# REGENERON PHARMACEUTICALS, INC. (REGN)

Informational only - not investment advice.

CIK: 0000872589
SIC: 2834 Pharmaceutical Preparations
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2834 Pharmaceutical Preparations](/industry/2834/)
Latest 10-K filed: 2026-02-04
SEC page: https://www.sec.gov/edgar/browse/?CIK=872589
Filing source: https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-04 · accession 0000872589-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000872589.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 14,342,900,000 USD | 2025 | verified |
| Net income | 4,504,900,000 USD | 2025 | verified |
| Assets | 40,558,700,000 USD | 2025 | verified |
| Free cash flow | 4,080,500,000 USD | 2025 | computed |
| Net margin | 31.41% | 2025 | computed |
| Operating margin | 24.95% | 2025 | computed |
| Revenue YoY | +0.99% | 2025 | computed |
| ROE | 14.41% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Large-cap biopharma](/compare/pharma/) · SIC 2834 Pharmaceutical Preparations

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including REGN

- Large-cap biopharma: [peer review](/compare/pharma/) · [market-risk page](/compare/pharma/risk/)

### Peer percentile fingerprint

| Ratio | REGN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 31.4% | 1.0% | 82 | 107 |
| Operating margin | 24.9% | -1.3% | 86 | 100 |
| Revenue growth | 1.0% | 14.7% | 29 | 127 |
| FCF margin | 28.4% | -14.0% | 86 | 127 |
| ROE | 14.4% | -30.7% | 82 | 171 |
| ROA | 11.1% | -21.8% | 87 | 187 |
| Liabilities / equity | 0.30 | 0.38 | 44 | 173 |
| Current ratio | 4.13 | 4.89 | 43 | 188 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2834 Pharmaceutical Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 14342900000 | USD | 2025 | 2026-02-04 |
| Net income | 4504900000 | USD | 2025 | 2026-02-04 |
| Assets | 40558700000 | USD | 2025 | 2026-02-04 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000872589.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 4,860,400,000 | 5,872,200,000 | 5,145,600,000 | 6,557,600,000 | 8,497,100,000 | 16,071,700,000 | 12,172,900,000 | 13,117,200,000 | 14,202,000,000 | 14,342,900,000 |
| Net income | 895,500,000 | 1,198,500,000 | 2,444,400,000 | 2,115,800,000 | 3,513,200,000 | 8,075,300,000 | 4,338,400,000 | 3,953,600,000 | 4,412,600,000 | 4,504,900,000 |
| Operating income | 1,330,700,000 | 2,079,600,000 | 2,534,400,000 | 2,209,800,000 | 3,576,600,000 | 8,946,800,000 | 4,738,900,000 | 4,047,100,000 | 3,990,700,000 | 3,577,900,000 |
| Diluted EPS | 7.70 | 10.34 | 21.29 | 18.46 | 30.52 | 71.97 | 38.22 | 34.77 | 38.34 | 41.48 |
| Operating cash flow | 1,485,900,000 | 1,307,100,000 | 2,195,100,000 | 2,430,000,000 | 2,618,100,000 | 7,081,300,000 | 5,014,900,000 | 4,594,000,000 | 4,420,500,000 | 4,978,900,000 |
| Capital expenditures | 511,900,000 | 272,600,000 | 383,100,000 | 429,600,000 | 614,600,000 | 551,900,000 | 590,100,000 | 718,600,000 | 755,900,000 | 898,400,000 |
| Dividends paid |  |  |  |  |  |  |  | 0.00 | 0.00 | 370,300,000 |
| Share buybacks | 0.00 | 0.00 | 4,400,000 | 275,900,000 | 5,846,800,000 | 1,645,400,000 | 2,082,800,000 | 2,235,000,000 | 2,603,300,000 | 3,438,600,000 |
| Assets | 6,973,466,000 | 8,764,300,000 | 11,734,500,000 | 14,805,200,000 | 17,163,300,000 | 25,434,800,000 | 29,214,500,000 | 33,080,200,000 | 37,759,400,000 | 40,558,700,000 |
| Liabilities | 2,524,221,000 | 2,620,200,000 | 2,977,200,000 | 3,715,500,000 | 6,138,000,000 | 6,666,000,000 | 6,550,500,000 | 7,107,100,000 | 8,405,800,000 | 9,301,800,000 |
| Stockholders' equity | 4,449,300,000 | 6,144,100,000 | 8,757,300,000 | 11,089,700,000 | 11,025,300,000 | 18,768,800,000 | 22,664,000,000 | 25,973,100,000 | 29,353,600,000 | 31,256,900,000 |
| Cash and cash equivalents | 535,200,000 | 812,700,000 | 1,467,700,000 | 1,617,800,000 | 2,193,700,000 | 2,885,600,000 | 3,105,900,000 | 2,730,000,000 | 2,488,200,000 | 3,118,100,000 |
