4 unchanged sentences
We do not believe we are materially exposed to changes in interest rates related to our investments, and we do not currently use interest rate derivative instruments to manage exposure to interest rate changes of our investments.
−Removed: We estimate that a 100 basis point, or 1%, unfavorable change in interest rates would have resulted in approximately a $163.0 million and $98.7 million decrease in the fair value of our investment portfolio as of December 31, 2024 and 2023, respectively.
−Removed: We have exposure to market risk for changes in interest rates, including the interest rate risk relating to our variable rate Tarrytown, New York lease (as described in Part II, Item 7.
+Added: We estimate that a 100 basis point, or 1%, unfavorable change in interest rates would have resulted in a $198.3 million and $163.0 million decrease in the fair value of our investment portfolio as of December 31, 2025 and 2024, respectively.
+Added: In addition to our investments in marketable securities, we also have exposure to changes in interest rates in connection with our variable rate Tarrytown, New York lease (as described in Part II, Item 7.
"Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Tarrytown, New York Corporate Headquarters Lease ").
2 unchanged sentences
Credit Quality Risk
−Removed: We have an investment policy that includes guidelines on acceptable investment securities, minimum credit quality, maturity parameters, and concentration and diversification.
+Added: We have an investment policy that includes guidelines on acceptable investment securities, minimum credit quality, maturity parameters, and diversification.
Nonetheless, deterioration of the credit quality of an investment security subsequent to purchase may subject us to the risk of not being able to recover the full principal value of the security.
−Removed: In 2024 and 2023, we did not recognize any charges for credit-related losses of our available-for-sale debt securities.
−Removed: We are subject to credit risk associated with the receivables due from our collaborators, including Sanofi and Bayer.
−Removed: We are also subject to credit risk in connection with trade accounts receivable due from our customers from our product sales.
−Removed: As of December 31, 2024, two customers accounted on a combined basis for 79% of our net trade accounts receivables.
−Removed: We have contractual payment terms with each of our collaborators and customers, and also monitor financial performance and credit worthiness so that we can properly assess and respond to any changes in collaborator and/or customer credit profiles.
−Removed: In 2024 and 2023, we did not recognize any charges for write-offs and allowances of accounts receivable related to credit risk for our collaborators or customers.
Foreign Exchange Risk
−Removed: Significant changes in foreign exchange rates of the countries outside the United States where our products are sold, where development expenses are incurred by us or our collaborators, or where we incur operating expenses may impact our operating results and financial condition.
−Removed: As discussed further above, our collaborators market certain products outside the United States, and we share in profits and losses with these collaborators from commercialization of products.
+Added: Significant changes in foreign exchange rates of the countries outside the United States where our products are sold or where operating expenses are incurred may impact our operating results and financial condition.
+Added: Our collaborators market certain products outside the United States, and we share in profits with these collaborators from commercialization of products.
In addition, pursuant to the applicable terms of the agreements with our collaborators, we also share in certain worldwide development and/or commercialization-related expenses incurred by our collaborators.
−Removed: We also incur worldwide development expenses for clinical products we are developing independently, incur expenses outside the United States in connection with our international operations, and record product sales of Libtayo outside the United States.
+Added: We also incur worldwide development expenses for product candidates we are developing independently, incur expenses outside the United States in connection with our international operations, and record product sales for certain products outside the United States.
As sales outside the United States continue to grow, and as we expand our international operations, we will continue to assess and implement strategies, including foreign currency hedging, to mitigate our foreign exchange risk.
1 unchanged sentence
We are exposed to price risk on equity securities included in our investment portfolio.
−Removed: Our investments in equity securities primarily include companies with which we have entered into collaboration arrangements.
−Removed: As of December 31, 2024, our marketable securities included $1.095 billion of equity securities.
+Added: Our investments in equity securities include companies with which we have entered into collaboration and other strategic arrangements.
+Added: As of December 31, 2025 and 2024, the carrying value of our investments in equity securities was $515.8 million and $1.307 billion, respectively.
Changes in the fair value of our equity securities are included in Other income (expense), net on the Statements of Operations.
−Removed: We recorded $117.7 million of net unrealized gains and $237.8 million of net unrealized losses on equity securities in Other income (expense), net in 2024 and 2023, respectively.
Financial Statements and Supplementary Data
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.