Regeneron Pharmaceuticals, Inc
(NASDAQ:REGN)

Regeneron Pharmaceuticals, Inc. discovers, invents, develops, manufactures, and commercializes medicines for treating various medical conditions worldwide. The company's products include EYLEA injection to treat wet age-related macular degeneration and diabetic macular edema; myopic choroidal neovas...

Website: http://www.regeneron.com

Founded: 1988

Full Time Employees: 8,314

Sector: Healthcare

Industry: Biotechnology

Pharmaceuticals

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Quarterly

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30

statements of operations
revenues:
net product sales	1,534,500,000	1,674,800,000	1,587,700,000	1,631,000,000	1,415,600,000	2,002,900,000	1,946,400,000	1,918,600,000	1,761,300,000	1,851,800,000	1,786,100,000	1,772,100,000	1,668,000,000	1,699,300,000	1,801,400,000	1,754,400,000	1,638,600,000	3,975,200,000	2,279,900,000	4,137,800,000	1,724,300,000	1,621,800,000	1,482,200,000	1,226,900,000	1,236,700,000	1,286,400,000	1,238,300,000	1,205,300,000	1,104,400,000	1,096,421,000	1,025,488,000	996,382,000	987,909,000	978,718,000	957,367,000	924,133,000	858,245,000	862,521,000	857,468,000	834,219,000	784,182,000	749,524,000	737,562,000	657,819,000	544,573,000	521,518,000	448,844,000	418,022,000	362,378,000	406,088,000	367,118,000	333,893,000	318,740,000	281,471,000	249,172,000	199,519,000	127,931,000	29,752,000	5,468,000	5,039,000	4,427,000	5,269,000	4,936,000	5,197,000	9,852,000	5,000,000	4,973,000	4,500,000	3,891,000	3,543,000	2,706,000
yoy	8.40%	-16.38%	-18.43%	-14.99%	-19.63%	8.16%	8.97%	8.27%	5.59%	8.97%	-0.85%	1.01%	1.79%	-57.25%	-20.99%	-57.60%	-4.97%	145.11%	53.82%	237.26%	39.43%	26.07%	19.70%	1.79%	11.98%	17.33%	20.75%	20.97%	11.79%	12.03%	7.12%	7.82%	15.11%	13.47%	11.65%	10.78%	9.44%	15.08%	16.26%	26.82%	44.00%	43.72%	64.32%	57.36%	50.28%	28.42%	22.26%	25.20%	13.69%	44.27%	47.34%	67.35%	149.15%	846.06%	4456.91%	3859.50%	2789.79%	464.66%	10.78%	-3.04%	-55.06%	5.38%	-0.74%	15.49%	153.20%	41.12%	83.78%
qoq	-8.38%	5.49%	-2.65%	15.22%	-29.32%	2.90%	1.45%	8.93%	-4.89%	3.68%	0.79%	6.24%	-1.84%	-5.67%	2.68%	7.07%	-58.78%	74.36%	-44.90%	139.97%	6.32%	9.42%	20.81%	-0.79%	-3.86%	3.88%	2.74%	9.14%	0.73%	6.92%	2.92%	0.86%	0.94%	2.23%	3.60%	7.68%	-0.50%	0.59%	2.79%	6.38%	4.62%	1.62%	12.12%	20.80%	4.42%	16.19%	7.37%	15.36%	-10.76%	10.62%	9.95%	4.75%	13.24%	12.96%	24.89%	55.96%	329.99%	444.11%	8.51%	13.82%	-15.98%	6.75%	-5.02%	-47.25%	97.04%	0.54%	10.51%	15.65%	9.82%	30.93%
collaboration revenue	1,899,700,000	1,970,900,000	1,968,400,000	1,860,700,000	1,531,200,000	1,606,900,000	1,660,100,000	1,524,000,000	1,266,800,000	1,370,000,000	1,438,300,000	1,316,700,000	1,378,100,000	831,675,000	1,050,600,000	1,043,600,000	1,232,500,000	695,750,000	1,073,900,000	954,700,000	754,400,000
other revenue	171,200,000	238,600,000	198,200,000	183,900,000	81,900,000	179,400,000	114,200,000	104,500,000	116,900,000	212,500,000	138,300,000	69,300,000	116,000,000	127,700,000	84,200,000	59,200,000	94,000,000	86,200,000	99,000,000	46,000,000	50,000,000	123,400,000	158,600,000	211,800,000	63,200,000	135,200,000	103,100,000	90,300,000	84,800,000	102,248,000	117,370,000	111,024,000	86,158,000	107,073,000	61,506,000	113,500,000	56,440,000	51,657,000	26,964,000	23,100,000	17,381,000									787,000	1,074,000	1,223,000	851,000
expenses:
research and development	1,543,500,000	1,626,100,000	1,475,000,000	1,421,700,000	1,327,400,000	1,412,100,000	1,271,500,000	1,200,000,000	1,248,400,000	1,177,200,000	1,075,300,000	1,085,300,000	1,101,200,000	1,043,100,000	911,300,000	794,300,000	843,800,000	785,600,000	665,400,000	714,200,000	742,900,000	744,500,000	684,600,000	722,000,000	583,900,000	683,100,000	663,400,000	1,048,300,000	641,800,000	601,253,000	556,972,000	529,289,000	498,586,000	527,983,000	529,749,000	509,975,000	507,435,000	479,206,000	543,047,000	559,930,000	470,112,000	461,210,000	425,924,000	390,330,000	343,113,000	351,745,000	337,728,000	294,501,000	287,379,000	268,140,000	224,045,000	187,463,000	180,299,000	181,024,000	158,295,000	147,373,000	138,862,000	129,041,000	127,924,000	143,149,000	129,392,000	125,212,000	122,043,000	124,526,000	117,471,000	118,790,000	105,434,000	94,231,000	82,146,000	76,314,000	73,855,000	66,577,000	61,270,000	51,689,000	43,864,000	41,235,000	35,774,000	34,808,000	34,398,000	32,084,000	37,911,000	41,116,000	40,642,000	35,912,000	34,789,000	32,828,000	36,297,000	32,181,000	33,267,000	34,650,000	33,717,000
acquired in-process research and development	101,900,000	18,700,000	83,100,000	10,000,000	12,300,000	13,800,000	56,200,000	23,900,000	7,100,000	30,000,000	100,000,000		56,100,000	30,000,000		197,000,000	28,100,000
selling, general, and administrative	647,700,000	775,000,000	657,800,000	634,200,000	633,000,000	792,200,000	714,400,000	758,800,000	689,000,000	737,700,000	640,500,000	652,000,000	601,100,000	660,500,000	529,100,000	476,300,000	450,000,000	559,600,000	445,000,000	414,700,000	405,600,000	303,500,000	326,900,000	348,300,000	367,300,000	586,800,000	419,900,000	417,300,000	410,800,000	491,314,000	369,232,000	364,884,000	330,770,000	409,913,000	306,766,000	306,908,000	296,846,000	325,937,000	270,045,000	292,038,000	289,677,000	294,954,000	209,993,000	174,588,000	158,991,000	143,743,000	149,748,000	102,414,000	108,850,000	82,085,000	97,607,000	72,463,000	77,260,000	57,739,000	46,883,000	47,705,000	58,428,000	36,349,000	32,916,000	24,585,000	23,411,000	20,641,000	15,658,000	14,679,000	14,005,000	17,031,000	12,840,000	11,632,000	11,674,000	13,491,000	11,368,000	13,465,000	11,024,000
cost of goods sold	373,400,000	318,700,000	281,000,000	275,600,000	265,500,000	326,800,000	262,300,000	257,800,000	240,400,000	306,800,000	224,500,000	192,400,000	208,400,000	302,200,000	141,300,000	149,200,000	207,300,000	811,700,000	238,800,000	539,400,000	183,200,000	179,600,000	131,000,000	102,500,000	78,800,000	108,500,000	115,900,000	67,000,000	70,900,000	43,990,000	30,817,000	35,950,000	69,243,000	52,733,000	46,388,000	42,133,000	61,253,000	44,534,000	29,901,000	41,247,000	78,942,000	71,078,000	67,199,000	60,855,000	42,570,000	37,957,000	33,655,000	29,945,000	27,473,000	34,491,000	28,253,000	27,283,000	29,055,000	30,169,000	20,145,000	21,843,000	12,298,000	2,989,000	450,000	395,000	382,000	599,000	372,000	405,000	717,000	387,000	472,000	435,000	392,000	631,000	292,000
cost of collaboration and contract manufacturing	296,000,000	265,900,000	240,600,000	254,600,000	198,800,000	238,600,000	228,800,000	222,400,000	193,400,000	210,200,000	211,900,000	212,500,000	249,100,000	238,400,000	176,500,000	147,900,000	197,600,000	170,900,000	214,400,000	154,300,000	124,800,000	173,500,000	143,000,000	173,000,000	138,500,000	115,400,000	110,700,000	85,500,000	108,300,000	73,182,000	79,552,000	55,711,000	45,655,000	53,007,000	57,844,000	60,788,000	22,915,000	30,147,000	14,327,000	27,786,000	32,810,000	39,753,000	41,884,000	27,985,000	41,385,000
income from operations	642,900,000	879,900,000	1,026,800,000	1,079,500,000	591,700,000	990,200,000	1,179,500,000	1,069,600,000	751,400,000	972,900,000	1,111,000,000	1,016,500,000	946,700,000	1,146,800,000	1,223,700,000	1,109,900,000	1,258,500,000	2,639,700,000	1,847,200,000	3,347,200,000	1,112,700,000	1,167,000,000	1,053,100,000	656,400,000	700,100,000	675,700,000	738,500,000	315,600,000	480,000,000	718,058,000	626,923,000	622,188,000	567,231,000	538,811,000	559,926,000	550,312,000	430,542,000	347,003,000	362,802,000	291,628,000	329,308,000	231,082,000	392,422,000	344,859,000	283,553,000	247,367,000	182,719,000	222,406,000	185,939,000	212,073,000	236,802,000	158,103,000	153,050,000	145,670,000	202,364,000	87,478,000	22,201,000	-45,402,000	-58,457,000	-60,319,000	-40,981,000	-12,777,000	-32,094,000	-23,724,000	-28,659,000	-39,408,000	-1,291,000	-16,266,000	-19,231,000	-34,599,000	-19,931,000	-19,389,000	-15,911,000	-38,667,000	-30,604,000	-33,649,000	-33,486,000	-28,257,000	-24,249,000	-21,663,000	-29,527,000	-34,387,000	-32,167,000	-28,340,000	3,974,000	-9,479,000	-12,643,000	23,794,000	-17,139,000	-25,703,000	-26,932,000
yoy	8.65%	-11.14%	-12.95%	0.93%	-21.25%	1.78%	6.17%	5.22%	-20.63%	-15.16%	-9.21%	-8.42%	-24.78%	-56.56%	-33.75%	-66.84%	13.10%	126.20%	75.41%	409.93%	58.93%	72.71%	42.60%	107.98%	45.85%	-5.90%	17.80%	-49.28%	-15.38%	33.27%	11.97%	13.06%	31.75%	55.28%	54.33%	88.70%	30.74%	50.16%	-7.55%	-15.44%	16.14%	-6.58%	114.77%	55.06%	52.50%	16.64%	-22.84%	40.67%	21.49%	45.58%	17.02%	80.73%	589.38%	-420.84%	-446.18%	-245.03%	-154.17%	255.34%	82.14%	154.25%	43.00%	-67.58%	2385.98%	45.85%	49.03%	13.90%	-93.52%	-16.11%	20.87%	-10.52%	-34.87%	-42.38%	-52.48%	36.84%	26.21%	55.33%	13.41%	-17.83%	-24.62%	-23.56%	-843.00%	262.77%	154.43%	-219.11%	-123.19%	-63.12%	-53.06%
qoq	-26.93%	-14.31%	-4.88%	82.44%	-40.24%	-16.05%	10.27%	42.35%	-22.77%	-12.43%	9.30%	7.37%	-17.45%	-6.28%	10.25%	-11.81%	-52.32%	42.90%	-44.81%	200.82%	-4.65%	10.82%	60.44%	-6.24%	3.61%	-8.50%	134.00%	-34.25%	-33.15%	14.54%	0.76%	9.69%	5.27%	-3.77%	1.75%	27.82%	24.07%	-4.35%	24.41%	-11.44%	42.51%	-41.11%	13.79%	21.62%	14.63%	35.38%	-17.84%	19.61%	-12.32%	-10.44%	49.78%	3.30%	5.07%	-28.02%	131.33%	294.03%	-148.90%	-22.33%	-3.09%	47.19%	220.74%	-60.19%	35.28%	-17.22%	-27.28%	2952.52%	-92.06%	-15.42%	-44.42%	73.59%	2.80%	21.86%	-58.85%	26.35%	-9.05%	0.49%	18.51%	16.53%	11.94%	-26.63%	-14.13%	6.90%	13.50%	-813.14%	-141.92%	-25.03%	-153.14%	-238.83%	-33.32%	-4.56%
operating margin %	41.90%	52.54%	64.67%	66.19%	41.80%	49.44%	60.60%	55.75%	42.66%	52.54%	62.20%	57.36%	56.76%	67.49%	67.93%	63.26%	76.80%	66.40%	81.02%	80.89%	64.53%	71.96%	71.05%	53.50%	56.61%	52.53%	59.64%	26.18%	43.46%	65.49%	61.13%	62.44%	57.42%	55.05%	58.49%	59.55%	50.17%	40.23%	42.31%	34.96%	41.99%	30.83%	53.21%	52.42%	52.07%	47.43%	40.71%	53.20%	51.31%	52.22%	64.50%	47.35%	48.02%	51.75%	81.21%	43.84%	17.35%	-152.60%	-1069.07%	-1197.04%	-925.71%	-242.49%	-650.20%	-456.49%	-290.90%	-788.16%	-25.96%	-361.47%	-494.24%	-976.55%	-736.55%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%
other income:
other income	201,200,000	176,000,000	755,800,000	442,800,000	322,000,000	-21,600,000	327,300,000	573,300,000	-34,600,000	193,000,000	17,600,000	85,300,000	-70,700,000	195,300,000	301,400,000	-133,600,000	-183,800,000	-122,200,000	-16,400,000	420,000,000	154,900,000	72,400,000	-28,500,000	272,200,000	-25,400,000	220,800,000	37,800,000	-82,900,000	73,800,000	-62,742,000	16,432,000	40,804,000	24,606,000	-3,128,000	11,861,000	-19,061,000	9,248,000
interest expense	-12,900,000	-12,200,000	-19,300,000	-3,600,000	-8,700,000	-10,500,000	-13,800,000	-14,800,000	-16,100,000	-18,300,000	-17,800,000	-18,900,000	-18,000,000	-17,400,000	-15,300,000	-13,100,000	-13,600,000	-14,100,000	-14,200,000	-14,400,000	-14,600,000	-14,800,000	-26,300,000	-9,700,000	-6,100,000	-6,700,000	-7,800,000	-8,000,000	-7,700,000	-5,212,750	-7,494,000	-6,918,000	-6,439,000	-4,771,000	-6,182,000	-5,401,000	-7,501,000					-3,609,000	-1,715,000	-2,748,000	-6,169,000	-7,755,500	-9,232,000	-10,177,000	-11,613,000	-8,694,000	-11,736,000	-11,365,000	-11,675,000	-8,452,250	-11,413,000	-11,236,000	-11,160,000	-9,455,000	-4,061,000	-4,047,000	-3,719,000	-2,458,000	-2,234,000	-2,342,000	-2,084,000	-1,756,000	-581,000			-295,000	-1,772,000	-2,674,000	-3,011,000	-3,011,000	-3,011,000	-3,011,000	-3,010,000	-3,011,000	-3,011,000	-3,011,000	-3,011,000	-3,011,000	-3,011,000	-3,013,000	-3,014,000	-3,014,000	-3,011,000	-3,136,000	-3,106,000	-2,982,000	-2,905,000
income before income taxes	831,200,000	1,043,700,000	1,763,300,000	1,518,700,000	905,000,000	958,100,000	1,493,000,000	1,628,100,000	700,700,000	1,147,600,000	1,110,800,000	1,082,900,000	858,000,000	1,324,700,000	1,509,800,000	963,200,000	1,061,100,000	2,503,400,000	1,816,600,000	3,752,800,000	1,253,000,000	1,224,600,000	998,300,000	918,900,000	668,600,000	889,800,000	768,500,000	224,700,000	546,100,000	676,167,000	635,861,000	656,074,000	585,398,000	554,767,000	565,605,000	525,850,000	432,289,000	341,527,000	365,881,000	292,256,000	330,151,000	227,289,000	393,289,000	327,996,000	276,523,000	221,287,000	176,078,000	203,119,000	175,263,000	198,153,000	225,684,000	147,692,000	141,831,000	134,559,000	191,468,000
income tax expense	104,000,000	199,100,000	303,300,000	127,100,000	96,300,000	40,400,000	152,400,000	195,800,000	-21,300,000	-12,000,000	103,000,000	114,500,000	40,200,000	127,600,000	194,100,000	111,100,000	87,600,000	274,400,000	184,400,000	653,900,000	137,800,000	75,400,000	156,200,000	21,600,000	44,000,000	-97,800,000	-98,900,000	-31,600,000	-85,000,000	144,186,000	-41,206,000	-104,662,000	-107,418,000	-381,248,000	-177,288,000	-138,106,000	-183,358,000	-86,470,250	-101,077,000	-96,038,000	-164,415,000	-72,295,000	-182,891,000	-133,353,000	-200,502,000	-79,140,500	-96,358,000	-110,384,000	-109,820,000	-46,912,750	-84,378,000	-60,316,000	-42,957,000					-129,250	562,000						218,000					-728,000	3,079,000
net income	727,200,000	844,600,000	1,460,000,000	1,391,600,000	808,700,000	917,700,000	1,340,600,000	1,432,300,000	722,000,000	1,159,600,000	1,007,800,000	968,400,000	817,800,000	1,197,100,000	1,315,700,000	852,100,000	973,500,000	2,229,000,000	1,632,200,000	3,098,900,000	1,115,200,000	1,149,200,000	842,100,000	897,300,000	624,600,000	792,000,000	669,600,000	193,100,000	461,100,000	820,353,000	594,655,000	551,412,000	477,980,000	173,519,000	388,317,000	387,744,000	248,931,000	253,115,000	264,804,000	196,218,000	165,736,000	154,994,000	210,398,000	194,643,000	76,021,000	110,176,000	79,720,000	92,735,000	65,443,000	96,806,000	141,306,000	87,376,000	98,874,000	470,407,000	191,468,000	76,743,000	11,651,000	-53,443,000	-62,365,000	-62,505,000	-43,447,000	-14,597,000	-33,875,000	-25,474,000	-30,522,000	-36,489,000	-1,015,000	-14,938,000	-17,481,000	-31,518,000	-21,115,000	-18,459,000	-11,618,000	-35,838,000	-26,774,000	-29,917,000	-30,971,000	-27,410,000	-23,576,000	-20,380,000	-29,672,000	-34,652,000	26,999,000	-4,123,000	2,792,000	-11,076,000	-14,549,000	64,532,000	-19,377,000	-27,400,000	-28,736,000
yoy	-10.08%	-7.97%	8.91%	-2.84%	12.01%	-20.86%	33.02%	47.90%	-11.71%	-3.13%	-23.40%	13.65%	-15.99%	-46.29%	-19.39%	-72.50%	-12.71%	93.96%	93.82%	245.36%	78.55%	45.10%	25.76%	364.68%	35.46%	-3.46%	12.60%	-64.98%	-3.53%	372.77%	53.14%	42.21%	92.01%	-31.45%	46.64%	97.61%	50.20%	63.31%	25.86%	0.81%	118.01%	40.68%	163.92%	109.89%	16.16%	13.81%	-43.58%	6.13%	-33.81%	-79.42%	-26.20%	13.86%	748.63%	-980.20%	-407.01%	-222.78%	-126.82%	266.12%	84.10%	145.37%	42.35%	-60.00%	3237.44%	70.53%	74.60%	15.77%	-95.19%	-19.07%	50.46%	-12.05%	-21.14%	-38.30%	-62.49%	30.75%	13.56%	46.80%	4.38%	-20.90%	-187.32%	394.30%	-1162.75%	212.86%	-285.57%	-106.39%	-114.41%	-59.58%	-49.37%
