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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(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, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For 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 registered
Common Stock - par value $.001 per shareREGNNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange 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.YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesNo
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.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo
The number of shares outstanding of each of the registrant's classes of common stock as of October 23, 2024:
Class of Common Stock
Number of Shares
Class A Stock, $.001 par value1,817,146
Common Stock, $.001 par value108,072,385



REGENERON PHARMACEUTICALS, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS







"Altibodies," "ARCALYST®," "Evkeeza®," "EYLEA®," "EYLEA HD®," "Inmazeb®," "Libtayo®," "Ordspono," "Praluent®" (in the United States), "REGEN-COV®," "Regeneron®," "Regeneron Genetics Center®," "RGC®," "Veloci-Bi®," "VelociGene®," "VelociHum®," "VelociMab®," "VelocImmune®," "VelociMouse®," "VelociSuite®," "VelociT®," "Veopoz®," 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.


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except per share data)
September 30,December 31,
20242023
ASSETS
Current assets:
Cash and cash equivalents$2,011.8 $2,730.0 
Marketable securities7,784.7 8,114.8 
Accounts receivable, net6,107.1 5,667.3 
Inventories3,018.0 2,580.5 
Prepaid expenses and other current assets412.0 386.6 
Total current assets19,333.6 19,479.2 
Marketable securities8,490.9 5,396.5 
Property, plant, and equipment, net4,439.2 4,146.4 
Intangible assets, net1,120.1 1,038.6 
Deferred tax assets3,015.1 2,575.4 
Other noncurrent assets1,043.0 444.1 
Total assets$37,441.9 $33,080.2 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$497.3 $606.6 
Accrued expenses and other current liabilities2,536.5 2,357.9 
Deferred revenue627.2 458.9 
Total current liabilities3,661.0 3,423.4 
Long-term debt1,984.0 1,982.9 
Finance lease liabilities720.0 720.0 
Deferred revenue207.4 126.7 
Other noncurrent liabilities1,543.6 854.1 
Total liabilities8,116.0 7,107.1 
Stockholders' equity:
Preferred Stock, par value $.01 per share; 30.0 shares authorized; shares issued and outstanding - none
  
Class A Stock, convertible, par value $.001 per share; 40.0 shares authorized; shares issued and outstanding - 1.8 in 2024 and 2023
  
Common Stock, par value $.001 per share; 320.0 shares authorized; shares issued - 135.3 in 2024 and 133.1 in 2023
0.1 0.1 
Additional paid-in capital12,702.8 11,354.0 
Retained earnings 30,755.2 27,260.3 
Accumulated other comprehensive income (loss)
60.2 (80.9)
Treasury Stock, at cost; 27.0 shares in 2024 and 25.5 shares in 2023
(14,192.4)(12,560.4)
Total stockholders' equity29,325.9 25,973.1 
Total liabilities and stockholders' equity$37,441.9 $33,080.2 
The accompanying notes are an integral part of the financial statements.
2


REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Statements of Operations
Revenues:
Net product sales$1,946.4 $1,786.1 $5,626.3 $5,226.2 
Collaboration revenue1,660.1 1,438.3 4,450.9 4,133.1 
Other revenue114.2 138.3 335.6 323.6 
3,720.7 3,362.7 10,412.8 9,682.9 
Expenses:
Research and development1,271.5 1,075.3 3,719.9 3,261.8 
Acquired in-process research and development56.2 100.0 87.2 156.1 
Selling, general, and administrative714.4 640.5 2,162.2 1,893.6 
Cost of goods sold262.3 224.5 760.5 625.3 
Cost of collaboration and contract manufacturing228.8 211.9 644.6 673.5 
Other operating expense (income), net
8.0 (0.5)37.9 (1.6)
2,541.2 2,251.7 7,412.3 6,608.7 
Income from operations1,179.5 1,111.0 3,000.5 3,074.2 
Other income (expense):
Other income (expense), net
327.3 17.6 866.0 32.2 
Interest expense(13.8)(17.8)(44.7)(54.7)
313.5 (0.2)821.3 (22.5)
Income before income taxes1,493.0 1,110.8 3,821.8 3,051.7 
Income tax expense
152.4 103.0 326.9 257.7 
Net income$1,340.6 $1,007.8 $3,494.9 $2,794.0 
Net income per share - basic$12.40 $9.48 $32.36 $26.16 
Net income per share - diluted$11.54 $8.89 $30.23 $24.57 
Weighted average shares outstanding - basic108.1 106.3 108.0 106.8 
Weighted average shares outstanding - diluted116.2 113.4 115.6 113.7 
Statements of Comprehensive Income
Net income$1,340.6 $1,007.8 $3,494.9 $2,794.0 
Other comprehensive income (loss), net of tax:
Unrealized gain on debt securities
128.2 21.3 139.6 62.8 
Gain (loss) on foreign currency translation
1.9 (0.4)1.5 (0.8)
Comprehensive income $1,470.7 $1,028.7 $3,636.0 $2,856.0 
The accompanying notes are an integral part of the financial statements.
3


REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
(In millions)
Class A StockCommon StockAdditional
Paid-in Capital
Retained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Stockholders' Equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 2023
1.8$ 133.1$0.1 $11,354.0 $27,260.3 $(80.9)(25.5)$(12,560.4)$25,973.1 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 1.5 — 672.4 — — — — 672.4 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — (0.4)— (335.9)— — — — (335.9)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 18.8 — — — 1.7 20.5 
Repurchases of Common Stock— — — — — — — (0.3)(298.0)(298.0)
Stock-based compensation charges— — — — 233.3 — — — — 233.3 
Net income— — — — — 722.0 — — — 722.0 
Other comprehensive income, net of tax
— — — — — — 3.7 — — 3.7 
Balance, March 31, 2024
1.8  134.2 0.1 11,942.6 27,982.3 (77.2)(25.8)(12,856.7)26,991.1 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 1.0 — 436.5 — — — — 436.5 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — (0.4)— (311.8)— — — — (311.8)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 19.6 — — — 2.2 21.8 
Repurchases of Common Stock— — — — — — — (0.6)(601.4)(601.4)
Stock-based compensation charges— — — — 230.0 — — — — 230.0 
Net income— — — — — 1,432.3 — — — 1,432.3 
Other comprehensive income, net of tax
— — — — — — 7.3 — — 7.3 
Balance, June 30, 2024
1.8 134.80.1 12,316.9 29,414.6 (69.9)(26.4)(13,455.9)28,205.8 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 0.6 — 255.7 — — — — 255.7 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — (0.1)— (120.2)— — — — (120.2)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 20.0 — — — 1.8 21.8 
Repurchases of Common Stock— — — — — — — (0.6)(738.3)(738.3)
Stock-based compensation charges— — — — 230.4 — — — — 230.4 
Net income— — — — — 1,340.6 — — — 1,340.6 
Other comprehensive income, net of tax
— — — — — — 130.1 — — 130.1 
Balance, September 30, 2024
1.8$ 135.3$0.1 $12,702.8 $30,755.2 $60.2 (27.0)$(14,192.4)$29,325.9 
4


CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (continued)
Class A StockCommon StockAdditional
Paid-in Capital
Retained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Stockholders' Equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 20221.8 $ 130.4 $0.1 $9,949.3 $23,306.7 $(238.8)(22.6)$(10,353.3)$22,664.0 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 1.1 — 491.3 — — — — 491.3 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — (0.1)— (99.2)— — — — (99.2)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 18.9 — — — 1.7 20.6 
Repurchases of Common Stock— — — — — — — (0.9)(693.9)(693.9)
Stock-based compensation charges— — — — 237.4 — — — — 237.4 
Net income— — — — — 817.8 — — — 817.8 
Other comprehensive income, net of tax
— — — — — — 57.2 — — 57.2 
Balance, March 31, 2023
1.8  131.4 0.1 10,597.7 24,124.5 (181.6)(23.5)(11,045.5)23,495.2 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 0.2 — 80.7 — — — — 80.7 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — — — (14.0)— — — — (14.0)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 16.1 — — — 2.4 18.5 
Repurchases of Common Stock— — — — — — — (1.0)(722.8)(722.8)
Stock-based compensation charges— — — — 208.0 — — — — 208.0 
Net income— — — — — 968.4 — — — 968.4 
Other comprehensive loss, net of tax
— — — — — — (16.1)— — (16.1)
Balance, June 30, 2023
1.8 131.60.1 10,888.5 25,092.9 (197.7)(24.5)(11,765.9)24,017.9 
Issuance of Common Stock for equity awards granted under long-term incentive plans— — 0.7 — 268.9 — — — — 268.9 
Common Stock tendered upon exercise of stock options and vesting of restricted stock for employee tax obligations— — (0.2)— (129.4)— — — — (129.4)
Issuance/distribution of Common Stock for 401(k) Savings Plan— — — — 16.1 — — — 1.9 18.0 
Repurchases of Common Stock— — — — — — — (0.6)(507.1)(507.1)
Stock-based compensation charges— — — — 207.4 — — — — 207.4 
Net income— — — — — 1,007.8 — — — 1,007.8 
Other comprehensive income, net of tax
— — — — — — 20.9 — — 20.9 
Balance, September 30, 2023
1.8$ 132.1$0.1 $11,251.5 $26,100.7 $(176.8)(25.1)$(12,271.1)$24,904.4 
The accompanying notes are an integral part of the financial statements.
5