| Free cash flow | 974,000,000 | 1,034,500,000 | 1,812,000,000 | 2,000,400,000 | 2,003,500,000 | 6,529,400,000 | 4,424,800,000 | 3,875,400,000 | 3,664,600,000 | 4,080,500,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 18.42% | 20.41% | 47.50% | 32.26% | 41.35% | 50.25% | 35.64% | 30.14% | 31.07% | 31.41% |
| Operating margin | 27.38% | 35.41% | 49.25% | 33.70% | 42.09% | 55.67% | 38.93% | 30.85% | 28.10% | 24.95% |
| Return on equity | 20.13% | 19.51% | 27.91% | 19.08% | 31.86% | 43.03% | 19.14% | 15.22% | 15.03% | 14.41% |
| Return on assets | 12.84% | 13.67% | 20.83% | 14.29% | 20.47% | 31.75% | 14.85% | 11.95% | 11.69% | 11.11% |
| Liabilities / equity | 0.57 | 0.43 | 0.34 | 0.34 | 0.56 | 0.36 | 0.29 | 0.27 | 0.29 | 0.30 |
| Current ratio | 2.56 | 3.82 | 4.47 | 3.67 | 3.63 | 3.56 | 5.06 | 5.69 | 4.73 | 4.13 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/REGN/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000872589.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 11.66 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 7.17 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 8.50 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 968,400,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 3,362,700,000 |  | 8.89 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 3,434,300,000 | 1,159,600,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 3,145,000,000 | 722,000,000 | 6.27 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 722,000,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 3,547,100,000 |  | 12.41 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 1,432,300,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 3,720,700,000 |  | 11.54 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 3,789,200,000 | 917,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 3,028,700,000 | 808,700,000 | 7.27 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | 808,700,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 3,675,600,000 |  | 12.81 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 1,391,600,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 3,754,300,000 |  | 13.62 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 3,884,300,000 | 844,600,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 3,605,400,000 | 727,200,000 | 6.75 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | 727,200,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 4,290,700,000 |  | 12.23 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from REGN's latest 10-K: [/company/REGN/business/](/company/REGN/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from REGN's latest 10-K: [/company/REGN/risk-factors/](/company/REGN/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/872589/000087258926000025/regn-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. (where applicable, together with its subsidiaries, "Regeneron," "Company," "we," "us," and "our"), and actual events or results may differ materially from these forward-looking statements. Words such as "anticipate," "expect," "intend," "plan," "believe," "seek," "estimate," variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others:

•competing products and product candidates (including biosimilar products) that may be superior to, or more cost effective than, products marketed or otherwise commercialized by Regeneron and/or its collaborators or licensees (collectively, "Regeneron's Products") and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, "Regeneron's Product Candidates");

•uncertainty of the utilization, market acceptance, and commercial success of Regeneron's Products and Regeneron's Product Candidates and the impact of studies (whether conducted by Regeneron or others and whether mandated or voluntary) or recommendations and guidelines from governmental authorities and other third parties or other factors beyond Regeneron's control on the commercial success of Regeneron's Products and Regeneron's Product Candidates;

