0001804220-23-000008 | 10-K | XBRL Viewer | Regeneron Pharmaceuticals INC

Product Sales

Net product sales consist of the following:


		Year Ended December 31,
(In millions)		2022		2021		2020
EYLEA®	U.S.	$	6,264.6	$	5,792.3	$	4,947.2
Libtayo®(a)	U.S.	374.5		306.3		270.7
	ROW(b)	73.0		—		—
Praluent®(c)	U.S.	130.0		170.0		150.9
REGEN-COV®(d)	U.S.	—		5,828.0		185.7
Evkeeza®	U.S.	48.6		18.4		—
Inmazeb®	U.S.	3.0		—		—
ARCALYST®(e)	U.S.	—		2.2		13.1
		$	6,893.7	$	12,117.2	$	5,567.6

(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")
(c) 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.
(d) Net product sales of REGEN-COV in the United States relate to product sold in connection with the Company's agreements with the U.S. government. See Note 3 for further details.
(e) 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 December 31, 2022 and 2021, the Company had $3.586 billion and $5.059 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 each of the years ended December 31, 2022, 2021, and 2020. Sales to each of these customers as a percentage of the Company's total gross product revenue are as follows:


	Year Ended December 31,
	2022		2021		2020
Besse Medical, a subsidiary of AmerisourceBergen Corporation	55	%	30	%	51	%
McKesson Corporation	28	%	18	%	32	%
U.S. government	*		43	%	*

* Sales to the U.S. government represented less than 10% of total gross product revenue during the period

Revenue from product sales is recorded net of applicable provisions for rebates, chargebacks, and discounts, distribution-related fees, and other sales-related deductions. Accruals for chargebacks and discounts are recorded as a direct reduction to accounts receivable. Accruals for rebates, distribution-related fees, and other sales-related deductions are recorded within accrued liabilities. The following table summarizes the provisions, and credits/payments, for sales-related deductions.


(In millions)	Rebates, Chargebacks, and Discounts		Distribution- Related Fees		Other Sales- Related Deductions		Total
Balance as of December 31, 2019	$	80.3	$	46.4	$	29.4	$	156.1
Provisions	762.9		279.9		94.1		1,136.9
Credits/payments	(641.0)		(249.1)		(78.7)		(968.8)
Balance as of December 31, 2020	202.2		77.2		44.8		324.2
Provisions	1,047.1		363.6		150.4		1,561.1
Credits/payments	(1,034.7)		(360.8)		(127.6)		(1,523.1)
Balance as of December 31, 2021	214.6		80.0		67.6		362.2
Provisions	1,537.3		431.1		141.1		2,109.5
Credits/payments	(1,398.0)		(399.7)		(127.2)		(1,924.9)
Balance as of December 31, 2022	$	353.9	$	111.4	$	81.5	$	546.8

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.

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Collaboration, License, and Other Agreements

12 Months Ended

Dec. 31, 2022

Collaboration, License, and Other Agreements

a. Sanofi

Amounts recognized in the Company's Statements of Operations in connection with its collaborations with Sanofi are detailed below:


	Statement of Operations Classification	Year Ended December 31,
(In millions)		2022			2021		2020
Antibody:
Regeneron's share of profits in connection with commercialization of antibodies	Sanofi collaboration revenue	$	2,082.0	*	$	1,363.0	$	785.2
Sales-based milestones earned	Sanofi collaboration revenue	$	100.0		$	50.0	$	50.0
Reimbursement for manufacturing of commercial supplies	Sanofi collaboration revenue	$	633.7		$	488.8	$	368.0
Other	Sanofi collaboration revenue	$	28.7		$	—	$	—
Reimbursements of R&D expenses, net of Regeneron's obligation for its share of Sanofi R&D expenses	Reduction of R&D expense	$	43.0		$	129.2	$	149.1
Reimbursement of commercialization-related expenses	Reduction of SG&A expense	$	437.4		$	320.5	$	359.4

Immuno-oncology**:
Regeneron's share of profits (losses) in connection with commercialization of Libtayo outside the United States	Sanofi collaboration revenue	$	6.7		$	(13.6)	$	(25.7)
Reimbursement for manufacturing of ex-U.S. commercial supplies	Sanofi collaboration revenue	$	4.6		$	14.0	$	8.9
Reimbursement of R&D expenses	Reduction of R&D expense	$	42.7		$	85.1	$	166.2
Reimbursement of commercialization-related expenses	Reduction of SG&A expense	$	41.4		$	89.6	$	64.7
Regeneron's obligation for its share of Sanofi commercial expenses	SG&A expense	$	(19.9)		$	(36.3)	$	(22.4)
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profits	Cost of goods sold	$	(70.1)		$	(133.0)	$	(119.1)
Amounts recognized in connection with up-front payments received	Other operating income	$	35.1		$	6.1	$	210.6

* Net of one-time payment of $56.9 million to Sanofi in connection with the amendment to the Antibody License and Collaboration Agreement
** 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 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. The Company's contingent reimbursement

obligation (development balance) to Sanofi under the Antibody Collaboration was approximately $2.864 billion as of December 31, 2022.

Sanofi leads commercialization activities for products under the Antibody Collaboration, subject to the Company's right to co-commercialize such products. The Company co-commercializes Dupixent in the United States and in certain countries outside the United States. The parties equally share profits and losses from sales within the United States. The parties share profits outside the United States on a sliding scale based on sales starting at 65% (Sanofi)/35% (Regeneron) and ending at 55% (Sanofi)/45% (Regeneron), and losses outside the United States at 55% (Sanofi)/45% (Regeneron).

In addition to profit and loss sharing, the Company is entitled to receive sales milestone payments from Sanofi. In each of 2020 and 2021, 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 $1.0 billion and $1.5 billion, respectively, on a rolling twelve-month basis. In 2022, the Company earned two additional $50.0 million sales-based milestones from Sanofi, upon aggregate annual sales of antibodies outside the United States (including Praluent) exceeding $2.0 billion and $2.5 billion, respectively, 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 Company's significant promised goods and services in connection with the Antibody Collaboration consist of providing research and development services, including the manufacturing of clinical supplies; and providing commercial-related services, including the manufacturing of commercial supplies. The Company recognizes amounts in connection with the Antibody Collaboration based on the amount it has the right to invoice and such amount corresponds directly with the Company's performance to date; therefore, the Company does not disclose the value of the transaction price (i.e., the amount of consideration the Company expects to be entitled to) allocated to its remaining unsatisfied obligations.

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


	As of December 31,
(In millions)	2022		2021
Accounts receivable, net	$	692.3	$	504.8
Deferred revenue	$	415.8	$	368.7

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 pays the Company a 5% royalty on Sanofi’s net product sales of Praluent outside the United States until March 31, 2032. The Company does not owe Sanofi royalties on the Company’s net product sales of Praluent in the United States. Although each party is 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 continues to supply drug substance to Sanofi and Sanofi continues 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 are 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 each bear 50% of any damages arising out of Praluent sales or other activities prior to April 1, 2020. See Note 16 for discussion of legal proceedings related to Praluent.

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"). The IO Collaboration was governed by an Amended and Restated Immuno-oncology Discovery and Development Agreement ("Amended IO Discovery Agreement"), and an Immuno-oncology License and Collaboration Agreement ("IO License and Collaboration Agreement"). In connection with the execution of the original Immuno-oncology Discovery and Development Agreement in 2015 ("2015 IO Discovery Agreement"), which was subsequently replaced by the Amended IO Discovery Agreement (as discussed below), Sanofi made a $265.0 million non-refundable up-front payment to the Company. Pursuant to the 2015 IO Discovery Agreement, the Company was to identify and validate potential immuno-oncology targets and develop therapeutic antibodies against such targets through clinical proof-of-concept.

Effective December 31, 2018, the Company and Sanofi entered into the 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 and (ii) MUC16 and CD3 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, the Company retains 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.

In connection with the execution of the IO License and Collaboration Agreement in 2015, Sanofi made a $375.0 million non-refundable up-front payment to the Company. Under the terms of the IO 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. See Note 8 for additional information related to the intangible asset recorded in connection with the transaction.

In accordance with the Amended IO Discovery Agreement, the Company was obligated to reimburse Sanofi for half of the development costs it funded that were attributable to clinical development of product candidates from the Company's share of profits from commercialized IO Collaboration products. Under the A&R IO LCA, the amount of development costs incurred under the IO Collaboration for which the Company was obligated to reimburse Sanofi was $35.0 million as of the effective date of the A&R IO LCA, and the Company pays Sanofi a 0.5% royalty on net product sales of Libtayo until all such development costs have been reimbursed by Regeneron.

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


	As of December 31,
(In millions)	2022		2021
Accounts receivable, net	$	—	$	(22.5)
Deferred revenue	$	—	$	16.0
Other liabilities	$	—	$	276.1

Other liabilities included up-front payments received from Sanofi for which recognition had been deferred. Such amounts were being recognized over the remaining period in which the Company was obligated to perform development activities. In connection with the A&R IO LCA described above, the remaining IO Collaboration Other liabilities balance of $241.0 million as of July 1, 2022 was recognized as a reduction to the intangible asset during the third quarter of 2022.

During 2021, the Company updated its estimate of the total research and development costs expected to be incurred (which resulted in a change to the estimate of the stage of completion) in connection with the IO Collaboration, and, as a result, recorded a cumulative catch-up adjustment of $66.9 million as a reduction to other operating income. During 2020, the Company updated its estimate of the total research and development costs expected to be incurred (which resulted in a change to the estimate of the stage of completion) in connection with the IO Collaboration, and, as a result, recorded a cumulative catch-up adjustment of $135.4 million as an increase to other operating income.

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. The Company is also obligated to use commercially reasonable efforts to supply clinical and commercial bulk product.

Within the United States, the Company is responsible for commercialization and retains profits from such sales. Bayer markets EYLEA outside the United States and the companies share equally in profits and losses from sales. In Japan, the Company was entitled to receive a tiered percentage of between 33.5% and 40.0% of EYLEA net product sales through 2021, and effective January 1, 2022, the companies share equally in profits and losses from sales in Japan. The Company is obligated to reimburse Bayer out of its share of the collaboration profits for 50% of the agreed-upon development expenses that Bayer has incurred in accordance with a formula based on the amount of development expenses that Bayer has incurred and the Company's share of the collaboration profits, or at a faster rate at the Company's option. The Company's contingent reimbursement obligation to Bayer was approximately $273 million as of December 31, 2022.

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


	Statement of Operations Classification	Year Ended December 31,
(In millions)		2022		2021		2020
Regeneron's share of profits in connection with commercialization of EYLEA outside the United States	Other collaboration revenue	$	1,317.4	$	1,349.2	$	1,107.9
Reimbursement for manufacturing of ex-U.S. commercial supplies	Other collaboration revenue	$	91.4	$	60.1	$	78.2
One-time payment in connection with change in Japan arrangement	Other collaboration revenue	$	21.9	$	—	$	—
Reimbursement of R&D expenses	Reduction of R&D expense	$	51.0	$	46.1	$	46.7
Regeneron's obligation for its share of Bayer R&D expenses	R&D expense	$	(34.3)	$	(40.9)	$	(35.8)

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


	As of December 31,
(In millions)	2022		2021
Accounts receivable, net	$	348.2	$	355.5
Deferred revenue	$	131.9	$	129.4

c. Intellia

In 2016, the Company entered into a license and collaboration agreement with Intellia Therapeutics, Inc. to advance CRISPR/Cas9 gene-editing technology for in vivo therapeutic development. The parties collaborate to conduct research for the discovery, development, and commercialization of new therapies, in addition to the research and technology development of the CRISPR/Cas9 platform.

Under the terms of the 2016 agreement, the parties agreed to a target selection process, whereby the Company may obtain exclusive rights in up to 10 targets to be chosen by the Company during the collaboration term, subject to various adjustments and limitations set forth in the agreement. Certain targets that either the Company or Intellia selects pursuant to the target selection process may be subject to a co-development and co-commercialization arrangement at the Company's option or Intellia’s option, as applicable.

In 2020, the Company expanded its existing collaboration with Intellia to provide the Company with rights to develop products for additional in vivo CRISPR/Cas9-based therapeutic targets and for the parties to jointly develop potential products for the treatment of hemophilia A and B. In addition, the Company also received non-exclusive rights to independently develop and commercialize ex vivo gene edited products. In connection with the agreement, in 2020, the Company made a $70.0 million up-front payment and purchased shares of Intellia common stock for an aggregate purchase price of $30.0 million. The up-front payment and the amount paid in excess of the fair market value of the shares purchased, or $15.0 million, were recorded to Acquired in-process research and development expense.

d. U.S. Government

In 2020, the Company expanded its 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 the Company's costs incurred for research and development activities related to COVID-19 treatments. In 2020, the Company also 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. The agreement, as subsequently amended, provided for payments to the Company of up to $465.9 million in the aggregate for bulk manufacturing of the drug substance, as well as fill/finish, storage, and other activities.

In January 2021, the Company entered into an agreement with 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 1.25 million doses of drug product, which the Company delivered by June 30, 2021, resulting in payments to the Company of $2.625 billion.

In September 2021, the Company entered into an amendment to its January 2021 agreement to supply the U.S. government with an additional 1.4 million doses of REGEN-COV. Pursuant to the agreement, the U.S. government was obligated to purchase all filled and finished doses of such additional drug product delivered by January 31, 2022, resulting in payments to the Company of $2.940 billion in the aggregate. Roche supplied a portion of the doses to Regeneron to fulfill the Company's agreement with the U.S. government (see "Roche" below for further details regarding the Company's collaboration agreement with Roche).

As of December 31, 2021, the Company had completed its final deliveries of drug product under the agreements described above. See Note 2 for REGEN-COV net product sales recognized during the years ended December 31, 2021 and 2020 in connection with these agreements.

e. Roche

In 2020, the Company entered into 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 Company leads global development activities for REGEN-COV, and the parties jointly fund certain studies. The Company has the right to distribute the product in the United States and 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. Each quarter, a single payment is due from one party to the other to true-up the global gross profits between the parties. If Regeneron is to receive a true-up payment from Roche, such amount will be recorded to Other collaboration revenue. If Regeneron is to make a true-up payment to Roche, such amount will be recorded to Cost of goods sold.

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


	Statement of Operations Classification	Year Ended December 31,
(In millions)		2022		2021		2020
Global gross profit payment from Roche in connection with sales of REGEN-COV and Ronapreve	Other collaboration revenue	$	627.3	$	361.8	$	—
Reimbursement of R&D expenses	Reduction of R&D expense	$	6.8	$	128.1	$	78.5
Global gross profit payment to Roche in connection with sales of REGEN-COV and Ronapreve	Cost of goods sold	$	—	$	259.6	$	—

The following table summarizes contract balances in connection with the Roche Collaboration Agreement:


	As of December 31,
(In millions)	2022		2021
Accounts receivable, net	$	396.6	$	—
Accrued expenses and other current liabilities	$	—	$	268.8

f. Alnylam

In 2018, the Company and Alnylam Pharmaceuticals, Inc. entered into a collaboration to discover RNA interference ("RNAi") therapeutics for nonalcoholic steatohepatitis ("NASH") and potentially other related diseases, as well as to research, co-develop and commercialize any therapeutic product candidates that emerge from these discovery efforts (including ALN-HSD, which is currently in clinical development). Under the terms of the collaboration agreement, the parties share development costs equally. During the fourth quarter of 2022, Alnylam elected to opt-out of further development activities related to ALN-HSD; as a result, the Company retains the exclusive right to develop and commercialize such product and Alnylam will receive a royalty on sales (if any).

In 2019, the Company and Alnylam entered into a global, strategic collaboration to discover, develop, and commercialize RNA interference therapeutics for a broad range of diseases by addressing therapeutic disease targets expressed in the eye and central nervous system ("CNS"), in addition to a select number of targets expressed in the liver. In connection with the collaboration, the Company made an up-front payment of $400.0 million to Alnylam, and also purchased shares of Alnylam common stock for $400.0 million. For each program, the Company provides Alnylam with a specified amount of funding at program initiation and at lead candidate designation, and Alnylam is eligible to receive up to an aggregate of $200.0 million in clinical proof-of-principle milestones for eye and CNS programs.