REGENERON PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
September 30,
2024
2023
Cash flows from operating activities:
Net income $3,494.9 $2,794.0 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization356.5 308.0 
Stock-based compensation expense678.4 644.6 
(Gains) losses on marketable and other securities, net(331.2)324.5 
Other non-cash items, net(31.9)17.4 
Deferred income taxes(477.1)(551.5)
Changes in assets and liabilities:
Increase in accounts receivable
(436.2)(256.1)
Increase in inventories(502.0)(224.4)
Increase in prepaid expenses and other assets(352.2)(284.4)
Increase (decrease) in deferred revenue249.0 (5.1)
Increase in accounts payable, accrued expenses, and other liabilities509.5 737.3 
Total adjustments(337.2)710.3 
Net cash provided by operating activities3,157.7 3,504.3 
Cash flows from investing activities:
Purchases of marketable and other securities(14,664.5)(9,514.2)
Sales or maturities of marketable and other securities12,445.3 7,059.3 
Capital expenditures(556.3)(467.2)
Proceeds from sale of property, plant, and equipment
20.1  
Payments for Libtayo intangible asset(58.3)(145.7)
Acquisitions, net of cash acquired
(5.0)(51.1)
Net cash used in investing activities(2,818.7)(3,118.9)
Cash flows from financing activities:
Proceeds from issuance of Common Stock1,374.4 844.5 
Payments in connection with Common Stock tendered for employee tax obligations(775.7)(242.5)
Repurchases of Common Stock(1,630.3)(1,946.0)
Other
(33.4) 
Net cash used in financing activities(1,065.0)(1,344.0)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (0.6)
Net decrease in cash, cash equivalents, and restricted cash(726.0)(959.2)
Cash, cash equivalents, and restricted cash at beginning of period2,737.8 3,119.4 
Cash, cash equivalents, and restricted cash at end of period$2,011.8 $2,160.2 
The accompanying notes are an integral part of the financial statements.
6




REGENERON PHARMACEUTICALS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Interim Financial Statements
Basis of Presentation
The interim Condensed Consolidated Financial Statements of Regeneron Pharmaceuticals, Inc. and its subsidiaries ("Regeneron," "Company," "we," "us," and "our") have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company's financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, these financial statements reflect all normal recurring adjustments and accruals necessary for a fair statement of the Company's condensed consolidated financial statements for such periods. The results of operations for any interim period are not necessarily indicative of the results for the full year. The December 31, 2023 Condensed Consolidated Balance Sheet data were derived from audited financial statements, but do not include all disclosures required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The amendments require disclosure of incremental segment information on an annual and interim basis. The amendments also require companies with a single reportable segment to provide all disclosures required by this amendment and all existing segment disclosures in Accounting Standards Codification 280, Segment Reporting. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company does not expect the adoption of the amendments to have a significant impact on its financial statements.
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures. The amendments require (i) enhanced disclosures in connection with an entity's effective tax rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of the amendments to have a significant impact on its financial statements.
7


