operations for any interim period are not necessarily indicative of the results for the full year. The December 31, 2022 Condensed Consolidated Balance Sheet data were derived from audited financial statements, but do not include all disclosures required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Legal Matters	Costs associated with the Company's involvement in legal proceedings are expensed as incurred.

Product Sales (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of product sales

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

Schedules of sales to customers as percentage of total gross product revenue

Sales to each of these customers as a percentage of the Company's total gross product revenue are as follows:


	Three Months Ended March 31,
	2023		2022
Besse Medical, a subsidiary of AmerisourceBergen Corporation	52	%	55	%
McKesson Corporation	25	%	30	%

Collaboration, License, and Other Agreements (Tables)

3 Months Ended

Mar. 31, 2023

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

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net Income (Loss) Per Share

The calculations of basic and diluted net income per share are as follows:


	Three Months Ended March 31,
(In millions, except per share data)	2023		2022
Net income - basic and diluted	$	817.8	$	973.5

Weighted average shares - basic	107.1		106.8
Effect of dilutive securities:
Stock options	5.0		5.0
Restricted stock awards and restricted stock units	1.9		1.3
Weighted average shares - diluted	114.0		113.1

Net income per share - basic	$	7.64	$	9.12
Net income per share - diluted	$	7.17	$	8.61

Antidilutive Securities

Shares which have been excluded from diluted per share amounts because their effect would have been antidilutive include the following:


	Three Months Ended March 31,
(Shares in millions)	2023	2022
Stock options	1.7	2.2

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Debt Securities

The following tables summarize the Company's investments in available-for-sale debt securities:


(In millions)	Amortized		Unrealized				Fair
As of March 31, 2023	Cost Basis		Gains		Losses		Value
Corporate bonds	$	6,819.1	$	4.8	$	(231.7)	$	6,592.2
U.S. government and government agency obligations	2,902.2		5.5		(4.3)		2,903.4
Sovereign bonds	72.6		0.1		(2.3)		70.4
Commercial paper	279.1		0.1		(0.1)		279.1
Certificates of deposit	153.9		—		(0.2)		153.7
Asset-backed securities	53.9		0.1		(1.5)		52.5
	$	10,280.8	$	10.6	$	(240.1)	$	10,051.3

As of December 31, 2022
Corporate bonds	$	6,975.5	$	—	$	(291.1)	$	6,684.4
U.S. government and government agency obligations	2,945.4		0.9		(6.9)		2,939.4
Sovereign bonds	67.1		—		(3.0)		64.1
Commercial paper	121.1		—		—		121.1
Certificates of deposit	182.1		—		(0.1)		182.0
Asset-backed securities	28.9		—		(1.7)		27.2
	$	10,320.1	$	0.9	$	(302.8)	$	10,018.2

Marketable Securities, Based on Contractual Maturity Dates

The fair values of available-for-sale debt securities by contractual maturity consist of the following:


	March 31,		December 31,
(In millions)	2023		2022
Maturities within one year	$	5,043.4	$	4,636.4
Maturities after one year through five years	4,996.6		5,381.4
Maturities after five years	11.3		0.4
	$	10,051.3	$	10,018.2

Fair Value and Unrealized Losses of Marketable Securities


	Less than 12 Months				12 Months or Greater				Total
(In millions) As of March 31, 2023	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate bonds	$	707.1	$	(8.1)	$	5,293.7	$	(223.6)	$	6,000.8	$	(231.7)
U.S. government and government agency obligations	228.1		(0.1)		79.2		(4.2)		307.3		(4.3)
Sovereign bonds	—		—		64.0		(2.3)		64.0		(2.3)
Commercial paper	212.6		(0.1)		—		—		212.6		(0.1)
Certificates of deposit	74.9		(0.1)		2.9		(0.1)		77.8		(0.2)
Asset-backed securities	—		—		24.7		(1.5)		24.7		(1.5)
	$	1,222.7	$	(8.4)	$	5,464.5	$	(231.7)	$	6,687.2	$	(240.1)

As of December 31, 2022
Corporate bonds	$	2,445.4	$	(73.1)	$	4,200.4	$	(218.0)	$	6,645.8	$	(291.1)
U.S. government and government agency obligations	785.2		(2.0)		71.0		(4.9)		856.2		(6.9)
Sovereign bonds	18.6		(1.1)		45.6		(1.9)		64.2		(3.0)
Certificates of deposit	40.2		(0.1)		—		—		40.2		(0.1)
Asset-backed securities	11.5		(0.6)		15.2		(1.1)		26.7		(1.7)
	$	3,300.9	$	(76.9)	$	4,332.2	$	(225.9)	$	7,633.1	$	(302.8)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on a recurring basis