Under the collaboration, the parties plan to perform discovery research until designation of lead candidates. Following designation of a lead candidate, the parties may further advance such lead candidate under either a co-development/co-commercialization collaboration agreement ("Co-Co Collaboration Agreement") (under which the parties are advancing ALN-APP and ALN-PNP, which are currently in clinical development) or License Agreement structure. The initial target nomination and discovery period is five years (which may under certain situations automatically be extended for up to seven years in the aggregate) (the "Research Term"). In addition, the Company has an option to extend the Research Term for an additional five-year period for a research extension fee ranging from $200.0 million to $400.0 million; the actual amount of the fee will be determined based on the acceptance of one or more Investigational New Drug Applications ("INDs") (or their equivalent in certain other countries) for programs in the eye and CNS.

In addition, during 2019, the parties entered into a Co-Co Collaboration Agreement for cemdisiran, a small interfering RNA ("siRNA") therapeutic targeting the C5 component of the human complement pathway being developed by Alnylam, with Alnylam as the lead party, and a License Agreement for a combination consisting of cemdisiran and a fully human monoclonal antibody targeting C5 being developed by the Company (pozelimab), with the Company as the licensee. Under the C5 siRNA Co-Co Collaboration Agreement, the parties shared costs equally and under the License Agreement, the Company as the licensee is responsible for its own costs and expenses. The C5 siRNA License Agreement contains a flat low double-digit royalty payable to Alnylam on potential future net sales of the combination only subject to customary reductions, as well as up to $325.0 million in sales milestones.

During the fourth quarter of 2022, the Company elected to opt-out of further development activities pursuant to the Co-Co Collaboration Agreement for cemdisiran as a monotherapy; as a result, Alnylam retains the right to develop and commercialize such product and the Company will receive a royalty on sales (if any).

Amounts recognized in the Company's Statements of Operations in connection with the Alnylam agreements described above were not material for the years ended December 31, 2022, 2021, and 2020. In addition, contract balances in the Company's Balance Sheets were not material as of December 31, 2022 and 2021.

g. Checkmate

In May 2022, the Company completed its acquisition of Checkmate Pharmaceuticals, Inc. (“Checkmate”) for a total equity value of approximately $250 million. The Company made an assessment as to whether the set of assets acquired constituted a business and should be accounted for as a business combination. Given that substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset, vidutolimod, which is in clinical development for oncology, the transaction was accounted for as an asset acquisition. As a result of the acquisition, the Company recorded (i) a charge of $195.0 million to Acquired in-process research and development and (ii) net assets of $35.3 million, net of cash, related to the assets acquired (including deferred tax assets and investments) and liabilities assumed.

h. 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 the Company's collaboration agreement with Mitsubishi Tanabe Pharma Corporation. Under the terms of the Teva Collaboration Agreement, the Company led global development activities and the parties share development costs equally.

In connection with the agreement, Teva made a $250.0 million non-refundable up-front payment in 2016, and as of December 31, 2022, the Company had received an aggregate $120.0 million of development milestones from Teva.

Amounts recognized in the Company's Statements of Operations in connection with the Teva Collaboration Agreement are as follows:


	Statement of Operations Classification	Year Ended December 31,
(In millions)		2022		2021		2020
Amounts recognized in connection with up-front and development milestone payments received	Other operating income	$	33.3	$	26.2	$	47.2

In addition, the Company recognized reimbursement of R&D expenses (as a reduction of R&D expense) of $42.4 million and $109.4 million for the years ended December 31, 2021 and 2020, respectively. Such amount was not material for the year ended December 31, 2022.

The following table summarizes contract balances in connection with the Teva Collaboration Agreement:


	As of December 31,
(In millions)	2022		2021
Accounts receivable, net	$	1.6	$	11.0
Other liabilities	$	—	$	39.7

Other liabilities included up-front and development milestone payments received from Teva for which recognition had been deferred. During 2022, the Company discontinued further clinical development of fasinumab and, as a result, recorded $31.9 million as an increase to Other operating income as the Company deemed its obligation to provide development services in connection with the Teva Collaboration Agreement to be complete.

i. Other

In addition to the collaboration agreements discussed above, the Company has various other collaboration agreements that are not individually significant to its operating results or financial condition at this time. Pursuant to the terms of those agreements, the Company may be required to pay, or it may receive, additional amounts contingent upon the occurrence of various future events (e.g., upon the achievement of various development and commercial milestones) which in the aggregate could be significant. The Company may also incur, or get reimbursed for, significant research and development costs. In addition, if any products related to these collaborations are approved for sale, the Company may be required to pay, or it may receive, royalties on future sales. The payment or receipt of these amounts, however, is contingent upon the occurrence of various future events.

Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable securities as of December 31, 2022 and 2021 consist of both available-for-sale debt securities of investment grade issuers (see below and Note 5) as well as equity securities of publicly traded companies (see Note 5).

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


(In millions)	Amortized		Unrealized				Fair
As of December 31, 2022	Cost Basis		Gains		Losses		Value
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

As of December 31, 2021
Corporate bonds	$	7,518.4	$	10.2	$	(40.9)	$	7,487.7
U.S. government and government agency obligations	109.0		0.3		(0.8)		108.5
Sovereign bonds	64.4		0.3		(0.3)		64.4
Commercial paper	439.7		—		(0.1)		439.6
Certificates of deposit	255.2		—		(0.1)		255.1
Asset-backed securities	42.0		—		(0.1)		41.9
	$	8,428.7	$	10.8	$	(42.3)	$	8,397.2

The Company classifies its investments in available-for-sale debt securities based on their contractual maturity dates. The available-for-sale debt securities listed as of December 31, 2022 mature at various dates through April 2028. The fair values of available-for-sale debt securities by contractual maturity consist of the following:


	As of December 31,
(In millions)	2022		2021
Maturities within one year	$	4,636.4	$	2,809.1
Maturities after one year through five years	5,381.4		5,588.1
Maturities after five years	0.4		—
	$	10,018.2	$	8,397.2

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 December 31, 2022	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
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)

As of December 31, 2021
Corporate bonds	$	5,889.3	$	(40.9)	$	—	$	—	$	5,889.3	$	(40.9)
U.S. government and government agency obligations	90.0		(0.8)		—		—		90.0		(0.8)
Sovereign bonds	37.0		(0.3)		—		—		37.0		(0.3)
Commercial paper	295.7		(0.1)		—		—		295.7		(0.1)
Certificates of deposit	169.4		(0.1)		—		—		169.4		(0.1)
Asset-backed securities	34.9		(0.1)		—		—		34.9		(0.1)
	$	6,516.3	$	(42.3)	$	—	$	—	$	6,516.3	$	(42.3)

The unrealized losses on corporate bonds as of December 31, 2022 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 years ended December 31, 2022, 2021, and 2020, amounts reclassified from Accumulated other comprehensive income (loss) into Other income (expense), net were related to realized gains and losses on sales of available-for-sale debt securities.

Realized gains and losses on sales of marketable securities were not material for the years ended December 31, 2022, 2021, and 2020. Interest income of $160.1 million, $45.8 million, and $75.4 million for the years ended December 31, 2022, 2021, and 2020, respectively, was recognized in Other income (expense), net.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

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 December 31, 2022	Fair Value		Level 1		Level 2
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		—
	$	11,228.2	$	1,210.0	$	10,018.2

As of December 31, 2021
Available-for-sale debt securities:
Corporate bonds	$	7,487.7	$	—	$	7,487.7
U.S. government and government agency obligations	108.5		—		108.5
Sovereign bonds	64.4		—		64.4
Commercial paper	439.6		—		439.6
Certificates of deposit	255.1		—		255.1
Asset-backed securities	41.9		—		41.9
Equity securities (unrestricted)	58.4		58.4		—
Equity securities (restricted)	1,191.5		1,191.5		—
	$	9,647.1	$	1,249.9	$	8,397.2

The Company held certain restricted equity securities as of December 31, 2022 which are subject to transfer restrictions that expire at various dates through 2024.

During the year ended December 31, 2022, the Company recorded $39.8 million of net unrealized losses on equity securities in Other income (expense), net. During the years ended December 31, 2021 and 2020, the Company recorded $386.1 million, and $196.0 million, respectively, of net unrealized gains on equity securities in Other income (expense), net.

In addition to the investments summarized in the table above, as of December 31, 2022 and 2021, the Company had $48.3 million and $40.0 million, respectively, in equity investments that do not have a readily determinable fair value. These investments are recorded within Other noncurrent assets.

The fair value of the Company's long-term debt (see Note 10), which was determined based on Level 2 inputs, was estimated to be $1.443 billion and $1.887 billion as of December 31, 2022 and 2021, respectively.

Property, Plant and Equipment [Abstract]

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

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


	As of December 31,
(In millions)	2022		2021
Raw materials	$	818.4	$	721.9
Work-in-process	963.1		707.2
Finished goods	98.6		73.7
Deferred costs	521.8		448.5
	$	2,401.9	$	1,951.3

Inventory balances in the table above are net of reserves of $720.7 million and $510.0 million as of December 31, 2022 and 2021, respectively. Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred. For the years ended December 31, 2022 and 2021, Cost of goods sold included inventory write-offs and reserves of $258.7 million and $457.1 million, respectively, primarily related to REGEN-COV. Inventory write-offs and reserves for the year ended December 31, 2020 were not material.

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment

Property, Plant, and Equipment

Property, plant, and equipment consists of the following:


	As of December 31,
(In millions)	2022		2021
Land	$	264.5	$	248.0
Building and improvements	2,270.0		2,088.5
Leasehold improvements	114.3		113.9
Construction in progress	980.5		767.7
Laboratory equipment	1,315.3		1,225.5
Computer equipment and software	337.4		291.5
Furniture, office equipment, and other	150.2		145.2
	5,432.2		4,880.3
Less, accumulated depreciation and amortization	(1,669.2)		(1,398.1)
	$	3,763.0	$	3,482.2

Property, plant, and equipment in the table above includes leased property under the Company's finance lease at its Tarrytown, New York facility. See Note 11.

Depreciation and amortization expense on property, plant, and equipment was $303.9 million, $281.1 million, and $230.8 million for the years ended December 31, 2022, 2021, and 2020, respectively.

As of December 31, 2022 and 2021, $2.960 billion and $2.684 billion, respectively, of the Company's net property, plant, and equipment was located in the United States and $803.0 million and $797.8 million, respectively, was located outside the United States (primarily in Ireland).

Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consist of the following:


		As of December 31,
		2022						2021
(In millions)	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired product rights - Libtayo	13 years	$	946.3	$	(35.7)	$	910.6	$	—	$	—	$	—
Other intangibles	5–8 years	10.0		(5.1)		4.9		29.3		(22.6)		6.7
Intangible assets, net		$	956.3	$	(40.8)	$	915.5	$	29.3	$	(22.6)	$	6.7

As described in Note 3, the Company recorded an intangible asset in connection with obtaining the exclusive right to develop, commercialize, and manufacture Libtayo worldwide. The intangible asset recognized upon the effective date of the A&R IO LCA primarily consisted of the $900.0 million up-front payment, offset by the remaining IO Collaboration Other liabilities balance of $241.0 million. During the year ended December 31, 2022, the Company recorded additions to the Libtayo intangible asset primarily related to contingent consideration (including regulatory and sales-based milestones, as described in Note 3) and other amounts due to Sanofi in connection with obtaining the worldwide rights to Libtayo.

Amortization expense on intangible assets was $37.6 million for the year ended December 31, 2022. Amortization expense for the years ended December 31, 2021 and 2020 was not material.

As of December 31, 2022, assuming no changes in the gross carrying amount of intangible assets, amortization expense is estimated to be approximately $72 million for each of the years ending December 31, 2023 through December 31, 2027.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
(In millions)	2022		2021
Accrued payroll and related costs	$	497.3	$	440.7
Accrued clinical expenses	295.0		295.8
Accrued sales-related costs	633.6		472.7
Income taxes payable	0.3		326.3
Amounts due to collaborators (see Note 3)	10.5		287.4
Other accrued expenses and liabilities	637.5		383.9
	$	2,074.2	$	2,206.8

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Credit Facility

In December 2018, the Company entered into an agreement with a syndicate of lenders (the "2018 Credit Agreement") which provided for a $750.0 million senior unsecured five-year revolving credit facility. The 2018 Credit Agreement, which was to mature in December 2023, included an option for the Company to elect to increase the commitments under the Credit Facility and/or to enter into one or more tranches of term loans in the aggregate principal amount of up to $250.0 million, subject to the consent of the lenders providing the additional commitments or term loans, as applicable, and certain other conditions.

In December 2022, the Company entered into an agreement with a syndicate of lenders (the "2022 Credit Agreement") which provides for a $750.0 million senior unsecured five-year revolving credit facility (the "2022 Credit Facility") and replaces the 2018 Credit Agreement, which was contemporaneously terminated. The 2022 Credit Agreement includes an option for the Company to elect to increase the commitments under the 2022 Credit Facility and/or to enter into one or more tranches of term loans in the aggregate principal amount of up to $500.0 million, subject to the consent of the lenders providing the additional commitments or term loans, as applicable, and certain other conditions. The 2022 Credit Agreement also provides a $50.0 million sublimit for letters of credit.

As set forth in the 2022 Credit Agreement, the Company has the option to amend the 2022 Credit Agreement to establish environmental, social, and governance targets which will be used to adjust pricing under the 2022 Credit Facility, subject to parameters to be provided in the 2022 Credit Agreement.

Proceeds of the loans under the 2022 Credit Facility may be used to finance working capital needs, and for general corporate or other lawful purposes, of Regeneron and its subsidiaries. Regeneron Pharmaceuticals, Inc. has guaranteed all obligations under the 2022 Credit Facility. The 2022 Credit Agreement includes an option for the Company to elect to extend the maturity date of the 2022 Credit Facility beyond December 2027, subject to the consent of the extending lenders and certain other conditions. Amounts borrowed under the 2022 Credit Facility may be prepaid, and the commitments under the 2022 Credit Facility may be terminated, at any time without premium or penalty.

The Company had no borrowings outstanding under the 2022 Credit Facility as of December 31, 2022.

The 2022 Credit Agreement contains operating covenants and a maximum total leverage ratio financial covenant. The Company was in compliance with all covenants of the 2022 Credit Agreement as of December 31, 2022.

Senior Notes

In August 2020, the Company issued and sold $1.250 billion aggregate principal amount of senior unsecured notes due 2030 and $750 million aggregate principal amount of senior unsecured notes due 2050 (collectively, the "Notes"). The underwriting discounts and offering expenses are being amortized as additional interest expense over the period from issuance through maturity.

Long-term debt in connection with the Notes, net of underwriting discounts and offering expenses, consists of the following:


	As of December 31,
(In millions)	2022		2021
1.750% Senior Notes due September 2030	$	1,241.0	$	1,239.9
2.800% Senior Notes due September 2050	740.4		740.1
	$	1,981.4	$	1,980.0

Interest on each series of Notes is payable semi-annually in arrears on March 15 and September 15 of each year until their respective maturity dates. Interest expense related to the Notes was $44.3 million, $44.4 million, and $17.6 million for the years ended December 31, 2022, 2021, and 2020, respectively.

The Notes may be redeemed at the Company’s option at any time at 100% of the principal amount plus accrued and unpaid interest, and, until a specified period before maturity, a specified make-whole amount. The Notes contain a change-of-control provision that, under certain circumstances, may require the Company to offer to repurchase the Notes at a price equal to 101% of the principal amount plus accrued and unpaid interest. The Notes also contain certain limitations on the Company’s ability to incur liens and enter into sale and leaseback transactions, as well as customary events of default.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies

See Note 16 for disclosures related to legal contingencies.

a. Leases

The Company conducts certain of its research, development, and administrative activities at leased facilities. The Company also leases vehicles and other assets.

Operating leases

Amounts recognized in the Company's Consolidated Balance Sheets and Statements of Operations included in this report associated with operating leases were not material. Operating lease right-of-use assets are included within Other noncurrent assets, and lease liabilities are included in Accrued expenses and other current liabilities and Other noncurrent liabilities.

Finance leases

In March 2017, the Company entered into a Participation Agreement with BA Leasing BSC, LLC, an affiliate of Banc of America Leasing & Capital LLC ("BAL"), as lessor, and a syndicate of lenders (collectively with BAL, the "Lease Participants"), which provided for $720.0 million of lease financing from the Lease Participants for the acquisition of laboratory and office facilities in Tarrytown, New York (the "Facility"). In March 2017, the Company also entered into a Lease and Remedies Agreement with BAL, pursuant to which the Company leased the Facility from BAL for a five-year term which ended in March 2022.

