# Who are Regeneron Pharmaceuticals's customers? Who does Regeneron Pharmaceuticals earn revenue from?
Canonical: https://valuechain.wiki/regeneron-pharmaceuticals · Facet: customers · Updated: 2026-10-11T20:28:40.036+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Regeneron Pharmaceuticals discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 4 dated sources, 2 of them primary filings (as of 2026-10-11).

### 사노피 (high)
- metric: Amount $2.2B · Q2 2026 · Total Sanofi collaboration revenue
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-07-30) https://www.sec.gov/Archives/edgar/data/872589/000087258926000025/regn-20260630.htm: "Q2 2026 Sanofi collaboration revenue was $2.1743 billion and represented 48% of total revenue in the first half."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-04) https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm: "Total Sanofi collaboration revenue"
- [mentions] DBS Bank (EN, research, published 2025-09-05) https://www.dbs.com/content/article/pdf/US_clover/Regeneron_Pharmaceuticals.pdf: "Dupixent's expanded use now covers eczema and COPD and continues to drive collaboration revenue"
- [confirms] Dailypharm (KO, news, published 2025-08-04) https://www.dailypharm.com/Users/News/NewsView.html?ID=325550: "Dupixent is a biologic jointly developed by Sanofi and Regeneron."

### 바이엘 (high)
- metric: Amount $1.4B · FY2025 · Total revenue recognized from the Bayer collaboration, including the share of ex-U.S. EYLEA profits and reimbursement for commercial supplies
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-04) https://www.sec.gov/Archives/edgar/data/872589/000087258926000008/regn-20251231.htm: "Total Bayer collaboration revenue"

Reverse side: https://valuechain.wiki/regeneron-pharmaceuticals/suppliers.md · Ripple: https://valuechain.wiki/regeneron-pharmaceuticals/ripple.md

---
Full node: https://valuechain.wiki/regeneron-pharmaceuticals.md · JSON: https://valuechain.wiki/regeneron-pharmaceuticals.json