2. Product Sales
Net product sales consist of the following:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2024202320242023
EYLEA HD®
U.S.$392.3 $42.7 $896.5 $42.7 
EYLEA®
U.S.1,144.6 1,448.2 3,576.7 4,382.1 
Total EYLEA HD and EYLEAU.S.1,536.9 1,490.9 4,473.2 4,424.8 
Libtayo®
U.S.194.5 144.1 536.1 384.0 
Libtayo
Rest of world
94.1 88.3 313.8 235.3 
Total Libtayo
Global
288.6 232.4 849.9 619.3 
Praluent®
U.S.52.9 40.4 179.0 121.1 
Evkeeza®
U.S.32.4 19.1 87.6 53.3 
Inmazeb®
Global
35.6 3.3 36.6 7.7 
$1,946.4 $1,786.1 $5,626.3 $5,226.2 
As of September 30, 2024 and December 31, 2023, the Company had $4.142 billion and $3.888 billion, respectively, of trade accounts receivable that were recorded within Accounts receivable, net.
The Company had product sales to certain customers that each accounted for more than 10% of total gross product revenue for the three and nine months ended September 30, 2024 and 2023. Sales to each of these customers as a percentage of the Company's total gross product revenue are as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Besse Medical, a subsidiary of Cencora, Inc.51 %53 %51 %52 %
McKesson Corporation24 %24 %24 %25 %
3. Collaboration, License, and Other Agreements
a. Sanofi
The Company is party to a global, strategic collaboration with Sanofi to research, develop, and commercialize fully human monoclonal antibodies, which currently consists of Dupixent® (dupilumab), Kevzara® (sarilumab), and itepekimab.
Sanofi is generally responsible for funding 80% to 100% of agreed-upon development costs. The Company is obligated to reimburse Sanofi for 30% to 50% of worldwide development expenses that were funded by Sanofi (i.e., "development balance") based on the Company's share of collaboration profits; however, the Company is only required to apply 20% of its share of profits from the collaboration each calendar quarter to reimburse Sanofi for these development expenses. As of September 30, 2024, the Company's contingent reimbursement obligation to Sanofi under the collaboration was approximately $1.810 billion.
Sanofi leads commercialization activities for products under the collaboration, subject to the Company's right to co-commercialize such products. During the three months ended September 30, 2023, the Company earned the final $50.0 million sales-based milestone from Sanofi upon aggregate annual sales of antibodies outside the United States exceeding $3.0 billion on a rolling twelve-month basis.
8


Amounts recognized in the Company's Statements of Operations in connection with its Sanofi collaboration are as follows:
Statement of Operations Classification
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2024202320242023
Regeneron's share of profits
Collaboration revenue$1,088.3 $863.0 $2,880.6 $2,250.6 
Sales-based milestones earned
Collaboration revenue
$ $50.0 $ $50.0 
Reimbursement for manufacturing of commercial suppliesCollaboration revenue$175.1 $151.5 $438.2 $506.0 
Regeneron's obligation for its share of Sanofi R&D expenses, net of reimbursement of R&D expenses
(R&D expense)
$(7.8)$(25.8)$(35.5)$(66.7)
Reimbursement of commercialization-related expenses Reduction of SG&A expense$169.0 $135.5 $459.3 $384.0 
The following table summarizes contract balances in connection with the Company's Sanofi collaboration:
September 30,December 31,
(In millions)
2024
2023
Accounts receivable, net $1,270.5 $1,029.1 
Deferred revenue
$621.4 $427.7 
b. Bayer
The Company is party to a license and collaboration agreement with Bayer for the global development and commercialization of EYLEA 8 mg (aflibercept 8 mg) and EYLEA (aflibercept) outside the United States. Agreed-upon development expenses incurred by the Company and Bayer are generally shared equally. Bayer is responsible for commercialization activities outside the United States, and the companies share equally in profits from such sales. Within the United States, the Company is responsible for commercialization and retains profits from such sales.
Amounts recognized in the Company's Statements of Operations in connection with its Bayer collaboration are as follows:
Statement of Operations Classification
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2024202320242023
Regeneron's share of profits
Collaboration revenue$367.6 $349.9 $1,054.5 $1,031.0 
Reimbursement for manufacturing of ex-U.S. commercial suppliesCollaboration revenue$23.2 $27.2 $67.4 $79.7 
Regeneron's obligation for its share of Bayer R&D expenses, net of reimbursement of R&D expenses
(R&D expense)
$(11.8)$(9.7)$(35.2)$(35.1)
The following table summarizes contract balances in connection with the Company's Bayer collaboration:
September 30,December 31,
(In millions)
2024
2023
Accounts receivable, net$377.2 $381.7 
Deferred revenue
$195.3 $138.2 
9