qoq	-13.90%	-42.15%	4.92%	72.08%	-11.88%	-31.55%	-6.40%	98.38%	-37.74%	15.06%	4.07%	18.42%	-31.68%	-9.01%	54.41%	-12.47%	-56.33%	36.56%	-47.33%	177.88%	-2.96%	36.47%	-6.15%	43.66%	-21.14%	18.28%	246.76%	-58.12%	-43.79%	37.95%	7.84%	15.36%	175.46%	-55.32%	0.15%	55.76%	-1.65%	-4.41%	34.95%	18.39%	6.93%	-26.33%	8.09%	156.04%	-31.00%	38.20%	-14.03%	41.70%	-32.40%	-31.49%	61.72%	-11.63%	-78.98%	145.68%	149.49%	558.68%	-121.80%	-14.31%	-0.22%	43.86%	197.64%	-56.91%	32.98%	-16.54%	-16.35%	3494.98%	-93.21%	-14.55%	-44.54%	49.27%	14.39%	58.88%	-67.58%	33.85%	-10.51%	-3.40%	12.99%	16.26%	15.68%	-31.32%	-14.37%	-228.35%	-754.84%	-247.67%	-125.21%	-23.87%	-122.55%	-433.03%	-29.28%	-4.65%
net income margin %	47.39%	50.43%	91.96%	85.32%	57.13%	45.82%	68.88%	74.65%	40.99%	62.62%	56.42%	54.65%	49.03%	70.45%	73.04%	48.57%	59.41%	56.07%	71.59%	74.89%	64.68%	70.86%	56.81%	73.14%	50.51%	61.57%	54.07%	16.02%	41.75%	74.82%	57.99%	55.34%	48.38%	17.73%	40.56%	41.96%	29.00%	29.35%	30.88%	23.52%	21.13%	20.68%	28.53%	29.59%	13.96%	21.13%	17.76%	22.18%	18.06%	23.84%	38.49%	26.17%	31.02%	167.12%	76.84%	38.46%	9.11%	-179.63%	-1140.54%	-1240.42%	-981.41%	-277.04%	-686.28%	-490.17%	-309.81%	-729.78%	-20.41%	-331.96%	-449.27%	-889.59%	-780.30%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%
net income per share	6.99	8.24	14.09	13.24	7.58	8.54	12.4	13.25	6.7	10.89	9.48	9.05	7.64	11.21	12.31	7.9	9.12	20.98	15.37	29.51	10.58	10.82	7.98	8.19	5.69	7.26	6.12	1.77	4.23	7.59	5.5	5.12	4.44	1.61	3.64	3.66	2.36	2.41	2.53	1.88	1.59	1.49	2.04	1.89	0.74	1.09	0.79	0.92	0.66	0.97	1.44	0.89	1.02	4.95	2.02	0.81	0.12	-0.58	-0.68	-0.69	-0.49	-0.275	-0.41	-0.31	-0.38	-0.098	-0.01	-0.19	-0.22	-0.4	-0.27	-0.23	-0.15																-0.33	-0.52	-0.58
weighted-average shares outstanding - basic	104	104.6	103.6	105.1	106.7	107.9	108.1	108.1	107.8	106.7	106.3	107	107.1	107.1	106.9	107.9	106.8	105.7	106.2	105	105.4	107.6	105.5	109.6	109.8	109.2	109.4	109.2	108.9		108,033	107,800	107,648		106,706	106,034	105,572		104,833	104,633	104,290	103,061	103,348	102,886	102,227		100,796	100,391	98,709		98,226	97,700	96,878		95,012	94,589	93,446
weighted-average shares outstanding - diluted	107.7	108.6	107.2	108.6	111.2	115.1	116.2	115.4	115.1	113.7	113.4	113.9	114	113.5	112.8	114	113.1	112.2	113.9	110.8	110.5	115.1	113.9	117.9	115.1	114.6	114.2	114.6	115.5		115,088	114,477	114,906		117,028	116,137	115,106		116,466	116,231	114,228	115,230	115,944	115,259	114,519		117,423	113,032	112,151		116,713	111,060	109,369		115,830	110,167	107,734
statements of comprehensive income
other comprehensive income, net of tax:
unrealized gain on debt securities	-65.8	7.1	15.7	22.1	38.1	-66	128.2	7.9	3.5	95.4	21.3	-15.7	57.2					-35.9	-6.4	-0.8		-1.8	-4.9	44.6	-28.8	7.875	1	14.4	16.1
gain on foreign currency translation	0.2	1.4	0.8	1.3	-1.1	0.375	1.9		0.2
comprehensive income	661.6	853.1	1,476.5	1,415	845.7	849.6	1,470.7	1,439.6	725.7	1,255.5	1,028.7	952.3	875	1,233.4	1,264.4	798.4	829.6	2,193.3	1,626	3,098.4	1,102.1	1,147.7	837.4	941.9	594.4	796.6	670.3	206.1	476.2	404,870.25	595,748	555,394	468,339	265,416.75	409,804	395,976	255,887	157,734	256,701	197,058	161,528	155,845	198,966	165,892	71,674	66,495.25	102,352	95,533	68,096	81,467.75	141,884	85,591	98,396	69,955	191,935	75,709	12,176
the accompanying notes are an integral part of the financial statements.
other operating expense			-10,000,000			15,500,000	8,000,000	14,600,000	15,300,000	-500,000	-500,000	-600,000	-500,000	-6,600,000	-45,700,000	-17,400,000	-20,200,000	-15,800,000	42,000,000	-31,300,000	-40,500,000	-145,200,000	-44,600,000	-50,200,000	-40,400,000
loss on foreign currency translation								-0.6		0.5	-0.4	-0.4
unrealized gain on cash flow hedges																	1	0.2	0.2	0.3	0.2	0.3	0.2			0.2	-0.3	-1.4	-1	597	341	608	1,439	7.5	2	28
unrealized loss on debt securities														-62.475	-51.3	-53.7	-144.9				-13.3
sanofi collaboration revenue																						317,100,000	353,300,000	269,100,000	246,900,000	427,100,000	404,200,000	349,100,000	246,400,000	170,877,000	256,265,000	237,753,000	189,490,000	169,417,500	245,175,000	222,128,000	210,367,000	131,875,000	144,392,000	163,414,000	219,694,000	165,672,000	224,735,000	195,110,000	173,356,000	101,507,000	132,925,000	142,595,000	130,508,000	79,790,250	134,359,000	85,529,000	99,273,000	79,758,750	145,042,000	88,988,000	85,005,000	62,394,250	79,802,000	84,446,000
bayer collaboration revenue																						360,600,000	299,900,000	244,200,000	281,400,000	320,800,000	302,800,000	289,000,000	276,200,000	193,791,000	264,373,000	262,863,000	247,928,000	160,229,750	236,625,000	210,355,000	193,939,000	140,696,500	191,298,000	191,896,000	179,592,000
unrealized loss on cash flow hedges																									-1.4
revenues: - sum																														1,195,750,750	1,663,496,000	1,608,022,000	1,511,485,000	1,582,447,000	1,500,673,000	1,470,116,000	1,318,991,000	1,226,827,000	1,220,122,000		1,200,849,000	751,412,750	1,137,422,000		869,612,000	802,329,000	725,788,000	665,700,000	625,740,000	610,412,000	597,027,000	457,642,000	439,664,000	414,602,000	427,687,000	304,399,000	231,789,000
expenses: - sum																														741,665,250	1,036,573,000	985,834,000	944,254,000	1,043,636,000	940,747,000	919,804,000	888,449,000	879,824,000	857,320,000		871,541,000	496,204,250	745,000,000		586,059,000	554,962,000	543,069,000	443,294,000	439,801,000	398,339,000	360,225,000	299,539,000	286,614,000	268,932,000	225,323,000	216,921,000	209,588,000
other income: - sum																														15,247,750	8,938,000	33,886,000	18,167,000	-4,259,000	5,679,000	-24,462,000	1,747,000	1,137,500	3,079,000		843,000	-5,756,500	867,000		-7,030,000	-9,151,000	-6,641,000	-19,287,000	-10,676,000	-8,187,000	-11,118,000	-10,411,000	-11,219,000	-8,045,250	-10,896,000	-10,735,000	-10,550,000
unrealized gain on marketable securities																														-1,738.5	752	3,374	-11,080	9,161.25	21,485	8,204													2,653	-421.25	578
other comprehensive income:
unrealized gain on marketable securities, net of tax																																					6,956			840		851	-11,432	-28,751	-4,347	7,020.75	22,632	2,798					-478	-10.5	467	-1,034	525
investment income																																						2,087,750	3,301,000	2,801,000	2,249,000							1,677,000	937,000	507,000	618,000	954,000	456,000	407,000	517,000	501,000	610,000	799,000	715,000	998,000	1,037,000	638,000	453,000	592,000	439,000	553,000	857,000	1,328,000	1,750,000	2,648,000	3,674,000	4,535,000	7,304,000	5,840,000	6,841,000	6,743,000	5,525,000	3,858,000	3,684,000	3,481,000	2,866,000	2,746,000	2,539,000	2,230,000	1,832,000	1,417,000	1,105,000	1,124,000	868,000	1,285,000	1,101,000
interest and other expense																																						-950,250	-222,000	-2,173,000	-1,406,000
unrealized loss on marketable securities, net of tax																																						-2,867.75	-8,103		-4,208
bayer healthcare collaboration revenue																																										164,809,000	157,596,000	134,237,000	123,846,000	89,615,000	135,853,000	97,295,000	125,312,000	33,648,500	88,583,000	31,104,000	14,907,000	12,077,000	26,701,000	9,124,000	12,483,000
technology licensing and other revenue																																										14,204,250	17,529,000	11,451,000	27,837,000	8,445,000	8,166,000	7,788,000	7,542,000
investment and other income																																										1,750,000	2,603,000	1,849,000	81,000	1,301,250	2,591,000
loss on extinguishment of debt																																										-1,934,000	-21,000	-15,964,000	-942,000	-2,696,750		-10,787,000
cost of collaboration manufacturing																																														21,517,000	21,938,000	16,434,000	16,099,000	13,623,000	10,320,000	12,330,000
technology licensing																																																		4,419,750	5,893,000	5,893,000	5,893,000	4,419,750	5,893,000	5,893,000	5,893,000	5,892,000	5,893,000	5,228,000	7,845,000	10,038,000	10,037,000	10,037,000	10,038,000	10,013,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	6,278,000	2,143,000
other comprehensive loss:
unrealized loss on marketable securities																																																				-1,785
condensed statements of operations
contract research and other																																																						557,750	879,000	875,000	477,000	927,000	1,576,000	1,974,000	2,122,000	1,321,000	1,662,000	2,076,000	1,886,000
income tax benefit																																																												-863,000	-216,000
condensed statements of comprehensive income
net income before income tax benefit																																																								76,743,000	11,651,000
revenues
other collaboration revenue																																																										8,424,500	10,094,000	11,123,000	12,481,000	10,120,750	13,761,000	13,635,000	13,087,000
revenues - sum																																																										122,977,000	102,833,000	107,810,000	112,204,000	133,675,000	105,979,000	115,886,000	103,534,000	96,800,000	117,455,000	90,032,000	74,981,000											18,219,000	17,424,000	16,194,000	16,366,000	16,209,000	47,090,000	36,519,000	28,418,000	61,990,000	21,272,000	17,392,000	10,532,000
expenses
expenses - sum																																																										168,379,000	161,290,000	168,129,000	153,185,000	146,452,000	138,073,000	139,610,000	132,193,000	136,208,000	118,746,000	106,298,000	94,212,000											39,882,000	46,951,000	50,581,000	48,533,000	44,549,000	43,116,000	45,998,000	41,061,000	38,196,000	38,411,000	43,095,000	37,464,000
other income - sum																																																										-2,269,250	-3,346,000	-3,049,000	-2,682,000	-1,820,000	-1,781,000	-1,750,000	-1,645,000	-1,203,000	276,000	1,328,000	1,750,000											470,000	-145,000	-265,000	5,168,000	24,217,000	-1,182,000	-1,597,000	-1,906,000	40,738,000	-2,238,000	-1,697,000	-1,804,000
net loss before income tax expense																																																										-54,058,000	-61,803,000						-30,304,000	-7,835,250	-1,015,000
weighted-average shares outstanding, basic and diluted																																																											91,046	90,436	89,162		81,638	81,492	81,169		79,866	79,626	79,498		78,937	78,689	78,493	66,069	65,950	65,563		57,011	56,915	56,727
net loss before income tax benefit																																																												-63,368,000	-43,663,000
sanofi-aventis collaboration revenue																																																													85,329,000	57,298,750	75,583,000	84,941,000	68,671,000
contract research and development from sanofi-aventis																																																																		44,732,000	68,536,000	60,732,000	49,660,000	29,086,500	42,006,000	38,606,000	35,734,000
other contract research and development																																																																		10,044,000	13,946,000	14,800,000	11,430,000	8,392,000	10,872,000	12,047,000	10,649,000
research progress payments																																																																		5,000,000	20,000,000																		25,000,000			17,770,000
loss on early extinguishment of debt																																																																							-7,000	-931,000
net income before income tax expense																																																																						-12,028,250	-18,036,000
contract research and development																																																																										12,311,000	15,917,000	13,645,000	10,110,000	11,448,000	14,991,000	14,587,000	13,867,000	11,533,000	13,545,000	13,502,000	18,780,000	25,621,000	27,146,000	41,610,000	19,121,000	10,882,000	9,774,000
contract manufacturing																																																																													236,000	4,176,000	4,267,000	3,632,000	3,557,000	4,661,000	2,821,000	2,707,000	3,310,000	10,898,000	1,272,000	2,610,000	2,151,000	6,510,000	758,000
general and administrative																																																																										9,289,000	8,935,000	8,202,000	7,628,000	6,019,000	6,299,000	5,946,000	6,895,000	6,219,000	6,216,000	6,146,000	4,853,000	4,184,000	4,235,000	3,790,000	4,237,000	3,601,000	3,488,000
net income before cumulative effect of a change in accounting principle																																																																										-35,838,000	-26,774,000	-29,917,000	-30,971,000	-27,410,000	-23,576,000
cumulative effect of adopting statement of financial accounting standards no. 123r																																																																																813,000
cumulative effect of adopting sfas 123r																																																																													-0.01			0.01
other contract income																																																																																			5,640,000	25,000,000				42,750,000
net loss before cumulative effect of a change in accounting principle																																																																																-21,193,000
net income per share	6.99	8.24	14.09	13.24	7.58	8.54	12.4	13.25	6.7	10.89	9.48	9.05	7.64	11.21	12.31	7.9	9.12	20.98	15.37	29.51	10.58	10.82	7.98	8.19	5.69	7.26	6.12	1.77	4.23	7.59	5.5	5.12	4.44	1.61	3.64	3.66	2.36	2.41	2.53	1.88	1.59	1.49	2.04	1.89	0.74	1.09	0.79	0.92	0.66	0.97	1.44	0.89	1.02	4.95	2.02	0.81	0.12	-0.58	-0.68	-0.69	-0.49	-0.275	-0.41	-0.31	-0.38	-0.098	-0.01	-0.19	-0.22	-0.4	-0.27	-0.23	-0.15																-0.33	-0.52	-0.58
basic																																																																																	-0.295	-0.62	0.48	-0.07	0.05	-0.2	-0.26	1.17
diluted																																																																																	-0.295	-0.62	0.48	-0.07	0.05	-0.2	-0.26	1.06
weighted-average shares outstanding:
basic																																																																													57,970					55,978	55,917	55,815		55,468	55,383	55,283
diluted																																																																													57,970					55,978	55,917	55,815		55,468	55,383	63,620