In March 2022, the Company entered into a Second Amended and Restated Lease and Remedies Agreement (the "Restated Lease") with BAL, as lessor (the "Lessor"), which amends, restates, and extends its lease of the Facility. In March 2022, the Company also entered into a Second Amended and Restated Participation Agreement (the "Restated Participation Agreement") with Bank of America, N.A., as administrative agent, the Lessor, and a syndicate of financial institutions as rent assignees (collectively with the Lessor, the "Participants"), which amends and restates the original Participation Agreement entered into in March 2017.

The original Participation Agreement and certain related agreements were amended and restated in order to, among other things, (i) effect a five-year extension of the original March 2022 maturity date of the $720.0 million lease financing and the end of the term of the Company's lease of the Facility from the Lessor to March 2027, at which time all amounts outstanding thereunder will become due and payable in full, and (ii) modify the rate of the interest or yield that is payable to the Participants. In accordance with the terms of the Restated Lease, the Company continues to pay all maintenance, insurance, taxes, and other costs arising out of the use of the Facility. The Company is also required to make monthly payments of basic rent during the term of the Restated Lease in an amount equal to a variable rate per annum, which was modified in connection with the Restated Lease, to be an adjusted one-month forward-looking term rate based on the Secured Overnight Financing Rate ("SOFR"), plus an applicable margin that varies with the Company's debt rating and total leverage ratio.

The Restated Participation Agreement and Restated Lease include an option for the Company to elect to further extend the maturity date of the Restated Participation Agreement and the term of the Restated Lease for an additional five-year period, subject to the consent of all the Participants and certain other conditions. The Company also has the option prior to the end of the term of the Restated Lease to (a) purchase the Facility by paying an amount equal to the outstanding principal amount of the Participants' advances under the Restated Participation Agreement, all accrued and unpaid yield thereon, and all other outstanding amounts under the Restated Participation Agreement, Restated Lease, and certain related documents or (b) sell the Facility to a third party on behalf of the Lessor.

Consistent with the original lease, the Restated Lease continues to be classified as a finance lease as the Company has the option to purchase the Facility under terms that make it reasonably certain to be exercised. The agreements governing the Restated Lease financing contain financial and operating covenants. Such financial covenants and certain of the operating covenants are substantially similar to the covenants set forth in the Company's $750.0 million 2018 Credit Agreement. The Company was in compliance with all such covenants as of December 31, 2022.

Amounts recognized in the Consolidated Balance Sheet related to the Lease are included in the table below. Other than the Lease described above, the Company had no leases accounted for as finance leases as of December 31, 2022 and 2021.


		As of December 31,
(In millions)	Classification	2022		2021
Finance lease right-of-use assets	Property, plant, and equipment, net(a)	$	620.3	$	631.3
Finance lease liabilities	Finance lease liabilities	$	720.0	$	719.7

(a) Finance lease right-of-use assets were recorded net of accumulated amortization of $119.4 million and $104.9 million as of December 31, 2022 and 2021, respectively.

Finance lease costs consist of the following:


	Year Ended December 31,
(In millions)	2022		2021
Amortization of right-of-use assets	$	14.5	$	14.4
Interest on lease liabilities	21.6		11.9
	$	36.1	$	26.3

Other information related to the Company's finance lease includes the following:


	As of December 31,
	2022	2021
Remaining lease term (in years)	4.2	0.2
Discount rate	4.84%	1.68%

Supplemental information

The following is a maturity analysis of the Company's finance lease liability:


(In millions)	As of December 31, 2022
2023	$	44.9
2024	38.6
2025	31.3
2026	30.7
2027	727.9
Total undiscounted lease payments	873.4
Imputed interest	(153.4)
Total lease liability	$	720.0

b. Research Collaboration and Licensing Agreements

As part of the Company's research and development efforts, the Company enters into research collaboration and licensing agreements with other companies, universities, and other organizations. These agreements contain varying terms and provisions which include fees to be paid by the Company, services to be provided, and license rights to certain proprietary technology developed under the agreements. Some of these agreements may require the Company to pay additional amounts contingent upon the occurrence of various future events (e.g., upon the achievement of various development and commercial milestones). Additionally, the Company has in-licensed patent and/or technology pursuant to agreements which contain provisions that require the Company to pay royalties, as defined, at rates that range from 0.5% to 12.0%, in the event the Company sells or licenses any proprietary products developed under the respective agreements. The Company also has contingent reimbursement obligations to its collaborators Sanofi and Bayer out of the respective collaboration's profits, if they are sufficient for that purpose. See Note 3 for a more detailed description of collaboration, license, and other agreements.

As described in Note 3, as a result of obtaining worldwide rights to Libtayo, the Company pays Sanofi a royalty on net product sales of Libtayo. In addition, in 2018, the Company and Sanofi entered into a license agreement with Bristol-Myers Squibb Company, E. R. Squibb & Sons, L.L.C., and Ono Pharmaceutical Co., Ltd. to obtain a license under certain patents owned and/or exclusively licensed by one or more of those parties that includes the right to develop and sell Libtayo. Under the agreement, the Company is obligated to pay royalties of 8.0% on worldwide sales of Libtayo through December 31, 2023, and royalties of 2.5% from January 1, 2024 through December 31, 2026. Prior to July 1, 2022, royalties on such sales were shared equally by the Company and Sanofi.

For the years ended December 31, 2022, 2021, and 2020, the Company recorded royalty expense (net of reimbursements from collaborators, as applicable) in Cost of goods sold and Cost of collaboration and contract manufacturing of $84.5 million, $66.9 million, and $56.5 million, respectively, based on product sales under various licensing agreements.

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

The Company's Restated Certificate of Incorporation, as amended, provides for the issuance of up to 40 million shares of Class A Stock, par value $0.001 per share, and 320 million shares of Common Stock, par value $0.001 per share. Shares of Class A Stock are convertible, at any time, at the option of the holder into shares of Common Stock on a share-for-share basis. Holders of Class A Stock have rights and privileges identical to Common Stockholders except that each share of Class A is entitled to ten votes per share, while each share of Common Stock is entitled to one vote per share. Class A Stock may only be transferred to specified Permitted Transferees, as defined. Under the Company's Restated Certificate of Incorporation, the Company's board of directors is authorized to issue up to 30 million shares of Preferred Stock, in series, with rights, privileges, and qualifications of each series determined by the board of directors.

Share Repurchase Programs

In November 2019, the Company's board of directors authorized a share repurchase program to repurchase up to $1.0 billion of the Company's Common Stock. The share repurchase program permitted 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. As of December 31, 2020, the Company had repurchased the entire $1.0 billion it was authorized to repurchase under the program.

In January 2021, the Company's board of directors authorized a share repurchase program to repurchase up to $1.5 billion of the Company's Common Stock. The share repurchase program was approved under terms substantially similar to the November 2019 share repurchase program described above. As of December 31, 2021, the Company had repurchased the entire $1.5 billion of its Common Stock that it was authorized to repurchase under the program.

In November 2021, the Company's board of directors authorized an additional share repurchase program to repurchase up to $3.0 billion of the Company's Common Stock. The share repurchase program was approved under terms substantially similar to the share repurchase programs described above. The program has no time limit and can be discontinued at any time. As of December 31, 2022, $745.2 million remained available for share repurchases under the November 2021 program.

The table below summarizes the shares of the Company's Common Stock it repurchased under the programs and the cost of the shares, which were recorded as Treasury Stock.


	Year Ended December 31,
(In millions)	2022		2021		2020
Number of shares	3.3		3.0		1.6
Total cost of shares	$	2,099.8	$	1,655.0	$	746.0

In January 2023, the Company's board of directors authorized a new share repurchase program to repurchase up to an additional $3.0 billion of the Company's Common Stock. The share repurchase program was approved under terms substantially similar to the share repurchase programs described above. The program has no time limit and can be discontinued at any time.

Share 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.

Sanofi Funding of Certain Development Costs

In 2018, the Company and Sanofi entered into an agreement, which, among other things, granted Sanofi a limited waiver of Sanofi's lock-up obligations under the amended and restated investor agreement between the Company and Sanofi in order to allow Sanofi to satisfy its funding obligations with respect to Libtayo development costs and/or certain activities relating to dupilumab and itepekimab incurred in quarterly periods through September 30, 2020 by selling shares of the Company's Common Stock owned by Sanofi. During 2020, Sanofi elected to sell, and the Company elected to purchase, shares of our Common Stock to satisfy Sanofi's funding obligation related to such activities. Consequently, the Company recorded the cost of the shares received, or $135.0 million, as Treasury Stock during 2020.

Additional Stock Purchased from Sanofi

In May 2020, a secondary offering of 13,014,646 shares of the Company's Common Stock (the "Secondary Offering") held by Sanofi was completed. In connection with the Secondary Offering, the Company also purchased 9,806,805 shares directly from Sanofi for an aggregate purchase amount of $5.0 billion (the "Stock Purchase"). As a result of the Secondary Offering and the Stock Purchase, Sanofi disposed of all of its shares of the Company's Common Stock, other than 400,000 shares that it retained as of the closing of the Secondary Offering and the Stock Purchase (a portion of which Sanofi used for the funding of certain development costs described above).

In May 2020, the Company entered into an amendment to the amended and restated investor agreement, which provides, among other things, that following the Secondary Offering and Stock Purchase, the “standstill” provisions, which contractually prohibit Sanofi from seeking to directly or indirectly exert control of the Company, continue to apply pursuant to their terms.

Arrangements with Other Collaborators

In connection with the Company's license and collaboration agreement with Bayer for the joint development and commercialization outside the United States of antibody product candidates to Ang2, Bayer is bound by certain "standstill" provisions, which contractually prohibit Bayer from seeking to influence the control of the Company or acquiring more than 20% of the Company's outstanding shares of Class A Stock and Common Stock (taken together). This prohibition will remain in place until the earliest of (i) the fifth anniversary of the termination of the agreement (which will occur on November 1, 2023) or (ii) other specified events.

Further, pursuant to the 2016 Teva Collaboration Agreement, Teva and its affiliates are bound by certain "standstill" provisions, which contractually prohibit them from seeking to directly or indirectly exert control of the Company or acquiring more than 5% of the Company's Class A Stock and Common Stock (taken together). This prohibition will remain in place until the earliest of (i) the fifth anniversary of the expiration or earlier termination of the agreement or (ii) other specified events.

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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Share-Based Payment Arrangement [Abstract]

Long-Term Incentive Plans

12 Months Ended

Dec. 31, 2022

Long-Term Incentive Plans

The Company has used long-term incentive plans for the purpose of granting equity awards to employees of the Company, including officers, and non-employees, including non-employee members of the Company's board of directors (collectively, "Participants"). The Participants may receive awards as determined by a committee of independent members of the Company's board of directors or, to the extent authorized by such committee with respect to certain Participants, a duly authorized employee (collectively, the "Committee"). The incentive plan currently used by the Company is the Second Amended and Restated Regeneron Pharmaceuticals, Inc. 2014 Long-Term Incentive Plan (the "Second Amended and Restated 2014 Incentive Plan"). It was most recently adopted and approved by the Company's shareholders in 2020. As of the most recent shareholder approval date, the Second Amended and Restated 2014 Incentive Plan provided for the issuance of up to 22.3 million shares of Common Stock in respect of awards. In addition, upon expiration, forfeiture, surrender, exchange, cancellation, or termination of any award previously granted under the Amended and Restated Regeneron Pharmaceuticals, Inc. 2014 Long-Term Incentive Plan (the "Amended and Restated 2014 Incentive Plan"), the Regeneron Pharmaceuticals, Inc. 2014 Long-Term Incentive Plan (the "Original 2014 Incentive Plan"), or the Second Amended and Restated 2000 Long-Term Incentive Plan (the "2000 Incentive Plan"), any shares subject to such award are added to the pool of shares available for grant under the Second Amended and Restated 2014 Incentive Plan.

The awards that may be made under the Second Amended and Restated 2014 Incentive Plan include: (a) incentive stock options and non-qualified stock options, (b) restricted stock awards, (c) shares of phantom stock (also referred to as restricted stock units, which may be time- or performance-based), and (d) other awards. Any award granted may (but is not required to) be subject to vesting based on the attainment by the Company of performance goals pre-established by the Committee.

Stock option awards grant Participants the right to purchase shares of Common Stock at prices determined by the Committee, with exercise prices that are equal to or greater than the average of the high and low market prices of the Company's Common Stock on the date of grant (the "Market Price"). Options vest over a period of time determined by the Committee, generally on a

pro rata basis over a four-year period. The Committee also determines the expiration date of each option. The maximum term of options that have been awarded under the 2000 Incentive Plan, the Original 2014 Incentive Plan, the Amended and Restated 2014 Incentive Plan, and the Second Amended and Restated 2014 Incentive Plan (collectively, the "Incentive Plans") is ten years.

Restricted stock awards grant Participants shares of restricted Common Stock or allow Participants to purchase such shares at a price determined by the Committee. Such shares are nontransferable for a period determined by the Committee ("vesting period"). Should employment terminate, as specified in the Incentive Plans, except as determined by the Committee in its discretion and subject to the applicable Incentive Plan documents, the ownership of any unvested restricted stock awards will be transferred to the Company.

Phantom stock awards provide the Participant the right to receive Common Stock or an amount of cash based on the value of the Common Stock at a future date. The award is subject to such restrictions, if any, as the Committee may impose at the date of grant or thereafter, including a specified period of employment or the achievement of performance goals. Time-based restricted stock units and performance-based restricted stock units are each a type of phantom stock award permitted under the Second Amended and Restated 2014 Incentive Plan.

The Incentive Plans contain provisions that allow for the Committee to provide for the immediate vesting of awards upon a change in control of the Company, as defined in the Incentive Plans.

As of December 31, 2022, there were 15.9 million shares available for future grants under the Second Amended and Restated 2014 Incentive Plan. No additional awards may be made under the 2000 Incentive Plan, the Original 2014 Incentive Plan, or the Amended and Restated 2014 Incentive Plan.

a. Stock Options

Transactions involving stock option awards during 2022 under the Company's Incentive Plans are summarized in the table below.


		Number of Shares (In millions)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In years)	Intrinsic Value (In millions)
Outstanding as of December 31, 2021		18.0	$	435.56
2022:	Granted	2.0	$	705.02
	Forfeited	(0.4)	$	500.26
	Exercised	(4.0)	$	382.66
Outstanding as of December 31, 2022		15.6	$	481.62	6.3	$	3,685.9

Vested and expected to vest as of December 31, 2022		15.1	$	476.15	6.2	$	3,632.8

Exercisable as of December 31, 2022		10.1	$	420.47	5.0	$	2,991.9

The Company satisfies stock option exercises with newly issued shares of the Company's Common Stock. The total intrinsic value of stock options exercised during 2022, 2021, and 2020 was $1.214 billion, $1.707 billion, and $2.251 billion, respectively. The intrinsic value represents the amount by which the market price of the underlying stock exceeds the exercise price of an option.

The table below summarizes the weighted-average exercise prices and weighted-average grant-date fair values of options issued during the years ended December 31, 2022, 2021, and 2020.


	Number of Options Granted (In millions)	Weighted-Average Exercise Price		Weighted-Average Fair Value
2022:
Exercise price equal to Market Price	2.0	$	705.02	$	220.88
2021:
Exercise price equal to Market Price	2.3	$	628.43	$	174.20
2020:
Exercise price equal to Market Price	2.9	$	492.60	$	126.50

For the years ended December 31, 2022, 2021, and 2020, the Company recognized $341.9 million, $328.7 million, and $329.5 million, respectively, of stock-based compensation expense related to stock option awards (net of amounts capitalized as inventory, which were not material for each of the three years). As of December 31, 2022, there was $572.0 million of stock-based compensation cost related to unvested stock options, net of estimated forfeitures, which had not yet been recognized. The Company expects to recognize this compensation cost over a weighted-average period of 1.8 years.

Fair Value Assumptions:

The following table summarizes the weighted average values of the assumptions used in computing the fair value of option grants during 2022, 2021, and 2020.


