{"slug":"regeneron-pharmaceuticals","name":"리제네론","name_en":"Regeneron Pharmaceuticals","ticker":"REGN","updated_at":"2026-10-11T20:28:40.036+00:00","canonical":"https://valuechain.wiki/regeneron-pharmaceuticals","citable":"밸류체인 그래프 기준 리제네론의 직접 연결 기업은 3곳(관계 기준 공급 3·매출 0)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-10-11 기준).","citable_en":"Per the valuechain.wiki graph, Regeneron Pharmaceuticals is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 6 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-10-11).","kicker":"항체 신약 바이오파마","kicker_en":"Antibody-led biopharma","lead":"EYLEA·Libtayo 직접 판매와 사노피 Dupixent 이익배분이 핵심인 바이오의약품 기업이다. 2026년 2분기 매출은 42억9,070만달러로 17% 증가했고 사노피 협업 매출은 21억7,430만달러였다.","lead_en":"A biopharma company anchored by direct EYLEA and Libtayo sales and its share of Sanofi Dupixent profits. Q2 2026 revenue rose 17% to $4.291 billion, including $2.174 billion of Sanofi collaboration revenue.","categories":[{"key":"pharma-biotech","ko":"제약·바이오텍","en":"Pharmaceuticals & Biotechnology","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true},{"key":"oncology-adc","ko":"항암·ADC","en":"Oncology & ADCs","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":false}],"segments":{"parts":[{"name":"제품 매출","note":"EYLEA HD·EYLEA, Libtayo, Praluent, Evkeeza 등 직접 판매"},{"name":"사노피 협업 매출","note":"Dupixent 등 항체 협업의 이익배분과 상업용 공급 제조대금"},{"name":"바이엘 협업 매출","note":"미국 외 EYLEA 이익배분과 상업용 공급 제조대금"},{"name":"기타 매출","note":"기타 협업 및 계약생산 수익"}],"total":"143억4300만달러 (FY2025 총매출, SEC 10-K XBRL)","track":"C","latest":"2026년 2분기 총매출 42억9,070만달러(+17%), 사노피 협업 매출 21억7,430만달러"},"segments_en":{"parts":[{"name":"Product sales"},{"name":"Sanofi collaboration revenue"},{"name":"Bayer collaboration revenue"},{"name":"Other revenue"}],"total":"$14.343 billion (FY2025 total revenue, SEC 10-K XBRL)","latest":"Q2 2026 total revenue $4.291B (+17%); Sanofi collaboration revenue $2.174B"},"returns_yearly":{"2021":30.7,"2022":14.2,"2023":21.7,"2024":-18.9,"2025":9,"2026":7.7},"return_asof":"2026-09-04","value_chain":{"leading":[],"benefiting":[{"slug":"bristol-myers-squibb","name":"브리스톨 마이어스 스퀴브","name_en":"Bristol-Myers Squibb Company","tier":1,"returns_yearly":{"2021":2.9,"2022":19,"2023":-26.1,"2024":15.8,"2025":0.1,"2026":14.5}},{"slug":"fujifilm-holdings","name":"후지필름홀딩스","name_en":"Fujifilm Holdings","tier":1,"returns_yearly":{"2021":29.2,"2022":-8.9,"2023":40.2,"2024":11.6,"2025":-8.5,"2026":13.6}},{"slug":"alnylam-pharmaceuticals","name":"앨라일람","name_en":"Alnylam Pharmaceuticals","tier":1,"returns_yearly":{"2020":0,"2021":30.5,"2022":40.1,"2023":-19.5,"2024":22.9,"2025":69,"2026":-41.5}},{"slug":"agilent-technologies","name":"애질런트 테크놀로지스","name_en":"Agilent Technologies, Inc.","tier":2,"returns_yearly":{"2021":35.5,"2022":-5.5,"2023":-6.4,"2024":-2.7,"2025":1.9,"2026":11.5}},{"slug":"blackstone","name":"Blackstone","name_en":"Blackstone","tier":2,"returns_yearly":{"2021":107.1,"2022":-40,"2023":82.7,"2024":35.1,"2025":-7.8,"2026":-23.5}},{"slug":"samsung-biologics","name":"삼성바이오로직스","name_en":"Samsung