Exhibit
4.2


 


Regeneron
PHARMACEUTICALS, INC.,


 


as Issuer


 


and


 


U.S. Bank National Association,


 




as Trustee


 


First Supplemental Indenture


 


Dated as of August 12, 2020


 






     


     


    

 


table of
contents


 





	 	Page
	ARTICLE
    1 Definitions Section	1
	Section
    1.1. Certain Terms Defined in the Indenture	1
	Section
    1.2. Definitions	1
	ARTICLE
    2 Form and Terms of the Notes	4
	Section
    2.1. Form and Dating	4
	Section
    2.2. Terms of the Notes	6
	Section
    2.3. Optional Redemption	7
	Section
    2.4. Repurchase of Notes Upon a Change of Control	8
	Section
    2.5. Limitation on Liens	9
	Section
    2.6. Limitation on Sale and Leaseback Transactions	10
	Section
    2.7. Exempted Liens and Sale and Leaseback Transactions	10
	ARTICLE
    3 Miscellaneous	10
	Section
    3.1. Trust Indenture Act Controls	10
	Section
    3.2. Governing Law	11
	Section
    3.3. Multiple Counterparts	11
	Section
    3.4. Severability	11
	Section
    3.5. Ratification	11
	Section
    3.6. Effectiveness	11
	Section
    3.7. Notices, Approvals, etc.	11


 






    -i-


     


    

 


First SUPPLEMENTAL
INDENTURE


 


SUPPLEMENTAL INDENTURE (this “First
Supplemental Indenture”), dated as of August 12, 2020, between REGENERON PHARMACEUTICALS, INC., a New York corporation (the
“Company”), and U.S. Bank National Association, a national association, as Trustee (the “Trustee”).


 


Recitals of the
Company


 


WHEREAS, the Company and the Trustee executed
and delivered an Indenture, dated as of August 12, 2020 (the “Base Indenture” and, as supplemented hereby, the “Indenture”),
to provide for the issuance by the Company from time to time of Securities (as defined in the Base Indenture) to be issued in one
or more series as provided in the Indenture;


 


WHEREAS, the issuance and sale of $1,250,000,000
aggregate principal amount of a new series of the Securities of the Company designated as its 1.750% Senior Notes due September
15, 2030 (the “2030 Notes”) and $750,000,000 aggregate principal amount of a new series of the Securities of the Company
designated as its 2.800% Senior Notes due September 15, 2050 (the “2050 Notes” and, together with the 2030 Notes, the
“Notes”) have been authorized by resolutions adopted by the Board of Directors of the Company;


 


WHEREAS, the Company desires to issue and
sell $2,000,000,000 aggregate principal amount of the Notes on the date hereof;


 


WHEREAS, Sections 2.01 and 9.01 of the Base
Indenture provide that the Company, when authorized by a Board Resolution (as defined in the Base Indenture), and the Trustee may
amend or supplement the Indenture to provide for the issuance of and to establish the form or terms and conditions of Securities
of any series as permitted by the Indenture;


 


WHEREAS, the Company desires to establish
the form, terms and conditions of the Notes; and


 


WHEREAS, all things necessary to make this
First Supplemental Indenture a valid supplement to the Indenture according to its terms and the terms of the Base Indenture have
been done;


 


NOW, THEREFORE, for and in consideration
of the premises stated herein and the purchase of the Notes by the Securityholders (as defined in the Base Indenture) thereof,
the parties hereto hereby enter into this First Supplemental Indenture, for the equal and proportionate benefit of all Securityholders
of the Notes, as follows:


 


ARTICLE 1

Definitions Section


 


Section 1.1. Certain
Terms Defined in the Indenture.


 


For purposes of this First Supplemental
Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Base Indenture,
as amended hereby.


 


Section 1.2. Definitions.


 


Solely for the benefit of the Securityholders
of the Notes, Section 1.01 of the Base Indenture shall be amended by adding the following new definitions:


 


“Attributable Debt” means, with
respect to a Sale and Leaseback Transaction, an amount equal to the lesser of (1) the fair market value of the property (as determined
in good faith by the Board of Directors); and (2) the present value of the total net amount of rent payments to be made under the
lease during its remaining term, discounted at the rate of interest set forth or implicit in the terms of the lease, compounded
semi-annually. The calculation of the present value of the total net amount of rent payments is subject to adjustments specified
in the indenture.