•the nature, timing, and possible success and therapeutic applications of Regeneron's Products and Regeneron's Product Candidates and research and clinical programs now underway or planned, including without limitation those discussed or referenced in this report, Regeneron's and its collaborators' earlier-stage programs, and the use of human genetics in Regeneron's research programs;

•the likelihood and timing of achieving any of our anticipated development milestones referenced in this report;

•safety issues resulting from the administration of Regeneron's Products and Regeneron's Product Candidates in patients, including serious complications or side effects in connection with the use of Regeneron's Products and Regeneron's Product Candidates in clinical trials;

•the likelihood, timing, and scope of possible regulatory approval and commercial launch of Regeneron's Product Candidates and new indications for Regeneron's Products, including without limitation those discussed or referenced in this report;

•the extent to which the results from the research and development programs conducted by us and/or our collaborators may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic applications, or regulatory approval;

•ongoing regulatory obligations and oversight impacting Regeneron's Products, research and clinical programs, and business, including those relating to patient privacy;

•determinations by regulatory and administrative governmental authorities which may delay or restrict our ability to continue to develop or commercialize Regeneron's Products and Regeneron's Product Candidates;

•our ability to manufacture and manage supply chains for multiple products and product candidates and risks associated with tariffs and other trade restrictions;

•the ability of our collaborators, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labeling, distribution, and other steps related to Regeneron's Products and Regeneron's Product Candidates;

•the availability and extent of reimbursement or copay assistance for Regeneron's Products from third-party payors and other third parties, including private payor healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid;

•coverage and reimbursement determinations by such payors and other third parties and new policies and procedures adopted by such payors and other third parties;

•changes to drug pricing regulations and requirements and our drug pricing strategy, including in connection with our April 2026 agreements with the U.S. government discussed in this report;

•other changes in laws, regulations, and policies affecting the healthcare industry;

•the costs of developing, producing, and selling products or unanticipated expenses;

•our ability to meet any of our financial projections or guidance and changes to the assumptions underlying those projections or guidance;

•the potential for any license or collaboration agreement, including our agreements with Sanofi and Bayer (or their respective affiliated companies, as applicable), to be cancelled or terminated;

•the impact of public health outbreaks, epidemics, or pandemics on our business; and

•risks associated with litigation and other proceedings and government investigations relating to the Company and/or its operations (including without limitation those described in Note 12 to our Condensed Consolidated Financial Statements included in this report), risks associated with intellectual property of other parties and pending or future litigation relating thereto (including without limitation the patent litigation and other related proceedings described further in Note 12 to our Condensed Consolidated Financial Statements included in this report), the ultimate outcome

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of any such proceedings and investigations, and the impact any of the foregoing may have on our business, prospects, operating results, and financial condition. 

These statements are made based on management's current beliefs and judgment, and the reader is cautioned not to rely on any such statements. In evaluating such statements, shareholders and potential investors should specifically consider the various factors identified under Part II, Item 1A. "Risk Factors," which could cause actual events and results to differ materially from those indicated by such forward-looking statements. We do not undertake any obligation to update (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events, or otherwise.

Overview

Regeneron Pharmaceuticals, Inc. is a fully integrated biotechnology company that invents, develops, manufactures, and commercializes medicines for people with serious diseases. Our products and product candidates in development are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases.

Our core business strategy is to maintain a strong foundation in scientific research and drug development using our proprietary technologies, and to build on that foundation with our clinical development, manufacturing, and commercial capabilities. Our objective is to continue to advance as an integrated, multi-product biotechnology company that provides patients and medical professionals with important medicines for preventing and treating human diseases.