Biologics","tier":2,"returns_yearly":{"2021":-6.8,"2022":8.6,"2023":5.8,"2024":28.7,"2025":5,"2026":-30.1}},{"slug":"moderna","name":"모더나","name_en":"Moderna","tier":3,"returns_yearly":{"2021":143.1,"2022":-29.3,"2023":-44.6,"2024":-58.2,"2025":-29.1,"2026":393.6}},{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":3,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":56.7}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":23.2}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":14.6}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}},{"slug":"ppl","name":"PPL 코퍼레이션","name_en":"PPL Corporation","tier":3,"returns_yearly":{"2021":12.9,"2022":0.4,"2023":-3.8,"2024":24,"2025":11.4,"2026":1.8}},{"slug":"medtronic","name":"메드트로닉","name_en":"Medtronic plc","tier":3,"returns_yearly":{"2021":-9.8,"2022":-22.6,"2023":9.6,"2024":0.3,"2025":24,"2026":-0.3}},{"slug":"eqt","name":"EQT 코퍼레이션","name_en":"EQT Corporation","tier":3,"returns_yearly":{"2021":71.6,"2022":57.6,"2023":16.2,"2024":21.4,"2025":17.6,"2026":-0.6}},{"slug":"danaher","name":"다나허","name_en":"Danaher Corporation","tier":3,"returns_yearly":{"2021":48.6,"2022":-19,"2023":-1.2,"2024":-0.3,"2025":0.4,"2026":-3.4}}],"analysis":"항체 신약 바이오파마 기업. 2026년 +7.7%다. 본주(+7.7%)와 공급단(평균 +18.4%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 브리스톨 마이어스 스퀴브(+28.1%), 가장 처진 곳은 후지필름홀딩스(+8.6%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Regeneron Pharmaceuticals operates across Antibody-led biopharma. It is +7.7% in 2026. The stock (+7.7%) and its supply side (avg +18.4%) are moving in step. Among connected nodes the furthest ahead is Bristol-Myers Squibb Company (+28.1%) and the furthest behind is Fujifilm Holdings (+8.6%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on licensing upfront payments, milestones and patent royalties for external technology, while also taking equity stakes in selected development partners.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"사노피","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-07-30","basis":"사노피 협업 총매출","value":2174300000,"period":"Q2 2026","basis_en":"Total Sanofi collaboration revenue","qualifier":null},"note":"리제네론은 Dupixent·Kevzara 글로벌 판매 이익배분과 상업용 원료 공급대금을 사노피 협업 매출로 인식한다. 2026년 2분기 협업 매출은 21억7,430만달러였다.","note_en":"Regeneron recognizes its share of global Dupixent and Kevzara profits plus commercial bulk-supply reimbursement as Sanofi collaboration revenue. Q2 2026 collaboration revenue was $2.1743 billion.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-07-30","url":"https://www.sec.gov/Archives/edgar/data/872589/000087258926000025/regn-20260630.htm","title":"리제네론 2026년 2분기 10-Q","title_en":"Regeneron Pharmaceuticals Q2 2026 Form 10-Q","excerpt":"2026년 2분기 사노피 협업 매출은 21억7,430만달러였고, 상반기에는 총매출의 48%를 차지했다.","excerpt_en":"Q2 2026 Sanofi collaboration revenue was $2.1743 billion and represented 48% of total revenue in the first half."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm","title":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","title_en":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","excerpt":"사노피 협업 매출 합계가 공시됐다.","excerpt_en":"Total Sanofi collaboration revenue"},{"stance":"mentions","publisher":"DBS 은행","publisher_en":"DBS Bank","kind":"research","lang":"en","published_at":"2025-09-05","url":"https://www.dbs.com/content/article/pdf/US_clover/Regeneron_Pharmaceuticals.pdf","title":"리제네론 