 






    -1-


     


    

 


“Change of Control” means the
occurrence of any of the following: (1) the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any “person” (as such term is used in Section 13(d) of the Exchange Act) (other than the
Company or one of its Subsidiaries) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of more than 50% of the Voting Stock of the Company or other Voting Stock into which the Voting Stock of
the Company is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; provided,
however, that a Person shall not be deemed beneficial owner of, or to own beneficially, (A) any Securities tendered pursuant
to a tender or exchange offer made by or on behalf of such Person or any of such Person’s affiliates until such tendered
Securities are accepted for purchase or exchange thereunder, or (B) any Securities if such beneficial ownership (i) arises solely
as a result of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules
and regulations under the Exchange Act, and (ii) is not also then reportable on Schedule 13D (or any successor schedule) under
the Exchange Act; (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or more series of related transactions, of all or substantially all of the assets of the Company and the assets of its Subsidiaries,
taken as a whole, to one or more “persons” (as such term is used in Section 13(d) of the Exchange Act) (other than
to the Company or one of its Subsidiaries) (a “Transferee”), provided, however, that none of the circumstances
in this clause (2) will be a Change of Control if the Persons that beneficially own the Company’s Voting Stock immediately
prior to the transaction own, directly or indirectly, shares representing a majority of the total Voting Stock as measured by voting
power rather than number of shares of the Transferee; (3) the Company consolidates with, or merges with or into, any “person”
(as such term is used in Section 13(d) of the Exchange Act) or any such Person consolidates with, or merges with or into, the Company,
in either case, pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such
other Person is converted into or exchanged for cash, securities or other property, other than pursuant to a transaction in which
shares of the Company’s Voting Stock outstanding immediately prior to the transaction constitute, or are converted into or
exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction, in each
case, measured by voting power rather than number of shares; or (4) the adoption of a plan relating to the Company’s liquidation
or dissolution.


 


Notwithstanding clauses (1) through (3)
above, a transaction will not be considered to be a Change of Control if (a) the Company becomes a direct or indirect wholly-owned
subsidiary of a holding company and (b)(x) immediately following that transaction, the direct or indirect holders of the Voting
Stock of the holding company are substantially the same as the holders of the Company’s Voting Stock immediately prior to
that transaction or (y) immediately following that transaction, no person is the beneficial owner, directly or indirectly,
of more than 50% of the Voting Stock of such holding company, in each case, measured by voting power rather than number of shares.


 


“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Rating Event.


 


“Comparable Treasury Issue”
means the U.S. Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of the Notes of the applicable series (“Remaining Life”) to be redeemed that
would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of a comparable maturity to the remaining term of such Notes.


 


“Comparable Treasury Price”
means, with respect to any Notes of a series on any redemption date, (A) the average of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent
Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.


 


“Consolidated Total Assets”
means, with respect to any Person as of any date, the amount of total assets as shown on the consolidated balance sheet of such
Person for the most recent fiscal quarter for which financial statements have been filed with the Securities and Exchange Commission,
prepared in accordance with accounting principles generally accepted in the United States.


 






    -2-


     


    

 


“Global Notes” means, individually
and collectively, each of the Notes in the form of Global Securities issued to DTC or its nominee, substantially in the form of
Exhibits A and B.


 


“Indebtedness” of any Person
means, without duplication (1) any obligation of such Person for money borrowed, (2) any obligation of such Person evidenced by
bonds, debentures, notes, or other similar instruments, (3) any reimbursement obligation of such Person in respect of letters of
credit or other similar instruments which support financial obligations which would otherwise become Indebtedness, and (4) any
obligation of such Person under any finance lease; provided, however, that “Indebtedness” of such Person
shall not include any obligation of such Person to any Subsidiary of such Person or to any Person with respect to which such Person
is a Subsidiary.


 


“Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Company.


 


“Investment Grade Rating” means
a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or the equivalent
investment grade credit rating from any additional rating agency or Rating Agencies selected by the Company.


 


“Lien” means any pledge, mortgage,
lien, encumbrance or other security interest.


 


“Moody’s” means Moody’s
Investors Service, Inc. or any successor thereto.


 


“Par Call Date” means (1) with
respect to the 2030 Notes, June 15, 2030 (three months prior to the maturity date of the 2030 Notes) and (2) with respect to the
2050 Notes, March 15, 2050 (six months prior to the maturity date of the 2050 Notes).


 


“Principal Property” means (1)
any manufacturing facility, together with the land upon which it is erected and fixtures comprising a part thereof, owned or leased
by the Company or any Subsidiary and located within the continental United States and having a net book value which, on the date
the determination as to whether a property is a Principal Property is being made, exceeds 1% of the Company’s Consolidated
Total Assets other than any such facility or a portion thereof which the Board of Directors determines in good faith, at any time
on or prior to such date, is not of material importance to the total business conducted, or assets owned, by the Company and its
Subsidiaries as an entirety or (2) any shares of stock or Indebtedness of any Subsidiary owning a Principal Property.


 


“Rating Agencies” means (1)
each of Moody’s and S&P and (2) if any of Moody’s and S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available for reasons outside of the control of the Company, a “nationally recognized statistical rating
organization” within the meaning of Rule 15c3-l(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified
by a resolution of the Board of Directors of the Company) and which is reasonably acceptable to the Trustee as a replacement agency
for Moody’s or S&P, or both of them, as the case may be.