•Level 1 - Quoted prices in active markets for identical assets

•Level 3 - Significant other unobservable inputs


(In millions)			Fair Value Measurements at Reporting Date
As of March 31, 2023	Fair Value		Level 1		Level 2
Cash equivalents	$	1,422.7	$	154.1	$	1,268.6
Available-for-sale debt securities:
Corporate bonds	6,592.2		—		6,592.2
U.S. government and government agency obligations	2,903.4		—		2,903.4
Sovereign bonds	70.4		—		70.4
Commercial paper	279.1		—		279.1
Certificates of deposit	153.7		—		153.7
Asset-backed securities	52.5		—		52.5
Equity securities (unrestricted)	20.7		20.7		—
Equity securities (restricted)	1,038.0		1,028.3		9.7
	$	12,532.7	$	1,203.1	$	11,329.6

As of December 31, 2022
Cash equivalents	$	1,662.8	$	88.3	$	1,574.5
Available-for-sale debt securities:
Corporate bonds	6,684.4		—		6,684.4
U.S. government and government agency obligations	2,939.4		—		2,939.4
Sovereign bonds	64.1		—		64.1
Commercial paper	121.1		—		121.1
Certificates of deposit	182.0		—		182.0
Asset-backed securities	27.2		—		27.2
Equity securities (unrestricted)	24.6		24.6		—
Equity securities (restricted)	1,185.4		1,185.4		—
	$	12,891.0	$	1,298.3	$	11,592.7

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories consist of the following:


	March 31,		December 31,
(In millions)	2023		2022
Raw materials	$	844.6	$	818.4
Work-in-process	855.7		963.1
Finished goods	169.3		98.6
Deferred costs	555.1		521.8
	$	2,424.7	$	2,401.9

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Shares Repurchased

The table below summarizes the shares of our Common Stock we repurchased and the cost of the shares, which were recorded as Treasury Stock.


	Three Months Ended March 31,
(In millions)	2023		2022
Number of shares	0.9		0.6
Total cost of shares	$	693.9	$	352.0

Cash Flows (Tables)

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents


	March 31,
(In millions)	2023		2022
Cash and cash equivalents	$	3,916.3	$	3,345.7
Restricted cash included in Other noncurrent assets	12.5		13.5
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$	3,928.8	$	3,359.2

Restrictions on Cash and Cash Equivalents


	March 31,
(In millions)	2023		2022
Cash and cash equivalents	$	3,916.3	$	3,345.7
Restricted cash included in Other noncurrent assets	12.5		13.5
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$	3,928.8	$	3,359.2

Summary of Non-Cash Investing and Financing Activities


	March 31,		December 31,		March 31,		December 31,
(In millions)	2023		2022		2022		2021
Accrued capital expenditures	$	90.3	$	70.8	$	80.7	$	74.8
Accrued contingent consideration for Libtayo intangible asset	$	55.2	$	135.5	$	—	$	—

Product Sales - Schedule of Net Product Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 3,162.1	$ 2,965.1
Net product sales
Disaggregation of Revenue [Line Items]
Revenues	1,668.0	1,638.6
U.S. \| EYLEA
Disaggregation of Revenue [Line Items]
Revenues	1,433.8	1,517.6
U.S. \| Libtayo
Disaggregation of Revenue [Line Items]
Revenues	109.7	78.9
U.S. \| Praluent
Disaggregation of Revenue [Line Items]
Revenues	40.2	33.6
U.S. \| Evkeeza
Disaggregation of Revenue [Line Items]
Revenues	14.9	8.5
U.S. \| Inmazeb
Disaggregation of Revenue [Line Items]
Revenues	2.2	0.0
ROW \| Libtayo
Disaggregation of Revenue [Line Items]
Revenues	$ 67.2	$ 0.0

Product Sales - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 5,118.6	$ 5,328.7
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 3,578.0	$ 3,586.0

Product Sales - Schedule of Concentration of Risk, by Risk Factor (Details) - Gross product revenue - Customer concentration risk	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Besse Medical, a subsidiary of AmerisourceBergen Corporation
Concentration Risk [Line Items]
Concentration risk, percentage	52.00%	55.00%
McKesson Corporation
Concentration Risk [Line Items]
Concentration risk, percentage	25.00%	30.00%

