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Get filing alertsRegeneron and Sanofi expand antibody pact with $1B upfront and up to $7B in milestones
Filed October 6, 2026 · Period ending October 1, 2026 · ~1 min read
Key Changes
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Sanofi will pay Regeneron $1.0 billion upfront under the Sixth Amendment to their antibody collaboration.
Item 1.01 verify on EDGAR → -
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Regeneron could receive up to $7.0 billion in additional milestone payments tied to development, regulatory, and commercial progress of the new products.
Item 1.01 verify on EDGAR → -
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The companies will co-develop and co-commercialize four new long-acting Regeneron-invented antibodies targeting IL-13, IL-4, IL-4Rα, and a bispecific IL-4xIL-13.
Item 1.01 verify on EDGAR → -
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Global profits on sales of the new products will be shared equally between Regeneron and Sanofi.
Item 1.01 verify on EDGAR →
Summary
Regeneron and Sanofi have expanded their long-standing antibody collaboration through a Sixth Amendment. Sanofi will pay Regeneron $1.0 billion upfront, and Regeneron could earn up to $7.0 billion in milestone payments as the four new long-acting antibodies advance. The new programs target IL-13, IL-4, IL-4Rα, and a bispecific IL-4xIL-13, broadening the partnership's immunology and inflammation pipeline.
Profits from these products will be split 50/50, and development costs are shared equally, though Regeneron bears any costs above a budget cap for the new products, with some recoupment rights.
The filing also discloses that Regeneron expects a ~$22 million pre-tax acquired in-process research and development charge in its third quarter 2026 results, which will reduce both GAAP and non-GAAP diluted EPS by approximately $0.18. This charge stems from asset acquisitions or collaboration payments and is not forecasted by the company due to timing uncertainty. Additionally, the companies settled litigation over Sanofi's obligation to provide Regeneron with full access to commercialization information for Dupixent and other Antibody LCA products, as well as Regeneron's audit rights. Regeneron agreed to dismiss the lawsuit, but the settlement terms were not disclosed.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
the parties have agreed to co-develop and co-commercialize four new long-acting, Regeneron-invented antibodies: (i) an antibody targeting interleukin-13 (“IL-13”), (ii) an antibody targeting interleukin-4 (“IL-4”), (iii) an antibody targeting IL-4 receptor alpha (IL-4Rα), and (iv) a bispecific antibody targeting IL-4xIL-13
Regeneron and Sanofi are adding four new antibody programs to their existing collaboration. These are long-acting, Regeneron-invented antibodies targeting IL-13, IL-4, IL-4Rα, and a bispecific IL-4xIL-13. The expansion broadens the partnership's pipeline in immunology and inflammation.
Added in current filing · verify on EDGAR →
Sanofi will make an upfront payment to Regeneron of $1.0 billion
Sanofi will pay Regeneron $1.0 billion upfront as part of the Sixth Amendment. This provides immediate non-dilutive capital to Regeneron and reflects Sanofi's commitment to the new programs.
Added in current filing · verify on EDGAR →
Global profits realized on the sale of New Licensed Products will be shared equally between Regeneron and Sanofi, as calculated under the Antibody LCA
Profits from sales of the new products will be split 50/50 between the two companies. This aligns with the existing Antibody LCA structure and gives both parties equal economic interest in commercial success.
Added in current filing · verify on EDGAR →
All development costs incurred with respect to all licensed products under the Antibody LCA, including the New Licensed Products, will be shared equally by the parties. In addition, development costs in excess of a budget cap for all New Licensed Products will be the responsibility of Regeneron, subject to certain rights to recoup such excess costs in future years.
Development costs are shared equally, but Regeneron bears any costs above a budget cap for the new products, with some ability to recoup excess costs later. This shifts some financial risk to Regeneron if development runs over budget.
Event · Item 2.02 — Results of Operations and Financial Condition
Item 2.02 — Results of Operations and Financial Condition filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
will include an acquired in-process research and development (“IPR&D”) charge of approximately $22 million on a pre-tax basis
Regeneron disclosed that its third quarter 2026 results will include an acquired in-process research and development charge of approximately $22 million on a pre-tax basis. The company notes these charges arise from asset acquisitions and collaboration or licensing payments, and it does not forecast them due to uncertainty around timing and magnitude.
Added in current filing · verify on EDGAR →
The acquired IPR&D charge is expected to negatively impact each of GAAP and non-GAAP net income per diluted share for the third quarter 2026 by approximately $0.18.
The charge is expected to reduce both GAAP and non-GAAP diluted earnings per share by approximately $0.18 for the third quarter of 2026. This gives investors a preliminary sense of the earnings headwind before full results are finalized.
Event · Item 8.01 — Other Events
Regeneron and Sanofi settle litigation over Dupixent commercialization info access via a Sixth Amendment.
Added in current filing · verify on EDGAR →
Regeneron and Sanofi entered into a settlement agreement pursuant to which Regeneron agreed to dismiss its lawsuit concerning Sanofi’s obligation to provide Regeneron with full access to material information relating to the commercialization of Dupixent® (dupilumab) and other products commercialized pursuant to the Antibody LCA, and Regeneron’s audit rights under the Antibody LCA.
The 8-K discloses that Regeneron and Sanofi entered into a settlement agreement in connection with the Sixth Amendment. Under the settlement, Regeneron agreed to dismiss its lawsuit about Sanofi's obligation to provide full access to material commercialization information for Dupixent and other Antibody LCA products, as well as Regeneron's audit rights. This resolves the litigation but the filing does not disclose the settlement terms or any payments.
Added in current filing · verify on EDGAR →
the Company’s expected acquired in-process research and development charge for the quarterly period ended September 30, 2026 and its expected impact on GAAP and non-GAAP net income per diluted share for this period
The forward-looking statements note references an expected acquired in-process research and development charge for the quarter ended September 30, 2026, and its expected impact on GAAP and non-GAAP net income per diluted share. The filing does not quantify the charge or the per-share impact, but flags that it will affect reported results for the period.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 7, 2026 · How we verify