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30

assets
current assets:
cash and cash equivalents	2,962,600,000	3,118,100,000	2,506,400,000	1,995,800,000	3,090,200,000	2,488,200,000	2,011,800,000	1,920,700,000	2,602,000,000	2,730,000,000	2,152,300,000	1,937,200,000	3,916,300,000	3,105,900,000	3,491,300,000	3,395,100,000	3,345,700,000	2,885,600,000	3,432,400,000	2,072,200,000	1,437,900,000	2,193,700,000	1,573,000,000	1,992,200,000	2,208,200,000	1,617,800,000	1,384,800,000	1,045,500,000	1,708,500,000	1,467,700,000	1,087,843,000	917,876,000	1,019,491,000	812,733,000	792,065,000	744,313,000	811,773,000	535,203,000	920,359,000	646,508,000	604,214,000	809,102,000	654,587,000	390,554,000	507,907,000	648,719,000	646,554,000	600,135,000	461,858,000	535,608,000	263,211,000	381,675,000	180,362,000	230,276,000	118,998,000	171,943,000	394,585,000	483,610,000	206,395,000	254,312,000	135,376,000	112,572,000	325,286,000	112,000,000	117,311,000	207,075,000	250,321,000	271,466,000	199,097,000	247,796,000	314,684,000	292,129,000	520,875,000	97,416,000	109,643,000	156,484,000	237,876,000	167,662,000	114,960,000	182,332,000	184,508,000	176,093,000	145,201,000	147,816,000	101,234,000	105,047,000	122,833,000	174,034,000	118,285,000	298,617,000	129,659,000
marketable securities	5,791,100,000	5,487,100,000	5,937,200,000	5,473,800,000	5,259,200,000	6,524,300,000	7,784,700,000	7,888,300,000	7,917,500,000	8,114,800,000	7,761,300,000	6,990,500,000	5,043,400,000	4,636,400,000	3,530,400,000	4,171,300,000	3,704,900,000	2,809,100,000	2,355,200,000	1,838,600,000	2,065,900,000	1,393,300,000	1,452,900,000	1,152,000,000	1,795,200,000	1,596,500,000	1,493,100,000	1,624,200,000	1,523,900,000	1,342,200,000	1,104,309,000	765,642,000	605,461,000	596,847,000	586,879,000	523,537,000	495,311,000	503,481,000	488,032,000	398,656,000	244,965,000	236,121,000	241,055,000	213,694,000	234,257,000	251,761,000	395,650,000	216,774,000	186,275,000	158,376,000	182,112,000	155,831,000	127,348,000	77,819,000	143,554,000	129,079,000	37,713,000	43,332,000	39,103,000	55,371,000	91,065,000	136,796,000	153,767,000	194,337,000	186,328,000	134,255,000	129,475,000	120,452,000	216,785,000	226,954,000	348,924,000	408,275,000	222,373,000	299,566,000	351,054,000	295,910,000	221,400,000	94,227,000	158,616,000	120,061,000	114,037,000	131,449,000	190,612,000	206,090,000	52,930,000	168,120,000	215,699,000	135,725,000	72,792,000	6,450,000	4,185,000
accounts receivable	5,731,000,000	5,741,100,000	5,687,100,000	5,610,000,000	5,561,000,000	6,211,900,000	6,107,100,000	5,717,100,000	5,222,200,000	5,667,300,000	5,584,500,000	5,121,300,000	5,118,600,000	5,328,700,000	5,548,300,000	5,161,400,000	4,839,000,000	6,036,500,000	5,452,000,000	6,998,600,000	4,173,000,000																																																					10,968,000	20,478,000	33,632,000	7,493,000	7,940,000	12,141,000	11,010,000	36,521,000	10,536,000	16,830,000	10,371,000	43,102,000	24,866,000	25,397,000	59,882,000	15,529,000	9,197,000	7,871,000
inventories	3,103,600,000	3,200,800,000	3,254,400,000	3,205,600,000	3,192,400,000	3,087,300,000	3,018,000,000	2,873,600,000	2,714,900,000	2,580,500,000	2,562,000,000	2,507,700,000	2,424,700,000	2,401,900,000	2,412,200,000	2,218,500,000	1,991,500,000	1,951,300,000	2,053,800,000	1,983,900,000	2,164,700,000	1,916,600,000	1,801,600,000	1,640,900,000	1,480,900,000	1,415,500,000	1,344,300,000	1,317,200,000	1,208,800,000	1,151,200,000	1,039,679,000	928,553,000	820,397,000	726,138,000	641,588,000	554,320,000	466,576,000	399,356,000	345,620,000	316,073,000	303,294,000	238,578,000	190,668,000	171,266,000	133,863,000	128,861,000	120,317,000	109,897,000	86,545,000	70,354,000
prepaid expenses and other current assets	620,900,000	474,800,000	595,600,000	574,300,000	468,900,000	349,200,000	412,000,000	681,900,000	414,900,000	386,600,000	574,700,000	366,300,000	406,200,000	411,200,000	446,400,000	583,600,000	424,900,000	332,400,000	482,000,000	444,300,000	213,600,000	160,800,000	230,600,000	263,800,000	226,600,000	387,100,000	226,900,000	208,200,000	182,200,000	243,300,000	284,807,000	163,599,000	155,451,000	224,972,000	143,761,000	193,334,000	146,055,000	130,528,000	103,806,000	96,017,000	115,685,000	163,501,000	89,494,000	43,099,000	34,099,000	71,486,000	61,732,000	60,674,000	52,252,000	96,141,000	156,839,000	108,913,000	97,142,000	56,663,000	84,780,000	32,791,000	26,270,000	22,898,000	15,927,000	19,026,000	10,904,000	15,142,000	14,379,000	16,217,000	19,947,000	18,610,000	14,032,000	13,068,000	19,700,000	11,480,000	9,726,000	9,151,000	11,297,000	14,070,000	15,806,000	3,137,000	3,215,000	3,920,000	3,211,000	2,990,000	3,422,000	4,043,000	2,923,000	2,490,000	1,642,000	3,391,000	3,033,000	2,568,000	1,898,000	2,810,000	3,063,000
total current assets	18,209,200,000	18,021,900,000	17,980,700,000	16,859,500,000	17,571,700,000	18,660,900,000	19,333,600,000	19,081,600,000	18,871,500,000	19,479,200,000	18,634,800,000	16,923,000,000	16,909,200,000	15,884,100,000	15,428,600,000	15,529,900,000	14,306,000,000	14,014,900,000	13,775,400,000	13,337,600,000	10,055,100,000	9,779,100,000	9,097,600,000	7,860,200,000	8,644,100,000	7,689,100,000	7,109,100,000	6,651,000,000	6,928,600,000	6,447,600,000	5,719,583,000	4,814,917,000	4,544,732,000	4,335,030,000	4,135,742,000	3,860,051,000	3,669,263,000	3,180,188,000	3,501,689,000	3,209,225,000	3,133,379,000	2,915,095,000	2,675,640,000	2,283,341,000	2,310,714,000	2,167,461,000	2,200,512,000	1,918,695,000	1,871,049,000	1,796,934,000	1,634,160,000	1,561,362,000	1,307,122,000	1,206,012,000	948,603,000	769,193,000	696,915,000	652,875,000	339,872,000	413,273,000	325,501,000	357,622,000	575,719,000	417,750,000	395,444,000	425,508,000	461,594,000	465,032,000	483,791,000	521,442,000	715,540,000	742,393,000	787,505,000	422,020,000	496,981,000	489,163,000	469,984,000	273,749,000	291,056,000	319,647,000	341,392,000	324,958,000	359,312,000	369,854,000		311,238,000	383,330,000	392,284,000
property, plant, and equipment	5,266,100,000	5,120,400,000	5,002,300,000	4,840,700,000	4,694,200,000	4,599,700,000	4,439,200,000	4,305,900,000	4,225,500,000	4,146,400,000	4,006,100,000	3,922,600,000	3,880,900,000	3,763,000,000	3,704,200,000	3,637,700,000	3,556,400,000	3,482,200,000	3,395,700,000	3,358,500,000	3,262,600,000	3,221,600,000	3,138,300,000	3,031,400,000	2,944,600,000	2,890,400,000	2,771,400,000	2,676,600,000	2,612,800,000	2,575,800,000	2,524,446,000	2,461,614,000	2,394,727,000	2,358,605,000	2,274,529,000	2,261,702,000	2,277,029,000	2,083,421,000	1,872,167,000	1,772,923,000	1,666,391,000
intangible assets	1,286,900,000	1,257,400,000	1,380,900,000	1,351,700,000	1,167,000,000	1,148,600,000	1,120,100,000	1,102,200,000	1,058,700,000	1,038,600,000	1,017,200,000	953,000,000	928,700,000	915,500,000	804,100,000
deferred tax assets	4,190,900,000	4,077,200,000	3,846,700,000	3,572,200,000	3,442,900,000	3,314,100,000	3,015,100,000	2,880,900,000	2,764,900,000	2,575,400,000	2,316,800,000	2,138,500,000	1,924,900,000	1,723,700,000	1,452,100,000	1,352,400,000	1,140,300,000	876,900,000	723,200,000	746,600,000	765,100,000	858,900,000	804,200,000	774,000,000	771,200,000	824,200,000	808,300,000	821,600,000	829,300,000	828,700,000	562,818,000	545,077,000	532,268,000	506,291,000	927,023,000	882,980,000	866,291,000	825,303,000	655,552,000	626,191,000	543,689,000	461,945,000	60,521,000	69,603,000	62,126,000	49,235,000	49,005,000	37,291,000	36,623,000	44,677,000	39,174,000	38,927,000	99,632,000	148,134,000
other noncurrent assets	2,129,700,000	1,821,200,000	1,673,100,000	1,536,900,000	1,393,100,000	1,136,000,000	1,043,000,000	993,800,000	470,200,000	444,100,000	409,900,000	393,200,000	349,600,000	336,400,000	320,200,000	269,900,000	262,000,000	222,800,000	145,900,000	142,900,000	145,700,000	168,100,000	168,800,000	175,500,000	161,200,000	144,700,000	137,900,000	139,800,000	144,300,000	127,400,000	125,197,000	85,669,000	78,984,000
total assets	40,868,800,000	40,558,700,000	40,169,400,000	38,219,200,000	37,545,200,000	37,759,400,000	37,441,900,000	36,086,800,000	34,369,600,000	33,080,200,000	32,163,300,000	30,657,500,000	30,059,900,000	29,214,500,000	27,677,800,000	27,205,800,000	26,348,700,000	25,434,800,000	23,671,500,000	21,485,900,000	17,772,200,000	17,163,300,000	16,084,000,000	14,428,700,000	15,757,500,000	14,805,200,000	13,939,300,000	13,173,600,000	12,854,800,000	11,734,500,000	10,805,613,000	9,951,980,000	9,372,696,000	8,764,286,000	8,701,215,000	8,106,373,000	7,817,365,000	6,973,466,000	6,828,019,000	6,204,906,000	5,904,460,000	5,609,132,000	5,182,915,000	4,526,970,000	4,198,573,000	3,871,827,000	3,739,419,000	3,456,078,000	3,260,396,000	2,951,013,000	2,640,415,000	2,378,259,000	2,275,998,000	2,080,490,000	1,660,615,000	1,457,500,000	1,350,159,000	1,323,583,000	983,031,000	1,046,864,000	1,074,293,000	1,089,432,000	942,433,000	790,641,000	787,156,000	741,202,000	742,192,000	742,345,000	681,421,000	670,038,000	825,891,000	851,225,000	930,876,000	573,096,000	597,858,000	601,431,000	585,090,000	355,186,000	378,332,000	402,089,000	423,501,000	419,275,000	446,948,000	470,292,000		472,685,000	488,174,000	506,178,000
liabilities and stockholders' equity
current liabilities:
accounts payable	1,027,100,000	939,000,000	903,800,000	723,900,000	705,500,000	789,500,000	497,300,000	561,700,000	671,300,000	606,600,000	536,600,000	547,300,000	599,500,000	589,200,000	535,600,000	534,200,000	470,300,000	564,000,000	427,000,000	476,000,000	542,900,000	475,500,000	443,100,000	380,100,000	347,800,000	418,100,000	335,600,000	244,000,000	239,600,000	218,200,000	172,361,000	171,906,000	207,611,000
accrued expenses and other current liabilities	2,724,400,000	2,876,400,000	2,975,700,000	2,461,200,000	2,241,800,000	2,527,100,000	2,536,500,000	2,360,900,000	2,392,900,000	2,357,900,000	2,644,700,000	2,176,000,000	2,074,300,000	2,074,200,000	1,796,400,000	1,933,400,000	2,046,000,000	2,206,800,000	2,061,000,000	2,018,000,000	1,492,200,000	1,521,800,000	1,303,000,000	1,257,000,000	1,143,200,000	1,086,800,000	821,100,000	876,700,000	741,100,000	772,100,000	781,924,000	670,709,000	666,216,000
finance lease liabilities	720,000,000	720,000,000	720,000,000	720,000,000	720,000,000	720,000,000	720,000,000	720,000,000	720,000,000	720,000,000	720,000,000	720,000,000	720,000,000					719,700,000	719,000,000	718,400,000	717,800,000	717,200,000	716,500,000	715,900,000	715,200,000	713,900,000	712,700,000	711,300,000	709,900,000
deferred revenue	636,200,000	553,000,000	545,600,000	481,900,000	619,300,000	627,700,000	627,200,000	586,000,000	516,700,000	458,900,000	417,300,000	381,100,000	426,300,000	477,900,000	547,200,000	566,300,000	491,300,000	442,000,000	507,800,000	520,000,000	464,900,000																																																					125,013,000	113,691,000	121,138,000	123,452,000	60,015,000	63,057,000	66,099,000	69,142,000	49,373,000	51,939,000	54,577,000	56,426,000	57,876,000	60,598,000	65,621,000	68,830,000	89,563,000	3,493,000
total current liabilities	5,107,700,000	4,368,400,000	4,425,100,000	3,667,000,000	3,566,600,000	3,944,300,000	3,661,000,000	3,508,600,000	3,580,900,000	3,423,400,000	3,598,600,000	3,104,400,000	3,100,100,000	3,141,300,000	2,879,200,000	3,033,900,000	3,007,600,000	3,932,500,000	3,714,800,000	3,732,400,000	3,217,800,000	2,697,400,000	2,337,800,000	3,702,400,000	2,055,200,000	2,096,600,000	1,765,400,000	1,713,100,000	1,511,400,000	1,442,800,000	1,417,230,000	1,331,190,000	1,265,740,000	1,135,483,000	1,138,628,000	1,029,017,000	1,308,271,000	1,241,495,000	961,185,000	951,563,000	919,724,000	811,162,000	734,990,000	601,542,000	536,134,000	654,660,000	410,200,000	351,578,000	305,068,000	298,835,000	268,727,000	203,802,000	197,244,000	163,550,000	178,568,000	183,220,000	160,386,000	148,271,000	133,235,000	135,868,000	112,252,000	109,056,000	133,833,000	119,571,000	104,093,000	93,575,000	114,165,000	120,424,000	103,113,000	83,672,000	217,771,000	223,918,000	285,954,000	96,686,000	104,831,000	83,604,000	45,014,000	32,698,000	31,508,000	33,667,000	40,357,000	33,521,000	29,949,000	29,931,000		35,900,000	37,372,000	36,335,000
long-term debt	1,986,200,000	1,985,900,000	1,985,500,000	1,985,100,000	1,984,800,000	1,984,400,000	1,984,000,000	1,983,600,000	1,983,300,000	1,982,900,000	1,982,600,000	1,982,200,000	1,981,800,000	1,981,400,000	1,981,100,000	1,980,700,000	1,980,400,000	1,980,000,000	1,979,600,000	1,979,200,000	1,978,900,000	1,978,500,000	1,978,300,000
other noncurrent liabilities	2,126,200,000	2,018,800,000	1,861,800,000	1,701,900,000	1,674,400,000	1,571,400,000	1,543,600,000	1,463,200,000	908,500,000	854,100,000	832,400,000	716,800,000	677,300,000	638,000,000	598,600,000	724,700,000	692,500,000	680,200,000	662,600,000	596,300,000	571,500,000	497,800,000	454,000,000	457,900,000	321,500,000	286,000,000	273,000,000	267,900,000	376,300,000	361,700,000	194,033,000	190,020,000	169,922,000
