Regeneron Pharmaceuticals, Inc 10-Q for FY2021 Q3

Regeneron Pharmaceuticals, Inc. (REGN)

10-Q 2021-11-04 For: 2021-09-30

Added on April 08, 2026

About this 10-Q

Regeneron Pharmaceuticals, Inc filed this 10-Q on November 4, 2021, covering the quarter ended September 30, 2021 (FY2021 Q3).

Headline figures

Quarter ended September 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $3.45B; up 50.5% from $2.29B a year earlier
Net income: $1.63B; up 93.8% from net income of $842.1M a year earlier
Diluted EPS: $14.33; up 93.9% from $7.39 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended September 30, 2021
			OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from __________ to __________


New York						13-3444607
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock - par value $.001 per share	REGN	NASDAQ Global Select Market


Class of Common Stock						Number of Shares
Class A Stock, $.001 par value						1,823,283
Common Stock, $.001 par value						105,719,735


	September 30,		December 31,
	2021		2020
ASSETS
Current assets:
Cash and cash equivalents	$	3,432.4	$	2,193.7
Marketable securities	2,355.2		1,393.3
Accounts receivable, net	5,452.0		4,114.7
Inventories	2,053.8		1,916.6
Prepaid expenses and other current assets	482.0		160.8
Total current assets	13,775.4		9,779.1

Marketable securities	5,631.3		3,135.6
Property, plant, and equipment, net	3,395.7		3,221.6
Deferred tax assets	723.2		858.9
Other noncurrent assets	145.9		168.1
Total assets	$	23,671.5	$	17,163.3

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	427.0	$	475.5
Accrued expenses and other current liabilities	2,061.0		1,644.2
Finance lease liabilities	719.0		—
Deferred revenue	507.8		577.7
Total current liabilities	3,714.8		2,697.4

Long-term debt	1,979.6		1,978.5
Finance lease liabilities	—		717.2
Deferred revenue	56.5		57.8
Other noncurrent liabilities	662.6		687.1
Total liabilities	6,413.5		6,138.0

Stockholders' equity:
Preferred Stock, $.01 par value; 30,000,000 shares authorized; issued and outstanding - none	—		—
Class A Stock, convertible, $.001 par value; 40,000,000 shares authorized; shares issued and outstanding - 1,848,970 in 2021 and 2020	—		—
Common Stock, $.001 par value; 320,000,000 shares authorized; shares issued - 124,608,241 in 2021 and 121,533,460 in 2020	0.1		0.1
Additional paid-in capital	7,919.3		6,716.2
Retained earnings	16,739.3		10,893.0
Accumulated other comprehensive income	9.5		29.3
Treasury Stock, at cost; 17,930,390 shares in 2021 and 16,431,520 shares in 2020	(7,410.2)		(6,613.3)
Total stockholders' equity	17,258.0		11,025.3
Total liabilities and stockholders' equity	$	23,671.5	$	17,163.3

The accompanying notes are an integral part of the financial statements.


777 Old Saw Mill River Road, Tarrytown, New York 10591-6707
(Address of principal executive offices, including zip code)


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Statements of Operations
Revenues:
Net product sales	$	2,279.9	$	1,482.2	$	8,142.0	$	3,945.8
Collaboration revenue	1,073.9		653.2		2,783.0		1,694.8
Other revenue	99.0		158.6		195.0		433.6
	3,452.8		2,294.0		11,120.0		6,074.2

Expenses:
Research and development	665.4		684.6		2,122.5		1,990.5
Selling, general, and administrative	445.0		326.9		1,265.3		1,042.5
Cost of goods sold	238.8		131.0		961.4		312.3
Cost of collaboration and contract manufacturing	214.4		143.0		493.5		454.5
Other operating expense (income), net	42.0		(44.6)		(29.8)		(135.2)
	1,605.6		1,240.9		4,812.9		3,664.6

Income from operations	1,847.2		1,053.1		6,307.1		2,409.6

Other income (expense):
Other (expense) income, net	(16.4)		(28.5)		558.5		218.3
Interest expense	(14.2)		(26.3)		(43.2)		(42.1)
	(30.6)		(54.8)		515.3		176.2