Selected financial information is summarized as follows:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["(In millions, except per share data)","","2026","","2025","","2026","","2025"],["Revenues","","$","4,290.7","","","$","3,675.6","","","$","7,896.1","","","$","6,704.3"],["Net income","","$","1,296.9","","","$","1,391.6","","","$","2,024.1","","","$","2,200.3"],["Net income per share - diluted","","$","12.23","","","$","12.81","","","$","18.95","","","$","20.02"]]
[[/GREPCENT_TABLE]]

For purposes of this report, references to our products encompass products commercialized by us and/or our collaborators or licensees and references to our product candidates encompass product candidates in development by us and/or our collaborators or licensees (in the case of collaborated or licensed products or product candidates under the terms of the applicable collaboration or license agreements), unless otherwise stated or required by the context.

Products

Products that have received marketing approval are summarized in the table below. Certain products have also received marketing approval in countries outside the United States, European Union ("EU"), or Japan.

[[GREPCENT_TABLE]]
[["Product","","Disease","","Territory"],["","","U.S.","","EU","","Japan"],["EYLEA HD\u00ae (aflibercept) Injection 8 mg(a)","","Wet age-related macular degeneration (\"wAMD\")","","a","","a","","a"],["","","Diabetic macular edema (\"DME\")","","a","","a","","a"],["","","Diabetic retinopathy (\"DR\")","","a"],["","","Macular edema following retinal vein occlusion (\"RVO\")","","a","","a"],["EYLEA\u00ae (aflibercept) Injection(a)","","wAMD","","a","","a","","a"],["","","DME","","a","","a","","a"],["","","DR","","a"],["","","RVO","","a","","a","","a"],["","","Myopic choroidal neovascularization (\"mCNV\")","","","","a","","a"],["","","Neovascular glaucoma (\"NVG\")","","","","","","a"],["","","Retinopathy of prematurity (\"ROP\")","","a","","a","","a"]]
[[/GREPCENT_TABLE]]

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[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm
Complete FY 2025 MD&A: /company/REGN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-04
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. Refer to Part II, Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (filed with the SEC on February 5, 2025) for additional discussion of our financial condition and results of operations for the year ended December 31, 2023, as well as our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023.

Overview

Regeneron Pharmaceuticals, Inc. is a fully integrated biotechnology company that invents, develops, manufactures, and commercializes medicines for people with serious diseases. Our research and development efforts have led to numerous products that have received marketing approval and approximately 45 product candidates currently in clinical development (including a number of marketed products for which we are investigating additional indications), most of which were homegrown in our laboratories.

Our ability to generate profits and to generate positive cash flow from operations over the next several years depends significantly on the success in commercializing our products, including EYLEA HD and Dupixent. We expect to continue to incur substantial expenses related to our research and development activities, and our research and development activities and related costs which are not reimbursed by collaborators are expected to expand and require additional resources. We also expect to incur substantial costs related to the commercialization of our marketed products. Our financial results may fluctuate from quarter to quarter and will depend on, among other factors, the net sales of our products; the scope and progress of our research and development efforts; the timing of certain expenses; the continuation of our collaborations, in particular with Sanofi and Bayer, including our share of collaboration profits from sales of commercialized products and the amount of reimbursement of our research and development expenses that we receive from collaborators; and the amount of income tax expense we incur, which is partly dependent on the profits or losses we earn in each of the countries in which we operate. There is uncertainty surrounding whether or when new products or new indications for marketed products will receive regulatory approval or, if any such approval is received, whether we will be able to successfully commercialize such products and whether or when they may become profitable.

Critical Accounting Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect reported amounts and related disclosures in the financial statements. Critical accounting estimates are those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our results of operations or financial condition.

Management believes the current assumptions used to estimate amounts reflected in our Consolidated Financial Statements are appropriate. However, if actual experience differs from the assumptions used in estimating amounts reflected in our Consolidated Financial Statements, the resulting changes could have a material adverse effect on our results of operations, and, in certain situations, could have a material adverse effect on our liquidity and financial condition. The critical accounting estimates that impact our Consolidated Financial Statements are described below.

