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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
  
Commission File Number: 0-19034
REGENERON PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
New York13-3444607
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
777 Old Saw Mill River Road, Tarrytown, New York 10591-6707
(Address of principal executive offices, including zip code)
(914) 847-7000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock - par value $.001 per shareREGNNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo
The number of shares outstanding of each of the registrant's classes of common stock as of July 23, 2021:
Class of Common StockNumber of Shares
Class A Stock, $.001 par value1,848,970
Common Stock, $.001 par value105,106,409



REGENERON PHARMACEUTICALS, INC.
QUARTERLY REPORT ON FORM 10-Q
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"ARCALYST®," "Evkeeza®," "EYLEA®," "Inmazeb," "Libtayo®" (in the United States), "Praluent®" (in the United States), "REGEN-COV™," "Regeneron®," "Regeneron Genetics Center®," "Ronapreve," "Veloci-Bi®," "VelociGene®," "VelociHum®," "VelociMab®," "VelocImmune®," "VelociMouse®," "VelociSuite®," "VelociT," and "ZALTRAP®" are trademarks of Regeneron Pharmaceuticals, Inc. Trademarks and trade names of other companies appearing in this report are, to the knowledge of Regeneron Pharmaceuticals, Inc., the property of their respective owners. This report refers to products of Regeneron Pharmaceuticals, Inc., its collaborators, and other parties. Consult the product label in each territory for specific information about such products.



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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except share data)
June 30,December 31,
20212020
ASSETS
Current assets:
Cash and cash equivalents$2,072.2 $2,193.7 
Marketable securities1,838.6 1,393.3 
Accounts receivable, net6,998.6 4,114.7 
Inventories1,983.9 1,916.6 
Prepaid expenses and other current assets444.3 160.8 
Total current assets13,337.6 9,779.1 
Marketable securities3,900.3 3,135.6 
Property, plant, and equipment, net3,358.5 3,221.6 
Deferred tax assets746.6 858.9 
Other noncurrent assets142.9 168.1 
Total assets$21,485.9 $17,163.3 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$476.0 $475.5 
Accrued expenses and other current liabilities2,018.0 1,644.2 
Finance lease liabilities718.4  
Deferred revenue520.0 577.7 
Total current liabilities3,732.4 2,697.4 
Long-term debt1,979.2 1,978.5 
Finance lease liabilities 717.2 
Deferred revenue50.7 57.8 
Other noncurrent liabilities596.3 687.1 
Total liabilities6,358.6 6,138.0 
Stockholders' equity:
Preferred Stock, $.01 par value; 30,000,000 shares authorized; issued and outstanding - none
  
Class A Stock, convertible, $.001 par value; 40,000,000 shares authorized; shares issued and outstanding - 1,848,970 in 2021 and 2020
  
Common Stock, $.001 par value; 320,000,000 shares authorized; shares issued - 122,527,112 in 2021 and 121,533,460 in 2020
0.1 0.1 
Additional paid-in capital7,225.8 6,716.2 
Retained earnings 15,107.1 10,893.0 
Accumulated other comprehensive income15.7 29.3 
Treasury Stock, at cost; 17,656,256 shares in 2021 and 16,431,520 shares in 2020
(7,221.4)(6,613.3)
Total stockholders' equity15,127.3 11,025.3 
Total liabilities and stockholders' equity$21,485.9 $17,163.3 
The accompanying notes are an integral part of the financial statements.
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REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Statements of Operations
Revenues:
Net product sales$4,137.8 $1,226.9 $5,862.1 $2,463.6 
Collaboration revenue954.7 513.3 1,709.1 1,041.6 
Other revenue46.0 211.8 96.0 275.0 
5,138.5 1,952.0 7,667.2 3,780.2 
Expenses:
Research and development714.2 722.0 1,457.1 1,305.9 
Selling, general, and administrative414.7 348.3 820.3 715.6 
Cost of goods sold539.4 102.5 722.6 181.3 
Cost of collaboration and contract manufacturing154.3 173.0 279.1 311.5 
Other operating (income) expense, net(31.3)(50.2)(71.8)(90.6)
1,791.3 1,295.6 3,207.3 2,423.7 
Income from operations3,347.2 656.4 4,459.9 1,356.5 
Other income (expense):
Other income (expense), net420.0 272.2 574.9 246.8 
Interest expense(14.4)(9.7)(29.0)(15.8)
405.6 262.5 545.9 231.0 
Income before income taxes3,752.8 918.9 5,005.8 1,587.5 
Income tax expense653.9 21.6 791.7 65.6 
Net income$3,098.9 $897.3 $4,214.1 $1,521.9 
Net income per share - basic$29.51 $8.19 $40.06 $13.87 
Net income per share - diluted$27.97 $7.61 $38.07 $13.03 
Weighted average shares outstanding - basic105.0 109.6 105.2 109.7 
Weighted average shares outstanding - diluted110.8 117.9 110.7 116.8 
Statements of Comprehensive Income
Net income$3,098.9 $897.3 $4,214.1 $1,521.9 
Other comprehensive income (loss), net of tax:
Unrealized (loss) gain on debt securities(0.8)44.6 (14.1)15.8 
Unrealized gain (loss) on cash flow hedges0.3  0.5 (1.4)
Comprehensive income $3,098.4 $941.9 $4,200.5 $1,536.3 
The accompanying notes are an integral part of the financial statements.
