Regeneron Pharmaceuticals

Tarrytown, New York · 1,800,000 · Corporate headquarters, laboratory, and office space · Leased or Owned(a)

Rensselaer, New York · 1,600,000 · Manufacturing, warehouse, laboratory, fill/finish(b), and office space · Owned

Limerick, Ireland · 950,000 · Manufacturing, warehouse, laboratory, and office space · Owned

(a) Approximately 1,500,000 square feet is leased pursuant to a lease financing facility and approximately 300,000 square feet is owned. Refer to Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Tarrytown, New York Corporate Headquarters Lease" for further details regarding the lease financing facility.

(b) Our fill/finish facility in Rensselaer, New York is currently undergoing process validation and has yet to be approved for commercial production

In addition to the properties summarized in the table above, we own an approximate 100-acre parcel of land adjacent to our Tarrytown, New York location, which we are in the process of developing, primarily to expand our research and support facilities to accommodate our growth. In 2024, we also acquired an approximate 1,000,000 square foot facility in Saratoga Springs, New York, and we are in the process of designing and developing this property for production support activities and expanding our manufacturing capacity.

• Regeneron Spain, S.L.U. Spain¹⁰
• Regeneron Switzerland GmbH Switzerland¹⁰
• Regeneron UK Limited United Kingdom¹⁰
• Regeneron Ventures, L.P. Delaware¹⁰
• Rock County Holdings LLC New York¹⁰
• Rockwood Road Holdings LLC New York¹⁰