total liabilities	9,445,200,000	9,301,800,000	9,211,600,000	8,280,300,000	8,157,600,000	8,405,800,000	8,116,000,000	7,881,000,000	7,378,500,000	7,107,100,000	7,258,900,000	6,639,600,000	6,564,700,000	6,550,500,000	6,239,000,000	6,518,000,000	6,434,000,000	6,666,000,000	6,413,500,000	6,358,600,000	5,795,200,000	6,138,000,000	5,958,500,000	5,371,300,000	3,624,500,000	3,715,500,000	3,434,900,000	3,417,700,000	3,410,100,000	2,977,200,000	2,937,313,000	2,765,554,000	2,805,052,000	2,620,208,000	2,649,622,000	2,585,635,000	2,951,344,000	2,524,221,000	2,336,772,000	2,128,400,000	2,139,378,000	1,954,295,000	1,886,048,000	1,188,512,000	1,227,143,000	1,329,502,000	1,187,631,000	1,087,236,000	1,049,148,000	998,937,000	950,244,000	884,922,000	869,650,000	835,105,000	854,591,000	862,843,000	846,135,000	837,851,000	554,778,000	568,830,000	556,202,000	561,617,000	594,369,000	419,425,000	400,885,000	344,440,000	319,749,000	331,839,000	271,101,000	251,186,000	388,958,000	400,228,000	470,273,000	421,699,000	418,522,000	404,742,000	368,466,000	292,713,000	294,565,000	299,766,000	309,499,000	282,894,000	281,888,000	284,508,000		293,812,000	298,044,000	302,072,000
stockholders' equity:
preferred stock, par value .01 per share; 30.0 shares authorized; shares issued and outstanding - none
class a stock
common stock	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000
additional paid-in capital	14,401,300,000	13,995,000,000	13,787,300,000	13,490,800,000	13,192,100,000	12,855,900,000	12,702,800,000	12,316,900,000	11,942,600,000	11,354,000,000	11,251,500,000	10,888,500,000	10,597,700,000	9,949,300,000	9,518,200,000	9,120,200,000	8,754,100,000	8,087,500,000	7,919,300,000	7,225,800,000	6,887,800,000	6,716,200,000	6,592,800,000	6,263,000,000	5,211,400,000	4,428,600,000	4,388,400,000	4,263,600,000	4,160,900,000	3,911,600,000	3,841,174,000	3,712,599,000	3,611,599,000	3,512,833,000	3,570,673,000	3,449,622,000	3,190,882,000	3,029,993,000	3,314,982,000	3,156,942,000	3,049,651,000	3,099,526,000	2,880,109,000	3,118,969,000	2,812,573,000	2,404,118,000	2,423,434,000	2,342,839,000	2,236,931,000	2,045,857,000	1,882,421,000	1,827,471,000	1,826,075,000	1,763,508,000	1,795,293,000	1,775,861,000	1,760,938,000	1,754,824,000	1,643,772,000	1,630,362,000	1,609,185,000	1,575,780,000	1,379,123,000	1,368,531,000	1,357,089,000	1,336,732,000	1,323,432,000	1,313,003,000	1,304,896,000	1,294,813,000	1,285,223,000	1,274,527,000	1,264,531,000	931,482,000	924,094,000	914,317,000	904,407,000	719,157,000	713,419,000	708,297,000	700,011,000	693,426,000	687,965,000	682,578,000	675,389,000	673,635,000	674,505,000	674,242,000	673,118,000	670,120,000	622,931,000
retained earnings	36,423,800,000	35,797,100,000	35,045,800,000	33,680,200,000	32,384,400,000	31,672,900,000	30,755,200,000	29,414,600,000	27,982,300,000	27,260,300,000	26,100,700,000	25,092,900,000	24,124,500,000	23,306,700,000	22,109,600,000	20,793,900,000	19,941,800,000	18,968,300,000	16,739,300,000	15,107,100,000	12,008,200,000	10,893,000,000	9,743,800,000	8,901,700,000	8,004,400,000	7,379,800,000	6,587,800,000	5,918,200,000	5,725,100,000	5,254,300,000	4,433,904,000	3,839,179,000	3,287,767,000	2,946,733,000	2,773,214,000	2,384,897,000	1,997,153,000	1,748,222,000	1,495,107,000	1,230,303,000	1,018,436,000	852,700,000	697,706,000	487,308,000	292,665,000	255,382,000	145,206,000	65,486,000
accumulated other comprehensive income	11,900,000	77,500,000	69,000,000	52,500,000	29,100,000		60,200,000											-26,200,000	9,500,000	15,700,000	16,200,000	29,300,000	30,800,000	35,500,000	-9,100,000	21,100,000	16,500,000	15,800,000	2,800,000	-12,300,000	-10,519,000	-11,612,000	-15,594,000	640,000	23,835,000	2,348,000		-12,840,000	-2,899,000	5,204,000	4,364,000	8,572,000	7,721,000	19,153,000	47,904,000	52,251,000	26,895,000	4,263,000	1,465,000													-2,491,000	-175,000		717,000	1,044,000	3,537,000	1,014,000		-114,000	-3,960,000	-315,000	828,000												-769,000	-202,000	-211,000	173,000	104,000	56,000	224,000
treasury stock	-19,413,500,000	-18,612,800,000	-17,944,400,000	-17,284,700,000	-16,218,100,000	-15,167,400,000	-14,192,400,000	-13,455,900,000	-12,856,700,000	-12,560,400,000	-12,271,100,000	-11,765,900,000	-11,045,500,000	-10,353,300,000	-9,914,000,000	-9,002,600,000	-8,611,200,000	-8,260,900,000	-7,410,200,000	-7,221,400,000	-6,935,300,000	-6,613,300,000	-6,242,000,000	-6,142,900,000	-1,073,800,000	-739,900,000	-488,400,000	-441,800,000	-444,200,000	-396,400,000	-396,371,000	-353,852,000	-316,240,000	-316,240,000	-316,240,000	-316,240,000	-316,240,000	-316,240,000	-316,052,000	-316,052,000	-307,478,000	-306,069,000	-288,777,000	-287,079,000	-181,817,000	-169,530,000	-43,849,000	-43,848,000
total stockholders' equity	31,423,600,000	31,256,900,000	30,957,800,000	29,938,900,000	29,387,600,000	29,353,600,000	29,325,900,000	28,205,800,000	26,991,100,000	25,973,100,000	24,904,400,000	24,017,900,000	23,495,200,000	22,664,000,000	21,438,800,000	20,687,800,000	19,914,700,000	18,768,800,000	17,258,000,000	15,127,300,000	11,977,000,000	11,025,300,000	10,125,500,000	9,057,400,000	12,133,000,000	11,089,700,000	10,504,400,000	9,755,900,000	9,444,700,000	8,757,300,000	7,868,300,000	7,186,426,000	6,567,644,000	6,144,078,000	6,051,593,000	5,520,738,000	4,866,021,000	4,449,245,000	4,491,247,000	4,076,506,000	3,765,082,000	3,654,837,000	3,296,867,000	3,338,458,000	2,971,430,000	2,542,325,000	2,551,788,000	2,368,842,000	2,211,248,000	1,952,076,000	1,690,171,000	1,493,337,000	1,406,348,000	1,245,385,000	806,024,000	594,657,000	504,024,000	485,732,000	428,253,000	478,034,000	518,091,000		348,064,000	371,216,000	386,271,000		422,443,000	410,506,000	410,320,000
total liabilities and stockholders' equity	40,868,800,000	40,558,700,000	40,169,400,000	38,219,200,000	37,545,200,000	37,759,400,000	37,441,900,000	36,086,800,000	34,369,600,000	33,080,200,000	32,163,300,000	30,657,500,000	30,059,900,000	29,214,500,000	27,677,800,000	27,205,800,000	26,348,700,000	25,434,800,000	23,671,500,000	21,485,900,000	17,772,200,000	17,163,300,000	16,084,000,000	14,428,700,000	15,757,500,000	14,805,200,000	13,939,300,000	13,173,600,000	12,854,800,000	11,734,500,000	10,805,613,000	9,951,980,000	9,372,696,000	8,764,286,000	8,701,215,000	8,106,373,000	7,817,365,000	6,973,466,000	6,828,019,000	6,204,906,000	5,904,460,000	5,609,132,000	5,182,915,000	4,526,970,000	4,198,573,000	3,871,827,000	3,739,419,000	3,456,078,000	3,260,396,000	2,951,013,000	2,640,415,000	2,378,259,000	2,275,998,000	2,080,490,000	1,660,615,000	1,457,500,000	1,350,159,000	1,323,583,000	983,031,000	1,046,864,000	1,074,293,000		942,433,000	790,641,000	787,156,000		742,192,000	742,345,000	681,421,000
the accompanying notes are an integral part of the financial statements.
commitments and contingencies
accumulated other comprehensive loss						-7,900,000		-69,900,000	-77,200,000	-80,900,000	-176,800,000	-197,700,000	-181,600,000	-238,800,000	-275,100,000	-223,800,000	-170,100,000																				-5,884,000													-1,188,000	-2,851,000	-3,429,000	-1,644,000	-1,166,000	-1,904,000	-2,371,000	-1,337,000	-1,862,000	-1,731,000	-904,000	-2,175,000								-1,248,000					-5,000	-516,000	-159,000	-231,000	-95,000	-473,000	-371,000	-470,000	-682,000	-709,000	-1,110,000
preferred stock, par value .01 per share; 30.0 shares authorized; issued and outstanding - none
preferred stock, .01 par value...
class a stock, convertible, .001 par value...																															2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000																2,000	2,000	2,000	2,000	2,000	2,000		2,000	2,000		2,000	2,000	2,000	2,000			2,000	2,000
common stock, .001 par value...																	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000	110,000	110,000	110,000	110,000	109,000	109,000	108,000	108,000	107,000	107,000	107,000	106,000	106,000	105,000	103,000	102,000	100,000	100,000	99,000	97,000	97,000	97,000	95,000	95,000	94,000																77,000	77,000	77,000	64,000	64,000	63,000		55,000	55,000		54,000	54,000	54,000				53,000	53,000
accounts receivable - trade																						3,111,500,000	3,092,500,000	1,991,000,000	2,063,100,000	2,100,000,000	2,027,700,000	1,920,200,000	1,728,400,000	1,723,700,000	1,665,737,000	1,534,324,000	1,531,936,000	1,538,642,000	1,532,693,000	1,420,403,000	1,339,794,000	1,343,368,000	1,332,071,000	1,431,966,000	1,450,572,000	1,152,489,000	1,088,207,000	1,071,665,000	1,015,962,000	739,379,000	673,915,000	664,075,000	801,773,000	787,071,000	855,844,000	767,865,000	703,857,000	593,207,000	506,682,000	349,645,000	159,462,000	28,254,000
accounts receivable - sanofi																						404,700,000	460,800,000	389,200,000	468,300,000
accounts receivable - other																						598,500,000	486,200,000	431,100,000	401,800,000																																		3,659,000	2,921,000	3,765,000	13,509,000	3,048,000	4,070,000	3,020,000	2,865,000	3,813,000	5,806,000	3,633,000	1,910,000
deferred revenue - sanofi																						341,700,000	409,300,000	380,200,000	398,000,000
deferred revenue - other																						236,000,000	85,500,000	81,300,000	81,200,000	196,200,000	181,600,000	168,100,000	196,600,000	205,800,000	216,133,000	180,396,000	160,466,000	249,263,000	274,666,000	295,621,000	316,227,000	327,298,000	327,868,000	146,449,000	170,658,000	82,015,000	78,942,000	76,748,000	114,318,000	103,909,000	114,339,000	128,042,000	128,539,000	107,677,000	111,893,000	119,672,000	125,436,000	131,822,000	141,132,000	149,031,000	154,929,000	162,593,000	166,623,000	174,987,000	183,019,000	188,775,000	197,139,000	42,009,000	44,504,000	46,951,000	49,421,000	51,893,000	54,364,000	56,835,000
other liabilities - sanofi																						122,400,000	96,900,000	103,800,000	85,000,000
debt																								1,500,000,000
accounts receivable from sanofi																										260,600,000	345,400,000	252,000,000	287,600,000	226,400,000	269,271,000	243,238,000	168,855,000	193,684,000	217,478,000	221,078,000	214,269,000	92,989,000	124,107,000	138,067,000	173,782,000	153,152,000	199,117,000	197,693,000	159,444,000	121,058,000	110,720,000	116,865,000	118,003,000	104,707,000	136,980,000	108,151,000	98,781,000	99,913,000	94,589,000	85,735,000	78,885,000	74,781,000	74,788,000	81,643,000
accounts receivable from bayer																										311,600,000	286,900,000	283,700,000	289,200,000	293,100,000	267,937,000	261,685,000	243,141,000	242,014,000	221,278,000	203,066,000	195,485,000	175,263,000	187,694,000	181,938,000	240,867,000
deferred revenue from sanofi																										395,500,000	427,100,000	424,300,000	334,100,000	246,700,000	246,812,000	308,179,000	231,447,000	379,936,000	408,786,000	443,904,000	520,191,000	503,474,000	529,791,000	549,342,000	565,773,000	582,664,000	599,339,000	46,095,000	48,656,000	72,367,000	75,283,000	75,862,000	73,694,000	76,522,000	77,670,000	78,740,000	76,909,000	76,520,000	77,446,000	78,281,000	83,625,000	86,017,000	88,033,000	91,712,000
capital and facility lease obligations																														708,500,000	707,203,000	705,903,000	704,645,000				7,200,000
other assets																																		77,866,000	36,618,000	36,963,000	37,087,000	20,294,000	20,705,000	6,715,000	5,791,000	5,810,000	4,583,000	4,138,000	4,473,000	3,034,000	3,416,000	8,877,000	5,340,000	5,327,000	4,409,000	15,211,000	20,078,000	23,100,000	18,322,000	19,567,000	20,393,000	19,145,000	13,023,000	12,287,000	10,228,000	6,789,000	6,860,000	6,697,000	7,213,000	7,338,000	6,629,000	7,460,000	7,680,000	8,032,000	8,273,000	512,000	342,000	1,408,000	1,645,000	1,906,000	2,170,000	2,694,000	2,915,000	3,185,000	3,465,000	4,253,000	4,472,000	4,761,000	4,984,000	5,036,000	5,235,000	5,636,000	5,833,000	5,958,000	6,223,000
accounts payable and accrued expenses																																		815,078,000	818,426,000	716,364,000	1,061,777,000	879,096,000	714,916,000	759,643,000	733,276,000	644,112,000	577,428,000	529,505,000	462,762,000	484,228,000	337,976,000	283,385,000	237,935,000	250,896,000	219,138,000	153,826,000	145,413,000	111,345,000	124,224,000	126,768,000	106,723,000	95,625,000	78,890,000	81,665,000	58,602,000	53,658,000	74,976,000	58,256,000	53,905,000	49,031,000	55,291,000	51,881,000	44,832,000	36,168,000	41,887,000	38,289,000	30,314,000	27,872,000	34,905,000	20,081,000	21,471,000	19,054,000	16,466,000	18,383,000	23,337,000	20,599,000	17,043,000	17,468,000	18,872,000	20,284,000	15,743,000	18,947,000	18,933,000	20,967,000	14,043,000
deferred revenue from sanofi, current portion																																		177,746,000	187,036,000	184,452,000	112,161,000	115,267,000	105,041,000	104,141,000	99,314,000	101,573,000	100,908,000	18,026,000	19,342,000	15,927,000	13,368,000	12,979,000	12,980,000	12,815,000	13,866,000	14,916,000	15,967,000	17,022,000	19,588,000	21,790,000	20,141,000	20,011,000	19,819,000	19,720,000