 


“Rating Event” means with respect
to any series of Notes, the rating on such Notes is lowered by each of the Rating Agencies (or if there is only one Rating Agency,
by such Rating Agency) and such Notes are rated below an Investment Grade Rating by each of the Rating Agencies (or if there is
only one Rating Agency, by such Rating Agency), on any day during the period commencing on the earlier of the date of the first
public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending
60 days following consummation of such Change of Control (which period will be extended so long as the rating of the applicable
series of Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies).


 


“Reference Treasury Dealer”
means each of Goldman Sachs & Co. LLC, BofA Securities, Inc., and J.P. Morgan Securities LLC, or their respective affiliates,
which are primary U.S. Government securities dealers in The City of New York, and their respective successors, plus two other primary
U.S. Government securities dealers in The City of New York selected by the Company; provided, however, that if any
of the foregoing or their affiliates shall cease to be a primary U.S. Government securities dealer in The City of New York (a “Primary
Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer.


 






    -3-


     


    

 





“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Trustee by the Reference Treasury Dealers at 3:30 p.m. New York time on the third Business
Day preceding such redemption date.


 


“Sale and Leaseback Transaction”
means any arrangement with any Person providing for the leasing by the Company or any Subsidiary of the Company of any Principal
Property that has been or is to be sold or transferred by the Company or such Subsidiary, as the case may be, to such Person.


 


“Subsidiary” of any Person means
(1) a corporation, a majority of the outstanding Voting Stock of which is, at the time, directly or indirectly, owned by such Person
by one or more Subsidiaries of such Person, or by such Person and one or more Subsidiaries thereof or (2) any other Person (other
than a corporation), including, without limitation, a partnership or joint venture, in which such Person, one or more Subsidiaries
thereof or such Person and one or more Subsidiaries thereof, directly or indirectly, at the date of determination thereof, has
at least majority ownership interest entitled to vote in the election of directors, managers or trustees thereof (or other Person
performing similar functions).


 


“S&P” means Standard &
Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, or any successor thereto.


 


“Treasury Rate” means, with
respect to any redemption date: (1) the rate per annum equal to the yield, under the heading which represents the average for the
immediately preceding week, appearing in the most recently published statistical release designated “H. 15(519)” or
any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities”
for the maturity corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three months before
or after the Remaining Life of the Notes to be redeemed, yields for the two published maturities most closely corresponding to
the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from those yields
on a straight-line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during
the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield
to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the applicable Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such redemption
date. The Treasury Rate shall be calculated on the third business day preceding the redemption date.


 


“Voting Stock” means, with respect
to any specified “person” (as that term is used in Section 13(d) of the Exchange Act) as of any date, the capital stock
of such person that is at the time entitled to vote generally in the election of the board of directors of such person.


 


ARTICLE 2

Form and Terms of the Notes


 


Section 2.1. Form
and Dating.


 


The 2030 Notes and the Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A attached hereto. The 2050 Notes and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit B attached hereto. The Notes shall be executed
on behalf of the Company by an Officer of the Company. The Notes may have notations, legends or endorsements required by law, stock
exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes and any beneficial interest in the
Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.


 


The terms and notations contained in
the Notes shall constitute, and are hereby expressly made, a part of the Base Indenture as supplemented by this First
Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this First Supplemental Indenture,
expressly agree to such terms and provisions and to be bound thereby.


 






    -4-


     


    

 


(a)          
Global Notes. The Notes of each series designated herein shall be issued initially in the form of one or more fully
registered Global Securities, which shall be deposited on behalf of the purchasers of the Notes represented thereby with The Depository
Trust Company, New York, New York (“DTC”) and registered in the name of Cede & Co., DTC’s nominee, duly executed
by the Company, authenticated by the Trustee and with guarantees endorsed thereon as hereinafter provided. The aggregate principal
amount of outstanding Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and
DTC or its nominee as hereinafter provided.


 


The Global Notes may not be transferred
except by DTC, in whole and not in part, to another nominee of DTC or to a successor of DTC or its nominee. If at any time DTC
notifies the Company that DTC is unwilling to continue as the depositary for the Global Notes or ceases to be a clearing agency,
or if the Company so elects or if there is an Event of Default under the Notes, then the Company shall execute, and the Trustee
shall, upon receipt of a Company Order for authentication, authenticate and deliver, definitive Notes in an aggregate principal
amount equal to the principal amount of the Global Notes in exchange for such Global Note, which DTC will distribute to its participants.


 


(b)          
Book-Entry Provisions. This Section 2.1(b) shall apply only to the Global Notes deposited with or on behalf of DTC.


 


The Company shall execute and the Trustee
shall, in accordance with this Section 2.1(b), authenticate and deliver the Global Notes that shall be registered in the name of
DTC or the nominee of DTC and shall be delivered by the Trustee to DTC or pursuant to DTC’s instructions.


 


Depositary participants shall have no rights
either under the Indenture or with respect to any Global Notes held on their behalf by DTC or under such Global Notes. DTC shall
be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for
all purposes under the Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Company or the Trustee from giving
effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and the depositary
participants, the operation of customary practices of such DTC governing the exercise of the rights of an owner of a beneficial
interest in the Global Notes.