• Product reimbursement and coverage policies and practices, pricing regulations and requirements, and our pricing strategy could change due to various factors beyond our control, which may adversely impact our business, prospects, operating results, and financial condition.
• The commercial success of our products and product candidates is subject to significant competition.
• We rely on our collaborations with Bayer and Sanofi for commercializing some of our marketed products.
• develop, manufacture, and commercialize certain of our products and product candidates in the time expected, or at all, may be materially harmed" below.
• Sales of our marketed products recorded by us and our collaborators could be reduced by imports from countries where such products may be available at lower prices.
• We may be unsuccessful in continuing the commercialization of our marketed products or in commercializing our product candidates or new indications for our marketed products, if approved, which would materially and adversely affect our business, profitability, and future prospects.
• We are dependent upon a small number of customers for a significant portion of our revenue, and the loss of or significant reduction in sales to these customers would adversely affect our results of operations.
• If we are unable to establish sufficient commercial capabilities outside the United States for products we intend to commercialize or co-commercialize outside the United States, our business, prospects, operating results, and financial condition may be adversely affected.
• Risks Related to Maintaining Approval of Our Marketed Products and the Development and Obtaining Approval of Our Product Candidates and New Indications for Our Marketed Products
• Preclinical and clinical studies required for our product candidates and new indications of our marketed products are expensive and time-consuming, and their outcome is highly uncertain. If any such studies are delayed or yield unfavorable results, regulatory approval for our product candidates or new indications of our marketed products may be delayed or become unobtainable.
• Successful development of our current and future product candidates is uncertain.
• Serious complications or side effects in connection with the use or development of our products or product candidates could cause our regulatory approvals to be revoked or limited or lead to delay or discontinuation of development of our product candidates or new indications for our marketed products, which could severely harm our business, prospects, operating results, and financial condition.
• We may be unable to formulate or manufacture our product candidates in a way that is suitable for clinical or commercial use, which would delay or prevent continued development of such candidates and/or receipt of regulatory approval or commercial sale, which could materially harm our business, prospects, operating results, and financial condition.
• Many of our products are intended to be used and, if approved, our product candidates may be used in combination with drug-delivery devices, which may result in additional regulatory, commercialization, and other risks.
• Risks Related to Intellectual Property and Market Exclusivity
• If we cannot protect the confidentiality of our trade secrets, or our patents or other means of defending our intellectual property are insufficient to protect our proprietary rights, our business and competitive position will be harmed.
• We may be restricted in our development, manufacturing, and/or commercialization activities by patents or other proprietary rights of others, and could be subject to awards of damages if we are found to have infringed such patents or rights.
• Loss or limitation of patent rights, and regulatory pathways for biosimilar competition, have in the past reduced and could reduce in the future the duration of market exclusivity for our products.
• business and competitive position will be harmed.
• Risks Related to Manufacturing and Supply
• We rely on limited internal and contracted manufacturing and supply chain capacity, which could adversely affect our ability to commercialize our marketed products and, if approved, our product candidates and to advance our clinical pipeline.
• Expanding our manufacturing capacity and establishing fill/finish capabilities has been and will continue to be costly and we may be unsuccessful in doing so in a timely manner, which could delay or prevent the launch and successful commercialization of our marketed products and product candidates or other indications for our marketed products if they are approved for marketing and could jeopardize our current and future clinical development programs.
• Our ability to manufacture products may be impaired if any of our or our collaborators' manufacturing activities, or the activities of other third parties involved in our manufacture and supply chain, are found to infringe patents of others.
• If sales of our marketed products do not meet the levels currently expected, or if the launch of any of our product candidates is delayed or unsuccessful, we may face costs related to excess inventory or unused capacity at our manufacturing facilities and at the facilities of third parties or our collaborators.
• Third-party service or supply failures, or other failures, business interruptions, or other disasters affecting our manufacturing facilities in Rensselaer, New York and Limerick, Ireland, the manufacturing facilities of our collaborators or contract manufacturers, or the facilities of any other party participating in the supply chain, would adversely affect our ability to supply our products.
• Our or our collaborators' or contract manufacturers' failure to meet the stringent requirements of governmental regulation in the manufacture of drug products or product candidates could result in incurring substantial remedial costs, delays in the development or approval of our product candidates or new indications for our marketed products and/or in their commercial launch if regulatory approval is obtained, and a reduction in sales.
• If the testing or use of our products harms people, or is perceived to harm them even when such harm is unrelated to our products, we could be subject to costly and damaging product liability claims.
• Our business activities have been, and may in the future be, challenged under U.S. federal or state and foreign healthcare laws, which may subject us to civil or criminal proceedings, investigations, or penalties.
• If we fail to comply with our reporting and payment obligations under the Medicaid Drug Rebate program or other governmental pricing programs, we could be subject to additional reimbursement requirements, penalties, sanctions, and fines, which could have a material adverse effect on our business, financial condition, results of operations, and future prospects.
• Risks from the improper conduct of employees, agents, contractors, or collaborators could adversely affect our reputation and our business, prospects, operating results, and financial condition.
• Our operations are subject to environmental, health, and safety laws and regulations, including those governing the use of hazardous materials. Compliance with these laws and regulations is costly, and we may incur substantial liability arising from our activities involving the use of hazardous materials.
• Changes in laws, regulations, and policies affecting the healthcare industry could adversely affect our business.
• Risks associated with our operations outside the United States could adversely affect our business.
• We face risks associated with tariffs and other trade restrictions, which may have a material adverse impact on our results of operations and financial condition.
• We may incur additional tax liabilities related to our operations.
• We face risks related to the personal data we collect, process, and share.
• The use of social media platforms could give rise to liability, breaches of data security and privacy laws, or reputational damage.
• There are inherent risks related to our increasing use of artificial intelligence-based solutions.
• If our Antibody Collaboration with Sanofi is terminated, or Sanofi materially breaches its obligations thereunder, our business, prospects, operating results, and financial condition, and our ability to develop, manufacture, and commercialize certain of our products and product candidates in the time expected, or at all, may be materially harmed.
• If our collaboration with Bayer for EYLEA HD and EYLEA is terminated, or Bayer materially breaches its obligations thereunder, our business, prospects, operating results, and financial condition, and our ability to continue to commercialize EYLEA HD and EYLEA outside the United States would be materially harmed.
• Our collaborators and service providers may fail to perform adequately in their efforts to support the development, manufacture, and commercialization of our drug candidates and current and future products.
• We have undertaken and may in the future undertake strategic acquisitions, and any difficulties from integrating such acquisitions could adversely affect our business, operating results, and financial condition.
• Other Risks Related to Our Business
• We are dependent on our key personnel and if we cannot recruit or retain leaders in our research, development, manufacturing, and commercial organizations, our business will be harmed.
• Significant disruptions of information technology systems or breaches of data security could adversely affect our business.
• Public health outbreaks, epidemics, or pandemics have adversely affected and may in the future adversely affect our business.
• Our indebtedness could adversely impact our business.
• Changes in foreign currency exchange rates could have a material adverse effect on our operating results.
• Our investments are subject to risks and other external factors that may result in losses or affect the liquidity of these investments.
• Risks Related to Our Common Stock
• Our stock price is extremely volatile.
• Future sales of our Common Stock by our significant shareholders or us may depress our stock price and impair our ability to raise funds in new share offerings.
• There can be no assurance that we will continue to repurchase shares of our Common Stock or continue to declare cash dividends.
• Our existing shareholders may be able to exert substantial influence over matters requiring shareholder approval and over our management.
• The anti-takeover effects of provisions of our charter, by-laws, and of New York corporate law, as well as the contractual provisions in our investor and collaboration agreements and certain provisions of our compensation plans and agreements, could deter, delay, or prevent an acquisition or other "change of control" of us and could adversely affect the price of our Common Stock.