deferred revenue - other, current portion																																		142,392,000	132,832,000	127,804,000	126,257,000	116,397,000	137,642,000	84,084,000	73,626,000	51,914,000	54,148,000	51,720,000	51,845,000	58,098,000	57,604,000	54,154,000	53,093,000	34,185,000	34,929,000	34,266,000	34,391,000	33,809,000	33,479,000	33,479,000	32,429,000	31,629,000	33,606,000	33,606,000	33,291,000	35,217,000	38,888,000	41,741,000	31,969,000	27,021,000	37,294,000	46,990,000	36,756,000	26,114,000
other current liabilities																																		267,000	334,000	397,000	876,000	3,461,000	3,586,000	3,695,000	13,508,000	13,563,000	2,506,000	2,291,000	2,185,000	96,407,000
other long-term liabilities																																		152,073,000	125,225,000	115,920,000	106,248,000	100,385,000	135,700,000	119,523,000	120,993,000	115,535,000	77,910,000	76,080,000	55,559,000	40,855,000	23,747,000	14,968,000	11,794,000	11,330,000	10,573,000																3,341,000																			36,000	74,000	116,000	159,000
capital lease obligations																																						127,274,000
facility lease obligations																																						351,569,000	382,228,000	361,523,000	362,230,000	362,919,000	364,144,000	357,687,000	328,394,000	310,938,000	276,112,000	234,525,000	203,380,000	184,258,000	167,219,000	164,392,000	159,007,000	159,436,000	159,499,000	159,558,000	159,534,000	159,508,000	159,482,000	159,457,000	159,353,000	159,355,000	158,382,000	157,359,000	156,464,000	109,022,000
accounts receivable from bayer healthcare																																										162,152,000	151,991,000	125,767,000	163,056,000	156,962,000	142,619,000	112,984,000	127,720,000
property, plant, and equipment, at cost, net of accumulated depreciation and amortization																																										1,594,120,000	1,475,123,000	1,326,112,000	1,110,597,000	974,309,000	818,967,000	707,321,000	600,864,000	526,983,000	453,891,000	419,651,000	392,378,000	379,940,000	372,917,000																72,825,000	64,231,000	58,419,000	49,358,000	47,647,000	47,781,000	49,353,000	51,035,000	53,854,000	57,421,000	60,535,000	64,044,000	67,366,000	69,055,000	71,239,000	73,942,000	75,986,000	77,616,000	80,723,000	83,715,000	84,670,000
convertible senior notes																																											30,723,000	30,360,000	144,082,000	146,773,000	287,950,000	282,261,000	326,673,000	320,315,000	314,162,000	308,116,000	302,268,000	296,518,000	290,959,000	285,491,000	280,206,000	275,019,000
facility lease obligations, current portion																																															1,252,000	1,060,000	1,060,000	939,000	794,000	794,000	1,473,000	1,374,000	1,277,000	1,183,000	1,093,000	1,006,000	920,000	877,000	798,000	675,000	634,000	448,000	435,000
accumulated deficit																																																	-27,249,000	-92,692,000	-189,498,000	-330,804,000	-418,180,000	-517,054,000	-987,461,000	-1,178,929,000	-1,255,672,000	-1,267,323,000	-1,213,880,000	-1,151,515,000	-1,089,010,000	-1,045,563,000	-1,030,966,000	-997,091,000	-971,617,000	-941,095,000	-904,606,000	-903,591,000	-893,408,000	-875,927,000	-844,409,000	-823,294,000	-804,835,000	-780,146,000	-744,308,000	-717,534,000	-687,617,000	-656,646,000	-629,236,000	-605,660,000	-585,280,000	-555,608,000	-520,956,000	-493,957,000	-489,834,000	-492,626,000	-481,550,000	-467,001,000	-531,533,000	-512,156,000	-482,921,000
restricted cash and marketable securities																																																					8,494,000	8,186,000	8,173,000	8,141,000	8,154,000	7,721,000	8,150,000	8,165,000	7,520,000	7,518,000
other long term liabilities																																																				10,200,000	8,786,000	7,259,000	6,987,000	7,262,000	7,455,000	6,443,000	7,405,000	6,806,000	7,180,000	7,350,000	5,289,000	4,318,000	4,140,000	3,959,000		1,235,000	13,150,000	5,093,000	2,885,000
property, plant, and equipment, at cost, net of accumulated
depreciation and amortization																																																								372,278,000	369,959,000	367,955,000	363,913,000	361,883,000	357,423,000	347,450,000	318,498,000	292,329,000	274,621,000	259,676,000	215,169,000	195,408,000	109,840,000	87,853,000
shares issued and outstanding - 2,089,512 at june 30, 2012 and 2,109,512 at december 31, 2011																																																								2,000
shares issued and outstanding - 93,941,788 at june 30, 2012 and 90,692,071 at december 31, 2011																																																								94,000
shares issued and outstanding - 2,089,512 at march 31, 2012 and 2,109,512 at december 31, 2011																																																									2,000
shares issued and outstanding - 92,969,427 at march 31, 2012 and 90,692,071 at december 31, 2011																																																									93,000
current assets
current liabilities
stockholders' equity
shares issued and outstanding - 2,109,512 in 2011 and 2,182,036 in 2010																																																										2,000	2,000
shares issued and outstanding - 90,692,071 in 2011 and 87,238,301 in 2010																																																										91,000
outstanding - none
shares issued and outstanding - 90,418,871 in 2011 and 87,238,301 in 2010																																																											90,000
shares issued and outstanding - 2,126,717 in 2011 and 2,182,036 in 2010																																																												2,000
shares issued and outstanding - 89,416,015 in 2011 and 87,238,301 in 2010																																																												89,000
accounts receivable from the sanofi-aventis group																																																													84,391,000	79,603,000	79,239,000	91,126,000	68,838,000	62,703,000	63,953,000	54,240,000	44,576,000	33,302,000	37,744,000	30,438,000	31,100,000
deferred revenue from sanofi-aventis, current portion																																																													19,561,000	19,506,000	19,335,000	19,126,000	17,784,000	17,523,000	21,580,000	21,553,000	21,525,000	21,390,000	19,017,000	18,855,000	18,855,000
deferred revenue from sanofi-aventis																																																													94,398,000	97,081,000	99,726,000	96,168,000	91,684,000	90,933,000	90,251,000	95,362,000	100,474,000	105,586,000	112,290,000	117,004,000	121,718,000
shares issued and outstanding - 2,182,036 in 2011 and 2010																																																													2,000
shares issued and outstanding - 88,548,041 in 2011 and 87,238,301 in 2010																																																													89,000
liabilities and stockholders’ equity
stockholders’ equity
and outstanding - none
shares issued and outstanding - 2,182,036 in 2010 and 2,244,698 in 2009																																																														2,000		2,000
and outstanding - 87,238,301 in 2010 and 78,860,862 in 2009																																																														87,000
total stockholders’ equity																																																														527,815,000				396,762,000				418,852,000	436,933,000	450,997,000	460,603,000	151,397,000	179,336,000	196,689,000	216,624,000	62,473,000	83,767,000	102,323,000	114,002,000	136,381,000	165,060,000	185,784,000		178,873,000	190,130,000	204,106,000
total liabilities and stockholders’ equity																																																														1,089,432,000				741,202,000				670,038,000	825,891,000	851,225,000	930,876,000	573,096,000	597,858,000	601,431,000	585,090,000	355,186,000	378,332,000	402,089,000	423,501,000	419,275,000	446,948,000	470,292,000		472,685,000	488,174,000	506,178,000
restricted cash																																																															3,400,000	3,400,000	1,600,000	1,600,000	1,600,000	1,600,000	1,650,000	1,650,000	1,650,000	1,650,000	1,600,000	1,600,000	1,600,000	1,600,000	1,600,000
shares issued and outstanding - 2,181,831 in 2010 and 2,244,698 in 2009																																																															2,000
shares issued and outstanding - 80,042,523 in 2010 and 78,860,862 in 2009																																																															80,000
shares issued and outstanding - 79,923,216 in 2010 and 78,860,862 in 2009																																																																80,000
accumulated other comprehensive (loss) income																																																																-306,000
shares issued and outstanding - 2,211,698 in 2010 and 2,244,698 in 2009																																																																	2,000
shares issued and outstanding - 79,690,055 in 2010 and 78,860,862 in 2009																																																																	80,000
shares issued and outstanding - 2,244,698 in 2009 and 2,248,698 in 2008																																																																		2,000
and outstanding - 78,860,862 in 2009 and 77,642,203 in 2008																																																																		79,000
facility lease obligation																																																																			62,571,000	62,925,000
outstanding-none
shares issued and outstanding - 2,246,698 in 2009 and 2,248,698 in 2008																																																																			2,000	2,000	2,000
shares issued and outstanding - 78,243,286 in 2009 and 77,642,203 in 2008																																																																			78,000
shares issued and outstanding - 77,921,038 in 2009 and 77,642,203 in 2008																																																																				78,000
shares issued and outstanding - 77,841,540 in 2009 and 77,642,203 in 2008																																																																					78,000
notes payable																																																																							117,503,000	118,653,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000
shares issued and outstanding - 2,248,698 in 2008 and 2,260,266 in 2007																																																																						2,000
and outstanding - 77,642,203 in 2008 and 76,592,218 in 2007																																																																						78,000
accounts receivable — other																																																																							4,462,000	2,400,000	1,860,000
deferred revenue — other, current portion																																																																							39,364,000	48,121,000	36,785,000
deferred revenue — other																																																																							56,012,000	59,306,000	62,601,000
deferred revenue, current portion																																																																										68,814,000	69,926,000	63,523,000	23,543,000	13,644,000	15,042,000	15,284,000	17,020,000	12,922,000	12,906,000	12,463,000	15,267,000	15,616,000	21,629,000	17,388,000	40,173,000	24,473,000	35,021,000
inventory																																																																															2,128,000	3,254,000	2,904,000	2,837,000	3,746,000	3,087,000	3,229,000	4,266,000	10,850,000	9,098,000	9,006,000	7,698,000	10,342,000
shares issued and outstanding — 2,270,353 in 2006 and 2,347,073 in 2005																																																																													2,000
shares issued and outstanding — 63,130,962 in 2006 and 54,092,268 in 2005																																																																													63,000
unearned compensation																																																																																	-315,000	-811,000	-1,296,000	-1,783,000	-2,299,000	-1,989,000	-2,669,000	-3,363,000	-4,101,000	-1,873,000	-2,443,000
shares issued and outstanding - 2,307,561 in 2006 and 2,347,073 in 2005																																																																																2,000
shares issued and outstanding - 54,614,557 in 2006 and 54,092,268 in 2005																																																																																55,000
53,763,234 shares issued and outstanding in 2005
53,502,004 shares issued and outstanding in 2004																																																																																				54,000
restricted marketable securities																																																																																						5,548,000	5,518,000	10,977,000			5,319,000
loan payable to novartis pharma ag
2,358,373 shares issued and outstanding in 2004
2,365,873 shares issued and outstanding in 2003																																																																																						2,000
53,228,223 shares issued and outstanding in 2004
53,165,635 shares issued and outstanding in 2003																																																																																						53,000
capital lease obligations, current portion
loan payable																																																																																										9,296,000	5,147,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30