 


(c)          
Definitive Notes. Notes issued in certificated form shall be substantially in the form of Exhibit A or Exhibit
B, as applicable, attached hereto, but without including the text referred to therein as applying only to Global Notes. Except
as provided above in subsection (a), owners of beneficial interests in the Global Notes will not be entitled to receive physical
delivery of certificated Notes.


 


(d)          
Transfer and Exchange of the Notes. The transfer and exchange of beneficial interests in the Global Notes shall be
effected through DTC, in accordance with the Indenture and the procedures of DTC therefor. Beneficial interests in the Global Notes
may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the Global Notes.


 


(e)          
Paying Agent. The Company appoints the Trustee as the initial agent of the Company for the payment of the principal
of (and premium, if any) and interest on the Notes and the Corporate Trust Office of the Trustee in Hartford, Connecticut, be and
hereby is, designated as the office or agency where the Notes may be presented for payment and where notices to or demands upon
the Company in respect of the Notes and the Indenture pursuant to which the Notes are to be issued may be served.


 






    -5-


     


    

 


Section 2.2. Terms
of the Notes.


 


The following terms relating to the Notes
are hereby established:


 


(a)          
Title. The 2030 Notes shall constitute a series of Securities having the title “1.750% Senior Notes due 2030”
and the 2050 Notes shall constitute a separate series of Securities having the title “2.800% Senior Notes due 2050”.


 


(b)          
Principal Amount. The aggregate principal amount of the 2030 Notes that may be initially authenticated and delivered
under the Indenture (except for 2030 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or
in lieu of, other 2030 Notes pursuant to Sections 2.05, 2.06, 2.07, 3.03 or 9.04 of the Base Indenture) shall be $1,250,000,000.
The aggregate principal amount of the 2050 Notes that may be initially authenticated and delivered under the Indenture (except
for 2050 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2050 Notes
pursuant to Sections 2.05, 2.06, 2.07, 3.03 or 9.04 of the Base Indenture) shall be $750,000,000. The Company may from time to
time, without notice to or the consent of the Securityholders of Notes of any series, issue additional Notes (in any such case
“Additional Notes”) of any series having the same ranking and the same interest rate, maturity and other terms as the
Notes of that series. Any additional Notes of a series and the existing Notes of that series will constitute a single series under
the Indenture and all references to the relevant Notes shall include the Additional Notes unless the context otherwise requires;
provided, that if the Additional Notes of any series are not fungible with the Notes of such series for U.S. federal income
tax purposes, the Additional Notes will have a separate CUSIP number.


 


(c)          
Issuance Price. The 2030 Notes shall be issued at a price to the public of 99.898% of the principal amount of such
series and the 2050 Notes shall be issued at a price to the public of 99.715% of the principal amount of such series, plus, in
each case, accrued interest, if any, from August 12, 2020 to the Original Issue Date (as defined in the Note of the applicable
series).


 


(d)          
Maturity Date. The entire outstanding principal of the 2030 Notes shall be payable on September 15, 2030 and the
entire outstanding principal of the 2050 Notes shall be payable on September 15, 2050.


 


(e)          
Interest Rate; Place and Method of Payment. The rate at which the 2030 Notes shall bear interest shall be 1.750%
per annum and the rate at which the 2050 Notes shall bear interest shall be 2.800% per annum; the date from which interest shall
accrue on the Notes shall be August 12, 2020, or the most recent Interest Payment Date to which interest has been paid or provided
for; the Interest Payment Dates for the Notes shall be March 15 and September 15 of each year, beginning March 15, 2021; the interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds,
to the Persons in whose names the Notes (or one or more predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be March 1 or September 1, as the case may be, next preceding such Interest Payment
Date. Any such interest not punctually paid or duly provided for shall forthwith cease to be payable to the respective Securityholders
on such Regular Record Date, and such defaulted interest, may be paid to the Persons in whose names the Notes (or one or more predecessor
Securities) is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed
by the Trustee, notice whereof shall be given to Securityholders of Notes not less than 10 days prior to such special record date,
or may be paid at any time in any other lawful manner not inconsistent with requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Base Indenture.
Payment of principal and interest on the Notes will be made at the Corporate Trust Office of the Trustee or such other office or
agency of the Company as may be designated for such purpose, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that each installment
of interest and principal on the Notes may at the Company’s option be paid in immediately available funds by transfer to
an account maintained by the payee located in the United States.


 


(f)           
Optional Redemption. The Notes of each series are redeemable at the option of the Company on the terms and conditions
described in Section 2.3 hereof.


 


(g)          
Sinking Fund Obligation. There is no sinking fund obligation.


 


(h)          
Mandatory Redemption or Repurchase. The Company shall be required to make an offer to repurchase the Notes of any
series upon the occurrence of a Change of Control Triggering Event on the terms and conditions described in Section 2.4 hereof.