Product Revenue

We recognize revenue from product sales at a point in time when our customer is deemed to have obtained control of the product, which generally occurs upon receipt or acceptance by our customer. The amount of revenue we recognize from product sales may vary due to rebates, chargebacks, and discounts provided under governmental and other programs, distribution-related fees, and other sales-related deductions. In order to determine the transaction price, we estimate, utilizing the expected value method, the amount of variable consideration to which we will be entitled. This estimate is based upon contracts with customers, healthcare providers, payors and government agencies, statutorily-defined discounts applicable to government-funded programs, historical experience, estimated payor mix, and other relevant factors. Calculating these provisions involves estimates and judgments. We review our estimates of rebates, chargebacks, and other applicable provisions each period and record any necessary adjustments in the current period's net product sales. Refer to the "Results of Operations - Revenues - Net Product Sales" section below for further details regarding our provisions, and credits/payments, for sales-related deductions.

Collaborative Arrangements

We have entered into various collaborative arrangements to research, develop, manufacture, and commercialize products and/or product candidates. Our collaboration agreements may require us to deliver various rights, services, and/or goods across the entire

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life cycle of a product or product candidate. In agreements involving multiple goods or services promised to be transferred to our collaborator, we assess, at the inception of the contract, whether each promise represents a separate obligation (i.e., is "distinct"), or whether such promises should be combined as a single unit of account.

If our collaborator performs research and development work or commercialization-related activities and the parties share the related costs, we also recognize, as expense (e.g., research and development expense or selling, general and administrative expense, as applicable) in the period when our collaborator incurs such expenses, the portion of the collaborator's expenses that we are obligated to reimburse. Our collaborators provide us with estimated expenses for the most recent fiscal quarter. The estimates are revised, if necessary, in subsequent periods if actual expenses differ from those estimates.

Under certain of the Company's collaboration agreements, product sales and cost of sales may be recorded by the Company's collaborators as they are deemed to be the principal in the transaction. In arrangements where we:

•supply commercial product to our collaborator, we may be reimbursed for our manufacturing costs as commercial product is shipped to the collaborator (however, recognition of such cost reimbursements may be deferred until the product is sold by our collaborator to third-party customers);

•share in any profits or losses arising from the commercialization of such products, we record our share of the variable consideration, representing net product sales less cost of goods sold and shared commercialization and other expenses, in the period in which such underlying sales occur and costs are incurred by the collaborator; and

•receive royalties and/or sales-based milestone payments from our collaborator, we recognize such amounts in the period earned.

Our collaborators provide us with estimates of product sales and our share of profits or losses, as applicable, for each quarter. The estimates are revised, if necessary, in subsequent periods if our actual share of profits or losses differ from those estimates.

Stock-based Compensation

We recognize stock-based compensation expense for equity grants under our long-term incentive plans to employees and non-employee members of our board of directors based on the grant-date fair value of those awards. The grant-date fair value of an award is generally recognized as compensation expense over the award's requisite service period. Stock-based compensation expense also includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. The forfeiture rate estimate is calculated by considering both historical forfeiture experience and an estimate of expected future forfeitures for currently outstanding unvested awards. This estimate is reviewed at least annually and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The assumptions used in computing the fair value of equity awards reflect our best estimates but involve uncertainties related to market and other conditions, many of which are outside our control. Changes in any of these assumptions may materially affect the fair value of awards granted and the amount of stock-based compensation recognized in future periods.

We use the Black-Scholes model to compute the estimated fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to (i) expected volatility of our Common Stock price, (ii) the periods of time over which employees and members of our board of directors are expected to hold their options prior to exercise (expected lives), (iii) expected dividend yield on our Common Stock, which is based on our historical practice and expectation of future dividend payments, and (iv) risk-free interest rates, which are based on quoted U.S. Treasury rates for securities with maturities approximating the options' expected lives. Expected volatility is estimated based on actual movements in our stock price over the most recent historical periods equivalent to the options' expected lives. Expected lives are principally based on our historical exercise experience with previously issued employee and board of director option grants.