Income before income taxes	1,816.6		998.3		6,822.4		2,585.8

Income tax expense	184.4		156.2		976.1		221.8

Net income	$	1,632.2	$	842.1	$	5,846.3	$	2,364.0

Net income per share - basic	$	15.37	$	7.98	$	55.42	$	21.83
Net income per share - diluted	$	14.33	$	7.39	$	52.29	$	20.36

Weighted average shares outstanding - basic	106.2		105.5		105.5		108.3
Weighted average shares outstanding - diluted	113.9		113.9		111.8		116.1

Statements of Comprehensive Income
Net income	$	1,632.2	$	842.1	$	5,846.3	$	2,364.0
Other comprehensive income (loss), net of tax:
Unrealized (loss) gain on debt securities	(6.4)		(4.9)		(20.5)		10.9
Unrealized gain (loss) on cash flow hedges	0.2		0.2		0.7		(1.2)
Comprehensive income	$	1,626.0	$	837.4	$	5,826.5	$	2,373.7

The accompanying notes are an integral part of the financial statements.


	Class A Stock		Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock			Total Stockholders' Equity
	Shares	Amount	Shares	Amount								Shares	Amount
Balance, December 31, 2020	1.8	—	121.5	$	0.1	$	6,716.2	$	10,893.0	$	29.3	(16.4)	$	(6,613.3)	$	11,025.3
Issuance of Common Stock for equity awards granted under long-term incentive plans	—	—	0.5	—		93.9		—		—		—	—		93.9
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations	—	—	(0.1)	—		(66.4)		—		—		—	—		(66.4)
Issuance/distribution of Common Stock for 401(k) Savings Plan	—	—	—	—		8.5		—		—		—	1.5		10.0
Repurchases of Common Stock	—	—	—	—		—		—		—		(0.7)	(323.5)		(323.5)
Stock-based compensation charges	—	—	—	—		135.6		—		—		—	—		135.6
Net income	—	—	—	—		—		1,115.2		—		—	—		1,115.2
Other comprehensive loss, net of tax	—	—	—	—		—		—		(13.1)		—	—		(13.1)
Balance, March 31, 2021	1.8	—	121.9	0.1		6,887.8		12,008.2		16.2		(17.1)	(6,935.3)		11,977.0
Issuance of Common Stock for equity awards granted under long-term incentive plans	—	—	0.7	—		216.6		—		—		—	—		216.6
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations	—	—	(0.1)	—		(26.1)		—		—		—	—		(26.1)
Issuance/distribution of Common Stock for 401(k) Savings Plan	—	—	—	—		11.6		—		—		—	2.5		14.1
Repurchases of Common Stock	—	—	—	—		—		—		—		(0.6)	(288.6)		(288.6)
Stock-based compensation charges	—	—	—	—		135.9		—		—		—	—		135.9
Net income	—	—	—	—		—		3,098.9		—		—	—		3,098.9
Other comprehensive loss, net of tax	—	—	—	—		—		—		(0.5)		—	—		(0.5)
Balance, June 30, 2021	1.8	—	122.5	0.1		7,225.8		15,107.1		15.7		(17.7)	(7,221.4)		15,127.3
Issuance of Common Stock for equity awards granted under long-term incentive plans	—	—	2.5	—		816.5		—		—		—	—		816.5
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations	—	—	(0.4)	—		(269.6)		—		—		—	—		(269.6)
Issuance/distribution of Common Stock for 401(k) Savings Plan	—	—	—	—		10.2		—		—		—	1.8		12.0
Repurchases of Common Stock	—	—	—	—		—		—		—		(0.2)	(190.6)		(190.6)
Stock-based compensation charges	—	—	—	—		136.4		—		—		—	—		136.4
Net income	—	—	—	—		—		1,632.2		—		—	—		1,632.2
Other comprehensive loss, net of tax	—	—	—	—		—		—		(6.2)		—	—		(6.2)
Balance, September 30, 2021	1.8	—	124.6	$	0.1	$	7,919.3	$	16,739.3	$	9.5	(17.9)	$	(7,410.2)	$	17,258.0


CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (continued)
	Class A Stock		Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock			Total Stockholders' Equity
	Shares	Amount	Shares	Amount								Shares	Amount
Balance, December 31, 2019	1.8	—	113.3	$	0.1	$	4,428.6	$	7,379.8	$	21.1	(4.9)	$	(739.9)	$	11,089.7
Issuance of Common Stock for equity awards granted under long-term incentive plans	—	—	3.1	—		817.4		—		—		—	—		817.4
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations	—	—	(0.4)	—		(155.1)		—		—		—	—		(155.1)
Issuance/distribution of Common Stock for 401(k) Savings Plan	—	—	—	—		12.5		—		—		—	2.1		14.6
Repurchases of Common Stock	—	—	—	—		—		—		—		(0.8)	(336.0)		(336.0)
Stock-based compensation charges	—	—	—	—		108.0		—		—		—	—		108.0
Net income	—	—	—	—		—		624.6		—		—	—		624.6
Other comprehensive loss, net of tax	—	—	—	—		—		—		(30.2)		—	—		(30.2)
Balance, March 31, 2020	1.8	—	116.0	0.1		5,211.4		8,004.4		(9.1)		(5.7)	(1,073.8)		12,133.0
Issuance of Common Stock for equity awards granted under long-term incentive plans	—	—	4.4	—		1,355.5		—		—		—	—		1,355.5
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations	—	—	(0.6)	—		(416.5)		—		—		—	—		(416.5)
Issuance/distribution of Common Stock for 401(k) Savings Plan	—	—	—	—		7.4		—		—		—	2.7		10.1
Repurchases of Common Stock	—	—	—	—		—		—		—		(9.9)	(5,071.8)		(5,071.8)
Stock-based compensation charges	—	—	—	—		105.2		—		—		—	—		105.2
Net income	—	—	—	—		—		897.3		—		—	—		897.3
Other comprehensive income, net of tax	—	—	—	—		—		—		44.6		—	—		44.6
Balance, June 30, 2020	1.8	—	119.8	0.1		6,263.0		8,901.7		35.5		(15.6)	(6,142.9)		9,057.4
Issuance of Common Stock for equity awards granted under long-term incentive plans	—	—	0.9	—		297.5		—		—		—	—		297.5
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations	—	—	(0.2)	—		(80.9)		—		—		—	—		(80.9)
Issuance/distribution of Common Stock for 401(k) Savings Plan	—	—	—	—		8.6		—		—		—	1.3		9.9
Repurchases of Common Stock	—	—	—	—		—		—		—		(0.1)	(100.4)		(100.4)
Stock-based compensation charges	—	—	—	—		104.6		—		—		—	—		104.6
Net income	—	—	—	—		—		842.1		—		—	—		842.1
Other comprehensive loss, net of tax	—	—	—	—		—		—		(4.7)		—	—		(4.7)
Balance, September 30, 2020	1.8	—	120.5	$	0.1	$	6,592.8	$	9,743.8	$	30.8	(15.7)	$	(6,242.0)	$	10,125.5

The accompanying notes are an integral part of the financial statements.


(In millions)	Three Months Ended September 30,					Nine Months Ended September 30,
Net Product Sales in the United States	2021			2020		2021			2020
EYLEA®	$	1,473.4		$	1,318.3	$	4,245.1		$	3,604.0
Libtayo®	78.4			71.6		225.5			196.6
Praluent®	44.8			48.5		130.0			95.7		*
REGEN-COV®	676.7			40.2		3,530.1			40.2
Evkeeza®	6.6			—		9.1			—
ARCALYST®	—		**	3.6		2.2		**	9.3
	$	2,279.9		$	1,482.2	$	8,142.0		$	3,945.8

* Effective April 1, 2020, the Company became solely responsible for the development and commercialization of Praluent in the United States and records net product sales of Praluent in the United States. Previously, Sanofi recorded net product sales of Praluent in the United States. See Note 3 for further details.
** Effective April 1, 2021, Kiniksa records net product sales of ARCALYST in the United States. Previously, the Company recorded net product sales of ARCALYST in the United States.


	Statement of Operations Classification	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)		2021		2020		2021		2020
Antibody:
Regeneron's share of profits in connection with commercialization of antibodies	Collaboration revenue	$	387.0	$	212.8	$	975.2	$	555.6
Sales-based milestone earned	Collaboration revenue	$	50.0	$	50.0	$	50.0	$	50.0
Reimbursement for manufacturing of commercial supplies	Collaboration revenue	$	144.7	$	94.3	$	361.2	$	275.0
Reimbursement of research and development expenses	Reduction of Research and development expense	$	45.2	$	45.5	$	122.3	$	174.4
Regeneron's obligation for its share of Sanofi research and development expenses	Research and development expense	$	(10.3)	$	(17.5)	$	(32.8)	$	(59.1)
Reimbursement of commercialization-related expenses	Reduction of Selling, general, and administrative expense	$	79.0	$	83.2	$	216.9	$	260.4