cash flows from operating activities:
net income	727,200,000	844,600,000	1,460,000,000	1,391,600,000	808,700,000	917,700,000	1,340,600,000	1,432,300,000	722,000,000	1,159,600,000	1,007,800,000	968,400,000	817,800,000	1,197,100,000	1,315,700,000	852,100,000	973,500,000	2,229,000,000	1,632,200,000	3,098,900,000	1,115,200,000	1,149,200,000	842,100,000	897,300,000	624,600,000	792,000,000	669,600,000	193,100,000	461,100,000	820,353,000	594,655,000	551,412,000	477,980,000	173,519,000	388,317,000	387,744,000	248,931,000	253,115,000	264,804,000	211,867,000	165,736,000	154,994,000	210,398,000	194,643,000	76,021,000	110,176,000	79,720,000	92,735,000	65,443,000	96,806,000	141,306,000	87,376,000	98,874,000	470,407,000	191,468,000	76,743,000	11,651,000														-21,115,000	-18,459,000	-11,618,000	-35,838,000	-26,774,000	-29,917,000	-30,971,000	-27,410,000			-29,672,000	-34,652,000	-26,999,000	-4,123,000	2,792,000	-11,076,000	-14,549,000	64,532,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	123,200,000	145,000,000	136,700,000	135,100,000	126,900,000	126,400,000	121,700,000	120,700,000	114,100,000	113,000,000	105,400,000	103,100,000	99,500,000	100,100,000	92,600,000	74,400,000	74,300,000	74,500,000	73,200,000	71,100,000	67,400,000	61,700,000	59,300,000	58,800,000	56,100,000	54,300,000	52,900,000	52,100,000	51,000,000	42,759,000	35,441,000	33,642,000	36,358,000	34,507,000	37,719,000	35,126,000	38,115,000	28,900,000	27,839,000	25,029,000	22,977,000	22,910,000	20,674,000	15,298,000	16,027,000	14,135,000	14,005,000	13,016,000	11,530,000	11,292,000	10,803,000	9,702,000	9,407,000	9,778,000	9,329,000	9,417,000	8,416,000	7,926,000	8,276,000	7,902,000	6,978,000	6,086,000	4,894,000	4,524,000	4,183,000	4,935,000	3,590,000	2,998,000	2,724,000	2,626,000	2,774,000	2,941,000	2,946,000	2,859,000	2,874,000	2,855,000	3,396,000	3,708,000	3,690,000	3,798,000	3,880,000	3,935,000	3,831,000	3,858,000		3,876,000	3,797,000	3,773,000
stock-based compensation expense	257,400,000	249,300,000	237,000,000	251,700,000	255,700,000	304,400,000	225,100,000	223,200,000	230,100,000	240,400,000	203,900,000	202,000,000	238,700,000	232,000,000	166,300,000	159,800,000	166,900,000
gains on marketable and other securities	-25,000,000		-577,700,000															137,600,000	29,300,000
other	55,600,000	136,900,000	16,300,000	-7,400,000	-10,300,000	0																								0																																															0	0
deferred income taxes	-96,000,000	-232,500,000	-278,600,000	-135,200,000	-139,100,000	-280,200,000	-168,600,000	-118,100,000	-190,400,000	-286,300,000	-125,700,000	-209,300,000	-216,500,000
changes in assets and liabilities:
decrease in accounts receivable	1,200,000	-51,200,000	-80,300,000	-28,200,000	657,800,000			-494,100,000	446,800,000	-82,700,000	-463,500,000	-2,700,000	210,100,000	219,600,000	-386,900,000	-322,400,000	1,197,500,000																																										6,117,000	3,592,000	4,956,000																	4,201,000	-1,131,000	25,511,000	-25,985,000	6,294,000	-6,459,000	32,731,000
decrease in inventories	26,600,000
increase in prepaid expenses and other assets	-198,600,000	82,800,000	-47,900,000	-230,700,000	-179,500,000	-55,300,000	252,000,000	-526,300,000	-77,900,000	164,300,000	-275,500,000	-3,400,000	-5,500,000		121,200,000	-243,700,000	-44,800,000																																-20,898,000		-32,412,000	-8,037,000	-43,660,000												-2,483,000	-4,204,000								1,365,000	-12,801,000	-440,000						290,000	-1,206,000	-40,000
increase in deferred revenue	99,600,000	-3,100,000	76,600,000	-142,900,000	17,700,000	-21,200,000	43,000,000	89,100,000	116,900,000	43,000,000	45,300,000	-14,500,000	-35,900,000	-59,600,000	-17,700,000	100,200,000	9,500,000	-49,000,000	-6,400,000	78,800,000	-143,600,000	35,800,000	33,400,000	5,000,000	73,900,000	-81,800,000	-25,300,000	-25,400,000	426,500,000				-54,596,000	-53,983,000	-48,461,000	-23,055,000	12,400,000	-37,906,000	216,326,000	-25,355,000	91,205,000	-15,171,000	640,748,000	-545,000	-16,140,000	-10,293,000	-10,443,000	2,731,000	37,107,000										-11,944,000	-10,244,000	-10,310,000	-14,509,000	156,044,000	13,103,000	3,513,000			2,679,000	3,194,000	-16,758,000	-16,603,000	3,327,000	3,200,000	10,210,000	-1,044,000	37,666,000										-8,735,000	-782,000	-25,994,000
increase in accounts payable, accrued expenses, and other liabilities	107,700,000	-24,700,000	759,200,000	216,400,000	-214,100,000	225,600,000	194,400,000	204,600,000	110,500,000	-138,700,000	578,600,000	39,700,000	119,000,000	347,600,000	-160,300,000			365,700,000	76,700,000			38,100,000	59,900,000	106,100,000	-85,200,000	324,600,000	9,600,000	129,900,000	-19,600,000	30,148,000	112,873,000	-9,675,000	76,654,000	5,720,000	118,324,000	-334,927,000	187,695,000	146,542,000	-26,487,000	30,494,000	103,431,000	139,005,000	35,314,000	103,804,000	25,534,000	85,730,000	59,686,000	30,959,000	-14,139,000	41,790,000	59,302,000	3,487,000	32,105,000	-18,252,000	-3,558,000	20,079,000	12,710,000													-3,854,000	3,052,000	6,218,000	-7,564,000	-6,650,000	14,172,000	152,000	2,101,000				2,756,000			-1,049,000				1,301,000
total adjustments	351,700,000	326,100,000	158,700,000	-247,200,000	236,400,000	345,100,000	-49,400,000	-1,078,300,000	790,500,000	-69,900,000	106,500,000	54,000,000	549,800,000	522,800,000	-686,800,000	-287,700,000	1,128,200,000	143,500,000	1,781,400,000	-2,472,200,000	-446,700,000	81,800,000	-1,096,400,000	46,100,000	73,400,000	-4,600,000	-112,300,000	-4,800,000	435,900,000	-91,522,000	-141,694,000	-156,847,000	140,763,000	393,430,000	26,515,000	-418,314,000	106,970,000	124,764,000	386,225,000	203,281,000	-136,396,000	126,829,000	682,455,000	48,963,000	-163,523,000	88,107,000	83,837,000	235,055,000	-11,916,000	179,975,000	-48,851,000	40,788,000	-12,626,000	-377,222,000	-193,850,000	-155,120,000	-98,692,000	3,126,000	15,630,000	28,455,000	32,867,000	-27,102,000	194,544,000	12,849,000	20,521,000	-9,915,000	-8,807,000	7,040,000	7,282,000	-4,322,000	-20,431,000	24,656,000	-6,279,000	25,138,000	23,267,000	20,679,000	84,274,000	12,579,000	2,901,000	25,658,000	9,825,000	19,654,000	-1,584,000	37,255,000		7,490,000	32,007,000	-83,114,000
net cash from operating activities	1,078,900,000	1,170,700,000	1,618,700,000	1,144,400,000	1,045,100,000	1,262,800,000	1,291,200,000	354,000,000	1,512,500,000	1,089,700,000	1,114,300,000	1,022,400,000	1,367,600,000	1,719,900,000	628,900,000	564,400,000	2,101,700,000	2,372,500,000	3,413,600,000	626,700,000	668,500,000	1,231,000,000	-254,300,000	943,400,000	698,000,000	787,400,000	557,300,000	188,300,000	897,000,000	728,831,000	452,961,000	394,565,000	618,743,000	566,949,000	414,832,000	-30,570,000	355,901,000	377,879,000	651,029,000	415,148,000	29,340,000	281,823,000	892,853,000	243,606,000	-87,502,000	198,283,000	163,557,000	327,790,000	53,527,000	276,781,000	92,455,000	128,164,000	86,248,000	93,185,000	-2,382,000	-78,377,000	-87,041,000	-50,317,000	-46,735,000	-34,050,000	-10,580,000	-41,699,000	160,669,000	-12,625,000	-10,001,000	-46,404,000	-9,822,000	-5,805,000	-10,199,000	-35,840,000	-41,546,000	6,197,000	-17,897,000	-10,700,000	-3,507,000	-9,238,000	53,303,000	-14,831,000	-20,675,000	5,278,000	-19,847,000	-14,998,000	-28,583,000	33,132,000		-3,586,000	17,458,000	-18,582,000
cash flows from investing activities:
purchases of marketable and other securities	-2,755,900,000	-2,043,700,000	-3,520,200,000	-2,855,100,000	-2,539,300,000	-1,952,900,000	-4,591,100,000	-4,415,900,000	-5,657,500,000	-2,131,800,000	-3,243,100,000	-4,521,700,000	-1,749,400,000	-3,142,900,000	-570,100,000	-1,465,100,000	-2,309,800,000	-2,175,800,000	-2,985,800,000	-526,500,000	-1,360,000,000	-598,300,000	-1,109,200,000	-819,200,000	-714,300,000	-367,500,000	-645,800,000	-1,148,900,000	-1,040,200,000	-311,942,000	-352,353,000	-579,892,000	-601,313,000
sales or maturities of marketable and other securities	2,606,500,000	2,555,000,000	3,365,000,000	2,167,900,000	3,458,300,000	2,582,000,000	4,258,600,000	4,054,500,000	4,132,200,000	2,382,900,000	2,997,800,000	2,268,700,000	1,792,800,000	1,537,400,000	1,831,700,000	1,435,100,000	746,300,000	318,000,000	680,200,000	800,800,000	416,300,000	454,700,000
capital expenditures	-230,600,000	-248,700,000	-201,400,000	-219,000,000	-229,300,000	-199,600,000	-241,900,000	-180,500,000	-133,900,000	-251,400,000	-176,000,000	-113,000,000	-178,200,000	-152,200,000	-142,500,000	-153,600,000	-141,800,000	-154,900,000	-133,200,000	-148,500,000	-115,300,000	-161,400,000	-153,200,000	-129,900,000	-170,100,000	-139,000,000	-121,700,000	-94,600,000	-74,300,000	-85,462,000	-106,246,000	-112,017,000	-79,375,000	-107,663,000	-59,653,000	-54,849,000	-50,461,000	-150,455,000	-118,556,000	-138,836,000	-104,094,000	-177,779,000	-146,099,000	-239,893,000	-114,162,000	-117,542,000	-79,769,000	-70,873,000	-64,822,000	-68,976,000	-31,691,000	-34,453,000	-21,203,000	-15,162,000	-10,248,000	-12,872,000	-11,055,000	-11,289,000	-8,898,000	-14,864,000	-22,166,000	-32,262,000	-22,103,000	-22,581,000	-22,743,000	-22,316,000	-22,331,000	-30,754,000	-21,917,000	-15,740,000	-9,328,000	-6,742,000	-3,047,000	-4,692,000	-1,827,000	-1,197,000	-1,208,000	-617,000	-340,000	-646,000	-351,000	-1,716,000	-1,538,000	-1,359,000		-2,314,000	-1,548,000	-985,000
free cash flows	848,300,000	922,000,000	1,417,300,000	925,400,000	815,800,000	1,063,200,000	1,049,300,000	173,500,000	1,378,600,000	838,300,000	938,300,000	909,400,000	1,189,400,000	1,567,700,000	486,400,000	410,800,000	1,959,900,000	2,217,600,000	3,280,400,000	478,200,000	553,200,000	1,069,600,000	-407,500,000	813,500,000	527,900,000	648,400,000	435,600,000	93,700,000	822,700,000	643,369,000	346,715,000	282,548,000	539,368,000	459,286,000	355,179,000	-85,419,000	305,440,000	227,424,000	532,473,000	276,312,000	-74,754,000	104,044,000	746,754,000	3,713,000	-201,664,000	80,741,000	83,788,000	256,917,000	-11,295,000	207,805,000	60,764,000	93,711,000	65,045,000	78,023,000	-12,630,000	-91,249,000	-98,096,000	-61,606,000	-55,633,000	-48,914,000	-32,746,000	-73,961,000	138,566,000	-35,206,000	-32,744,000	-68,720,000	-32,153,000	-36,559,000	-32,116,000	-51,580,000	-50,874,000	-545,000	-20,944,000	-15,392,000	-5,334,000	-10,435,000	52,095,000	-15,448,000	-21,015,000	4,632,000	-20,198,000	-16,714,000	-30,121,000	31,773,000		-5,900,000	15,910,000	-19,567,000
payments for intangible assets	-48,900,000	-42,000,000	-43,300,000