	2022		2021		2020
Expected volatility	28	%	27	%	28	%
Expected lives from grant date	5.2 years		5.5 years		5.0 years
Expected dividend yield	0	%	0	%	0	%
Risk-free interest rate	3.50	%	1.22	%	0.47	%

Expected volatility has been estimated based on actual movements in the Company's stock price over the most recent historical periods equivalent to the options' expected lives. Expected lives are principally based on the Company's historical exercise experience with previously issued employee and board of directors' option grants. The expected dividend yield is zero as the Company has never paid dividends and does not currently anticipate paying any in the foreseeable future. The risk-free interest rates are based on quoted U.S. Treasury rates for securities with maturities approximating the options' expected lives.

b. Restricted Stock Awards and Time-Based Restricted Stock Units

A summary of the Company's activity related to restricted stock awards and time-based restricted stock units (excluding performance-based restricted stock units, which are detailed further below) (collectively, "restricted stock") during 2022 is summarized below.


		Number of Shares/Units (In millions)	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2021		2.1	$	499.85
2022:	Granted	0.9	$	702.32
	Vested	(0.3)	$	477.22
	Forfeited	(0.1)	$	522.18
Unvested as of December 31, 2022		2.6	$	571.19

For the years ended December 31, 2022, 2021, and 2020, the Company recognized $331.1 million, $221.0 million, and $102.5 million, respectively, of stock-based compensation expense related to restricted stock (net of amounts capitalized as inventory, which were not material for each of the three years). As of December 31, 2022, there was $907.7 million of stock-based

compensation cost related to unvested restricted stock which had not yet been recognized. The Company expects to recognize this compensation cost over a weighted-average period of 2.1 years.

c. Performance-based Restricted Stock Units

Performance-based restricted stock units ("PSUs") have been granted to certain members of senior management of the Company. PSUs may be earned based upon the attainment of pre-established performance criteria, which may include a market and/or performance condition. Depending on the terms of the PSUs and the outcome of the pre-established performance criteria, a recipient may ultimately earn the target number of PSUs granted or a specified multiple thereof at the end of a 4–6 year vesting period, as applicable.

The table below summarizes activity related to PSUs during 2022. The number of PSUs granted represents the maximum number of units that are eligible to be earned.


		Number of Shares/Units (In millions)	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2021		1.3	$	209.06
2022:	Granted	0.2	$	485.61
Unvested as of December 31, 2022		1.5	$	245.94

For each of the years ended December 31, 2022, and 2021, the Company recognized $52.0 million of stock-based compensation expense related to PSUs. The Company did not recognize stock-based compensation expense related to PSUs in 2020 (as PSUs granted in 2020 were granted on December 31, 2020 and are expensed over the vesting period). As of December 31, 2022, there was $156.1 million of stock-based compensation cost related to unvested PSUs which had not yet been recognized. The Company expects to recognize this compensation cost on a straight-line basis over a weighted average period of 3.3 years.

Fair Value Assumptions:

The following table summarizes the weighted average values of the assumptions used in computing the fair value of PSUs that were granted during 2022 and 2020. The Company did not grant PSUs during 2021.


	2022	2020
Expected volatility	32%	35%
Expected dividend yield	0%	0%
Risk-free interest rate	3.3%	0.4%

Employee Savings Plans	12 Months Ended
Employee Savings Plans	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Savings Plans	Employee Savings Plans The Company maintains the Regeneron Pharmaceuticals, Inc. 401(k) Savings Plan, as amended and restated (the "Savings Plan"). The terms of the Savings Plan allow U.S. employees (as defined by the Savings Plan) to contribute to the Savings Plan a percentage of their compensation. In addition, the Company may make discretionary contributions, as defined, to the accounts of participants under the Savings Plan. The Company also maintains additional employee savings plans outside of the United States, which cover eligible employees. Expenses recognized by the Company related to contributions to such plans were $67.6 million, $55.5 million, and $49.9 million for the years ended December 31, 2022, 2021, and 2020, respectively.

The entire disclosure for retirement benefits.

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Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The Company is subject to U.S. federal, state, and foreign income taxes. Components of income before income taxes consist of the following:


	Year Ended December 31,
(In millions)	2022		2021		2020
United States	$	839.9	$	5,944.7	$	2,442.3
Foreign	4,018.9		3,381.1		1,368.1
	$	4,858.8	$	9,325.8	$	3,810.4

Components of income tax expense consist of the following:


	Year Ended December 31,
(In millions)	2022		2021		2020
Current:
Federal	$	968.5	$	1,429.8	$	199.0
State	7.4		6.2		1.2
Foreign	290.9		(38.4)		21.4
Total current tax expense	1,266.8		1,397.6		221.6
Deferred:
Federal	(797.7)		(423.2)		109.0
State	(2.7)		(0.6)		(2.0)
Foreign	54.0		276.7		(31.4)
Total deferred tax (benefit) expense	(746.4)		(147.1)		75.6
	$	520.4	$	1,250.5	$	297.2

A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows:


	Year Ended December 31,
	2022		2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Taxation of non-U.S. operations	(5.5)		(2.8)		(1.8)
Stock-based compensation	(2.9)		(2.4)		(7.6)
Income tax credits	(2.0)		(1.0)		(2.8)
Foreign-derived intangible income deduction	(1.0)		(1.4)		—
Sale of non-inventory related assets between foreign subsidiaries	—		—		(0.8)
Other permanent differences	1.1		—		(0.2)
Effective income tax rate	10.7	%	13.4	%	7.8	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows:


	As of December 31,
(In millions)	2022		2021
Deferred tax assets:
Capitalized research and development expenses	$	845.3	$	—
Deferred compensation	416.2		406.6
Accrued expenses	235.6		262.1
Fixed assets and intangible assets	227.6		257.5
Tax attribute carryforwards	41.3		6.1
Other	15.9		10.8
Deferred revenue	—		57.3
Total deferred tax assets	1,781.9		1,000.4

Deferred tax liabilities:
Unrealized gains on investments	(58.2)		(123.5)
Net deferred tax assets	$	1,723.7	$	876.9

The Company's federal income tax returns for 2017 through 2021 remain open to examination by the IRS. The Company's 2017 and 2018 federal income tax returns are currently under audit by the IRS. In general, the Company's state income tax returns from 2018 to 2021 remain open to examination. The Company's income tax returns outside of the United States remain open to examination from 2018 to 2021. The United States and many states generally have statutes of limitation ranging from 3 to 5 years; however, those statutes could be extended due to the Company's tax credit carryforward position. In general, tax authorities have the ability to review income tax returns in which the statute of limitation has previously expired to adjust the tax credits generated in those years.

The amount of net unrecognized tax benefits that, if settled, would impact the effective tax rate is $373.7 million, $321.1 million, and $267.0 million as of December 31, 2022, 2021, and 2020, respectively. The following table reconciles the beginning and ending amounts of unrecognized tax benefits.


(In millions)	2022		2021		2020
Balance as of January 1	$	410.9	$	267.0	$	210.8
Gross increases related to current year tax positions	136.9		182.3		76.6
Gross (decreases) increases related to prior year tax positions	(5.0)		2.9		7.2
Gross decreases due to settlements and lapse of statutes of limitations	—		(41.3)		(27.6)
Balance as of December 31	$	542.8	$	410.9	$	267.0

In 2022, 2021, and 2020, the increases in unrecognized tax benefits primarily related to the Company's calculation of certain tax credits and other items related to the Company's international operations. The decrease in unrecognized tax benefits in 2021 was related to the closing of audits for the Company's federal income tax returns for 2015 and 2016. Interest expense related to unrecognized tax benefits was not material in 2022, 2021, and 2020. The Company does not believe that it is reasonably possible that the resolution of tax exposures within the next twelve months would have a material impact on the consolidated financial statements as of December 31, 2022.

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 will be effective for periods beginning after December 31, 2022. The enactment of the IRA did not result in any material adjustments to the Company's income tax provisions or net deferred tax assets as of December 31, 2022.

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.

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Cash and Cash Equivalents [Abstract]

Legal Matters	12 Months Ended
Legal Matters	Dec. 31, 2022
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 December 31, 2022 and 2021, 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 has been scheduled for 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 has been scheduled for January 6, 2023. 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 discussed in the preceding sentence, 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 has been scheduled for February 21, 2023. Proceedings Relating to Dupixent (dupilumab) Injection On September 30, 2016, Sanofi initiated a revocation proceeding in the United Kingdom to invalidate the U.K. counterpart of European Patent No. 2,292,665 (the "'665 Patent"), a patent owned by Immunex Corporation relating to antibodies that bind the human interleukin-4 receptor. At the joint request of the parties to the revocation proceeding, the U.K. Patents Court ordered on January 30, 2017 that the revocation action be stayed pending the final determination of the EPO opposition proceedings initiated by the Company and Sanofi in relation to the '665 Patent. The oral hearing before the EPO on the oppositions occurred on November 20, 2017, at which the claims of the '665 Patent were found invalid and the patent was revoked. A final written decision of revocation of the '665 Patent was issued by the EPO on January 4, 2018. Immunex filed a notice of appeal of the EPO's decision on January 31, 2018, which appeal was withdrawn at an oral hearing before the TBA on March 10, 2022 following the TBA's ruling discussed below. On May 18, 2022, the revocation action in the U.K. Patents Court was dismissed following the EPO's revocation of the '665 Patent. On September 20, 2017 and September 21, 2017, respectively, the Company and Sanofi initiated opposition proceedings in the EPO against Immunex's European Patent No. 2,990,420 (the "'420 Patent"), a divisional patent of the '665 Patent (i.e., a patent that shares the same priority date, disclosure, and patent term of the parent '665 Patent but contains claims to a different invention). The oral hearing before the EPO on the oppositions occurred on February 14–15, 2019, at which the '420 Patent was revoked in its entirety. Immunex filed a notice of appeal of the EPO's decision on May 31, 2019. At an oral hearing before the TBA on March 10, 2022, the TBA maintained the invalidity and revocation of the '420 Patent. The original patent term of the Immunex patents expired in May 2021. 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 and 10,464,992 (the "'992 Patent"), and the USPTO has granted both requests to initiate reexamination proceedings. 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. On September 7, 2021, Celltrion, Inc. filed a post-grant review ("PGR") petition in the USPTO against the Company's U.S. Patent No. 10,857,231 (the "'231 Patent") seeking a declaration of invalidity of the '231 Patent. On March 14, 2022, the Company filed a Notice of Disclaimer with the USPTO, disclaiming all claims of the '231 Patent. As a result, on March 15, 2022, the USPTO denied institution of Celltrion's PGR petition. 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 (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 January 6, 2023, Samsung Bioepis Co., Ltd. filed a separate IPR petition against the Company's '681 Patent seeking a declaration of invalidity of the '681 Patent. 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 January 17, 2023, Celltrion, Inc. filed an IPR petition against the '992 Patent seeking a declaration of invalidity of the '992 Patent. 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. A trial has been scheduled to begin on June 12, 2023. 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. 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. 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 complaint with the U.S. International Trade Commission (the "ITC") pursuant to Section 337 of the Tariff Act of 1930 requesting that the ITC institute an investigation relating to the importation into the United States and/or sale within the United States after importation of EYLEA pre-filled syringes ("PFS") and/or components thereof which allegedly infringe Novartis’s U.S. Patent No. 9,220,631 (the "'631 Patent"). The ITC instituted the investigation on July 22, 2020 and a trial was scheduled for April 19–23, 2021. On March 26, 2021, the staff attorney appointed by the ITC's Office of Unfair Import Investigations ("OUII")—an independent government party to the case representing the public interest—determined that the '631 Patent is invalid on several grounds. On April 8, 2021, Novartis moved to terminate the ITC investigation in its entirety based on its withdrawal of the complaint; and, on May 3, 2021, the ITC terminated the investigation. On June 19, 2020, Novartis also 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 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 January 15, 2021, the USPTO declined to institute an IPR proceeding on procedural grounds in light of the pending ITC investigation discussed above; the other IPR petition has been withdrawn. Following Novartis's motion to terminate the ITC investigation discussed above, on April 16, 2021 the Company filed a new IPR petition seeking a declaration of invalidity of the '631 Patent based on the same grounds that were the basis for the OUII staff attorney's determination discussed above. 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 CMS. 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. Shareholder Demands On or about September 30, 2020, March 30, 2022, and March 31, 2022, the Company's board of directors received three demand letters from purported shareholders of the Company. The demands allege that Regeneron and its shareholders have been damaged by 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. The demand letters request that the Company's board of directors investigate alleged breaches of fiduciary duty by its officers and directors and other alleged violations of law and corporate governance practices and procedures; bring legal action against the persons responsible for causing the alleged damages; and implement and maintain an effective system of internal controls, compliance mechanisms, and corporate governance practices and procedures. The Company's board of directors, working with outside counsel, investigated and evaluated the allegations in the demand letters and has concluded that pursuing the claims alleged in the demands would not be in the Company's best interests at this time. 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 to renew upon conclusion of the stay.

Net Income Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Share

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


	Year Ended December 31,
(In millions, except per share data)	2022		2021		2020
Net income - basic and diluted	$	4,338.4	$	8,075.3	$	3,513.2

Weighted average shares - basic	107.1		105.7		107.6
Effect of dilutive securities:
Stock options	4.9		5.4		7.0
Restricted stock awards and restricted stock units	1.5		1.1		0.5
Weighted average shares - diluted	113.5		112.2		115.1

Net income per share - basic	$	40.51	$	76.40	$	32.65
Net income per share - diluted	$	38.22	$	71.97	$	30.52

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


	Year Ended December 31,
(Shares in millions)	2022	2021	2020
Stock options	2.3	2.9	2.7

Statement of Cash Flows

12 Months Ended

Dec. 31, 2022

Statement of Cash Flows

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


	December 31,
(In millions)	2022		2021		2020
Cash and cash equivalents	$	3,105.9	$	2,885.6	$	2,193.7
Restricted cash included in Other noncurrent assets	13.5		12.5		13.6
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows	$	3,119.4	$	2,898.1	$	2,207.3

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

Supplemental disclosure of non-cash investing and financing activities


	As of December 31,
(In millions)	2022		2021		2020
Accrued capital expenditures	$	70.8	$	74.8	$	83.6
Accrued payments for Libtayo intangible asset	$	135.5	$	—	$	—

Business Overview and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements include the accounts of Regeneron and its wholly-owned subsidiaries. Intercompany balances and transactions are eliminated in consolidation.

Use of Estimates

Concentration of Credit Risk

Concentrations of credit risk with respect to customer and collaborator accounts receivable are significant.

Cash and Cash Equivalents

Debt and Equity Securities

Accounts Receivable

Accounts ReceivableThe Company's trade accounts receivable arise from product sales and represent amounts due from its customers. In addition, the Company records accounts receivable arising from its collaboration and licensing agreements. The Company monitors the financial performance and credit worthiness of its counterparties so that it can properly assess and respond to changes in their credit profile. The Company provides allowances against receivables for estimated losses, if any, that may result from a counterparty's inability to pay. Amounts determined to be uncollectible are written-off against the allowance.

Inventories

Inventories are stated at the lower of cost or net realizable value. The Company determines the cost of inventory using the first-in, first-out, or FIFO, method.

Property, Plant and Equipment

Property, Plant, and Equipment


Building and improvements						10–50 years
Laboratory and other equipment						3–10 years
Furniture and fixtures						5 years

Leases

The Company conducts certain of its research, development, and administrative activities at leased facilities. The Company also leases vehicles and other assets.

Operating leases

Finance leases

Intangible Assets

Revenue Recognition

Revenue Recognition - Product Revenue

Collaborative Arrangements


Nature/Type of Payment						Statement of Operations Presentation
Regeneron's share of profits or losses in connection with commercialization of products						Collaboration revenue
Reimbursement for manufacturing of commercial supplies						Collaboration revenue
Royalties and/or sales-based milestones earned						Collaboration revenue
Reimbursement of Regeneron's research and development expenses						Reduction to Research and development expenses
Regeneron's obligation for its share of collaborator's research and development expenses						Research and development expense
Up-front/opt-in and development milestone payments to collaborators						Acquired in-process research and development expense
Reimbursement of Regeneron's commercialization-related expenses						Reduction to Selling, general, and administrative expense
Regeneron's obligation for its share of collaborator's commercialization-related expenses						Selling, general, and administrative expense
Regeneron's obligation to pay collaborator for its share of gross profits when Regeneron is deemed to be the principal						Cost of goods sold
Up-front and development milestones earned (when there is a combined unit of account which includes a license and providing research and development services)						Other operating income

•receives royalties and/or sales-based milestone payments from its collaborator, the Company recognizes such amounts in the period earned.