Immuno-oncology:
Regeneron's share of losses in connection with commercialization of Libtayo outside the United States	Collaboration revenue	$	(3.0)	$	(4.7)	$	(12.6)	$	(17.3)
Reimbursement for manufacturing of commercial supplies	Collaboration revenue	$	3.1	$	0.9	$	10.5	$	6.0
Reimbursement of research and development expenses	Reduction of Research and development expense	$	21.8	$	49.8	$	66.2	$	136.7
Reimbursement of commercialization-related expenses	Reduction of Selling, general, and administrative expense	$	22.8	$	14.5	$	62.0	$	39.2
Regeneron's obligation for its share of Sanofi commercial expenses	Selling, general, and administrative expense	$	(9.4)	$	(6.1)	$	(28.0)	$	(15.0)
Regeneron's obligation for Sanofi's share of Libtayo U.S. gross profits	Cost of goods sold	$	(34.6)	$	(31.5)	$	(99.4)	$	(86.5)
Amounts recognized in connection with up-front payments received	Other operating income	$	(47.7)	$	20.0	$	(4.1)	$	57.0


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2021		2020		2021		2020
Net income - basic and diluted	$	1,632.2	$	842.1	$	5,846.3	$	2,364.0

Weighted average shares - basic	106.2		105.5		105.5		108.3
Effect of dilutive securities:
Stock options	6.4		7.8		5.3		7.3
Restricted stock awards and restricted stock units	1.3		0.6		1.0		0.5
Weighted average shares - diluted	113.9		113.9		111.8		116.1

Net income per share - basic	$	15.37	$	7.98	$	55.42	$	21.83
Net income per share - diluted	$	14.33	$	7.39	$	52.29	$	20.36


	Three Months Ended September 30,		Nine Months Ended September 30,
(Shares in millions)	2021	2020	2021	2020
Stock options	0.4	0.1	4.8	2.6


			Commission File Number: 0-19034


	Nine Months Ended September 30,
	2021		2020
Cash flows from operating activities:
Net income	$	5,846.3	$	2,364.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	211.7		174.2
Non-cash compensation expense	413.3		310.5
Gains on marketable and other securities, net	(524.6)		(162.3)
Other non-cash items, net	264.4		51.0
Deferred taxes	58.8		117.9
Changes in assets and liabilities:
Increase in accounts receivable	(1,342.9)		(1,275.3)
Increase in inventories	(330.6)		(402.4)
(Increase) decrease in prepaid expenses and other assets	(316.8)		16.4
(Decrease) increase in deferred revenue	(71.2)		112.3
Increase in accounts payable, accrued expenses, and other liabilities	500.4		80.8
Total adjustments	(1,137.5)		(976.9)
Net cash provided by operating activities	4,708.8		1,387.1

Cash flows from investing activities:
Purchases of marketable and other securities	(4,872.3)		(2,642.7)
Sales or maturities of marketable and other securities	1,897.3		3,330.3
Capital expenditures	(397.0)		(453.2)
Net cash (used in) provided by investing activities	(3,372.0)		234.4

Cash flows from financing activities:
Proceeds from issuance of Common Stock	1,129.6		2,471.1
Payments in connection with Common Stock tendered for employee tax obligations	(450.3)		(652.5)
Repurchases of Common Stock	(778.5)		(5,465.7)
Proceeds from issuance of long-term debt	—		1,981.9
Proceeds from bridge loan facility	—		1,500.0
Repayment of bridge loan facility	—		(1,500.0)
Net cash used in financing activities	(99.2)		(1,665.2)

Net increase (decrease) in cash, cash equivalents, and restricted cash	1,237.6		(43.7)

Cash, cash equivalents, and restricted cash at beginning of period	2,207.3		1,630.3

Cash, cash equivalents, and restricted cash at end of period	$	3,444.9	$	1,586.6


(In millions)	Amortized		Unrealized				Fair
As of September 30, 2021	Cost Basis		Gains		Losses		Value
Corporate bonds	$	5,911.8	$	19.9	$	(6.9)	$	5,924.8
U.S. government and government agency obligations	101.2		0.6		(0.1)		101.7
Sovereign bonds	64.6		0.5		—		65.1
Commercial paper	272.6		—		—		272.6
Certificates of deposit	231.7		—		—		231.7
Asset-backed securities	19.0		—		—		19.0
	$	6,600.9	$	21.0	$	(7.0)	$	6,614.9