 






    -6-


     


    

 


(i)           
Form and Denomination of Notes. The Notes of each series shall be issued in registered form in the denominations
specified in Section 2.1 hereof.


 


(j)           
Principal Payable Upon Acceleration. The entire principal amount of, and premium, if any, on all the Notes of any
series then outstanding is payable upon acceleration of such Notes in accordance with Sections 6.02 and 6.03 of the Base Indenture.


 


(k)          
Currency. The currency of denomination of the Notes is United States Dollars. Payment of principal of and interest
and premium, if any, on the Notes will be made in United States Dollars.


 


(l)           
Payment Not Made by Reference to Index. Payments of principal of or interest or premium, if any, on the Notes of
any series shall not be determined by reference to any index.


 


(m)         
Notes Unsecured. Except as otherwise required pursuant to Section 2.5 hereof, the Notes are not secured by any collateral.


 


(n)          
Additional/Different Covenants. In addition to the covenants set forth in the Base Indenture, the Company shall be
subject to the obligations set forth in Sections 2.3, 2.4, 2.5, 2.6 and 2.7 hereof.


 


(o)          
Modification to Events of Default. There is no addition to, deletion of or change in (i) any Events of Default as
applicable to the Notes of any series as set forth under the Base Indenture or (ii) the right of the Trustee or the requisite Securityholders
of any series of Notes to declare the principal amount thereof due and payable pursuant to Section 6.01 of the Base Indenture.


 


(p)          
Conversion. No Notes of any series are convertible or exchangeable for shares of common stock or preferred stock
of the Company.


 


(q)          
Depositories and Agents. The Notes of each series shall be deposited with The Depository Trust Company, acting as
depositary, as described in Section 2.1(a) hereof. The Company appoints the Trustee as initial paying agent for the Notes as described
in Section 2.1(e) hereof. There is no interest rate calculation agent, exchange rate calculation agent or other agent with respect
to the Notes of any series other than those appointed herein.


 


(r)           
Subordination. The Notes are not subordinated in right of payment to any other unsecured Indebtedness of the Company.


 


(s)          
Defeasance. The Notes of any series are defeasible pursuant to Article 11 of the Base Indenture.


 


Section 2.3. Optional
Redemption.


 


(a)          
The provisions of Article 3 of the Base Indenture, as supplemented by this First Supplemental Indenture, shall apply to
the Notes.


 


(b)          
At any time prior to the Par Call Date applicable to a series of Notes, from time to time, the Notes are redeemable, as
a whole or in part, at the Company’s option, on at least 10 days, but not more than 60 days, prior notice mailed to the registered
address of each Securityholder of the Notes to be redeemed (or otherwise delivered in accordance with the applicable procedures
of DTC), at a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed, or (ii) the
sum of the present values of the remaining scheduled payments (through the applicable Par Call Date assuming for such purpose that
such Notes matured on the applicable Par Call Date) of interest and principal thereon (exclusive of interest accrued and unpaid
to, but not including, the redemption date) discounted to the redemption date on a semiannual basis, assuming a 360-day year consisting
of twelve 30-day months, at the Treasury Rate plus 20 basis points, in the case of 2030 Notes, and 25 basis points, in the case
of 2050 Notes, plus, in either case, accrued and unpaid interest to, but not including, the redemption date.


 






    -7-


     


    

 


(c)          
 In addition, at any time on or after the Par Call Date applicable to a series of Notes, the Notes may be redeemed, as a
whole or in part, at the Company’s option, on at least 10 days, but not more than 60 days, prior notice mailed to the registered
address of each Securityholder of the Notes to be redeemed (or otherwise delivered in accordance with the applicable procedures
of DTC), at a redemption price equal to 100% of the principal amount of the Notes to be redeemed on the redemption date plus accrued
and unpaid interest to, but not including, the redemption date.


 


(d)          
On and after the redemption date for the Notes of any series, interest will cease to accrue on the Notes of such series
or any portion thereof called for redemption, unless the Company defaults in the payment of the redemption price (and any accrued
and unpaid interest payable on such Notes to be redeemed). On or before the redemption date for the Notes of such series, the Company
will deposit with a paying agent, or the Trustee, funds sufficient to pay the redemption price of and accrued and unpaid interest
on such Notes to be redeemed on such date. If less than all of the Notes of a series are to be redeemed, the Notes of that series
to be redeemed will be selected by DTC in accordance with its standard procedures. If the Notes to be redeemed are not global notes
then held by DTC, or DTC prescribes no method of selection, the Trustee will select the Notes to be redeemed on a pro rata basis,
by lot, or by any other method the Trustee deems fair and appropriate and subject to and otherwise in accordance with the procedures
of DTC. Any redemption or notice of redemption may, at the Company’s discretion, be subject to one or more conditions precedent,
and, at the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall
be satisfied. The Company will provide written notice to the Trustee prior to the close of business two Business Days prior to
the redemption date if any such redemption has been rescinded or delayed, and upon receipt the Trustee shall provide such notice
to each Securityholder of the Notes in the same manner in which the notice of redemption was given.