net cash from investing activities	-428,900,000	220,300,000	-402,900,000			350,600,000	-574,400,000	-557,200,000	-1,687,100,000	-66,200,000	-496,300,000	-2,386,900,000	-235,700,000	-1,857,700,000	192,300,000	-413,900,000	-1,705,300,000	-2,012,700,000	-2,438,800,000	125,800,000	-1,059,000,000	-305,000,000	-775,800,000	1,453,400,000	-443,200,000	-208,700,000	-207,000,000	-836,000,000	-776,100,000	-265,907,000	-286,708,000	-484,973,000	-425,412,000	-335,746,000	-358,884,000	-170,409,000	-140,143,000	-271,356,000	-405,853,000	-326,010,000	-43,685,000	-123,300,000	-283,171,000	-371,649,000	-129,481,000	56,645,000	-123,068,000	-118,123,000	-236,231,000	-109,948,000	-214,452,000	116,630,000	-147,685,000	91,103,000	-48,754,000	-139,188,000	15,766,000	-33,908,000	-903,000	142,935,000	20,347,000	-353,774,000	51,004,000	4,595,000	-135,978,000	-19,170,000	-13,471,000	72,325,000	-39,538,000	84,671,000	62,777,000	-154,577,000	37,944,000	-1,874,000	-46,200,000	-74,112,000	-163,214,000	66,463,000	-47,484,000	-10,870,000	25,303,000	45,800,000	25,966,000	18,425,000		-13,392,000	-68,988,000	70,230,000
cash flows from financing activities:
proceeds from issuance of common stock	163,100,000	503,500,000	40,300,000	31,500,000	60,600,000	90,900,000	254,700,000	437,600,000	682,100,000	301,000,000	268,600,000	90,700,000	485,200,000	372,600,000	318,500,000	306,800,000	521,600,000	542,700,000	821,400,000	213,200,000	95,000,000	104,100,000	303,100,000	1,356,600,000	811,400,000	48,300,000	8,400,000	14,500,000	140,600,000	27,092,000	53,335,000	20,646,000	13,427,000	13,321,000	38,199,000	172,020,000	16,673,000	36,962,000	26,171,000	24,302,000	39,304,000	55,935,000	34,598,000	39,552,000	76,273,000	45,241,000	17,747,000	8,015,000	55,042,000	15,675,000	7,418,000	21,336,000	12,964,000
payments in connection with common stock tendered for employee tax obligations	-73,200,000	-519,200,000	-3,000,000	-5,600,000	-4,300,000	-253,400,000	-120,200,000	-311,800,000	-343,700,000	-458,100,000	-129,400,000	-16,100,000	-97,000,000	-189,100,000	-108,900,000	-48,900,000	-98,800,000	-582,400,000	-269,600,000	-26,200,000	-154,500,000	-28,300,000	-80,900,000	-416,500,000	-155,100,000	-147,500,000	0	-29,800,000	-10,700,000	-110,104,000	-45,243,000			-223,856,000	-46,395,000			-96,228,000	-1,941,000	-43,971,000	-1,042,000	-88,864,000	-35,743,000	-14,738,000	-21,192,000	-91,718,000	-110,876,000	-1,904,000	-63,086,000	-28,729,000	-93,221,000	-70,052,000	-3,085,000	-91,825,000	-10,031,000	-12,366,000	-49,078,000
repurchases of common stock	-794,300,000	-671,700,000	-664,000,000	-1,061,500,000	-1,041,400,000	-973,000,000	-735,100,000	-603,900,000	-291,300,000	-289,000,000	-546,500,000	-688,800,000	-710,700,000	-431,100,000	-934,600,000	-359,000,000	-358,100,000	-866,900,000	-166,400,000	-305,200,000	-306,900,000	-381,100,000	-92,100,000	-5,052,900,000	-320,700,000	-246,500,000	-19,400,000	0	-10,000,000	-22,000
dividends paid	-97,800,000	-92,700,000	-91,200,000	-92,600,000	-93,800,000
net cash from financing activities	-802,200,000	-780,100,000	-717,900,000	-1,128,200,000	-1,089,200,000	-1,135,500,000	-634,000,000	-478,100,000	47,100,000	-446,100,000	-407,300,000	-614,200,000	-322,500,000	-247,600,000	-725,000,000	-101,100,000	64,700,000	-906,600,000	385,400,000	-118,200,000	-366,400,000	-305,300,000	612,000,000	-2,612,800,000	335,600,000	-345,700,000	-11,000,000	-15,300,000	119,900,000	-83,034,000	3,714,000	-11,207,000	13,427,000	-210,535,000	-8,196,000	133,519,000	60,812,000	-491,679,000	28,675,000	-46,844,000	-190,543,000	-4,008,000	-345,649,000	10,690,000	76,171,000	-252,763,000	5,930,000	-71,390,000	108,954,000	105,564,000	3,533,000	-43,481,000	11,523,000	-73,010,000	-1,809,000	-5,077,000	-17,750,000	361,440,000	-279,000	10,051,000	13,037,000	182,759,000	1,613,000	2,719,000	56,215,000	22,328,000	2,148,000	5,849,000	1,038,000	-115,719,000	1,324,000	-80,366,000	1,903,000	347,000	2,866,000	1,958,000	180,125,000	1,070,000	787,000	3,416,000	2,959,000	90,000	2,000	1,030,000		-808,000	329,000	4,101,000
effect of exchange rate changes on cash, cash equivalents, and restricted cash	-900,000	-300,000	-400,000	400,000	600,000			-300,000	-500,000	200,000	-200,000
net increase in cash, cash equivalents, and restricted cash	-153,100,000	610,600,000			604,000,000				-128,000,000	577,600,000	210,500,000	-1,979,100,000	809,400,000	-385,400,000	96,200,000	49,400,000	461,100,000	-546,800,000	1,360,200,000	634,300,000	-756,900,000			-216,000,000	590,400,000	233,000,000	339,300,000	-663,000,000	240,800,000	379,890,000	169,967,000	-101,615,000	206,758,000
cash, cash equivalents, and restricted cash at beginning of period	3,123,700,000	0	0	0	2,489,000,000	0	0	0	2,737,800,000	0	0	0	3,119,400,000	0	0	0	2,898,100,000	0	0	0	2,207,300,000	0	0	0	1,630,300,000	0	0	0	1,480,200,000	-33,000	0	0	825,233,000
cash, cash equivalents, and restricted cash at end of period	2,970,600,000	610,600,000	497,500,000	-1,077,400,000	3,093,000,000	477,200,000	83,600,000	-681,600,000	2,609,800,000	577,600,000	210,500,000	-1,979,100,000	3,928,800,000	-385,400,000	96,200,000	49,400,000	3,359,200,000	-546,800,000	1,360,200,000	634,300,000	1,450,400,000	620,700,000	-418,100,000	-216,000,000	2,220,700,000	233,000,000	339,300,000	-663,000,000	1,721,000,000	379,857,000	169,967,000	-101,615,000	1,031,991,000
the accompanying notes are an integral part of the financial statements.
losses on marketable and other securities					-139,900,000	212,900,000	-134,700,000	-392,600,000	196,100,000	-58,100,000	127,000,000	30,900,000	166,600,000	-80,600,000	-253,500,000	166,400,000	204,500,000
increase in inventories		2,100,000	-82,600,000	-42,500,000	-152,300,000	-117,700,000	-164,400,000	-181,800,000	-155,800,000	-47,300,000	-77,200,000	-100,400,000	-46,800,000	-144,300,000	-223,500,000	-240,100,000	-88,600,000	-163,700,000	-109,100,000	31,300,000	-252,800,000	-127,000,000	-169,000,000	-162,600,000	-70,800,000	-108,300,000	-59,000,000	-109,600,000	-58,600,000	-106,276,000	-99,524,000	-93,340,000	-88,760,000	-78,550,000	-84,101,000	-81,800,000	-69,744,000	-50,070,000	-26,818,000	-10,625,000	-62,263,000	-30,366,000	-31,607,000	-43,920,000	-5,932,000	-9,983,000	-13,622,000	-21,745,000	-15,550,000
proceeds from sale of property, plant, and equipment						0	0
acquisitions, net of cash acquired		-300,000				-11,500,000	0			-3,800,000
supplemental disclosure of cash flow information
cash paid for interest
net decrease in cash, cash equivalents, and restricted cash							83,600,000
other non-cash items					3,200,000	55,400,000	-29,000,000	-3,000,000	100,000	-17,500,000	-11,800,000	8,600,000	20,600,000	169,000,000	60,700,000	54,000,000	84,300,000	304,300,000	71,800,000	308,300,000	-115,700,000	-23,700,000	64,500,000	-258,400,000	82,600,000	-142,500,000	2,500,000	134,500,000	-23,800,000	94,794,000	-27,714,000	-50,787,000	-4,193,000
payments for libtayo intangible asset					-42,200,000	-67,400,000	0	-30,400,000	-27,900,000	-62,100,000	-23,900,000	-20,900,000	-100,900,000	-100,000,000
net cash from in investing activities					647,500,000
acquired in-process research and development in connection with asset acquisition														0	0
cash paid for income taxes
increase in accounts receivable																		-584,500,000	1,541,000,000	-2,825,600,000	-58,300,000																																									-10,825,000	12,909,000	-23,338,000	-6,290,000	2,198,000	-7,720,000	-11,837,000	-12,997,000		-9,368,000	122,000	-14,640,000	9,510,000	13,154,000	-26,139,000										531,000	34,485,000	-44,353,000
asset acquisition, net of cash acquired														0	0
decrease in prepaid expenses and other assets																		76,100,000	-39,000,000	-227,800,000	-50,000,000	98,500,000	-17,400,000	-36,300,000	70,100,000		-21,300,000	-26,800,000	69,300,000			-9,404,000	68,836,000	-85,122,000	48,959,000	-56,843,000	-20,325,000	-11,314,000	-22,229,000	17,826,000	39,260,000			-2,032,000	35,874,000	-8,917,000	596,000										-4,487,000		1,851,000	-10,444,000	2,286,000	-723,000	1,842,000					8,033,000	-8,611,000											1,023,000						-630,000	-765,000	-943,000
proceeds from issuance of long-term debt
proceeds from bridge loan facility																						0	0
repayment of bridge loan facility																						0
deferred taxes															-85,700,000	-156,000,000	-225,000,000	-205,900,000	7,000,000	41,700,000	10,100,000	-42,300,000	-100,000	108,100,000	9,900,000	-20,600,000	15,300,000	-114,600,000	-10,700,000	-106,479,000	-18,034,000	-9,121,000	-6,366,000	427,051,000	-50,505,000	-16,749,000	-40,988,000	-169,751,000	-27,675,000	-82,867,000	-79,785,000	-55,648,000	-6,906,000	-48,181,000	-10,888,000	-16,138,000	-17,923,000	-24,021,000	-8,522,000	-19,289,000	-9,632,000	52,997,000	39,525,000
decrease in accounts payable, accrued expenses, and other liabilities																	-250,400,000				-34,700,000																																																										-2,049,000	-3,069,000
non-cash compensation expense																		188,400,000	136,900,000	145,500,000	130,900,000	121,500,000	101,200,000	103,500,000	105,800,000	133,500,000	117,100,000	105,800,000	107,900,000	126,748,000	111,435,000	106,795,000	82,422,000	127,133,000	125,097,000	121,258,000	133,789,000	154,558,000	131,379,000	131,691,000	142,250,000	158,392,000	102,641,000	94,257,000	103,759,000	81,454,000	73,864,000	70,512,000	81,408,000	55,182,000	45,744,000	44,443,000	53,030,000	30,772,000	20,535,000	19,606,000	23,244,000	15,533,000	13,364,000	12,396,000	14,801,000	13,566,000	8,790,000	8,707,000	8,834,000	8,657,000	7,508,000	7,440,000	7,654,000	7,807,000	8,216,000	8,214,000	8,286,000	7,041,000	6,912,000	6,585,000	5,133,000	4,763,000	4,700,000	4,079,000	4,235,000	5,921,000	5,822,000	5,881,000		618,000	628,000	671,000
increase in trade, sanofi, and other accounts receivable
proceeds from issuance of long-term debt, net of issuance costs
increase in sanofi, trade, and other accounts receivable																							-1,228,200,000	121,900,000	-169,000,000
sales or maturities of marketable securities																								2,402,500,000	441,200,000	297,800,000	560,500,000	407,500,000	338,400,000	131,497,000	181,891,000	206,936,000	255,276,000	165,309,000	107,109,000	153,154,000	119,012,000	82,365,000	89,914,000	41,768,000	60,409,000	61,442,000	72,226,000	113,313,000	80,456,000	259,939,000	60,628,000	73,381,000	82,469,000	58,994,000	11,908,000	252,490,000	54,754,000	178,439,000	88,889,000	96,028,000	75,853,000	101,826,000	107,899,000	158,480,000	58,151,000	46,088,000	92,604,000	73,550,000	64,359,000	12,477,000	94,211,000	108,029,000	82,694,000	203,274,000	203,734,000	107,344,000	132,509,000	110,020,000	140,457,000	113,262,000	44,450,000	166,457,000	30,975,000	64,317,000	37,566,000	78,202,000	52,295,000	55,385,000		143,824,000	14,729,000	71,215,000
increase in sanofi, bayer, and trade accounts receivable																										-12,200,000	-204,100,000			-40,295,000	-163,698,000			-2,891,000	-126,902,000	-94,999,000	-137,928,000	32,252,000	108,099,000	113,250,000	-397,428,000
proceeds in connection with finance lease liabilities
payments in connection with finance lease liabilities
decrease in sanofi, bayer, and trade accounts receivable																													-106,100,000				30,408,000
proceeds in connection with capital and facility lease obligations																																		0	0	0	57,000,000