파마슈티컬스: 듀피젠트의 돌파적 성과가 EPS 급증 견인","title_en":"Regeneron Pharmaceuticals Inc: Dupixent's breakout performance drives EPS surge","excerpt":"듀피젠트의 적응증 확대가 협업 매출 증가를 계속 이끌고 있다고 분석했다.","excerpt_en":"Dupixent's expanded use now covers eczema and COPD and continues to drive collaboration revenue"},{"stance":"confirms","publisher":"데일리팜","publisher_en":"Dailypharm","kind":"news","lang":"ko","published_at":"2025-08-04","url":"https://www.dailypharm.com/Users/News/NewsView.html?ID=325550","title":"'듀피젠트' 상반기 매출 12조원...'최다 적응증'에 날개","title_en":"Dupixent First-Half Sales Reach KRW 12 Trillion as Indications Expand","excerpt":"사노피와 리제네론이 공동 개발한 생물학적제제 듀피젠트","excerpt_en":"Dupixent is a biologic jointly developed by Sanofi and Regeneron."}]},{"direction":"revenue","counterparty":"바이엘","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-04","basis":"바이엘 협업에서 인식한 미국 외 EYLEA 이익배분과 상업용 공급 제조대금 총매출","value":1422400000,"period":"FY2025","basis_en":"Total revenue recognized from the Bayer collaboration, including the share of ex-U.S. EYLEA profits and reimbursement for commercial supplies","qualifier":null},"note":"바이엘은 미국 외 EYLEA 판매를 담당하고 리제네론에 협업 이익배분과 상업용 공급 제조대금을 지급한다. 리제네론은 이를 2025년 바이엘 협업 매출로 인식했다.","note_en":"Bayer commercializes EYLEA outside the United States and pays Regeneron its collaboration profit share and reimbursement for commercial supplies. Regeneron recognized these payments as Bayer collaboration revenue in 2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm","title":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","title_en":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","excerpt":"바이엘 협업 매출 합계가 공시됐다.","excerpt_en":"Total Bayer collaboration revenue"}]},{"direction":"cost","counterparty":"앨라일람","counterparty_slug":"alnylam-pharmaceuticals","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-04","basis":"앨라일람 협업 계약에 따라 비용으로 인식한 개발 마일스톤","value":100000000,"period":"FY2023","basis_en":"Development milestone recognized as acquired IPR&D expense under the Alnylam collaboration","qualifier":null},"note":"리제네론은 안과·중추신경계·간 표적 RNAi 치료제 공동개발을 위해 앨라일람에 프로그램 자금과 마일스톤을 지급한다. 2023년에는 개발 마일스톤을 비용으로 인식했다.","note_en":"Regeneron funds programs and pays milestones to Alnylam under their RNAi collaboration covering ocular, central nervous system and liver targets. It recognized a development milestone payment in 2023.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm","title":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","title_en":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","excerpt":"앨라일람 협업의 개발 마일스톤 지급액을 공시했다.","excerpt_en":"$100.0 million development milestone"}]},{"direction":"cost","counterparty":"브리스톨 마이어스 스퀴브","counterparty_slug":"bristol-myers-squibb","confidence":"high","metric":{"type":"royalty_payment","unit":"USD","as_of":"2026-02-04","basis":"Libtayo 특허 라이선스 로열티 중 브리스톨 마이어스 스퀴브 귀속액","value":null,"period":"2024-2026","basis_en":"Amount attributable to Bristol-Myers Squibb within Libtayo patent-license royalties","qualifier":"confirmed_no_disclosed_value"},"note":"리제네론과 사노피는 Libtayo 개발·판매에 필요한 특허를 브리스톨 마이어스 스퀴브 계열사와 오노약품에서 라이선스했다. 