Collaboration, License, and Other Agreements - Amounts Recognized In Statement of Operations with Sanofi (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 3,162.1	$ 2,965.1
Sanofi Collaboration Agreement, Antibody \| Collaboration revenue \| Regeneron's share of profits in connection with commercialization
Disaggregation of Revenue [Line Items]
Revenues	636.5	415.3
Sanofi Collaboration Agreement, Antibody \| Collaboration revenue \| Sales-based milestones earned
Disaggregation of Revenue [Line Items]
Revenues	0.0	50.0
Sanofi Collaboration Agreement, Antibody \| Collaboration revenue \| Reimbursement for manufacturing of commercial supplies
Disaggregation of Revenue [Line Items]
Revenues	161.9	160.8
Sanofi Collaboration Agreement, Antibody \| (R&D expense)/Reduction of R&D expense \| Regeneron's obligation for its share of Sanofi R&D expenses, net of reimbursement of R&D expenses
Disaggregation of Revenue [Line Items]
Revenues	(26.4)	26.8
Sanofi Collaboration Agreement, Antibody \| SG&A expense \| Reimbursement of commercialization-related expenses
Disaggregation of Revenue [Line Items]
Revenues	117.6	91.7
Sanofi Collaboration Agreement, Immuno-oncology \| Collaboration revenue \| Regeneron's share of profits in connection with commercialization \| Outside United States
Disaggregation of Revenue [Line Items]
Revenues	0.0	2.8
Sanofi Collaboration Agreement, Immuno-oncology \| Collaboration revenue \| Reimbursement for manufacturing of ex-U.S. commercial supplies
Disaggregation of Revenue [Line Items]
Revenues	0.0	2.0
Sanofi Collaboration Agreement, Immuno-oncology \| (R&D expense)/Reduction of R&D expense \| Reimbursement of R&D expenses
Disaggregation of Revenue [Line Items]
Revenues	0.0	21.5
Sanofi Collaboration Agreement, Immuno-oncology \| SG&A expense \| Reimbursement of commercialization-related expenses
Disaggregation of Revenue [Line Items]
Revenues	0.0	19.0
Sanofi Collaboration Agreement, Immuno-oncology \| SG&A expense \| Regeneron's obligation for its share of Sanofi commercial expenses
Disaggregation of Revenue [Line Items]
Revenues	0.0	(9.2)
Sanofi Collaboration Agreement, Immuno-oncology \| Cost of goods sold \| Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profits
Disaggregation of Revenue [Line Items]
Revenues	0.0	(32.3)
Sanofi Collaboration Agreement, Immuno-oncology \| Other operating income \| Amounts recognized in connection with up-front payments received
Disaggregation of Revenue [Line Items]
Revenues	$ 0.0	$ 18.1

Collaboration, License, and Other Agreements - Sanofi, Antibody Narrative (Details) - USD ($) $ in Millions			3 Months Ended
	Jul. 01, 2022	Jun. 30, 2022	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues			$ 3,162.1	$ 2,965.1
Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Percentage share of profits to reimburse collaborating party			10.00%
Percentage of share of profits used to reimburse collaborating party for trial costs	20.00%	10.00%
Sanofi Collaboration Agreement, Antibody \| Sales Milestone Three
Disaggregation of Revenue [Line Items]
Revenues				50.0
Levels of twelve-month sales at which sales milestone payments would be received				$ 2,000.0
Period for achieving sales target for milestone payment, rolling basis				12 months
Sanofi Collaboration Agreement, Antibody \| Sales Milestone Five
Disaggregation of Revenue [Line Items]
Levels of twelve-month sales at which sales milestone payments would be received			$ 3,000.0
Period for achieving sales target for milestone payment, rolling basis			12 months
Revenue, remaining performance obligation, variable consideration amount			$ 50.0
Sanofi Collaboration Agreement, Antibody \| Minimum
Disaggregation of Revenue [Line Items]
Percentage of trial costs required to be funded by collaborating party			80.00%
Percentage share of profits to reimburse collaborating party			30.00%
Sanofi Collaboration Agreement, Antibody \| Maximum
Disaggregation of Revenue [Line Items]
Percentage of trial costs required to be funded by collaborating party			100.00%
Percentage share of profits to reimburse collaborating party			50.00%