 


Section 2.4. Repurchase
of Notes Upon a Change of Control.


 


(a)          
If a Change of Control Triggering Event occurs with respect to the Notes of a series, unless the Company has exercised its
option to redeem the Notes of such series as described above, the Company will be required to make an offer (the “Change
of Control Offer”) to each Securityholder of the Notes of such series to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess thereof) of that Securityholder’s Notes of such series on the terms set forth in such
Notes. In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal
amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to but not including the date of
repurchase (the “Change of Control Payment”). With respect to the Notes of each series, within 30 days following any
Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement
of the transaction that constitutes or may constitute the Change of Control, a notice will be mailed (or otherwise delivered in
accordance with the applicable procedures of DTC) to Securityholders of the Notes of the applicable series describing the transaction
that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes of such series on
the date specified in the notice, which date will be no earlier than 10 days and no later than 60 days from the date such notice
is mailed (or otherwise delivered in accordance with the applicable procedures of DTC) or, if the notice is mailed (or otherwise
delivered) prior to the Change of Control, no earlier than 10 days and no later than 60 days from the date on which the Change
of Control Triggering Event occurs (the “Change of Control Payment Date”). The notice will, if mailed (or otherwise
delivered) prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change
of Control Triggering Event occurring on or prior to the Change of Control Payment Date.


 


(b)          
On the Change of Control Payment Date, the Company shall, to the extent lawful:


 


(1)          
accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;


 


(2)          
deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered; and


 


(3)          
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions of Notes being repurchased.


 






    -8-


     


    

 


(c)          
 The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering
Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an
offer made by the Company and the third party repurchases all Notes properly tendered and not withdrawn under its offer. In addition,
the Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event
of Default under the Indenture, other than an Event of Default arising as a result of a default in the payment of the Change of
Control Payment upon a Change of Control Triggering Event.


 


(d)          
The Company shall comply in all material respects with the requirements of Rule 14e-l under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase
of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws
or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions
of the Notes by virtue of any such conflict.


 


Section 2.5. Limitation
on Liens.


 


Solely for the benefit of the Securityholders
of the Notes, a new Section 4.07 shall be added to the Base Indenture as follows:


 


“Other than as provided in
Section 4.09, the Company shall not, and shall not permit any Subsidiaries of the Company to, create or assume any
Indebtedness secured by any Lien on any of the Company’s or such Subsidiary’s respective Principal Properties
unless the Notes are secured by such Lien equally and ratably with, or prior to, the Indebtedness secured by such Lien. This
restriction does not apply to Indebtedness that is secured by (i) Liens existing on the date of the issuance of the Notes;
(ii) Liens securing only the Notes; (iii) Liens on property or shares of stock in respect of Indebtedness of a Person
existing at the time such Person becomes a Subsidiary of the Company or is merged into or consolidated with, or its assets
are acquired by, the Company or any Subsidiary of the Company (provided that such Lien was not incurred in
anticipation of such transaction and was in existence prior to such transaction) so long as such Lien does not extend to any
other property and the Indebtedness so secured is not increased; (iv) Liens to secure Indebtedness incurred for the purpose
of all or any part of a property’s purchase price or cost of construction or additions, repairs, alterations, or other
improvements; provided that (1) the principal amount of any Indebtedness secured by such Lien does not exceed 100% of
such property’s purchase price or cost, (2) such Lien does not extend to or cover any other property other than the
property so purchased, constructed or on which such additions, repairs, alterations or other improvements were so made, and
(3) such Lien is incurred prior to or within 270 days after the acquisition of such property or the completion of
construction or such additions, repairs, alterations or other improvements and the full operation of such property
thereafter; (v) Liens in favor of the United States or any state thereof or other political subdivision, or any agency or
instrumentality of any of the foregoing, to secure certain payments pursuant to any contract or statute; (vi) Liens for taxes
or assessments or other governmental charges or levies which are not overdue for a period exceeding 60 days unless such Liens
are being contested in good faith and for which adequate reserves are being maintained, to the extent required by generally
accepted accounting principles; (vii) title exceptions, easements, licenses, leases and other similar Liens imposed by law or
arising in the ordinary course of business and that do not materially impair the use of the property subject thereto; (viii)
Liens to secure obligations under worker’s compensation laws, unemployment compensation, old-age pensions and other
social security benefits or similar legislation; (ix) Liens arising out of legal proceedings, including Liens arising out of
judgments or awards; (x) warehousemen’s, materialmen’s, carrier’s, landlord’s and other similar Liens
for sums not overdue for a period exceeding 60 days unless such Liens are being contested in good faith and for which
adequate reserves are being maintained, to the extent required by generally accepted accounting principles; (xi) Liens
incurred to secure the performance of statutory obligations, surety or appeal bonds, performance or return-of-money bonds,
insurance, self-insurance or other obligations of a like nature incurred in the ordinary course of business; (xii) Liens that
are rights of set-off relating to the establishment of depository relations with banks not given in connection with the
issuance of Indebtedness; (xiii) Liens arising out of conditional sale, title retention, consignment or similar arrangements
for the sale of goods entered into by the Company or any of its Subsidiaries in the ordinary course of business; (xiv) Liens
in favor of the Company or the favor of any of its Subsidiaries; or (xv) Liens to secure any extension, renewal, refinancing
or refunding (or successive extensions, renewals, refinancings or refundings), in whole or in part, of any Indebtedness
secured by Liens referred to in clauses (i) to (xiv) or Liens created in connection with any amendment, consent or waiver
relating to such Indebtedness, so long as such Lien does not extend to any other Principal Property and the Indebtedness so
secured does not exceed the fair market value (as determined by the Board of Directors) of the assets subject to such Liens
at the time of such extension, renewal, refinancing or refunding, or such amendment, consent or waiver, as the case may
be.”