Research and Development Expenses

Stock-based Compensation

Income Taxes

Per Share Data

Legal Matters

Costs associated with the Company's involvement in legal proceedings are expensed as incurred

Business Overview and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of estimated useful lives of property, plant, and equipment

The estimated useful lives of property, plant, and equipment are as follows:


Building and improvements						10–50 years
Laboratory and other equipment						3–10 years
Furniture and fixtures						5 years

Property, plant, and equipment consists of the following:


	As of December 31,
(In millions)	2022		2021
Land	$	264.5	$	248.0
Building and improvements	2,270.0		2,088.5
Leasehold improvements	114.3		113.9
Construction in progress	980.5		767.7
Laboratory equipment	1,315.3		1,225.5
Computer equipment and software	337.4		291.5
Furniture, office equipment, and other	150.2		145.2
	5,432.2		4,880.3
Less, accumulated depreciation and amortization	(1,669.2)		(1,398.1)
	$	3,763.0	$	3,482.2

Summary of presentation in statement of operations of payments to and from collaborators


Nature/Type of Payment						Statement of Operations Presentation
Regeneron's share of profits or losses in connection with commercialization of products						Collaboration revenue
Reimbursement for manufacturing of commercial supplies						Collaboration revenue
Royalties and/or sales-based milestones earned						Collaboration revenue
Reimbursement of Regeneron's research and development expenses						Reduction to Research and development expenses
Regeneron's obligation for its share of collaborator's research and development expenses						Research and development expense
Up-front/opt-in and development milestone payments to collaborators						Acquired in-process research and development expense
Reimbursement of Regeneron's commercialization-related expenses						Reduction to Selling, general, and administrative expense
Regeneron's obligation for its share of collaborator's commercialization-related expenses						Selling, general, and administrative expense
Regeneron's obligation to pay collaborator for its share of gross profits when Regeneron is deemed to be the principal						Cost of goods sold
Up-front and development milestones earned (when there is a combined unit of account which includes a license and providing research and development services)						Other operating income

Product Sales (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of product sales

Net product sales consist of the following:


		Year Ended December 31,
(In millions)		2022		2021		2020
EYLEA®	U.S.	$	6,264.6	$	5,792.3	$	4,947.2
Libtayo®(a)	U.S.	374.5		306.3		270.7
	ROW(b)	73.0		—		—
Praluent®(c)	U.S.	130.0		170.0		150.9
REGEN-COV®(d)	U.S.	—		5,828.0		185.7
Evkeeza®	U.S.	48.6		18.4		—
Inmazeb®	U.S.	3.0		—		—
ARCALYST®(e)	U.S.	—		2.2		13.1
		$	6,893.7	$	12,117.2	$	5,567.6

(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")
(c) 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.
(d) Net product sales of REGEN-COV in the United States relate to product sold in connection with the Company's agreements with the U.S. government. See Note 3 for further details.
(e) Effective April 1, 2021, Kiniksa records net product sales of ARCALYST in the United States. Previously, the Company recorded net product sales of ARCALYST in the United States.

Amounts recognized in the Company's Statements of Operations in connection with its collaborations with Sanofi are detailed below:


	Statement of Operations Classification	Year Ended December 31,
(In millions)		2022			2021		2020
Antibody:
Regeneron's share of profits in connection with commercialization of antibodies	Sanofi collaboration revenue	$	2,082.0	*	$	1,363.0	$	785.2
Sales-based milestones earned	Sanofi collaboration revenue	$	100.0		$	50.0	$	50.0
Reimbursement for manufacturing of commercial supplies	Sanofi collaboration revenue	$	633.7		$	488.8	$	368.0
Other	Sanofi collaboration revenue	$	28.7		$	—	$	—
Reimbursements of R&D expenses, net of Regeneron's obligation for its share of Sanofi R&D expenses	Reduction of R&D expense	$	43.0		$	129.2	$	149.1
Reimbursement of commercialization-related expenses	Reduction of SG&A expense	$	437.4		$	320.5	$	359.4

Immuno-oncology**:
Regeneron's share of profits (losses) in connection with commercialization of Libtayo outside the United States	Sanofi collaboration revenue	$	6.7		$	(13.6)	$	(25.7)
Reimbursement for manufacturing of ex-U.S. commercial supplies	Sanofi collaboration revenue	$	4.6		$	14.0	$	8.9
Reimbursement of R&D expenses	Reduction of R&D expense	$	42.7		$	85.1	$	166.2
Reimbursement of commercialization-related expenses	Reduction of SG&A expense	$	41.4		$	89.6	$	64.7
Regeneron's obligation for its share of Sanofi commercial expenses	SG&A expense	$	(19.9)		$	(36.3)	$	(22.4)
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profits	Cost of goods sold	$	(70.1)		$	(133.0)	$	(119.1)
Amounts recognized in connection with up-front payments received	Other operating income	$	35.1		$	6.1	$	210.6

* Net of one-time payment of $56.9 million to Sanofi in connection with the amendment to the Antibody License and Collaboration Agreement
** 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	Year Ended December 31,
(In millions)		2022		2021		2020
Regeneron's share of profits in connection with commercialization of EYLEA outside the United States	Other collaboration revenue	$	1,317.4	$	1,349.2	$	1,107.9
Reimbursement for manufacturing of ex-U.S. commercial supplies	Other collaboration revenue	$	91.4	$	60.1	$	78.2
One-time payment in connection with change in Japan arrangement	Other collaboration revenue	$	21.9	$	—	$	—
Reimbursement of R&D expenses	Reduction of R&D expense	$	51.0	$	46.1	$	46.7
Regeneron's obligation for its share of Bayer R&D expenses	R&D expense	$	(34.3)	$	(40.9)	$	(35.8)

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


	Statement of Operations Classification	Year Ended December 31,
(In millions)		2022		2021		2020
Global gross profit payment from Roche in connection with sales of REGEN-COV and Ronapreve	Other collaboration revenue	$	627.3	$	361.8	$	—
Reimbursement of R&D expenses	Reduction of R&D expense	$	6.8	$	128.1	$	78.5
Global gross profit payment to Roche in connection with sales of REGEN-COV and Ronapreve	Cost of goods sold	$	—	$	259.6	$	—

Amounts recognized in the Company's Statements of Operations in connection with the Teva Collaboration Agreement are as follows:


	Statement of Operations Classification	Year Ended December 31,
(In millions)		2022		2021		2020
Amounts recognized in connection with up-front and development milestone payments received	Other operating income	$	33.3	$	26.2	$	47.2

Schedules of concentration of risk, by risk factor

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


	Year Ended December 31,
	2022		2021		2020
Besse Medical, a subsidiary of AmerisourceBergen Corporation	55	%	30	%	51	%
McKesson Corporation	28	%	18	%	32	%
U.S. government	*		43	%	*

* Sales to the U.S. government represented less than 10% of total gross product revenue during the period

Sales related deductions activity

The following table summarizes the provisions, and credits/payments, for sales-related deductions.


(In millions)	Rebates, Chargebacks, and Discounts		Distribution- Related Fees		Other Sales- Related Deductions		Total
Balance as of December 31, 2019	$	80.3	$	46.4	$	29.4	$	156.1
Provisions	762.9		279.9		94.1		1,136.9
Credits/payments	(641.0)		(249.1)		(78.7)		(968.8)
Balance as of December 31, 2020	202.2		77.2		44.8		324.2
Provisions	1,047.1		363.6		150.4		1,561.1
Credits/payments	(1,034.7)		(360.8)		(127.6)		(1,523.1)
Balance as of December 31, 2021	214.6		80.0		67.6		362.2
Provisions	1,537.3		431.1		141.1		2,109.5
Credits/payments	(1,398.0)		(399.7)		(127.2)		(1,924.9)
Balance as of December 31, 2022	$	353.9	$	111.4	$	81.5	$	546.8

Collaboration, License, and Other Agreements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of collaboration revenue

Net product sales consist of the following:


		Year Ended December 31,
(In millions)		2022		2021		2020
EYLEA®	U.S.	$	6,264.6	$	5,792.3	$	4,947.2
Libtayo®(a)	U.S.	374.5		306.3		270.7
	ROW(b)	73.0		—		—
Praluent®(c)	U.S.	130.0		170.0		150.9
REGEN-COV®(d)	U.S.	—		5,828.0		185.7
Evkeeza®	U.S.	48.6		18.4		—
Inmazeb®	U.S.	3.0		—		—
ARCALYST®(e)	U.S.	—		2.2		13.1
		$	6,893.7	$	12,117.2	$	5,567.6

(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")
(c) 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.
(d) Net product sales of REGEN-COV in the United States relate to product sold in connection with the Company's agreements with the U.S. government. See Note 3 for further details.
(e) Effective April 1, 2021, Kiniksa records net product sales of ARCALYST in the United States. Previously, the Company recorded net product sales of ARCALYST in the United States.

Amounts recognized in the Company's Statements of Operations in connection with its collaborations with Sanofi are detailed below:


	Statement of Operations Classification	Year Ended December 31,
(In millions)		2022			2021		2020
Antibody:
Regeneron's share of profits in connection with commercialization of antibodies	Sanofi collaboration revenue	$	2,082.0	*	$	1,363.0	$	785.2
Sales-based milestones earned	Sanofi collaboration revenue	$	100.0		$	50.0	$	50.0
Reimbursement for manufacturing of commercial supplies	Sanofi collaboration revenue	$	633.7		$	488.8	$	368.0
Other	Sanofi collaboration revenue	$	28.7		$	—	$	—
Reimbursements of R&D expenses, net of Regeneron's obligation for its share of Sanofi R&D expenses	Reduction of R&D expense	$	43.0		$	129.2	$	149.1
Reimbursement of commercialization-related expenses	Reduction of SG&A expense	$	437.4		$	320.5	$	359.4

Immuno-oncology**:
Regeneron's share of profits (losses) in connection with commercialization of Libtayo outside the United States	Sanofi collaboration revenue	$	6.7		$	(13.6)	$	(25.7)
Reimbursement for manufacturing of ex-U.S. commercial supplies	Sanofi collaboration revenue	$	4.6		$	14.0	$	8.9
Reimbursement of R&D expenses	Reduction of R&D expense	$	42.7		$	85.1	$	166.2
Reimbursement of commercialization-related expenses	Reduction of SG&A expense	$	41.4		$	89.6	$	64.7
Regeneron's obligation for its share of Sanofi commercial expenses	SG&A expense	$	(19.9)		$	(36.3)	$	(22.4)
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profits	Cost of goods sold	$	(70.1)		$	(133.0)	$	(119.1)
Amounts recognized in connection with up-front payments received	Other operating income	$	35.1		$	6.1	$	210.6

* Net of one-time payment of $56.9 million to Sanofi in connection with the amendment to the Antibody License and Collaboration Agreement
** 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	Year Ended December 31,
(In millions)		2022		2021		2020
Regeneron's share of profits in connection with commercialization of EYLEA outside the United States	Other collaboration revenue	$	1,317.4	$	1,349.2	$	1,107.9
Reimbursement for manufacturing of ex-U.S. commercial supplies	Other collaboration revenue	$	91.4	$	60.1	$	78.2
One-time payment in connection with change in Japan arrangement	Other collaboration revenue	$	21.9	$	—	$	—
Reimbursement of R&D expenses	Reduction of R&D expense	$	51.0	$	46.1	$	46.7
Regeneron's obligation for its share of Bayer R&D expenses	R&D expense	$	(34.3)	$	(40.9)	$	(35.8)

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


	Statement of Operations Classification	Year Ended December 31,
(In millions)		2022		2021		2020
Global gross profit payment from Roche in connection with sales of REGEN-COV and Ronapreve	Other collaboration revenue	$	627.3	$	361.8	$	—
Reimbursement of R&D expenses	Reduction of R&D expense	$	6.8	$	128.1	$	78.5
Global gross profit payment to Roche in connection with sales of REGEN-COV and Ronapreve	Cost of goods sold	$	—	$	259.6	$	—

Amounts recognized in the Company's Statements of Operations in connection with the Teva Collaboration Agreement are as follows:


	Statement of Operations Classification	Year Ended December 31,
(In millions)		2022		2021		2020
Amounts recognized in connection with up-front and development milestone payments received	Other operating income	$	33.3	$	26.2	$	47.2

Schedule of accounts receivable and deferred revenue information

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


	As of December 31,
(In millions)	2022		2021
Accounts receivable, net	$	692.3	$	504.8
Deferred revenue	$	415.8	$	368.7

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


	As of December 31,
(In millions)	2022		2021
Accounts receivable, net	$	—	$	(22.5)
Deferred revenue	$	—	$	16.0
Other liabilities	$	—	$	276.1

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


	As of December 31,
(In millions)	2022		2021
Accounts receivable, net	$	348.2	$	355.5
Deferred revenue	$	131.9	$	129.4

The following table summarizes contract balances in connection with the Roche Collaboration Agreement:


	As of December 31,
(In millions)	2022		2021
Accounts receivable, net	$	396.6	$	—
Accrued expenses and other current liabilities	$	—	$	268.8

The following table summarizes contract balances in connection with the Teva Collaboration Agreement:


	As of December 31,
(In millions)	2022		2021
Accounts receivable, net	$	1.6	$	11.0
Other liabilities	$	—	$	39.7

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

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 December 31, 2022	Cost Basis		Gains		Losses		Value
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

As of December 31, 2021
Corporate bonds	$	7,518.4	$	10.2	$	(40.9)	$	7,487.7
U.S. government and government agency obligations	109.0		0.3		(0.8)		108.5
Sovereign bonds	64.4		0.3		(0.3)		64.4
Commercial paper	439.7		—		(0.1)		439.6
Certificates of deposit	255.2		—		(0.1)		255.1
Asset-backed securities	42.0		—		(0.1)		41.9
	$	8,428.7	$	10.8	$	(42.3)	$	8,397.2

Marketable securities, based on contractual maturity dates

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


	As of December 31,
(In millions)	2022		2021
Maturities within one year	$	4,636.4	$	2,809.1
Maturities after one year through five years	5,381.4		5,588.1
Maturities after five years	0.4		—
	$	10,018.2	$	8,397.2

Fair value and unrealized losses of marketable securities


	Less than 12 Months				12 Months or Greater				Total
(In millions) As of December 31, 2022	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
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)

As of December 31, 2021
Corporate bonds	$	5,889.3	$	(40.9)	$	—	$	—	$	5,889.3	$	(40.9)
U.S. government and government agency obligations	90.0		(0.8)		—		—		90.0		(0.8)
Sovereign bonds	37.0		(0.3)		—		—		37.0		(0.3)
Commercial paper	295.7		(0.1)		—		—		295.7		(0.1)
Certificates of deposit	169.4		(0.1)		—		—		169.4		(0.1)
Asset-backed securities	34.9		(0.1)		—		—		34.9		(0.1)
	$	6,516.3	$	(42.3)	$	—	$	—	$	6,516.3	$	(42.3)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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 December 31, 2022	Fair Value		Level 1		Level 2
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		—
	$	11,228.2	$	1,210.0	$	10,018.2

As of December 31, 2021
Available-for-sale debt securities:
Corporate bonds	$	7,487.7	$	—	$	7,487.7
U.S. government and government agency obligations	108.5		—		108.5
Sovereign bonds	64.4		—		64.4
Commercial paper	439.6		—		439.6
Certificates of deposit	255.1		—		255.1
Asset-backed securities	41.9		—		41.9
Equity securities (unrestricted)	58.4		58.4		—
Equity securities (restricted)	1,191.5		1,191.5		—
	$	9,647.1	$	1,249.9	$	8,397.2

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of inventory

Inventories consist of the following:


	As of December 31,
(In millions)	2022		2021
Raw materials	$	818.4	$	721.9
Work-in-process	963.1		707.2
Finished goods	98.6		73.7
Deferred costs	521.8		448.5
	$	2,401.9	$	1,951.3

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

The estimated useful lives of property, plant, and equipment are as follows:


Building and improvements						10–50 years
Laboratory and other equipment						3–10 years
Furniture and fixtures						5 years

Property, plant, and equipment consists of the following:


	As of December 31,
(In millions)	2022		2021
Land	$	264.5	$	248.0
Building and improvements	2,270.0		2,088.5
Leasehold improvements	114.3		113.9
Construction in progress	980.5		767.7
Laboratory equipment	1,315.3		1,225.5
Computer equipment and software	337.4		291.5
Furniture, office equipment, and other	150.2		145.2
	5,432.2		4,880.3
Less, accumulated depreciation and amortization	(1,669.2)		(1,398.1)
	$	3,763.0	$	3,482.2

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:


		As of December 31,
		2022						2021
(In millions)	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired product rights - Libtayo	13 years	$	946.3	$	(35.7)	$	910.6	$	—	$	—	$	—
Other intangibles	5–8 years	10.0		(5.1)		4.9		29.3		(22.6)		6.7
Intangible assets, net		$	956.3	$	(40.8)	$	915.5	$	29.3	$	(22.6)	$	6.7

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
(In millions)	2022		2021
Accrued payroll and related costs	$	497.3	$	440.7
Accrued clinical expenses	295.0		295.8
Accrued sales-related costs	633.6		472.7
Income taxes payable	0.3		326.3
Amounts due to collaborators (see Note 3)	10.5		287.4
Other accrued expenses and liabilities	637.5		383.9
	$	2,074.2	$	2,206.8

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of issued senior unsecured notes

Long-term debt in connection with the Notes, net of underwriting discounts and offering expenses, consists of the following:


	As of December 31,
(In millions)	2022		2021
1.750% Senior Notes due September 2030	$	1,241.0	$	1,239.9
2.800% Senior Notes due September 2050	740.4		740.1
	$	1,981.4	$	1,980.0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of amounts recognized in the Condensed Consolidated Balance Sheet


		As of December 31,
(In millions)	Classification	2022		2021
Finance lease right-of-use assets	Property, plant, and equipment, net(a)	$	620.3	$	631.3
Finance lease liabilities	Finance lease liabilities	$	720.0	$	719.7

(a) Finance lease right-of-use assets were recorded net of accumulated amortization of $119.4 million and $104.9 million as of December 31, 2022 and 2021, respectively.