Collaboration, License, and Other Agreements - Schedule of Contract Balances, Antibody Collaboration (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 5,118.6	$ 5,328.7
Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Accounts receivable, net	731.5	692.3
Deferred revenue	$ 377.5	$ 415.8

Collaboration, License, and Other Agreements - Sanofi, Immuno-Oncology Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Up-front payment to be made to collaborator	$ 3,162.1	$ 2,965.1
Sanofi
Disaggregation of Revenue [Line Items]
Up-front payment to collaborating party			$ 900.0
Sanofi Collaboration Agreement, Immuno-oncology
Disaggregation of Revenue [Line Items]
Royalty payment to collaborating party, percentage of net product sales	11.00%
Sanofi Collaboration Agreement, Immuno-oncology \| Regulatory Milestone \| Sanofi
Disaggregation of Revenue [Line Items]
Up-front payment to collaborating party			100.0
Sanofi Collaboration Agreement, Immuno-oncology \| Sales-Based Milestone One \| Sanofi
Disaggregation of Revenue [Line Items]
Up-front payment to be made to collaborator			$ 65.0
Sanofi Collaboration Agreement, Immuno-oncology \| Sales-Based Milestone Two \| Sanofi
Disaggregation of Revenue [Line Items]
Up-front payment to be made to collaborator	$ 35.0
Sanofi Collaboration Agreement, Immuno-oncology \| Sales-Based Milestones \| Sanofi
Disaggregation of Revenue [Line Items]
Up-front payment to be made to collaborator	$ 100.0

Collaboration, License, and Other Agreements - Amounts Recognized in Statement of Operations with Bayer (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 3,162.1	$ 2,965.1
Bayer \| Outside United States \| Collaboration revenue \| Regeneron's share of profits in connection with commercialization of EYLEA outside the United States
Disaggregation of Revenue [Line Items]
Revenues	331.6	338.4
Bayer \| Outside United States \| Collaboration revenue \| Reimbursement for manufacturing of ex-U.S. commercial supplies
Disaggregation of Revenue [Line Items]
Revenues	25.3	25.0
Bayer \| Outside United States \| Collaboration revenue \| One-time payment in connection with change in Japan arrangement
Disaggregation of Revenue [Line Items]
Revenues	0.0	21.9
Bayer \| Outside United States \| (R&D expense)/Reduction of R&D expense \| Regeneron's obligation for its share of Bayer R&D expenses, net of reimbursement of R&D expenses
Disaggregation of Revenue [Line Items]
Revenues	$ (13.4)	$ 0.3

Collaboration, License, and Other Agreements - Schedule of Contract Balances, Bayer Collaboration (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 5,118.6	$ 5,328.7
Bayer
Disaggregation of Revenue [Line Items]
Accounts receivable, net	356.8	348.2
Deferred revenue	$ 134.3	$ 131.9

Collaboration, License, and Other Agreements - Amounts Recognized in Statement of Operations with Roche (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 3,162.1	$ 2,965.1
Ronapreve \| Roche Collaboration Agreement \| Collaboration revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 222.2	$ 216.3

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Collaboration, License, and Other Agreements - Schedule of Contract Balances - Roche (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 5,118.6	$ 5,328.7
Roche Collaboration Agreement
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 220.6	$ 396.6

Collaboration, License, and Other Agreements - Sonoma Biotherapeutics, Inc. Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues		$ 3,162.1	$ 2,965.1
Sonoma Biotherapeutics, Inc. Collaboration Agreement \| Subsequent Event
Disaggregation of Revenue [Line Items]
Purchase of preferred stock	$ 30.0
Sonoma Biotherapeutics, Inc.
Disaggregation of Revenue [Line Items]
Up-front payment to collaborating party		45.0
Sonoma Biotherapeutics, Inc. \| Sonoma Biotherapeutics, Inc. Collaboration Agreement \| Development Milestone
Disaggregation of Revenue [Line Items]
Revenues		$ 45.0

Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income - basic and diluted	$ 817.8	$ 973.5
Weighted average shares - basic (in shares)	107.1	106.8
Weighted average shares - diluted (in shares)	114.0	113.1
Net income per share - basic (in dollars per share)	$ 7.64	$ 9.12
Net income per share - diluted (in dollars per share)	$ 7.17	$ 8.61
Stock options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	5.0	5.0
Restricted stock awards and restricted stock units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	1.9	1.3

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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