 






    -9-


     


    

 


Section 2.6. Limitation
on Sale and Leaseback Transactions.


 


Solely for the benefit of the Securityholders
of the Notes a new Section 4.08 shall be added to the Base Indenture as follows:


 


“Other than as provided under Section
4.09, the Company shall not, and shall not permit any of its Subsidiaries to, enter into any Sale and Leaseback Transaction with
respect to any of the Company’s or such Subsidiary’s respective Principal Properties, the acquisition or completion
of construction and commencement of full operations of which has occurred more than 270 days prior thereto, unless (i) such transaction
was entered into prior to the first issue date of the Notes; (ii) such transaction was for the sale and leasing back to the Company
of any property by one of its Subsidiaries or was for the sale and leasing back of any property between Subsidiaries; (iii) the
Company or such Subsidiary would be entitled to incur Indebtedness secured by a mortgage on the property to be leased in an amount
equal to the Attributable Debt with respect to such Sale and Leaseback Transaction without equally and ratably securing the Notes
pursuant to the first sentence of Section 4.07; (iv) the lease is for a period not in excess of five years, including renewal rights;
or (v) the Company or the Subsidiary, prior to or within 270 days after the sale of such property in connection with the Sale and
Leaseback Transaction is completed, applies the net cash proceeds of the sale of the property leased to (1) the retirement of the
Notes or debt of the Company ranking equally with the Notes or to the retirement of any debt of a Subsidiary of the Company, or
(2) the acquisition of another Principal Property.”


 


Section 2.7. Exempted
Liens and Sale and Leaseback Transactions.


 


Solely for the benefit of the Securityholders
of the Notes a new Section 4.09 shall be added to the Base Indenture as follows:


 


“Notwithstanding the restrictions
described under Sections 4.07 or 4.08, the Company or any Subsidiary of the Company may create or assume any Liens or enter into
any Sale and Leaseback Transactions not otherwise permitted under Sections 4.07 or 4.08, if the sum of the following does not exceed
15% of Consolidated Total Assets (i) the outstanding Indebtedness secured by such Liens (not including any Liens otherwise permitted
under Section 4.07 which amount does not include any Liens permitted under the provisions of this Section 4.09); plus (ii) all
Attributable Debt in respect of such Sale and Leaseback Transaction entered into (not including any Sale and Leaseback Transactions
otherwise permitted under Section 4.08 which amount does not include any Sale and Leaseback Transactions permitted under the provisions
of this Section 4.09), measured, in each case, at the time such Lien is incurred or any such Sale and Leaseback Transaction is
entered into by the Company or such Subsidiary of the Company.”


 


ARTICLE 3

Miscellaneous


 


Section 3.1. Trust
Indenture Act Controls.


 


If any provision of this First Supplemental
Indenture limits, qualifies or conflicts with another provision which is required to be included in this First Supplemental Indenture
by the Trust Indenture Act, the required provision shall control. If any provision of this First Supplemental Indenture modifies
or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed
to apply to this First Supplemental Indenture as so modified or to be excluded, as the case may be.


 






    -10-


     


    

 


Section 3.2. Governing
Law.


 


This First Supplemental Indenture and the
Notes shall be governed by and construed in accordance with the laws of the State of New York.


 


Section 3.3. Multiple
Counterparts.


 


The parties may sign multiple counterparts
of this First Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one
and the same First Supplemental Indenture.


 


Section 3.4. Severability.


 


Each provision of this First Supplemental
Indenture shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic
purpose of this First Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby and a Securityholder shall have
no claim therefor against any party hereto.


 


Section 3.5. Ratification.


 


The Base Indenture, as supplemented and
amended by this First Supplemental Indenture, is in all respects ratified and confirmed. The Base Indenture and this First Supplemental
Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this First Supplemental
Indenture supersede any conflicting provisions included in the Base Indenture unless not permitted by law. The Trustee accepts
the trusts created by the Base Indenture, as supplemented by this First Supplemental Indenture, and agrees to perform the same
upon the terms and conditions of the Base Indenture, as supplemented by this First Supplemental Indenture.