c. Roche
The Company is a party to a collaboration agreement with Roche to develop, manufacture, and distribute the casirivimab and imdevimab antibody cocktail (known as REGEN-COV® in the United States and Ronapreve in other countries). Under the terms of the collaboration agreement, the Company has the right to distribute the product in the United States while Roche has the right to distribute the product outside the United States. The parties share gross profits from worldwide sales.
Amounts recognized in the Company's Statements of Operations in connection with its Roche collaboration are as follows:
Statement of Operations Classification
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)20242023
2024
2023
Global gross profits earned in connection with sales of Ronapreve
Collaboration revenue$0.5 $ $1.4 $222.2 
Other
Collaboration revenue$ $(5.7)$ $(9.5)
Contract balances in the Company's Balance Sheets in connection with the Roche collaboration were not material as of September 30, 2024 and December 31, 2023.
d. Other
In addition to the collaboration and license agreements discussed above, the Company has various other collaboration and license agreements that are not individually significant to its operating results or financial condition at this time. Pursuant to the terms of those agreements, the Company may be required to pay, or it may receive, additional amounts contingent upon the occurrence of various future events (e.g., upon the achievement of various development and commercial milestones), which in the aggregate could be significant. The Company may also incur, or get reimbursed for, significant research and development costs.
During the three and nine months ended September 30, 2024, the Company recorded to Acquired in-process research and development expense a $45.0 million development milestone in connection with the Company's collaboration agreement with Sonoma Biotherapeutics, Inc.
During the three and nine months ended September 30, 2023, the Company recorded to Acquired in-process research and development expense a $100.0 million development milestone in connection with the Company's collaboration agreement with Alnylam Pharmaceuticals, Inc. Acquired in-process research and development expense for the nine months ended September 30, 2023 also included a $45.0 million up-front payment in connection with the Company's collaboration agreement with Sonoma.
10


4. Net Income Per Share
Basic net income per share is computed by dividing net income by the weighted average number of shares of Common Stock and Class A Stock outstanding. Net income per share is presented on a combined basis, inclusive of Common Stock and Class A Stock outstanding, as each class of stock has equivalent economic rights. Diluted net income per share includes the potential dilutive effect of other securities as if such securities were converted or exercised during the period, when the effect is dilutive. The calculations of basic and diluted net income per share are as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions, except per share data)2024202320242023
Net income - basic and diluted$1,340.6 $1,007.8 $3,494.9 $2,794.0 
Weighted average shares - basic108.1 106.3 108.0 106.8 
Effect of dilutive securities:
Stock options5.3 4.8 5.2 4.9 
Restricted stock awards and restricted stock units2.8 2.3 2.4 2.0 
Weighted average shares - diluted116.2 113.4 115.6 113.7 
Net income per share - basic$12.40 $9.48 $32.36 $26.16 
Net income per share - diluted$11.54 $8.89 $30.23 $24.57 
Shares which have been excluded from diluted per share amounts because their effect would have been antidilutive include the following:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Shares in millions)2024202320242023
Stock options0.1 1.7 1.5 1.7 
11


