REGENERON PHARMACEUTICALS, INC.REGN

REGENERON PHARMACEUTICALS, INC. Revenue Disclosure

10-KFiled Feb 4, 20262 min read
Product Sales
Net product sales consist of the following:
Year Ended December 31,
(In millions)202520242023
EYLEA HD®
U.S.$1,636.9 $1,201.1 $165.8 
EYLEA®
U.S.2,747.8 4,767.1 5,719.6 
Total EYLEA HD and EYLEA
U.S.
4,384.7 5,968.2 5,885.4 
Libtayo®
U.S.944.7 787.3 538.8 
Libtayo
Rest of world
507.5 429.5 324.3 
Total Libtayo
Global
1,452.2 1,216.8 863.1 
Praluent®
U.S.262.5 241.7 182.4 
Evkeeza®
U.S.162.2 125.7 77.3 
Inmazeb®
U.S.
37.4 76.8 69.8 
Other products
Global
10.1 — — 
$6,309.1 $7,629.2 $7,078.0 
As of December 31, 2025 and 2024, the Company had $3.458 billion and $4.278 billion, respectively, of trade accounts receivable that were recorded within Accounts receivable, net. As of December 31, 2025 and 2024, two individual customers accounted for 87% and 79%, respectively, of the Company's net trade accounts receivable balances.
The Company had product sales to certain customers that each accounted for more than 10% of total gross product revenue for the years ended December 31, 2025, 2024, and 2023. Sales to each of these customers as a percentage of the Company's total gross product revenue are as follows:
Year Ended December 31,
202520242023
Customer A
50 %50 %51 %
Customer B
27 %24 %25 %
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, 2022
$353.9 $111.4 $81.5 $546.8 
Provisions
2,074.5 439.2 155.3 2,669.0 
Credits/payments(1,972.7)(388.3)(157.5)(2,518.5)
Balance as of December 31, 2023
455.7 162.3 79.3 697.3 
Provisions
2,447.3 462.7 143.0 3,053.0 
Credits/payments(2,363.9)(497.2)(128.8)(2,989.9)
Balance as of December 31, 2024
539.1 127.8 93.5 760.4 
Provisions
2,751.7 421.1 119.7 3,292.5 
Credits/payments(2,659.2)(400.7)(122.2)(3,182.1)
Balance as of December 31, 2025
$631.6 $148.2 $91.0 $870.8 

Historical Timeline

Fiscal YearFiled
2025Feb 4, 2026Showing above
2024Feb 5, 2025
2023Feb 5, 2024
2022Feb 6, 2023
2019Feb 7, 2020
2018Feb 7, 2019
2017Feb 8, 2018
2016Feb 9, 2017
2015Feb 11, 2016

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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