We use a Monte Carlo simulation to compute the estimated fair value of performance-based restricted stock units that are subject to vesting based on the Company's attainment of pre-established criteria that include a market condition.

For performance-based restricted stock units that contain a performance condition, we recognize stock-based compensation expense if and when we determine that it is probable the performance condition will be achieved (based on the number of shares expected to be vested and issued). We reassess the probability of achievement at each reporting period and adjust compensation cost, as necessary. If there are any changes in our probability assessment, we recognize a cumulative catch-up adjustment in the period of the change in estimate, with the remaining unrecognized expense recognized prospectively over the remaining requisite service period. If we subsequently determine that the performance criteria are not met or are not expected to be met, any amounts previously recognized as compensation expense are reversed in the period when such determination is made.

See Note 13 to our Consolidated Financial Statements for stock-based compensation expense and related assumptions used in determining the fair value of our awards.

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Income Taxes

We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns, including deferred tax assets and liabilities for expected amounts of Net CFC Tested Income (“NCTI”) (formerly known as global intangible low-taxed income ("GILTI")) inclusions. Deferred tax assets and liabilities are determined as the difference between the tax basis of assets and liabilities and their respective financial reporting amounts ("temporary differences") at enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax assets will not be realized. We periodically re-assess the need for a valuation allowance against our deferred tax assets based o

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/REGN/mda/fy2025/
All MD&A years: /company/REGN/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/REGN/mda/fy2024/): filed 2025-02-05; accession 0001804220-25-000011 (https://www.sec.gov/Archives/edgar/data/872589/000180422025000011/regn-20241231.htm)
- [FY 2023 MD&A](/company/REGN/mda/fy2023/): filed 2024-02-05; accession 0001804220-24-000009 (https://www.sec.gov/Archives/edgar/data/872589/000180422024000009/regn-20231231.htm)
- [FY 2022 MD&A](/company/REGN/mda/fy2022/): filed 2023-02-06; accession 0001804220-23-000008 (https://www.sec.gov/Archives/edgar/data/872589/000180422023000008/regn-20221231.htm)
- [FY 2021 MD&A](/company/REGN/mda/fy2021/): filed 2022-02-07; accession 0001804220-22-000007 (https://www.sec.gov/Archives/edgar/data/872589/000180422022000007/regn-20211231.htm)


## FDA-approved drug applications

Applications listed under this company's exact-matched sponsor name. Approved applications only.

| FDA-listed trade name | Active ingredient | Application | Original approval |
| --- | --- | --- | --- |
| EYLEA HD | AFLIBERCEPT | [BLA761355](/drug/bla-761355/) | 2023-08-18 |
| VEOPOZ | POZELIMAB-BBFG | [BLA761339](/drug/bla-761339/) | 2023-08-18 |
| EVKEEZA | EVINACUMAB-DGNB | [BLA761181](/drug/bla-761181/) | 2021-02-11 |
| INMAZEB | ATOLTIVIMAB; ODESIVIMAB; MAFTIVIMAB | [BLA761169](/drug/bla-761169/) | 2020-10-14 |
| LIBTAYO | CEMIPLIMAB-RWLC | [BLA761097](/drug/bla-761097/) | 2018-09-28 |
| DUPIXENT | DUPILUMAB | [BLA761055](/drug/bla-761055/) | 2017-03-28 |
| PRALUENT | ALIROCUMAB | [BLA125559](/drug/bla-125559/) | 2015-07-24 |
| EYLEA | AFLIBERCEPT | [BLA125387](/drug/bla-125387/) | 2011-11-18 |

Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers.

This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent.


## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2834 Pharmaceutical Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/REGN.md · JSON record: /company/REGN.json · verified financials: /company/REGN/financials.json / /company/REGN/financials.csv · machine TOC for the whole site: /llms.txt