Business Overview and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

The tables below present the impact of the change on the Company’s previously-filed Consolidated Balance Sheet as of December 31, 2019, the Consolidated Statement of Operations for the years ended December 31, 2019, and 2018, and the Consolidated Statement of Cash Flows for the years ended December 31, 2019, and 2018. The Company’s previously-filed balance sheet has been updated to reflect the addition of the caption Other liabilities for the presentation of up-front and development milestones paid by collaborators that are deferred. There was no impact on the Company’s previously-filed Consolidated Statements of Stockholders’ Equity.


	December 31, 2019
Balance Sheet Data:	As Previously Reported		Adjustments		As Revised
Accrued expenses and other current liabilities	$	1,086.8	$	124.6	$	1,211.4
Deferred revenue - Sanofi (current)	$	395.5	$	(85.0)	$	310.5
Deferred revenue - other (current)	$	196.2	$	(124.6)	$	71.6
Other liabilities - Sanofi (current)	—		$	85.0	$	85.0
Deferred revenue - Sanofi (noncurrent)	$	509.7	$	(482.0)	$	27.7
Deferred revenue - other (noncurrent)	$	109.3	$	(31.7)	$	77.6
Other liabilities - Sanofi (noncurrent)	—		$	482.0	$	482.0
Other noncurrent liabilities	$	286.0	$	31.7	$	317.7


	Year Ended December 31, 2019						Year Ended December 31, 2018
Statement of Operations Data:	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
Sanofi collaboration revenue	$	1,426.8	$	(1,023.2)	$	403.6	$	1,111.1	$	(1,236.8)	$	(125.7)
Bayer collaboration revenue	$	1,188.8	$	(43.2)	$	1,145.6	$	1,076.7	$	(40.6)	$	1,036.1
Other revenue	$	413.4	$	(239.4)	$	174.0	$	416.8	$	(287.8)	$	129.0
Total revenues	$	7,863.4	$	(1,305.8)	$	6,557.6	$	6,710.8	$	(1,565.2)	$	5,145.6

Research and development	$	3,036.6	$	(586.6)	$	2,450.0	$	2,186.1	$	(717.3)	$	1,468.8
Selling, general, and administrative	$	1,834.8	$	(492.9)	$	1,341.9	$	1,556.2	$	(429.0)	$	1,127.2
Cost of collaboration and contract manufacturing(1)	$	419.9	$	(17.1)	$	402.8	$	254.1	$	(16.6)	$	237.5
Other operating (income) expense, net	—		$	(209.2)	$	(209.2)	—		$	(402.3)	$	(402.3)
Total operating expenses	$	5,653.6	$	(1,305.8)	$	4,347.8	$	4,176.4	$	(1,565.2)	$	2,611.2

(1) In addition to the reclassification of certain amounts in connection with the change in accounting presentation described above, the Company also reclassified certain immaterial reimbursements that were previously classified as collaboration revenue to Cost of collaboration and contract manufacturing.


	Year Ended December 31, 2019						Year Ended December 31, 2018
Cash Flows Data:	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
Cash flows from operating activities:
Increase (decrease) in deferred revenue	$	294.0	$	(154.5)	$	139.5	$	(194.5)	$	151.1	$	(43.4)
Increase in accounts payable, accrued expenses, and other liabilities	$	444.5	$	154.5	$	599.0	$	209.9	$	(151.1)	$	58.8

Schedule of estimated useful lives of property, plant, and equipment

The estimated useful lives of property, plant, and equipment are as follows:


Building and improvements						10–50 years
Laboratory and other equipment						3–10 years
Furniture and fixtures						5 years

Property, plant, and equipment consists of the following:


	As of December 31,
	2020		2019
Land	$	241.2	$	230.8
Building and improvements	1,891.1		1,683.4
Leasehold improvements	100.5		97.6
Construction in progress	724.5		644.8
Laboratory equipment	1,038.6		850.7
Computer equipment and software	226.3		183.7
Furniture, office equipment, and other	130.5		121.8
	4,352.7		3,812.8
Less, accumulated depreciation and amortization	(1,131.1)		(922.4)
	$	3,221.6	$	2,890.4

Summary of presentation in statement of operations of payments to and from collaborators

In arrangements where we do not deem our collaborator to be our customer, payments to and from our collaborator are presented in our statement of operations based on the nature of our business operations, the nature of the arrangement, including the contractual terms, and the nature of the payments, as summarized in the table and further described below.


Nature/Type of Payment						Statement of Operations Presentation
Regeneron's share of profits or losses in connection with commercialization of products						Collaboration revenue
Reimbursement for manufacturing of commercial supplies						Collaboration revenue
Royalties and/or sales-based milestones earned						Collaboration revenue
Reimbursement of Regeneron's research and development expenses						Reduction to Research and development expenses
Regeneron's obligation for its share of collaborator's research and development expenses						Research and development expense
Up-front and development milestone payments to collaborators						Research and development expense
Reimbursement of Regeneron's commercialization-related expenses						Reduction to Selling, general, and administrative expense
Regeneron's obligation for its share of collaborator's commercialization-related expenses						Selling, general, and administrative expense
Regeneron's obligation to pay collaborator for its share of gross profits when Regeneron is deemed to be the principal						Cost of goods sold
Up-front and development milestones earned (when we have a combined unit of account which includes a license and providing research and development services)						Other operating income