Schedule of lease cost and other information

Finance lease costs consist of the following:


	Year Ended December 31,
(In millions)	2022		2021
Amortization of right-of-use assets	$	14.5	$	14.4
Interest on lease liabilities	21.6		11.9
	$	36.1	$	26.3

Other information related to the Company's finance lease includes the following:


	As of December 31,
	2022	2021
Remaining lease term (in years)	4.2	0.2
Discount rate	4.84%	1.68%

Schedule of maturities of finance lease liabilities

The following is a maturity analysis of the Company's finance lease liability:


(In millions)	As of December 31, 2022
2023	$	44.9
2024	38.6
2025	31.3
2026	30.7
2027	727.9
Total undiscounted lease payments	873.4
Imputed interest	(153.4)
Total lease liability	$	720.0

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Class of treasury stock

The table below summarizes the shares of the Company's Common Stock it repurchased under the programs and the cost of the shares, which were recorded as Treasury Stock.


	Year Ended December 31,
(In millions)	2022		2021		2020
Number of shares	3.3		3.0		1.6
Total cost of shares	$	2,099.8	$	1,655.0	$	746.0

Long-Term Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of transactions involving stock option awards

Transactions involving stock option awards during 2022 under the Company's Incentive Plans are summarized in the table below.


		Number of Shares (In millions)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In years)	Intrinsic Value (In millions)
Outstanding as of December 31, 2021		18.0	$	435.56
2022:	Granted	2.0	$	705.02
	Forfeited	(0.4)	$	500.26
	Exercised	(4.0)	$	382.66
Outstanding as of December 31, 2022		15.6	$	481.62	6.3	$	3,685.9

Vested and expected to vest as of December 31, 2022		15.1	$	476.15	6.2	$	3,632.8

Exercisable as of December 31, 2022		10.1	$	420.47	5.0	$	2,991.9

Schedule of weighted-average exercise prices and weighted-average grant-date fair values of options issued

The table below summarizes the weighted-average exercise prices and weighted-average grant-date fair values of options issued during the years ended December 31, 2022, 2021, and 2020.


	Number of Options Granted (In millions)	Weighted-Average Exercise Price		Weighted-Average Fair Value
2022:
Exercise price equal to Market Price	2.0	$	705.02	$	220.88
2021:
Exercise price equal to Market Price	2.3	$	628.43	$	174.20
2020:
Exercise price equal to Market Price	2.9	$	492.60	$	126.50

Schedule of weighted-average values of assumptions used in computing fair value of option grants

The following table summarizes the weighted average values of the assumptions used in computing the fair value of option grants during 2022, 2021, and 2020.


	2022		2021		2020
Expected volatility	28	%	27	%	28	%
Expected lives from grant date	5.2 years		5.5 years		5.0 years
Expected dividend yield	0	%	0	%	0	%
Risk-free interest rate	3.50	%	1.22	%	0.47	%


	2022	2020
Expected volatility	32%	35%
Expected dividend yield	0%	0%
Risk-free interest rate	3.3%	0.4%

Schedule of activity related to restricted stock awards


		Number of Shares/Units (In millions)	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2021		2.1	$	499.85
2022:	Granted	0.9	$	702.32
	Vested	(0.3)	$	477.22
	Forfeited	(0.1)	$	522.18
Unvested as of December 31, 2022		2.6	$	571.19

Schedule of activity related to performance-based awards

The table below summarizes activity related to PSUs during 2022. The number of PSUs granted represents the maximum number of units that are eligible to be earned.


		Number of Shares/Units (In millions)	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2021		1.3	$	209.06
2022:	Granted	0.2	$	485.61
Unvested as of December 31, 2022		1.5	$	245.94

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income before income tax

Components of income before income taxes consist of the following:


	Year Ended December 31,
(In millions)	2022		2021		2020
United States	$	839.9	$	5,944.7	$	2,442.3
Foreign	4,018.9		3,381.1		1,368.1
	$	4,858.8	$	9,325.8	$	3,810.4

Schedule of components of income tax expense

Components of income tax expense consist of the following:


	Year Ended December 31,
(In millions)	2022		2021		2020
Current:
Federal	$	968.5	$	1,429.8	$	199.0
State	7.4		6.2		1.2
Foreign	290.9		(38.4)		21.4
Total current tax expense	1,266.8		1,397.6		221.6
Deferred:
Federal	(797.7)		(423.2)		109.0
State	(2.7)		(0.6)		(2.0)
Foreign	54.0		276.7		(31.4)
Total deferred tax (benefit) expense	(746.4)		(147.1)		75.6
	$	520.4	$	1,250.5	$	297.2

Schedule of effective income tax rate reconciliation

A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows:


	Year Ended December 31,
	2022		2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Taxation of non-U.S. operations	(5.5)		(2.8)		(1.8)
Stock-based compensation	(2.9)		(2.4)		(7.6)
Income tax credits	(2.0)		(1.0)		(2.8)
Foreign-derived intangible income deduction	(1.0)		(1.4)		—
Sale of non-inventory related assets between foreign subsidiaries	—		—		(0.8)
Other permanent differences	1.1		—		(0.2)
Effective income tax rate	10.7	%	13.4	%	7.8	%

Schedule of deferred tax assets and liabilities

Significant components of the Company's deferred tax assets and liabilities are as follows:


	As of December 31,
(In millions)	2022		2021
Deferred tax assets:
Capitalized research and development expenses	$	845.3	$	—
Deferred compensation	416.2		406.6
Accrued expenses	235.6		262.1
Fixed assets and intangible assets	227.6		257.5
Tax attribute carryforwards	41.3		6.1
Other	15.9		10.8
Deferred revenue	—		57.3
Total deferred tax assets	1,781.9		1,000.4

Deferred tax liabilities:
Unrealized gains on investments	(58.2)		(123.5)
Net deferred tax assets	$	1,723.7	$	876.9

Schedule of unrecognized tax benefits


(In millions)	2022		2021		2020
Balance as of January 1	$	410.9	$	267.0	$	210.8
Gross increases related to current year tax positions	136.9		182.3		76.6
Gross (decreases) increases related to prior year tax positions	(5.0)		2.9		7.2
Gross decreases due to settlements and lapse of statutes of limitations	—		(41.3)		(27.6)
Balance as of December 31	$	542.8	$	410.9	$	267.0

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2022

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:


	Year Ended December 31,
(In millions, except per share data)	2022		2021		2020
Net income - basic and diluted	$	4,338.4	$	8,075.3	$	3,513.2

Weighted average shares - basic	107.1		105.7		107.6
Effect of dilutive securities:
Stock options	4.9		5.4		7.0
Restricted stock awards and restricted stock units	1.5		1.1		0.5
Weighted average shares - diluted	113.5		112.2		115.1

Net income per share - basic	$	40.51	$	76.40	$	32.65
Net income per share - diluted	$	38.22	$	71.97	$	30.52

Antidilutive securities

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


	Year Ended December 31,
(Shares in millions)	2022	2021	2020
Stock options	2.3	2.9	2.7

Statement of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Schedule of cash and cash equivalents


	December 31,
(In millions)	2022		2021		2020
Cash and cash equivalents	$	3,105.9	$	2,885.6	$	2,193.7
Restricted cash included in Other noncurrent assets	13.5		12.5		13.6
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows	$	3,119.4	$	2,898.1	$	2,207.3

Schedule of restrictions on cash and cash equivalents


	December 31,
(In millions)	2022		2021		2020
Cash and cash equivalents	$	3,105.9	$	2,885.6	$	2,193.7
Restricted cash included in Other noncurrent assets	13.5		12.5		13.6
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows	$	3,119.4	$	2,898.1	$	2,207.3

Summary of non-cash investing and financing activities


	As of December 31,
(In millions)	2022		2021		2020
Accrued capital expenditures	$	70.8	$	74.8	$	83.6
Accrued payments for Libtayo intangible asset	$	135.5	$	—	$	—

Business Overview and Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) product segment	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of products approved by the U.S. FDA \| product	9
Number of business segments \| segment	1
Provision for doubtful accounts	$ 0	$ 0
Allowance for doubtful accounts receivable, current	$ 0	$ 0
Three individual customers \| Customer concentration risk \| Accounts receivable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	86.00%	91.00%
U.S. Government \| Customer concentration risk \| Accounts receivable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage		29.00%

Business Overview and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Building and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Building and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	50 years
Laboratory equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Laboratory equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Product Sales - Schedule of Net Product Sales (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 12,172.9	$ 16,071.7	$ 8,497.1
United States
Disaggregation of Revenue [Line Items]
Revenues	6,893.7	12,117.2	5,567.6
United States \| EYLEA
Disaggregation of Revenue [Line Items]
Revenues	6,264.6	5,792.3	4,947.2
United States \| Libtayo
Disaggregation of Revenue [Line Items]
Revenues	374.5	306.3	270.7
United States \| Praluent
Disaggregation of Revenue [Line Items]
Revenues	130.0	170.0	150.9
United States \| REGEN-COV
Disaggregation of Revenue [Line Items]
Revenues	0.0	5,828.0	185.7
United States \| Evkeeza
Disaggregation of Revenue [Line Items]
Revenues	48.6	18.4	0.0
United States \| Inmazeb
Disaggregation of Revenue [Line Items]
Revenues	3.0	0.0	0.0
United States \| ARCALYST
Disaggregation of Revenue [Line Items]
Revenues	0.0	2.2	13.1
Rest Of World \| Libtayo
Disaggregation of Revenue [Line Items]
Revenues	$ 73.0	$ 0.0	$ 0.0

Product Sales - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 5,328.7	$ 6,036.5
Trade Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 3,586.0	$ 5,059.0

Product Sales - Schedule of Concentration of Risk, by Risk Factor (Details) - Gross Product Revenue - Customer concentration risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Besse Medical, a subsidiary of AmerisourceBergen Corporation
Concentration Risk [Line Items]
Concentration risk, percentage	55.00%	30.00%	51.00%
McKesson Corporation
Concentration Risk [Line Items]
Concentration risk, percentage	28.00%	18.00%	32.00%
U.S. government
Concentration Risk [Line Items]
Concentration risk, percentage		43.00%

Product Sales - Schedule of Sales Related Deductions Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	$ 362.2	$ 324.2	$ 156.1
Provisions	2,109.5	1,561.1	1,136.9
Credits/payments	(1,924.9)	(1,523.1)	(968.8)
Ending Balance	546.8	362.2	324.2
Rebates, Chargebacks, and Discounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	214.6	202.2	80.3
Provisions	1,537.3	1,047.1	762.9
Credits/payments	(1,398.0)	(1,034.7)	(641.0)
Ending Balance	353.9	214.6	202.2
Distribution- Related Fees
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	80.0	77.2	46.4
Provisions	431.1	363.6	279.9
Credits/payments	(399.7)	(360.8)	(249.1)
Ending Balance	111.4	80.0	77.2
Other Sales- Related Deductions
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	67.6	44.8	29.4
Provisions	141.1	150.4	94.1
Credits/payments	(127.2)	(127.6)	(78.7)
Ending Balance	$ 81.5	$ 67.6	$ 44.8

Collaboration, License, and Other Agreements - Schedule of Collaboration Revenue Earned From Sanofi (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 12,172.9	$ 16,071.7	$ 8,497.1
Sanofi Collaboration Agreement, Antibody \| Other collaboration revenue \| Regeneron's share of profits in connection with commercialization of antibodies
Disaggregation of Revenue [Line Items]
Revenues	2,082.0	1,363.0	785.2
Sanofi Collaboration Agreement, Antibody \| Other collaboration revenue \| Sales-based milestones earned
Disaggregation of Revenue [Line Items]
Revenues	100.0	50.0	50.0
Sanofi Collaboration Agreement, Antibody \| Other collaboration revenue \| Reimbursement for manufacturing of commercial supplies
Disaggregation of Revenue [Line Items]
Revenues	633.7	488.8	368.0
Sanofi Collaboration Agreement, Antibody \| Other collaboration revenue \| Other
Disaggregation of Revenue [Line Items]
Revenues	28.7	0.0	0.0
Sanofi Collaboration Agreement, Antibody \| Reduction of R&D expense \| Reimbursements of R&D expenses, net of Regeneron's obligation for its share of Sanofi R&D expenses
Disaggregation of Revenue [Line Items]
Revenues	43.0	129.2	149.1
Sanofi Collaboration Agreement, Antibody \| SG&A expense \| Reimbursement of commercialization-related expenses
Disaggregation of Revenue [Line Items]
Revenues	437.4	320.5	359.4
Sanofi Collaboration Agreement, Immuno-oncology \| Other collaboration revenue \| Regeneron's share of profits in connection with commercialization of antibodies
Disaggregation of Revenue [Line Items]
Revenues	6.7	(13.6)	(25.7)
Sanofi Collaboration Agreement, Immuno-oncology \| Other collaboration revenue \| Reimbursement for manufacturing of commercial supplies
Disaggregation of Revenue [Line Items]
Revenues	4.6	14.0	8.9
Sanofi Collaboration Agreement, Immuno-oncology \| Reduction of R&D expense \| Reimbursement of R&D expenses
Disaggregation of Revenue [Line Items]
Revenues	42.7	85.1	166.2
Sanofi Collaboration Agreement, Immuno-oncology \| SG&A expense \| Reimbursement of commercialization-related expenses
Disaggregation of Revenue [Line Items]
Revenues	41.4	89.6	64.7
Sanofi Collaboration Agreement, Immuno-oncology \| SG&A expense \| Regeneron's obligation for its share of Sanofi commercial expenses
Disaggregation of Revenue [Line Items]
Revenues	(19.9)	(36.3)	(22.4)
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	(70.1)	(133.0)	(119.1)
Sanofi Collaboration Agreement, Immuno-oncology \| Other operating income \| Amounts recognized in connection with up-front payments received
Disaggregation of Revenue [Line Items]
Revenues	$ 35.1	$ 6.1	$ 210.6