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REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
(In millions)
Class A StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Stockholders' Equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 20201.8 121.5$0.1 $6,716.2 $10,893.0 $29.3 (16.4)$(6,613.3)$11,025.3 
Issuance of Common Stock for equity awards granted under long-term incentive plans
— — 0.5 — 93.9 — — — — 93.9 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
— — (0.1)— (66.4)— — — — (66.4)
Issuance/distribution of Common Stock for 401(k) Savings Plan
— — — — 8.5 — —  1.5 10.0 
Repurchases of Common Stock
— — — — — — — (0.7)(323.5)(323.5)
Stock-based compensation charges— — — — 135.6 — — — — 135.6 
Net income— — — — — 1,115.2 — — — 1,115.2 
Other comprehensive loss, net of tax— — — — — — (13.1)— — (13.1)
Balance, March 31, 20211.8  121.9 0.1 6,887.8 12,008.2 16.2 (17.1)(6,935.3)11,977.0 
Issuance of Common Stock for equity awards granted under long-term incentive plans
— — 0.7 — 216.6 — — — — 216.6 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
— — (0.1)— (26.1)— — — — (26.1)
Issuance/distribution of Common Stock for 401(k) Savings Plan
— — — — 11.6 — —  2.5 14.1 
Repurchases of Common Stock
— — — — — — — (0.6)(288.6)(288.6)
Stock-based compensation charges— — — — 135.9 — — — — 135.9 
Net income— — — — — 3,098.9 — — — 3,098.9 
Other comprehensive loss, net of tax— — — — — — (0.5)— — (0.5)
Balance, June 30, 20211.8  122.5 $0.1 $7,225.8 $15,107.1 $15.7 (17.7)$(7,221.4)$15,127.3 
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (continued)
Class A StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Stockholders' Equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 20191.8  113.3 $0.1 $4,428.6 $7,379.8 $21.1 (4.9)$(739.9)$11,089.7 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 3.1 — 817.4 — — — — 817.4 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — (0.4)— (155.1)— — — — (155.1)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 12.5 — —  2.1 14.6 
Repurchases of Common Stock— — — — — — — (0.8)(336.0)(336.0)
Stock-based compensation charges— — — — 108.0 — — — — 108.0 
Net income— — — — — 624.6— — — 624.6 
Other comprehensive loss, net of tax— — — — — — (30.2)— — (30.2)
Balance, March 31, 20201.8 116.00.15,211.48,004.4(9.1)(5.7)(1,073.8)12,133.0 
Issuance of Common Stock for equity awards granted under long-term incentive plans
— — 4.4 — 1,355.5 — — — — 1,355.5 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations
— — (0.6)— (416.5)— — — — (416.5)
Issuance/distribution of Common Stock for 401(k) Savings Plan
— — — — 7.4 — —  2.7 10.1 
Repurchases of Common Stock
— — — — — — — (9.9)(5,071.8)(5,071.8)
Stock-based compensation charges
— — — — 105.2 — — — — 105.2 
Net income
— — — — — 897.3 — — — 897.3 
Other comprehensive income, net of tax
— — — — — — 44.6 — — 44.6 
Balance, June 30, 20201.8  119.8 $0.1 $6,263.0 $8,901.7 $35.5 (15.6)$(6,142.9)$9,057.4 
The accompanying notes are an integral part of the financial statements.
