再生元制药 2025年度报告

2025 At-a-Glance Financial Strength • $14.3Bin 2025 revenues• 4 currently marketed blockbuster medicines:Dupixent®(dupilumab), EYLEA HD®(aflibercept) Injection 8 mg, EYLEA®(aflibercept) Injection, and Libtayo®(cemiplimab)• Dupixent: >1.4M patients actively treatedglobally;$17.8Bin 2025 global netproduct sales (recorded by our collaborator Sanofi)• Retinal franchise (EYLEA HD and EYLEA): $7.9Bin 2025 global net product sales(ex-U.S. sales of $3.5B recorded by our collaborator Bayer)• Libtayo: $1.5Bin 2025 global net product sales Investing for Growth • $5.9Binvested in R&D in 2025, representing ~41% of 2025 revenues• ~$6.6Banticipated R&D investment in 2026• $9Bcommitted to ongoing/upcoming U.S. manufacturing and R&D infrastructureexpansion• $3.8Breturned to shareholders through share repurchases and dividends in 2025 Innovation Engine • Nearly 50 clinical candidatesacross six therapeutic areas• Advancing clinical programs with near-term impactinimmunology andinflammation, cancer, hematology, neurology, cardiovascular and metabolicdiseases, and rare diseases.• 15 internally developed medicines approved or authorizedover past ~15 years• R&D powered by proprietaryVelociSuite®technologies and theRegeneronGenetics Center® Responsibility • Achieved or exceeded nearly all of our2025 responsibility goals• 10 yearsof our flagship social impact programs, the Regeneron Science TalentSearch and Day for Doing Good• Donatedup to 500 dosesof our Ebola medicine to the World Health Organizationfor use in countries most at risk• Debuted2030 responsibility goalsfocused on advancing our mission FORM 10-K UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________ Commission File Number: 000-19034 REGENERON PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter)New York13-3444607(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 777 Old Saw Mill River Road Tarrytown, New York 10591-6707(Address of principal executive offices, including zip code)(914) 847-7000(Registrant's telephone number, including area code)Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading SymbolName of each exchange on which registeredCommon Stock - par value $.001 per shareREGNNASDAQ Global Select MarketSecurities registered pursuant to section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and(2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).Yes☒ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging 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. Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation receivedby any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). The aggregate