Collaboration, License, and Other Agreements - Sanofi, Antibody Narrative (Details) - USD ($) $ in Millions				12 Months Ended
	Jul. 01, 2022	Jun. 30, 2022	Apr. 01, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
One-time payment				$ (56.9)
Revenues				$ 12,172.9	$ 16,071.7	$ 8,497.1
Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Percentage of quarterly profits require to be paid for reimbursement of development costs				10.00%
Percentage of share of profits used to reimburse collaborating party for trial costs	20.00%	10.00%
Contingent reimbursement obligation				$ 2,864.0
Starting share of profits outside the United States, based on sales, for collaborating party				65.00%
Starting share of profits outside the United States, based on sales, for company				35.00%
Ending share of profits outside the United States, based on sales, for collaborating party				55.00%
Ending share of profits outside the United States, based on sales, for company				45.00%
Share of losses outside the United States, for collaborating party				55.00%
Share of losses outside the United States, for company				45.00%
Sanofi Collaboration Agreement, Antibody \| First Milestone
Disaggregation of Revenue [Line Items]
Levels of twelve month sales at which sales milestone payments would be received						$ 1,000.0
Sanofi Collaboration Agreement, Antibody \| Second Milestone
Disaggregation of Revenue [Line Items]
Levels of twelve month sales at which sales milestone payments would be received					$ 1,500.0
Period for achieving sales target for milestone payment, rolling basis					12 months
Sanofi Collaboration Agreement, Antibody \| Third Milestone
Disaggregation of Revenue [Line Items]
Revenues				$ 50.0
Levels of twelve month sales at which sales milestone payments would be received				2,000.0
Sanofi Collaboration Agreement, Antibody \| Sales Milestone Four
Disaggregation of Revenue [Line Items]
Levels of twelve month sales at which sales milestone payments would be received				$ 2,500.0
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 of quarterly profits require to be paid for reimbursement of development costs				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 of quarterly profits require to be paid for reimbursement of development costs				50.00%
Praluent Agreement
Disaggregation of Revenue [Line Items]
Royalty percentage to be received on net product sales outside of the United States			5.00%
Percentage of damages company is responsible for			50.00%
Praluent Agreement \| Sanofi
Disaggregation of Revenue [Line Items]
Percentage of royalty payment that can be used to offset litigation proceedings			50.00%

Collaboration, License, and Other Agreements - Schedule of Accounts Receivable and Deferred Revenue Information, Antibody Collaboration (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 5,328.7	$ 6,036.5
Sanofi Collaboration Agreement, Antibody
Disaggregation of Revenue [Line Items]
Accounts receivable, net	692.3	504.8
Deferred revenue	$ 415.8	$ 368.7

Collaboration, License, and Other Agreements - Sanofi, Immuno-Oncology Narrative (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jul. 01, 2022	Jul. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2015
Disaggregation of Revenue [Line Items]
Up-front payment to be made to collaborator			$ 12,172.9	$ 16,071.7	$ 8,497.1
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%
Other Liabilities			0.0	276.1
Sanofi Collaboration Agreement, Immuno-oncology \| Sanofi \| Regulatory Milestone
Disaggregation of Revenue [Line Items]
Up-front payment to collaborating party		$ 100.0
Sanofi Collaboration Agreement, Immuno-oncology \| Sanofi \| Sales-Based Milestone One
Disaggregation of Revenue [Line Items]
Up-front payment to be made to collaborator		$ 65.0
Sanofi Collaboration Agreement, Immuno-oncology \| Sanofi \| Sales-Based Milestone Two
Disaggregation of Revenue [Line Items]
Up-front payment to be made to collaborator			35.0
Sanofi Collaboration Agreement, Immuno-oncology \| Sanofi \| Aggregate Sales-Based Milestone
Disaggregation of Revenue [Line Items]
Up-front payment to be made to collaborator			$ 100.0
Sanofi Collaboration Agreement, Immuno-oncology \| IO License and Collaboration Agreement
Disaggregation of Revenue [Line Items]
Up-front payment received						$ 375.0
Sanofi Collaboration Agreement, Immuno-oncology \| Amended IO Discovery Agreement
Disaggregation of Revenue [Line Items]
Up-front payment received						$ 265.0
Sanofi Collaboration Agreement, Immuno-oncology \| Amended IO Discovery Agreement \| Other operating income
Disaggregation of Revenue [Line Items]
Cumulative catch-up adjustment to revenue, modification of contract				$ 66.9	$ 135.4
Sanofi Collaboration Agreement, Amended and Restated Immuno-oncology License and Collaboration Agreement
Disaggregation of Revenue [Line Items]
Royalty payment to collaborating party, percentage of net product sales	0.50%
Other Liabilities	$ 241.0
Remaining performance obligation	$ 35.0

Collaboration, License, and Other Agreements - Schedule of Accounts Receivable and Deferred Revenue Information, IO Collaboration (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 5,328.7	$ 6,036.5
Sanofi Collaboration Agreement, Immuno-oncology
Disaggregation of Revenue [Line Items]
Accounts receivable, net	0.0	22.5
Deferred revenue	0.0	16.0
Other Liabilities	$ 0.0	$ 276.1

Collaboration, License, and Other Agreements - Bayer Narrative (Details) - Bayer - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Percentage of repayment of development balance out of profits	50.00%
Contingent reimbursement obligation	$ 273
Minimum
Disaggregation of Revenue [Line Items]
Revenue based on percentage of annual sales in Japan		33.50%
Maximum
Disaggregation of Revenue [Line Items]
Revenue based on percentage of annual sales in Japan		40.00%

Collaboration, License, and Other Agreements - Schedule of Collaboration Revenue Earned From Bayer (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 12,172.9	$ 16,071.7	$ 8,497.1
Outside United States \| Bayer \| Other collaboration revenue \| Regeneron's share of profits in connection with commercialization of EYLEA outside the United States
Disaggregation of Revenue [Line Items]
Revenues	1,317.4	1,349.2	1,107.9
Outside United States \| Bayer \| Other collaboration revenue \| Reimbursement for manufacturing of commercial supplies
Disaggregation of Revenue [Line Items]
Revenues	91.4	60.1	78.2
Outside United States \| Bayer \| Other collaboration revenue \| One-time payment in connection with change in Japan arrangement
Disaggregation of Revenue [Line Items]
Revenues	21.9	0.0	0.0
Outside United States \| Bayer \| Reduction of R&D expense \| Reimbursement of R&D expenses
Disaggregation of Revenue [Line Items]
Revenues	51.0	46.1	46.7
Outside United States \| Bayer \| Reduction of R&D expense \| Regeneron's obligation for its share of Bayer R&D expenses
Disaggregation of Revenue [Line Items]
Revenues	$ (34.3)	$ (40.9)	$ (35.8)

Collaboration, License, and Other Agreements - Schedule of Contract Balances, Bayer Collaborative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 5,328.7	$ 6,036.5
Bayer
Disaggregation of Revenue [Line Items]
Accounts receivable, net	348.2	355.5
Deferred revenue	$ 131.9	$ 129.4

Collaboration, License, and Other Agreements - Intellia Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Acquired in-process research and development	$ 3,592.5	$ 2,860.1	$ 2,647.0
Intellia Collaboration Agreement
Disaggregation of Revenue [Line Items]
Acquired in-process research and development, up-front payment made			70.0
Acquired in-process research and development			15.0
Intellia Collaboration Agreement \| Common Stock
Disaggregation of Revenue [Line Items]
Shares purchase price			$ 30.0

Collaboration, License, and Other Agreements - U.S. Government Narrative (Details) $ in Millions	1 Months Ended	5 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2021 dose	Jan. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 dose	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disaggregation of Revenue [Line Items]
Revenues					$ 12,172.9	$ 16,071.7	$ 8,497.1
U.S. government \| REGEN-COV
Disaggregation of Revenue [Line Items]
Maximum transaction agreement payments					$ 465.9
U.S. government \| REGEN-COV \| Other Transaction Agreement
Disaggregation of Revenue [Line Items]
Maximum transaction agreement payments		$ 2,940.0
Collaborative arrangement, number of doses counterparty to purchase \| dose	1,400,000			1,250,000
Revenues			$ 2,625.0

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 - Amounts Recognized in Statement of Operations with Roche (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 12,172.9	$ 16,071.7	$ 8,497.1
Roche Collaboration Agreement \| Ronapreve \| Other collaboration revenue
Disaggregation of Revenue [Line Items]
Revenues	627.3	361.8	0.0
Roche Collaboration Agreement \| Ronapreve \| Cost of goods sold
Disaggregation of Revenue [Line Items]
Revenues	0.0	259.6	0.0
Roche Collaboration Agreement \| Reimbursement of R&D expenses \| Reduction of R&D expense
Disaggregation of Revenue [Line Items]
Revenues	$ 6.8	$ 128.1	$ 78.5

Collaboration, License, and Other Agreements - Schedule of Contract Balances, Roche Collaboration (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 5,328.7	$ 6,036.5
Roche Collaboration Agreement
Disaggregation of Revenue [Line Items]
Accounts receivable, net	396.6	0.0
Accrued expenses and other current liabilities	$ 0.0	$ 268.8

Collaboration, License, and Other Agreements - Alnylam Narratives (Details) - Alnylam Pharmaceuticals, Inc. Collaboration Agreement $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Disaggregation of Revenue [Line Items]
Upfront payment made	$ 400.0
Collaborative arrangement additional payment eligible	$ 200.0
Initial research term	5 years
Potential automatic extension of research term	7 years
Potential optional extension of research term	5 years
Maximum amount of sales milestone payments if total sales achieve specific levels	$ 325.0
Alnylam Pharmaceuticals, Inc. Stock Purchase Agreement
Disaggregation of Revenue [Line Items]
Cash consideration for Stock Purchase Agreement	400.0
Minimum
Disaggregation of Revenue [Line Items]
Extension of research term fee	200.0
Maximum
Disaggregation of Revenue [Line Items]
Extension of research term fee	$ 400.0

Collaboration, License, and Other Agreements - Checkmate Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Acquired in-process research and development in connection with asset acquisition		$ 195.0	$ 0.0	$ 0.0
Checkmate Pharmaceuticals, Inc.
Disaggregation of Revenue [Line Items]
Business combination, consideration transferred	$ 250.0
Acquired in-process research and development in connection with asset acquisition	195.0
Business combination, recognized identifiable assets acquired and liabilities assumed, net	$ 35.3

Collaboration, License, and Other Agreements - Teva Narrative (Details) - USD ($) $ in Millions	12 Months Ended				72 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2016	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 12,172.9	$ 16,071.7	$ 8,497.1
Teva
Disaggregation of Revenue [Line Items]
Up-front payment received				$ 250.0
Revenues					$ 120.0
Teva \| Other operating income
Disaggregation of Revenue [Line Items]
Cumulative catch-up adjustment to revenue, modification of contract	$ 31.9

Collaboration, License, and Other Agreements - Amounts Recognized in Statement of Operations with Teva (Details) - USD ($) $ in Millions	12 Months Ended			72 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 12,172.9	$ 16,071.7	$ 8,497.1
Teva
Disaggregation of Revenue [Line Items]
Revenues				$ 120.0
Teva \| Reduction of R&D expense \| Reimbursement of R&D expenses
Disaggregation of Revenue [Line Items]
Revenues		42.4	109.4
Teva \| Other operating income \| Amounts recognized in connection with up-front payments received
Disaggregation of Revenue [Line Items]
Revenues	$ 33.3	$ 26.2	$ 47.2

Collaboration, License, and Other Agreements - Schedule of Contract Balances, Teva Collaboration (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 5,328.7	$ 6,036.5
Teva
Disaggregation of Revenue [Line Items]
Accounts receivable, net	1.6	11.0
Other Liabilities	$ 0.0	$ 39.7

Marketable Securities - Schedule of Investments in Available For Sale Debt Securities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 10,320.1	$ 8,428.7
Unrealized Gains	0.9	10.8
Unrealized Losses	(302.8)	(42.3)
Fair Value	10,018.2	8,397.2
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	6,975.5	7,518.4
Unrealized Gains	0.0	10.2
Unrealized Losses	(291.1)	(40.9)
Fair Value	6,684.4	7,487.7
U.S. government and government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	2,945.4	109.0
Unrealized Gains	0.9	0.3
Unrealized Losses	(6.9)	(0.8)
Fair Value	2,939.4	108.5
Sovereign bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	67.1	64.4
Unrealized Gains	0.0	0.3
Unrealized Losses	(3.0)	(0.3)
Fair Value	64.1	64.4
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	121.1	439.7
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	(0.1)
Fair Value	121.1	439.6
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	182.1	255.2
Unrealized Gains	0.0	0.0
Unrealized Losses	(0.1)	(0.1)
Fair Value	182.0	255.1
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	28.9	42.0
Unrealized Gains	0.0	0.0
Unrealized Losses	(1.7)	(0.1)
Fair Value	$ 27.2	$ 41.9

Marketable Securities - Schedule of Debt Securities Based on Contractual Maturity Dates (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Maturities within one year	$ 4,636.4	$ 2,809.1
Maturities after one year through five years	5,381.4	5,588.1
Maturities after five years	0.4	0.0
Total	$ 10,018.2	$ 8,397.2

Marketable Securities - Schedule of Fair Value and Unrealized Losses of Debt Securities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	$ 3,300.9	$ 6,516.3
Unrealized Loss - Less than 12 months	(76.9)	(42.3)
Fair Value - 12 Months or Greater	4,332.2	0.0
Unrealized Loss - 12 Months or Greater	(225.9)	0.0
Fair Value - Total	7,633.1	6,516.3
Unrealized Loss - Total	(302.8)	(42.3)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	2,445.4	5,889.3
Unrealized Loss - Less than 12 months	(73.1)	(40.9)
Fair Value - 12 Months or Greater	4,200.4	0.0
Unrealized Loss - 12 Months or Greater	(218.0)	0.0
Fair Value - Total	6,645.8	5,889.3
Unrealized Loss - Total	(291.1)	(40.9)
U.S. government and government agency obligations
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	785.2	90.0
Unrealized Loss - Less than 12 months	(2.0)	(0.8)
Fair Value - 12 Months or Greater	71.0	0.0
Unrealized Loss - 12 Months or Greater	(4.9)	0.0
Fair Value - Total	856.2	90.0
Unrealized Loss - Total	(6.9)	(0.8)
Sovereign bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	18.6	37.0
Unrealized Loss - Less than 12 months	(1.1)	(0.3)
Fair Value - 12 Months or Greater	45.6	0.0
Unrealized Loss - 12 Months or Greater	(1.9)	0.0
Fair Value - Total	64.2	37.0
Unrealized Loss - Total	(3.0)	(0.3)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months		295.7
Unrealized Loss - Less than 12 months		(0.1)
Fair Value - 12 Months or Greater		0.0
Unrealized Loss - 12 Months or Greater		0.0
Fair Value - Total		295.7
Unrealized Loss - Total		(0.1)
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	40.2	169.4
Unrealized Loss - Less than 12 months	(0.1)	(0.1)
Fair Value - 12 Months or Greater	0.0	0.0
Unrealized Loss - 12 Months or Greater	0.0	0.0
Fair Value - Total	40.2	169.4
Unrealized Loss - Total	(0.1)	(0.1)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value - Less than 12 Months	11.5	34.9
Unrealized Loss - Less than 12 months	(0.6)	(0.1)
Fair Value - 12 Months or Greater	15.2	0.0
Unrealized Loss - 12 Months or Greater	(1.1)	0.0
Fair Value - Total	26.7	34.9
Unrealized Loss - Total	$ (1.7)	$ (0.1)

Marketable Securities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 160.1	$ 45.8	$ 75.4