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REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
June 30,
20212020
Cash flows from operating activities:
Net income $4,214.1 $1,521.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization138.5 114.9 
Non-cash compensation expense276.4 209.3 
Gains on marketable and other securities, net(553.9)(199.6)
Other non-cash items, net192.6 23.8 
Deferred taxes51.8 118.0 
Changes in assets and liabilities:
Increase in accounts receivable(2,883.9)(47.1)
Increase in inventories(221.5)(233.4)
(Increase) decrease in prepaid expenses and other assets(277.8)33.8 
(Decrease) increase in deferred revenue(64.8)78.9 
Increase in accounts payable, accrued expenses, and other liabilities423.7 20.9 
Total adjustments(2,918.9)119.5 
Net cash provided by operating activities1,295.2 1,641.4 
Cash flows from investing activities:
Purchases of marketable and other securities(1,886.5)(1,533.5)
Sales or maturities of marketable and other securities1,217.1 2,843.7 
Capital expenditures(263.8)(300.0)
Net cash (used in) provided by investing activities(933.2)1,010.2 
Cash flows from financing activities:
Proceeds from bridge loan facility 1,500.0 
Proceeds from issuance of Common Stock308.2 2,168.0 
Payments in connection with Common Stock tendered for employee tax obligations(180.7)(571.6)
Repurchases of Common Stock(612.1)(5,373.6)
Net cash used in financing activities(484.6)(2,277.2)
Net (decrease) increase in cash, cash equivalents, and restricted cash(122.6)374.4 
Cash, cash equivalents, and restricted cash at beginning of period2,207.3 1,630.3 
Cash, cash equivalents, and restricted cash at end of period$2,084.7 $2,004.7 
The accompanying notes are an integral part of the financial statements.
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REGENERON PHARMACEUTICALS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Interim Financial Statements
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, 2020 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, 2020.
Certain reclassifications have been made to prior period amounts to conform with the current period's presentation.
2. Product Sales
Net product sales consist of the following:
(In millions)Three Months Ended
June 30,
Six Months Ended
June 30,
Net Product Sales in the United States
2021202020212020
EYLEA®
$1,424.7 $1,113.7 $2,771.7 $2,285.7 
Libtayo®
78.0 63.3 147.1 125.0 
Praluent®
41.9 47.2 85.2 47.2 *
REGEN-COV™
2,591.2  2,853.4  
Evkeeza®
2.0  2.5  
ARCALYST®
 **2.7 2.2 **5.7 
$4,137.8 $1,226.9 $5,862.1 $2,463.6 
* Effective April 1, 2020, the Company became solely responsible for the development and commercialization of Praluent in the United States and records net product sales of Praluent in the United States. Previously, Sanofi recorded net product sales of Praluent in the United States. See Note 3 for further details.
** Effective April 1, 2021, Kiniksa records net product sales of ARCALYST in the United States. Previously, the Company recorded net product sales of ARCALYST in the United States.
As of June 30, 2021 and December 31, 2020, the Company had $5.881 billion and $3.112 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 and six months ended June 30, 2021 and 2020. Sales to each of these customers as a percentage of the Company's total gross product revenue are as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Besse Medical, a subsidiary of AmerisourceBergen Corporation
22 %53 %30 %53 %
McKesson Corporation14 %32 %19 %34 %
U.S. Government (see Note 3)57 % 43 % 
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3. 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 ClassificationThree Months Ended
June 30,
Six Months Ended
June 30,
(In millions)2021202020212020
Antibody:
Regeneron's share of profits in connection with commercialization of antibodiesCollaboration revenue$327.6 $171.9 $588.2 $342.8 
Reimbursement for manufacturing of commercial suppliesCollaboration revenue$110.9 $100.6 $216.5 $180.7 
Reimbursement of research and development expensesReduction of Research and development expense$46.5 $51.3 $77.1 $128.9 
Regeneron's obligation for its share of Sanofi research and development expensesResearch and development expense$(10.6)$(24.9)$(22.5)$(41.6)
Reimbursement of commercialization-related expenses Reduction of Selling, general, and administrative expense$78.3 $86.0 $137.9 $177.2 
Immuno-oncology:
Regeneron's share of losses in connection with commercialization of Libtayo outside the United StatesCollaboration revenue$(3.5)$(6.4)$(9.6)$(12.6)
Reimbursement for manufacturing of commercial suppliesCollaboration revenue$2.7 $3.0 $7.4 $5.1 
Reimbursement of research and development expensesReduction of Research and development expense$22.5 $47.0 $44.4 $86.9 
Reimbursement of commercialization-related expensesReduction of Selling, general, and administrative expense$20.7 $14.3 $39.2 $24.7 
Regeneron's obligation for its share of Sanofi commercial expensesSelling, general, and administrative expense$(10.9)$(4.4)$(18.6)$(8.9)
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profitsCost of goods sold$(34.4)$(28.2)$(64.8)$(55.0)
Amounts recognized in connection with up-front payments receivedOther operating income$20.7 $20.5 $43.6 $37.0 
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 ("LCA"), Sanofi is generally responsible for funding 80%–100% of agreed-upon development costs.