payments in connection with capital and facility lease obligations																																		0	0	-7,064,000	-12,861,000
repayments of convertible senior notes																																						-244,000	0	-10,911,000	-1,739,000	-20,460,000	-2,006,000	-127,315,000	-16,686,000	-159,514,000	0
payments in connection with reduction of outstanding warrants																																						-401,248,000	0	0	-242,117,000	-50,000,000	-398,956,000	0	-124,531,000	-151,511,000	0
decrease in deferred revenue																															54,776,000																			-7,159,000	-9,236,000	-5,109,000	-6,470,000		-10,936,000	-8,543,000	-9,126,000																					-4,440,000	-3,284,000	-4,779,000		-2,550,000	-2,195,000	-4,653,000
other non-cash charges and expenses																																		19,565,000	6,385,000	33,675,000	3,956,000	31,553,000	5,791,000	3,838,000	3,957,000	504,000	15,570,000	11,621,000	6,006,000	17,159,000	6,246,000	2,837,000	3,761,000	7,980,000	-2,613,000	11,149,000	7,174,000	12,756,000	7,920,000	7,510,000	5,863,000	8,245,000	1,289,000	250,000	582,000			-245,000	470,000
excess tax benefit from stock-based compensation																																									15,649,000	99,766,000	56,833,000	93,149,000	155,569,000	105,024,000	99,335,000	126,937,000	117,260,000	119,017,000	89,964,000	5,583,000	2,293,000
net increase in cash and cash equivalents																																		20,668,000	47,752,000	-67,460,000	276,570,000	-385,156,000				154,515,000	264,033,000			2,165,000	46,419,000			272,397,000	-118,464,000			111,278,000	-52,945,000	-222,642,000	-89,025,000	277,215,000	-47,917,000	118,936,000	22,804,000		213,286,000			-43,246,000	-21,145,000	72,369,000	-48,699,000				21,950,000				70,214,000	52,702,000	-67,372,000	-2,176,000	8,415,000	30,892,000	-2,615,000	52,587,000		-17,786,000	-51,201,000	55,749,000
cash and cash equivalents at beginning of period																																		0	0	0	535,203,000	0	0	0	809,102,000	0	0	0	648,719,000	0	0	0	535,608,000	0	0	0	230,276,000	0	0	0	483,610,000	0	0	0	112,572,000	0	0	0	207,075,000	0	0	0	247,796,000	0	0	0	498,925,000	0	0	237,876,000	0	0	0	184,508,000	0	0	0	95,229,000	0	0	0	118,285,000	0	0
cash and cash equivalents at end of period																																		20,668,000	47,752,000	-67,460,000	811,773,000	-385,156,000	273,851,000	42,294,000	604,214,000	154,515,000	264,033,000	-117,353,000	507,907,000	2,165,000	46,419,000	138,277,000	461,858,000	272,397,000	-118,464,000	201,313,000	180,362,000	111,278,000	-52,945,000	-222,642,000	394,585,000	277,215,000	-47,917,000	118,936,000	135,376,000	-212,714,000	213,286,000	-5,311,000	117,311,000	-43,246,000	-21,145,000	72,369,000	199,097,000	-66,888,000	22,555,000	-228,746,000	520,875,000	-12,227,000	-46,841,000	156,484,000	70,214,000	52,702,000	-67,372,000	182,332,000	8,415,000	30,892,000	-2,615,000	147,816,000		-17,786,000	-51,201,000	174,034,000
purchases of marketable securities																																			-406,340,000	-268,714,000	-208,694,000	-203,266,000	-377,211,000			-6,963,000	-209,298,000	-245,069,000	-95,775,000	-85,752,000	-103,927,000	-120,631,000	-253,878,000	-99,966,000	-194,669,000	-101,721,000	-180,922,000	-72,140,000	-127,346,000	-222,338,000	-48,569,000	-124,853,000	-99,900,000	0	-15,638,000	-363,459,000	-19,497,000	-44,574,000	-177,594,000	-9,331,000	-85,351,000	-5,000,000	-100,315,000	-102,863,000	-131,629,000	-255,129,000	-91,518,000	-107,202,000	-184,830,000	-186,177,000	-204,856,000	-99,377,000	-78,119,000	-74,541,000	-11,912,000	-30,686,000	-24,791,000	-35,601,000		-154,902,000
proceeds in connection with facility lease obligations																																							4,445,000	-615,000	-598,000																						0	0	47,544,000
net decrease in cash and cash equivalents																																								42,294,000	-204,888,000				-140,812,000				-73,750,000				-49,914,000												-89,764,000						22,555,000			-12,227,000	-46,841,000	-81,392,000
loss on extinguishment of debt																																										1,934,000	21,000	15,964,000	942,000	22,682,000	0
increase in sanofi, bayer healthcare, and trade accounts receivable																																													-321,063,000				-92,529,000
proceeds in connection with facility and capital lease obligations																																										-385,000	-375,000	20,042,000	6,738,000
decrease in sanofi, bayer healthcare, and trade accounts receivable																																											-44,190,000				-33,330,000
non-cash interest expense																																												387,000	2,358,000	2,423,000	4,758,000	4,955,000	5,916,000	5,745,000	6,001,000	5,534,000	5,781,000
payments in connection with facility and capital lease obligations																																														-285,000	-276,000	-272,000	-262,000	-399,000	-628,000	-348,000	-649,000	-602,000	-587,000	-514,000	-500,000
increase in sanofi and trade accounts receivable																																																		101,046,000	-116,808,000	-73,378,000	-109,518,000			-197,033,000	-135,312,000
purchase of restricted cash and marketable securities
proceeds in connection with issuance of convertible notes, net of debt issuance costs
proceeds in connection with issuance of warrants
payment in connection with purchase of convertible note hedges
the accompanying notes are an integral part of the financial statements
increase in restricted cash and marketable securities																																																					-314,000	-34,000	-49,000
proceeds in connection with facility lease obligation																																																																		18,458,000	0
decrease in sanofi and trade accounts receivable
net proceeds from issuances of common stock																																																							8,809,000	7,803,000	31,828,000																												819,000
adjustments to reconcile net income to net cash
used in operating activities:
(increase) decrease in prepaid expenses and other assets
decrease in restricted cash and marketable securities																																																									-463,000
cash flows from operating activities
net loss																																																										-53,443,000	-62,365,000	-62,505,000	-43,447,000	-14,597,000	-33,875,000	-25,474,000	-30,522,000	-36,489,000	-1,015,000	-12,845,000	-17,481,000											-20,380,000									-19,377,000	-29,235,000
adjustments to reconcile net loss to net cash
provided by operating activities
changes in assets and liabilities
(decrease) increase in deferred revenue
increase in accounts payable, accrued expenses,
and other liabilities																																																										14,762,000	-3,323,000	25,003,000	13,574,000	-20,748,000	10,248,000	5,811,000	12,294,000	-5,001,000	4,915,000	-2,273,000	15,318,000
cash flows from investing activities
cash flows from financing activities
payments in connection with facility lease obligation																																																																		-102,000
payments in connection with capital lease obligation																																																												-220,000	-217,000
net proceeds in connection with issuances of common stock
from operating activities
increase in restricted cash																																																											-4,000											0	0
payments in connection with facility lease obligations																																																											-241,000	-138,000	-89,000		-83,000	-119,000	-555,000
net proceeds from the issuance of common stock																																																											237,000	10,409,000	13,343,000	183,030,000	1,696,000	2,838,000	9,226,000	3,972,000	2,921,000	667,000	1,038,000	1,784,000	2,480,000	1,782,000	1,903,000	347,000	2,866,000	1,958,000
payments in connection with capital lease obligations
used in operating activities
loss on early extinguishment of debt																																																																						0	7,000
net realized loss on marketable securities																																																														51,000	42,000			0				144,000
purchases of restricted marketable securities																																																																																						-5,538,000	-38,000	-5,500,000
decrease in restricted cash																																																														2,922,000	0			0
repurchases or repayment of notes payable
other non-cash expenses
adjustments to reconcile net loss to net cash from
operating activities
extinguishment of long-term debt
impairment charge on marketable securities
decrease (increase) in restricted cash
adjustments to reconcile net loss to net cash from operating activities
cumulative effect of a change in accounting principle																																																																													0	0	0	-813,000
decrease in inventory																																																																													70,000	2,245,000	1,371,000	-92,000	42,000	1,067,000	-386,000	527,000				188,000
adjustments to reconcile net income to net cash from operating activities
repayment of long-term debt
decrease (increase) in prepaid expenses and other assets																																																																								2,373,000	1,493,000				-209,000	-263,000
increase in inventory
forgiveness of loan payable to novartis pharma ag, inclusive of accrued interest																																																																																						0	0	-17,770,000
decrease (increase) in accounts receivable
maturities of restricted marketable securities																																																																																						5,538,000	5,538,000	5,500,000
repurchase of common stock																																																																																					0
borrowings under loan payable																																																																																					0	0	0	3,827,000	4,426,000	4,083,000
supplemental disclosure of cash flow information cash paid for interest
net proceeds from the issuance of stock																																																																														1,070,000	397,000	3,416,000		90,000	2,000	1,030,000			329,000	274,000	162,000	45,440,000
non-cash expense related to a license agreement																																																																																							334,000	13,000
capital lease payments																																																																																									0	0
adjustments to reconcile net loss to net cash used in operating activities
net proceeds from the issuance of convertible notes
principal payments on note payable

Regeneron Pharmaceuticals, Inc(NASDAQ:REGN)

Regeneron Pharmaceuticals, Inc
(NASDAQ:REGN)