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Available-for-sale debt securities:
Available-for-sale debt securities	$ 10,018.2	$ 8,397.2
Corporate bonds
Available-for-sale debt securities:
Available-for-sale debt securities	6,684.4	7,487.7
U.S. government and government agency obligations
Available-for-sale debt securities:
Available-for-sale debt securities	2,939.4	108.5
Sovereign bonds
Available-for-sale debt securities:
Available-for-sale debt securities	64.1	64.4
Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	121.1	439.6
Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	182.0	255.1
Asset-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	27.2	41.9
Measured on a recurring basis
Available-for-sale debt securities:
Total marketable securities	11,228.2	9,647.1
Measured on a recurring basis \| Unrestricted
Available-for-sale debt securities:
Equity securities	24.6	58.4
Measured on a recurring basis \| Restricted
Available-for-sale debt securities:
Equity securities	1,185.4	1,191.5
Measured on a recurring basis \| Corporate bonds
Available-for-sale debt securities:
Available-for-sale debt securities	6,684.4	7,487.7
Measured on a recurring basis \| U.S. government and government agency obligations
Available-for-sale debt securities:
Available-for-sale debt securities	2,939.4	108.5
Measured on a recurring basis \| Sovereign bonds
Available-for-sale debt securities:
Available-for-sale debt securities	64.1	64.4
Measured on a recurring basis \| Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	121.1	439.6
Measured on a recurring basis \| Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	182.0	255.1
Measured on a recurring basis \| Asset-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	27.2	41.9
Measured on a recurring basis \| Level 1
Available-for-sale debt securities:
Total marketable securities	1,210.0	1,249.9
Measured on a recurring basis \| Level 1 \| Unrestricted
Available-for-sale debt securities:
Equity securities	24.6	58.4
Measured on a recurring basis \| Level 1 \| Restricted
Available-for-sale debt securities:
Equity securities	1,185.4	1,191.5
Measured on a recurring basis \| Level 1 \| Corporate bonds
Available-for-sale debt securities:
Available-for-sale debt securities	0.0	0.0
Measured on a recurring basis \| Level 1 \| U.S. government and government agency obligations
Available-for-sale debt securities:
Available-for-sale debt securities	0.0	0.0
Measured on a recurring basis \| Level 1 \| Sovereign bonds
Available-for-sale debt securities:
Available-for-sale debt securities	0.0	0.0
Measured on a recurring basis \| Level 1 \| Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	0.0	0.0
Measured on a recurring basis \| Level 1 \| Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	0.0	0.0
Measured on a recurring basis \| Level 1 \| Asset-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	0.0	0.0
Measured on a recurring basis \| Level 2
Available-for-sale debt securities:
Total marketable securities	10,018.2	8,397.2
Measured on a recurring basis \| Level 2 \| Unrestricted
Available-for-sale debt securities:
Equity securities	0.0	0.0
Measured on a recurring basis \| Level 2 \| Restricted
Available-for-sale debt securities:
Equity securities	0.0	0.0
Measured on a recurring basis \| Level 2 \| Corporate bonds
Available-for-sale debt securities:
Available-for-sale debt securities	6,684.4	7,487.7
Measured on a recurring basis \| Level 2 \| U.S. government and government agency obligations
Available-for-sale debt securities:
Available-for-sale debt securities	2,939.4	108.5
Measured on a recurring basis \| Level 2 \| Sovereign bonds
Available-for-sale debt securities:
Available-for-sale debt securities	64.1	64.4
Measured on a recurring basis \| Level 2 \| Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	121.1	439.6
Measured on a recurring basis \| Level 2 \| Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	182.0	255.1
Measured on a recurring basis \| Level 2 \| Asset-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	$ 27.2	$ 41.9

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Net unrealized gains (losses) on equity securities in other income (expense)	$ (39.8)	$ 386.1	$ 196.0
Securities without readily determinable fair value	48.3	40.0
Long-term debt fair value	$ 1,443.0	$ 1,887.0

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 818.4	$ 721.9
Work-in-process	963.1	707.2
Finished goods	98.6	73.7
Deferred costs	521.8	448.5
Total Inventories	$ 2,401.9	$ 1,951.3

Inventories - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory reserves	$ 720.7	$ 510.0
Inventory write-downs and reserves	$ 258.7	$ 457.1	$ 0.0

Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 5,432.2	$ 4,880.3
Less, accumulated depreciation and amortization	(1,669.2)	(1,398.1)
Property, plant, and equipment, net	3,763.0	3,482.2
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	264.5	248.0
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	2,270.0	2,088.5
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	114.3	113.9
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	980.5	767.7
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	1,315.3	1,225.5
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	337.4	291.5
Furniture, office equipment, and other
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 150.2	$ 145.2

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 303.9	$ 281.1	$ 230.8
Property, plant, and equipment, net	3,763.0	3,482.2
United States
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, net	2,960.0	2,684.0
Rest Of World
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, net	$ 803.0	$ 797.8

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount		$ 956.3	$ 29.3
Accumulated Amortization		(40.8)	(22.6)
Net Carrying Amount		915.5	6.7
Acquired product rights - Libtayo
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Life (in years)	13 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount		946.3	0.0
Accumulated Amortization		(35.7)	0.0
Net Carrying Amount		910.6	0.0
Other intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount		10.0	29.3
Accumulated Amortization		(5.1)	(22.6)
Net Carrying Amount		$ 4.9	$ 6.7
Other intangibles \| Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Life (in years)	5 years
Other intangibles \| Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Life (in years)	8 years

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2022	Dec. 31, 2022	Jul. 01, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets		$ 37.6
Finite-lived intangible asset, expected amortization, year one		72.0
Finite-lived intangible asset, expected amortization, year two		72.0
Finite-lived intangible asset, expected amortization, year three		72.0
Finite-lived intangible asset, expected amortization, year four		72.0
Finite-lived intangible asset, expected amortization, year five		$ 72.0
Sanofi Collaboration Agreement, Amended and Restated Immuno-oncology License and Collaboration Agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Other Liabilities			$ 241.0
Sanofi
Acquired Finite-Lived Intangible Assets [Line Items]
Up-front payment to collaborating party	$ 900.0

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued payroll and related costs	$ 497.3	$ 440.7
Accrued clinical expenses	295.0	295.8
Accrued sales-related costs	633.6	472.7
Income taxes payable	0.3	326.3
Amounts due to collaborators (see Note 3)	10.5	287.4
Other accrued expenses and liabilities	637.5	383.9
Accrued expenses and other current liabilities	$ 2,074.2	$ 2,206.8

Debt - Narrative (Details) - USD ($)	1 Months Ended			12 Months Ended
Debt - Narrative (Details) - USD ($)	Dec. 31, 2022	Aug. 31, 2020	Dec. 31, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Line of credit \| Senior unsecured revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000,000		$ 750,000,000	$ 750,000,000
Line of credit facility, expiration period	5 years		5 years
Increase Limit	$ 500,000,000		$ 250,000,000	500,000,000
Borrowings outstanding	0			0
Line of credit \| Letters of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000			50,000,000
Senior unsecured notes
Debt Instrument [Line Items]
Interest expense				$ 44,300,000	$ 44,400,000	$ 17,600,000
Redemption price, percentage		100.00%
Redemption price with change-in-control provision, percentage		101.00%
Senior unsecured notes \| 1.750% Senior Notes due September 2030
Debt Instrument [Line Items]
Debt, principle amount		$ 1,250,000,000
Senior unsecured notes \| 2.800% Senior Notes due September 2050
Debt Instrument [Line Items]
Debt, principle amount		$ 750,000,000

Debt - Summary of Issued Senior Unsecured Notes (Details) - Senior unsecured notes - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term Debt	$ 1,981.4	$ 1,980.0
1.750% Senior Notes due September 2030
Debt Instrument [Line Items]
Long-term Debt	$ 1,241.0	1,239.9
Interest rate	1.75%
2.800% Senior Notes due September 2050
Debt Instrument [Line Items]
Long-term Debt	$ 740.4	$ 740.1
Interest rate	2.80%

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Commitments and Contingencies - Leases narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2021	Mar. 31, 2017
Lessee, Lease, Description [Line Items]
Finance lease, liability	$ 720.0
Finance lease, term of contract			5 years
Finance lease, renewal term		5 years	5 years
Laboratory and Office Facilities
Lessee, Lease, Description [Line Items]
Finance lease, liability			$ 720.0

Commitments and Contingencies - Amounts recognized in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant, and equipment, net	Property, plant, and equipment, net
Finance lease right-of-use assets	$ 620.3	$ 631.3
Finance lease liabilities	0.0	719.7
Finance lease liabilities	720.0	0.0
Accumulated amortization of right-of-use assets	$ 119.4	$ 104.9

Commitments and Contingencies - Finance lease costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Amortization of right-of-use assets	$ 14.5	$ 14.4
Interest on lease liabilities	21.6	11.9
Finance lease costs	$ 36.1	$ 26.3

Commitments and Contingencies - Other information related to finance lease (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Remaining lease term (in years)	4 years 2 months 12 days	2 months 12 days
Discount rate	4.84%	1.68%

Commitments and Contingencies - Analysis of lease liability maturities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Finance Leases
2023	$ 44.9
2024	38.6
2025	31.3
2026	30.7
2027	727.9
Total undiscounted lease payments	873.4
Imputed interest	(153.4)
Total lease liability	$ 720.0

Commitments and Contingencies - Research Collaboration and Licensing Agreements Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Libtayo \| Sanofi Collaboration Agreement, Immuno-oncology \| Through December 31, 2023
Research Collaboration and Licensing Arrangements [Line Items]
Percentage of royalties to be paid	8.00%
Libtayo \| Sanofi Collaboration Agreement, Immuno-oncology \| January 1, 2024 Through December 31, 2026
Research Collaboration and Licensing Arrangements [Line Items]
Percentage of royalties to be paid	2.50%
Agreements with Royalty Provisions
Research Collaboration and Licensing Arrangements [Line Items]
Royalty rate minimum		0.50%
Royalty rate maximum		12.00%
Royalty expense, net of reimbursements from collaborators		$ 84.5	$ 66.9	$ 56.5

Stockholders' Equity - Narrative (Details)	1 Months Ended	12 Months Ended		14 Months Ended
Stockholders' Equity - Narrative (Details)	May 31, 2020 USD ($) shares	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2023 USD ($)	Dec. 31, 2021 $ / shares shares	Nov. 30, 2021 USD ($)	Jan. 31, 2021 USD ($)	Nov. 30, 2019 USD ($)
Class of Stock [Line Items]
Preferred Stock, shares authorized (in shares) \| shares		30,000,000				30,000,000.0
Sanofi
Class of Stock [Line Items]
Cost of stock repurchased	$ 5,000,000,000
Number of shares sold (in shares) \| shares	13,014,646
Treasury stock, shares acquired (in shares) \| shares	9,806,805
Common Stock, shares outstanding (in shares) \| shares	400,000
Libtayo Development and Dupilumab/Itepekimab Eligible Investments
Class of Stock [Line Items]
Cost of stock repurchased			$ 135,000,000
Bayer
Class of Stock [Line Items]
Maximum percentage of outstanding shares that may be acquired, under 'standstill' provisions		20.00%
Teva
Class of Stock [Line Items]
Maximum percentage of outstanding shares that may be acquired, under 'standstill' provisions		5.00%
January 2021 Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount								$ 1,500,000,000
November 2021 Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount							$ 3,000,000,000
Remaining authorized repurchase amount		$ 745,200,000
2019 Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount									$ 1,000,000,000
Cost of stock repurchased				$ 1,000,000,000
Share Repurchase Program, January 2023 \| Subsequent Event
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 3,000,000,000
Class A Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares) \| shares		40,000,000				40,000,000.0
Common Stock, par value (in dollars per share) \| $ / shares		$ 0.001				$ 0.001
Number of votes per share \| vote		10
Common Stock, shares outstanding (in shares) \| shares		1,800,000				1,800,000
Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares) \| shares		320,000,000				320,000,000.0
Common Stock, par value (in dollars per share) \| $ / shares		$ 0.001				$ 0.001
Number of votes per share \| vote		1

Stockholders' Equity - Schedule of Repurchased Shares (Details) - Share Repurchase Programs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Treasury stock, shares acquired (in shares)	3,300,000	3,000,000.0	1,600,000
Total cost of shares	$ 2,099.8	$ 1,655.0	$ 746.0

Long-Term Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum term of awards	10 years
Total intrinsic value - of stock options exercised	$ 1,214.0	$ 1,707.0	$ 2,251.0
Expected dividend yield	0.00%	0.00%	0.00%
Non-performance based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation expense	$ 341.9	$ 328.7	$ 329.5
Unrecognized stock-based compensation cost, net of estimated forfeitures	$ 572.0
Weighted average period for recognition of total unrecognized compensation expense (in years)	1 year 9 months 18 days
Restricted stock awards and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation expense	$ 331.1	$ 221.0	102.5
Unrecognized stock-based compensation cost, net of estimated forfeitures	$ 907.7
Weighted average period for recognition of total unrecognized compensation expense (in years)	2 years 1 month 6 days
Awards outstanding (in shares)	2,600,000	2,100,000
Weighted-average grant date fair value of awards outstanding (in USD per share)	$ 571.19	$ 499.85
Awards granted (in shares)	900,000
Awards vested (in shares)	300,000
Awards forfeited (in shares)	100,000
Performance-based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation expense	$ 52.0	$ 52.0	$ 0.0
Unrecognized stock-based compensation cost, net of estimated forfeitures	$ 156.1
Weighted average period for recognition of total unrecognized compensation expense (in years)	3 years 3 months 18 days
Expected dividend yield		0.00%	0.00%
Awards outstanding (in shares)	1,500,000	1,300,000
Weighted-average grant date fair value of awards outstanding (in USD per share)	$ 245.94	$ 209.06
Awards granted (in shares)	200,000
Performance-based stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Performance-based stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 years
Amended & Restated Long-Term Incentive Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	22,300,000
Number of shares available for future grants (in shares)	15,900,000
Long-Term Incentive Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)	0
Long-Term Incentive Plan 2000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grants (in shares)	0

Long-Term Incentive Plans - Summary of transactions involving stock option awards (Details) - Stock options - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares (In millions)
Outstanding at beginning of period (in shares)	18.0
Granted (in shares)	2.0	2.3	2.9
Forfeited (in shares)		(0.4)
Exercised (in shares)		(4.0)
Outstanding at end of period (in shares)	15.6	18.0
Vested and expected to vest (in shares)	15.1
Exercisable (in shares)	10.1
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 435.56
Granted (in dollars per share)	705.02	$ 628.43	$ 492.60
Forfeited (in dollars per share)		500.26
Exercised (in dollars per share)		382.66
Outstanding at end of period (in dollars per share)	481.62	$ 435.56
Vested and expected to vest (in dollars per share)	476.15
Exercisable (in dollars per share)	$ 420.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (in years) - outstanding	6 years 3 months 18 days
Weighted average remaining contractual term - vested and expected to vest	6 years 2 months 12 days
Weighted average remaining contractual term - exercisable	5 years
Intrinsic value - outstanding	$ 3,685.9
Intrinsic value - vested and expected to vest	3,632.8
Intrinsic value - exercisable	$ 2,991.9

Long-Term Incentive Plans - Summary of weighted-average exercise prices and weighted-average grant-date fair values of options issued (Details) - Stock options - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Granted (in shares)	2.0	2.3	2.9
Weighted-Average Exercise Price (in dollars per share)	$ 705.02	$ 628.43	$ 492.60
Weighted-Average Fair Value (in dollars per share)	$ 220.88	$ 174.20	$ 126.50

Long-Term Incentive Plans - Summary of weighted-average values of assumptions used in computing fair value of option grants (Details) - Stock options	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	28.00%	27.00%	28.00%
Expected lives from grant date	5 years 2 months 12 days	5 years 6 months	5 years
Expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	3.50%	1.22%	0.47%

Long-Term Incentive Plans - Summary of activity related to restricted stock awards (Details) - Restricted stock awards and restricted stock units shares in Millions	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Shares/Units (In millions)
Beginning balance (in shares) \| shares	2.1
Granted (in shares) \| shares	0.9
Vested (in shares) \| shares	(0.3)
Forfeited (in shares) \| shares	(0.1)
Ending balance (in shares) \| shares	2.6
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars of shares) \| $ / shares	$ 499.85
Granted (in dollars of shares) \| $ / shares	702.32
Vested (in dollars of shares) \| $ / shares	477.22
Forfeited (in dollars of shares) \| $ / shares	522.18
Ending balance (in dollars of shares) \| $ / shares	$ 571.19

Long-Term Incentive Plans - Summary of activity related to performance-based awards (Details) - Performance-based stock options shares in Millions	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Shares/Units (In millions)
Beginning balance (in shares) \| shares	1.3
Granted (in shares) \| shares	0.2
Ending balance (in shares) \| shares	1.5
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars of shares) \| $ / shares	$ 209.06
Granted (in dollars of shares) \| $ / shares	485.61
Ending balance (in dollars of shares) \| $ / shares	$ 245.94

Long-Term Incentive Plans - Summary of weighted-average values of assumptions used in computing fair value of performance-based options (Details) - Performance-based stock options	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	32.00%	35.00%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	3.30%	0.40%

Employee Savings Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Savings Plans (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Employer contribution expense to 401(k) Savings Plan	$ 67.6	$ 55.5	$ 49.9

Income Taxes - Schedule of income before income tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income before income taxes, United States	$ 839.9	$ 5,944.7	$ 2,442.3
Income before income taxes, Foreign	4,018.9	3,381.1	1,368.1
Income before income taxes	$ 4,858.8	$ 9,325.8	$ 3,810.4

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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