REGENERON PHARMACEUTICALS, INC. Fair Value Disclosure
| (In millions) | Fair Value Measurements at Reporting Date | ||||||||||||||||||||||
| As of December 31, 2025 | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
| Cash equivalents | $ | 2,121.6 | $ | 1,127.7 | $ | 993.9 | $ | — | |||||||||||||||
| Available-for-sale debt securities: | |||||||||||||||||||||||
| Corporate bonds | 10,219.5 | — | 10,219.5 | — | |||||||||||||||||||
| U.S. government and government agency obligations | 4,367.3 | — | 4,367.3 | — | |||||||||||||||||||
| Commercial paper | 541.1 | — | 541.1 | — | |||||||||||||||||||
| Certificates of deposit | 265.9 | — | 265.9 | — | |||||||||||||||||||
| Asset-backed securities | 242.8 | — | 242.8 | — | |||||||||||||||||||
| Sovereign bonds | 76.8 | — | 76.8 | — | |||||||||||||||||||
Equity securities(a) | 34.3 | 34.3 | — | — | |||||||||||||||||||
Total assets | $ | 17,869.3 | $ | 1,162.0 | $ | 16,707.3 | $ | — | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration | $ | 10.3 | $ | — | $ | — | $ | 10.3 | |||||||||||||||
| As of December 31, 2024 | |||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash equivalents | $ | 1,452.2 | $ | 1,264.2 | $ | 188.0 | $ | — | |||||||||||||||
| Available-for-sale debt securities: | |||||||||||||||||||||||
| Corporate bonds | 8,220.6 | — | 8,220.6 | — | |||||||||||||||||||
| U.S. government and government agency obligations | 4,817.0 | — | 4,817.0 | — | |||||||||||||||||||
| Commercial paper | 548.7 | — | 548.7 | — | |||||||||||||||||||
| Certificates of deposit | 381.1 | — | 381.1 | — | |||||||||||||||||||
| Asset-backed securities | 279.3 | — | 279.3 | — | |||||||||||||||||||
| Sovereign bonds | 82.4 | — | 82.4 | — | |||||||||||||||||||
Equity securities(a) | 1,095.3 | 1,095.3 | — | — | |||||||||||||||||||
Total assets | $ | 16,876.6 | $ | 2,359.5 | $ | 14,517.1 | $ | — | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration | $ | 52.3 | $ | — | $ | — | $ | 52.3 | |||||||||||||||
(a) Includes equity securities of $33.3 million and $43.2 million as of December 31, 2025 and 2024, respectively, that are subject to transfer restrictions expiring in April 2026 | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
Net gains (losses) recognized during the period | $ | 955.6 | $ | 117.7 | $ | (235.6) | ||||||||||||||
| Less: Net gains recognized on investments sold during the period | 966.2 | — | 6.0 | |||||||||||||||||
Net unrealized gains (losses) recognized on investments still held as of period end date | $ | (10.6) | $ | 117.7 | $ | (241.6) | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 5, 2025 | |
| 2023 | Feb 5, 2024 | |
| 2022 | Feb 6, 2023 | |
| 2021 | Feb 7, 2022 | |
| 2020 | Feb 8, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2018 | Feb 7, 2019 | |
| 2017 | Feb 8, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Feb 11, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.