As of December 31, 2020
Corporate bonds	$	3,053.0	$	37.5	$	(0.2)	$	3,090.3
U.S. government and government agency obligations	127.6		1.3		—		128.9
Sovereign bonds	65.2		1.1		—		66.3
Commercial paper	276.0		0.1		—		276.1
Certificates of deposit	127.4		0.1		—		127.5
	$	3,649.2	$	40.1	$	(0.2)	$	3,689.1


	Less than 12 Months				12 Months or Greater		Total
(In millions) As of September 30, 2021	Fair Value		Unrealized Loss		Fair Value	Unrealized Loss	Fair Value		Unrealized Loss
Corporate bonds	$	2,905.9	$	(6.9)	—	—	$	2,905.9	$	(6.9)
U.S. government and government agency obligations	27.0		(0.1)		—	—	27.0		(0.1)
	$	2,932.9	$	(7.0)	—	—	$	2,932.9	$	(7.0)

As of December 31, 2020
Corporate bonds	$	364.5	$	(0.2)	—	—	$	364.5	$	(0.2)


(In millions)			Fair Value Measurements at Reporting Date
As of September 30, 2021	Fair Value		Level 1		Level 2
Available-for-sale debt securities:
Corporate bonds	$	5,924.8	—		$	5,924.8
U.S. government and government agency obligations	101.7		—		101.7
Sovereign bonds	65.1		—		65.1
Commercial paper	272.6		—		272.6
Certificates of deposit	231.7		—		231.7
Asset-backed securities	19.0		—		19.0
Equity securities (unrestricted)	35.7		$	35.7	—
Equity securities (restricted)	1,335.9		1,335.9		—
	$	7,986.5	$	1,371.6	$	6,614.9

As of December 31, 2020
Available-for-sale debt securities:
Corporate bonds	$	3,090.3	—		$	3,090.3
U.S. government and government agency obligations	128.9		—		128.9
Sovereign bonds	66.3		—		66.3
Commercial paper	276.1		—		276.1
Certificates of deposit	127.5		—		127.5
Equity securities (unrestricted)	48.3		$	48.3	—
Equity securities (restricted)	791.5		791.5		—
	$	4,528.9	$	839.8	$	3,689.1


	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except headcount data)	2021		2020		$ Change		2021		2020		$ Change
Research and development(1)	$	665.4	$	684.6	$	(19.2)	$	2,122.5	$	1,990.5	$	132.0
Selling, general, and administrative(1)	445.0		326.9		118.1		1,265.3		1,042.5		222.8
Cost of goods sold(2)	238.8		131.0		107.8		961.4		312.3		649.1
Cost of collaboration and contract manufacturing(3)	214.4		143.0		71.4		493.5		454.5		39.0
Other operating expense (income), net	42.0		(44.6)		86.6		(29.8)		(135.2)		105.4
Total operating expenses	$	1,605.6	$	1,240.9	$	364.7	$	4,812.9	$	3,664.6	$	1,148.3

Average headcount	10,030		8,657		1,373		9,766		8,314		1,452

(1) Includes costs incurred as well as cost reimbursements from collaborators who are not deemed to be our customers
(2) Cost of goods sold primarily includes costs in connection with producing commercial supplies for products that are sold by Regeneron in the United States (i.e., for which we record net product sales), any royalties we are obligated to pay on such sales, and amounts we are obligated to pay to Sanofi for its share of Libtayo U.S. gross profits.
(3) Cost of collaboration and contract manufacturing includes costs we incur in connection with producing commercial drug supplies for collaborators and others.


	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except effective tax rate)	2021			2020			2021			2020
Income tax expense	$	184.4		$	156.2		$	976.1		$	221.8
Effective tax rate	10.2		%	15.6		%	14.3		%	8.6		%


	As of September 30,
(In millions)	2021		2020		$ Change
Cash flows provided by operating activities	$	4,708.8	$	1,387.1	$	3,321.7
Cash flows (used in) provided by investing activities	$	(3,372.0)	$	234.4	$	(3,606.4)
Cash flows used in financing activities	$	(99.2)	$	(1,665.2)	$	1,566.0


Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
8/1/2021–8/31/2021	1,824		$	599.91	1,824		$	886,772,558
9/1/2021–9/30/2021	293,617		$	645.24	293,588		$	697,337,089
Total	295,441	(a)			295,412	(a)

(a) The difference between the total number of shares purchased and the total number of shares purchased as part of a publicly announced program relates to Common Stock withheld by us for employees to satisfy their tax withholding obligations arising upon the vesting of restricted stock granted under one of our long-term incentive plans.