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.
The following table summarizes contract balances in connection with the Company's Antibody Collaboration with Sanofi:
June 30,December 31,
(In millions)20212020
Accounts receivable, net $474.7 $407.7 
Deferred revenue
$459.0 $347.7 
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In April 2020, the Company and Sanofi entered into an amendment to the LCA in connection with, among other things, the removal of Praluent from the LCA such that (i) effective April 1, 2020, the LCA no longer governs the development, manufacture, or commercialization of Praluent and (ii) the quarterly period ended March 31, 2020 was the last quarter for which Sanofi and the Company shared profits and losses for Praluent under the LCA. The parties also entered into a Praluent Cross License & Commercialization Agreement (the "Praluent Agreement") pursuant to which, effective April 1, 2020, the Company, at its sole cost, became solely responsible for the development and commercialization of Praluent in the United States, and Sanofi, at its sole cost, became solely responsible for the development and commercialization of Praluent outside of the United States. Under the Praluent Agreement, Sanofi will pay the Company a 5% royalty on Sanofi’s net product sales of Praluent outside the United States until March 31, 2032. The Company will not owe Sanofi royalties on the Company’s net product sales of Praluent in the United States. Although each party will be responsible for manufacturing Praluent for its respective territory, the parties have entered into definitive supply agreements under which, for a certain transitional period, the Company will continue to supply drug substance to Sanofi and Sanofi will continue to supply finished product to Regeneron.
With respect to any intellectual property or product liability litigation relating to Praluent, the parties have agreed that, effective April 1, 2020, Regeneron and Sanofi each will be solely responsible for any such litigation (including damages and other costs and expenses thereof) in the United States and outside the United States, respectively, arising out of Praluent sales or other activities on or after April 1, 2020 (subject to Sanofi's right to set off a portion of any third-party royalty payments resulting from certain patent litigation proceedings against up to 50% of any Praluent royalty payment owed to Regeneron). The parties will each bear 50% of any damages arising out of Praluent sales or other activities prior to April 1, 2020. See Note 12 for discussion of legal proceedings related to Praluent.
Immuno-Oncology
The Company is party to a collaboration with Sanofi to research, develop, and commercialize antibody-based cancer treatments in the field of immuno-oncology (the "IO Collaboration").
Effective December 31, 2018, the Company and Sanofi entered into an Amended and Restated Immuno-oncology Discovery and Development Agreement ("Amended IO Discovery Agreement"), which narrowed the scope of the existing discovery and development activities conducted by the Company under the 2015 IO Discovery Agreement to developing therapeutic bispecific antibodies targeting (i) BCMA and CD3 (the "BCMAxCD3 Program") and (ii) MUC16 and CD3 (the "MUC16xCD3 Program") through clinical proof-of-concept. During the first quarter of 2021, Sanofi did not exercise its options to license rights to these product candidates; as a result, we retain the exclusive right to develop and commercialize such product candidates and Sanofi will receive a royalty on sales (if any). In addition, the Company has no further obligations to develop drug product candidates under the Amended IO Discovery Agreement.
Under the terms of the Immuno-oncology License and Collaboration Agreement, the parties are co-developing and co-commercializing Libtayo (cemiplimab), an antibody targeting the receptor known as programmed cell death protein 1 (PD-1). The parties share equally, on an ongoing basis, agreed-upon development and commercialization expenses for Libtayo. The Company has principal control over the development of Libtayo and leads commercialization activities in the United States (see Note 2 for related product sales information), while Sanofi leads commercialization activities outside of the United States. The parties share equally in profits and losses in connection with the commercialization of Libtayo.
The following table summarizes contract balances in connection with the Company's IO Collaboration with Sanofi:
June 30,December 31,
(In millions)20212020
Accounts receivable, net
$(6.8)$(6.5)
Deferred revenue
$11.4 $10.7 
Other liabilities
$238.0 $280.9 
Other liabilities include up-front payments received from Sanofi for which recognition has been deferred.