리제네론은 라이선서 그룹에 로열티를 지급하지만 브리스톨 마이어스 스퀴브 몫은 따로 공개하지 않았다.","note_en":"Regeneron and Sanofi licensed patents needed to develop and sell Libtayo from Bristol-Myers Squibb entities and Ono Pharmaceutical. Regeneron pays royalties to the licensor group, but the portion attributable specifically to Bristol-Myers Squibb is not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm","title":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","title_en":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","excerpt":"해당 라이선스에는 매출 연동 로열티 지급 의무가 있다.","excerpt_en":"royalties of 2.5%"}]},{"direction":"investment","counterparty":"테세라 테라퓨틱스","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-04","basis":"테세라 테라퓨틱스 우선주 매입액","value":null,"period":"2026-01","basis_en":"Amount invested in Tessera Therapeutics preferred stock","qualifier":"confirmed_no_disclosed_value"},"note":"리제네론은 TSRA-196 공동개발 계약이 발효된 뒤 테세라 테라퓨틱스의 우선주를 매입했다. 우선주에 배정된 금액은 라이선스 선급금과 분리해 공개되지 않았다.","note_en":"Regeneron purchased Tessera Therapeutics preferred stock after their TSRA-196 collaboration became effective. The amount allocated to the preferred-stock purchase was not disclosed separately from the licensing upfront payment.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm","title":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","title_en":"REGENERON PHARMACEUTICALS, INC. 10-K (2026-02-04)","excerpt":"테세라 우선주 매입이 포함됐다고 공시했다.","excerpt_en":"purchase of Tessera preferred stock"}]},{"direction":"cost","counterparty":"후지필름홀딩스","counterparty_slug":"fujifilm-holdings","confidence":"high","metric":null,"note":"리제네론은 후지필름홀딩스 자회사 다이오신스와 10년·$3B+ 미국 위탁생산 계약을 맺어 홀리스프링스 신공장($3.2B)에서 항체를 생산하도록 했으며, 이 계약은 헬스케어 바이오 CDMO 성장의 앵커 계약이다.","note_en":"Regeneron entered into a 10-year, $3B+ U.S. manufacturing agreement with Fujifilm Holdings subsidiary Diosynth to produce antibodies at the new Holly Springs plant ($3.2B), making it the anchor deal for Healthcare bio-CDMO growth.","sources":[{"stance":"confirms","publisher":"후지필름 다이오신스","publisher_en":"FUJIFILM Diosynth Biotechnologies","kind":"ir","lang":"en","published_at":"2025-04-22","url":"https://www.fujifilm.com/us/en/news/biotechnology/fujifilm-diosynth-biotechnologies-and-regeneron-sign-a-10-year-us-manufacturing-agreement-valued-at-over-3-billion","title":"후지필름 다이오신스·리제네론, 10년 30억 달러 이상 위탁생산 계약","title_en":"FUJIFILM Diosynth Biotechnologies and Regeneron Sign a 10-Year U.S. Manufacturing Agreement Valued at Over $3 Billion","excerpt":"후지필름 다이오신스와 리제네론이 10년간 30억 달러 이상 규모의 미국 위탁생산 계약을 체결. 홀리스프링스 대규모 바이오의약품 공장에서 생산.","excerpt_en":"FUJIFILM Diosynth Biotechnologies and Regeneron signed a 10-year U.S. manufacturing agreement valued at over $3 billion, with production at the Holly Springs large-scale facility."},{"stance":"confirms","publisher":"팜이데일리","publisher_en":"Pharm Edaily","kind":"news","lang":"ko","published_at":"2024-11-08","url":"https://pharm.edaily.co.kr/news/read?newsId=01918806638856120","title":"후지필름, 美 CDMO 거점 1조6000억 추가투자…항체 시설 늘려","title_en":"Fujifilm adds KRW1.6T to US CDMO base, expanding antibody capacity","excerpt":"후지필름이 약 1,800억엔(1조6,268억원)을 추가 투자해 노스캐롤라이나에 바이오 CDMO 공장을 증설, 항체 시설을 늘린다.","excerpt_en":"Fujifilm invests an additional ~JPY180B (KRW1.6T) to expand its North Carolina bio-CDMO plant, adding antibody capacity."}]}]}