5. Marketable Securities
Marketable securities as of September 30, 2024 and December 31, 2023 consist of both available-for-sale debt securities of investment grade issuers (see below and Note 6) as well as equity securities of publicly traded companies (see Note 6).
The following tables summarize the Company's investments in available-for-sale debt securities:
(In millions)AmortizedUnrealizedFair
As of September 30, 2024
Cost BasisGainsLossesValue
Corporate bonds$7,708.2 $83.5 $(24.4)$7,767.3 
U.S. government and government agency obligations5,985.8 14.1 (1.3)5,998.6 
Sovereign bonds66.7 0.4 (0.2)66.9 
Commercial paper556.6 1.0  557.6 
Certificates of deposit402.1 1.0  403.1 
Asset-backed securities173.2 0.8 (0.1)173.9 
$14,892.6 $100.8 $(26.0)$14,967.4 
As of December 31, 2023
Corporate bonds$6,492.5 $10.4 $(104.9)$6,398.0 
U.S. government and government agency obligations4,839.6 2.4 (8.6)4,833.4 
Sovereign bonds58.1  (0.9)57.2 
Commercial paper636.8 0.2 (0.2)636.8 
Certificates of deposit520.8 0.6  521.4 
Asset-backed securities88.2 0.1 (1.2)87.1 
$12,636.0 $13.7 $(115.8)$12,533.9 
The Company classifies its investments in available-for-sale debt securities based on their contractual maturity dates. The available-for-sale debt securities as of September 30, 2024 mature at various dates through October 2029. The fair values of available-for-sale debt securities by contractual maturity consist of the following:
September 30,December 31,
(In millions)
2024
2023
Maturities within one year$7,784.7 $8,114.8 
Maturities after one year through five years7,181.9 4,414.5 
Maturities after five years0.8 4.6 
$14,967.4 $12,533.9 

12


The following table shows the fair value and gross unrealized losses by category and disaggregated by the length of time that the Company's available-for-sale debt securities have been in a continuous unrealized loss position.
Less than 12 Months12 Months or GreaterTotal
(In millions)
As of September 30, 2024
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Corporate bonds$6,351.7 $(0.7)$1,415.6 $(23.7)$7,767.3 $(24.4)
U.S. government and government agency obligations5,799.9 (0.1)198.7 (1.2)5,998.6 (1.3)
Sovereign bonds46.0  20.9 (0.2)66.9 (0.2)
Asset-backed securities141.6  32.3 (0.1)173.9 (0.1)
$12,339.2 $(0.8)$1,667.5 $(25.2)$14,006.7 $(26.0)
As of December 31, 2023
Corporate bonds$2,363.3 $(2.4)$4,034.7 $(102.5)$6,398.0 $(104.9)
U.S. government and government agency obligations4,780.6 (6.0)52.7 (2.6)4,833.3 (8.6)
Sovereign bonds12.4 (0.1)44.8 (0.8)57.2 (0.9)
Commercial paper
636.8 (0.2)  636.8 (0.2)
Asset-backed securities61.8 (0.3)25.3 (0.9)87.1 (1.2)
$7,854.9 $(9.0)$4,157.5 $(106.8)$12,012.4 $(115.8)
The unrealized losses on corporate bonds were primarily driven by changes in interest rates. The Company has reviewed its portfolio of available-for-sale debt securities and determined that the decline in fair value below cost did not result from credit-related factors. In addition, the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, such securities before recovery of their amortized cost bases.
With respect to marketable securities, for the three and nine months ended September 30, 2024 and 2023, amounts reclassified from Accumulated other comprehensive income (loss) into Other income (expense), net were related to realized gains/losses on sales of available-for-sale debt securities. For the three and nine months ended September 30, 2024 and 2023, realized gains/losses on sales of marketable securities were not material.
6. Fair Value Measurements
The table below summarizes the Company's assets and liabilities which are measured at fair value on a recurring basis. The following fair value hierarchy is used to classify assets and liabilities, based on inputs to valuation techniques utilized to measure fair value:
Level 1 - Quoted prices in active markets for identical assets or liabilities
Level 2 - Significant other observable inputs, such as quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuations in which significant inputs used are observable
Level 3 - Significant other unobservable inputs
13


(In millions)Fair Value Measurements at Reporting Date
As of September 30, 2024
Fair ValueLevel 1Level 2
Level 3
Assets:
Cash equivalents$934.8 $517.3 $417.5 $ 
Available-for-sale debt securities:
Corporate bonds7,767.3  7,767.3  
U.S. government and government agency obligations5,998.6  5,998.6  
Sovereign bonds66.9  66.9  
Commercial paper557.6  557.6  
Certificates of deposit403.1  403.1  
Asset-backed securities173.9  173.9  
Equity securities (unrestricted)1,232.1 1,232.1   
Equity securities (restricted)(a)
76.1