Exhibit Number						Description
10.1*						Modification P00004 to Supply Agreement, dated as of July 26, 2021, by and between Regeneron Pharmaceuticals, Inc. (the "Registrant") and the U.S. Army Contracting Command, New Jersey.
10.2*						Modification P00005 to Supply Agreement, dated as of September 14, 2021, by and between the Registrant and the U.S. Army Contracting Command, New Jersey.
31.1						Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2						Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32						Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350.
101						Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language ("Inline XBRL"): (i) the Registrant's Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020; (ii) the Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2021 and 2020; (iii) the Registrant's Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2021 and 2020; (iv) the Registrant's Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020; and (v) the notes to the Registrant's Condensed Consolidated Financial Statements.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Certain confidential portions of this exhibit were omitted in accordance with Item 601(b)(10) of Regulation S-K


☐	A. This Change Order is Issued Pursuant To: The Contract/Order No. In Item 10A.	The Changes Set Forth In Item 14 Are Made In
☐	B. The Above Numbered Contract/Order Is Modified To Reflect The Administrative Changes (such as changes in paying office, appropriation data, etc.) Set Forth In Item 14, Pursuant To The Authority of FAR 43.103(b).
☒	C. This Supplemental Agreement Is Entered Into Pursuant To Authority Of:	FAR 6.302-2
☐	D. Other (Specify type of modification and authority)


CDRL #			Title
A001			Post Award Teleconference Minutes
A002			Kickoff Meeting Agenda and Minutes
A003			Teleconference Minutes
A004			Quarterly Meetings
A005			FDA Meeting Minutes
A006			Daily Check-in with Project Staff for COVID-19 Agreement
A007			Monthly Progress Reports
A008			Milestone Reports
A009			Draft Technical Progress Report
A010			Final Technical Progress Report
A011			Product Development Source Material and Manufacturing Report
A012			Contractor Locations
A013			Pandemic Management Plan
A014			Supply Chain and Distribution Tracking
A015			Distribution Plan
A016			Manufacturing Development Plan
A017			Quality Management Plan
A018			Quality Agreement
A019			Release Documentation for Doses to be Delivered
A020			Manufacturing and Distribution Records
A021			Security Plan
A022			Supply Chain Resiliency Plan
A023			Manufacturing Data Requirements
A024			BARDA Audit
A025			FDA Inspections
A026			QA Audits
A027			FDA Submissions
A028			EUA Filing
A029			Provision of Public Law 115-92 SPONSOR Authorization Letter
A030			Press Releases


ACRN	ACCOUNTING CLASSIFICATION						INCREASE/DECREASE
AD	021 202120222040	A5XAH 643627E79RG04	2550	L074890014	S.0074658.7.4.1.1	021001	999,999,000.00
AE	021 202120222040	A5XAH 643627E79RG04	2550	L074890022	S.0074658.7.4.1.2	021001	999,999,000.00
AF	021 202120222040	A5XAH 643627E79RG04	2550	L074890199	S.0074658.7.4.1.3	021001	940,002,000.00
						NET CHANGE	2,940,000,000.00


	PRIOR AMOUNT OF WARD	INCREASE/DECREASE AMOUNT	CUMULATIVE OBLIG AMT
NET CHANGE FOR AWARD:	$ 2,625,000,000.00	$ 2,940,000,000.00	$ 5,565,000,000.00


			PIIN/SIIN						W15QKN-21-C-0014
			MOD/AMD						P00005
			ATT/EXH ID						Attachment 0003
			PAGE						1


Date:	November 4, 2021	/s/ Leonard S. Schleifer
		Leonard S. Schleifer, M.D., Ph.D.
		President and Chief Executive Officer
		(Principal Executive Officer)


Date:	November 4, 2021	/s/ Robert E. Landry
		Robert E. Landry
		Executive Vice President, Finance and Chief Financial Officer
		(Principal Financial Officer)