The aggregate amount of the estimated consideration under the IO Collaboration related to the Company's obligation that was unsatisfied (or partially unsatisfied) as of June 30, 2021 was $474.4 million. This amount is expected to be recognized over the remaining period in which the Company is obligated to satisfy its obligation in connection with performing development activities.
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b. Bayer
The Company is party to a license and collaboration agreement with Bayer for the global development and commercialization of EYLEA outside the United States. All agreed upon EYLEA development expenses incurred by the Company and Bayer are shared equally. Bayer markets EYLEA outside the United States, where, for countries other than Japan, the companies share equally in profits and losses from sales of EYLEA. In Japan, the Company is currently entitled to receive a tiered percentage of between 33.5% and 40.0% of EYLEA net product sales through 2021, and thereafter, the companies will share equally in profits and losses from sales of EYLEA.
Amounts recognized in our Statements of Operations in connection with our Bayer EYLEA collaboration are as follows:
Statement of Operations ClassificationThree Months Ended
June 30,
Six Months Ended
June 30,
(In millions)2021202020212020
Regeneron's net profit in connection with commercialization of EYLEA outside the United States
Collaboration revenue$335.4 $230.9 $644.3 $484.7 
Reimbursement for manufacturing of commercial supplies
Collaboration revenue$13.7 $13.3 $27.6 $40.9 
Reimbursement of research and development expenses
Reduction of Research and development expense
$9.9 

$10.8 $20.7 $22.8 
Regeneron's obligation for its share of Bayer research and development expenses
Research and development expense
$(10.9)$(5.3)$(23.4)$(13.4)
The following table summarizes contract balances in connection with our Bayer EYLEA collaboration:
June 30,December 31,
(In millions)20212020
Accounts receivable, net$342.3 $336.2 
Deferred revenue
$98.8 $99.7 
c. Teva
The Company and Teva are parties to a collaboration agreement (the "Teva Collaboration Agreement") to develop and commercialize fasinumab globally, excluding certain Asian countries that are subject to our collaboration agreement with Mitsubishi Tanabe Pharma Corporation. The Company leads global development activities, and the parties share development costs equally, on an ongoing basis, under a global development plan.
Amounts recognized in our Statements of Operations in connection with our collaboration with Teva are as follows:
Statement of Operations ClassificationThree Months Ended
June 30,
Six Months Ended
June 30,
(In millions)2021202020212020
Reimbursement of research and development expenses
Reduction of Research and development expense
$11.7 $31.0 $31.5 $56.2 
Amounts recognized in connection with up-front and development milestone payments received
Other operating income
$7.2 $20.7 $19.4 $37.3 
The following table summarizes contract balances in connection with the Teva Collaboration Agreement:
June 30,December 31,
(In millions)20212020
Accounts receivable, net$11.6 $27.7 
Other liabilities
$47.2 $66.8 
Other liabilities include up-front and development milestone payments received from Teva for which recognition has been deferred.
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The aggregate amount of the estimated consideration under the Teva Collaboration Agreement related to the Company's obligation that was unsatisfied (or partially unsatisfied) as of June 30, 2021 was $105.1 million. This amount is expected to be recognized over the remaining period in which the Company is obligated to satisfy its obligation in connection with performing development activities.
d. U.S. Government
REGEN-COV (casirivimab and imdevimab)
In the first quarter of 2020, we announced an expansion of our Other Transaction Agreement with the Biomedical Advanced Research Development Authority ("BARDA"), pursuant to which the U.S. Department of Health and Human Services ("HHS") was obligated to fund certain of our costs incurred for research and development activities related to COVID-19 treatments.
In July 2020, we entered into an agreement with entities acting at the direction of BARDA and the U.S. Department of Defense to manufacture and deliver filled and finished drug product of REGEN-COV to the U.S. government.
In January 2021, the Company announced an agreement with an entity acting on behalf of the U.S. Department of Defense and HHS to manufacture and deliver additional filled and finished drug product of REGEN-COV to the U.S. government. Pursuant to the agreement, the U.S. government was obligated to purchase all filled and finished doses of drug product delivered by June 30, 2021, and agreed to acquire such doses at the lowest treatment dose authorized or approved by the FDA for the indication authorized under the Emergency Use Authorization ("EUA").
The Company has completed its final deliveries of drug product under the agreements described above. See Note 2 for REGEN-COV net product sales recognized in connection with these agreements during the three and six months ended June 30, 2021.
e. Roche
In August 2020, we entered into