 


Section 3.6. Effectiveness.


 


The provisions of this First Supplemental
Indenture shall become effective as of the date hereof.


 


Section 3.7. Notices,
Approvals, etc.


 


Notices, approvals, consents, requests and
any communications hereunder must be in writing (provided that any communication sent to the Trustee hereunder must be in
the form of a document that is signed manually or by way of a digital signature provided by Adobe or DocuSign (or such other digital
signature provider as specified in writing to the Trustee by the authorized representative)), in English. The Company agrees to
assume all risks arising out of the use of digital signatures and electronic methods to submit communications to the Trustee, including
without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third
parties.


 


[Remainder of page intentionally left blank.]


 






    -11-


     


    

 


IN WITNESS WHEREOF, the parties hereto have
caused this First Supplemental Indenture to be duly executed as of the date first above written.


 


	 	REGENERON
    PHARMACEUTICALS, INC.
	 	 
	 	By: 	/s/ Robert E. Landry
	 	Name:
    Robert E. Landry
	 	Title:
    Executive Vice President, Finance and Chief Financial Officer
	 	 
	 	 
	 	U.S.
    BANK NATIONAL ASSOCIATION,
 as Trustee
	 	 
	 	By: 	/s/ Kathy L. Mitchell
	 	Name:
    Kathy L. Mitchell
	 	Title:
    Vice President







 






    -12-


     


    

 


EXHIBIT
A


 


FORM OF
1.750% SENIOR NOTE DUE 2030


 


THIS NOTE IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE
FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE,
AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR
BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.


 


UNLESS THIS GLOBAL SECURITY IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 


REGENERON
PHARMACEUTICALS, INC.


 


1.750% Senior Note due 2030


 


	REGISTERED	PRINCIPAL AMOUNT
	No. Specimen	$[ ]
	CUSIP:  [ ]	 
	ISIN:  [ ]	 


 


Regeneron Pharmaceuticals, Inc., a New York
corporation (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $[ ] on
September 15, 2030 (the “Maturity Date”) (except to the extent redeemed or repaid prior to the Maturity Date) and to
pay interest thereon from August 12, 2020 (the “Original Issue Date”) or from the most recent Interest Payment Date
to which interest has been paid or duly provided for semi-annually at the rate of 1.750% per annum, on March 15 and September 15
(each such date, an “Interest Payment Date”), commencing March 15, 2021, until the principal hereof is paid or made
available for payment.


 


Payment of Interest. The interest
so payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as provided in the Indenture,
be paid, in immediately available funds, to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on March 1 or September 1 (whether or not a Business Day, as defined in the Indenture), as the case may
be, next preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually paid or
duly provided for (“Defaulted Interest”) will forthwith cease to be payable to the Securityholder on such Regular Record
Date, and such Defaulted Interest, may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Securityholders of Notes not less than fifteen days prior
to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with requirements of any securities
exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in said Indenture.


 


Place of Payment. Payment of
principal, premium, if any, and interest on this Note will be made at the Corporate Trust Office of the Trustee or such other
office or agency of the Company as may be designated for such purpose, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that each installment of interest, premium, if any, and principal on this Note may at the Company’s option be paid in
immediately available funds by transfer to an account maintained by the payee located in the United States.


 






    A-1


     


    

 


Time of Payment. In any case where
any Interest Payment Date, the Maturity Date or any date fixed for redemption or repayment of the Notes shall not be a Business
Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal or interest, if any, need not
be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest
Payment Date, the Maturity Date or the date so fixed for redemption or repayment, and no interest shall accrue in respect of the
delay.


 


General. This Note is one of a duly
authorized issue of Securities of the Company, issued and to be issued in one or more series under an indenture, dated as of August
12, 2020 (the “Base Indenture”), between the Company and U.S. Bank National Association (herein called the “Trustee,”
which term includes any successor trustee under the Indenture with respect to a series of which this Note is a part), as supplemented
by a First Supplemental Indenture thereto, dated as of August 12, 2020 (the “First Supplemental Indenture” and, together
with the Base Indenture, the “Indenture”). Reference is hereby made to the Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Securityholders of the Securities,
and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one of a duly authorized
series of Securities designated as “1.750% Senior Notes due 2030” (collectively, the “Notes”), initially
limited in aggregate principal amount to $1,250,000,000.


 


Further Issuance. The Company may
from time to time, without the consent of the Securityholders of the Notes, issue additional Securities (the “Additional
Securities”) of this series having the same ranking and the same interest rate, maturity and other terms as the Notes. Any
Additional Securities of this series and the Notes will constitute a single series under the Indenture and all references to the
Notes shall include the Additional Securities unless the context otherwise requires.


 


Events of Default. If an Event of
Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.


 


Sinking Fund. The Notes are not subject
to any sinking fund.


 


Optional Redemption. The Notes will
be redeemable at any time, at the option of the Company, from time to time, in whole or in part, upon not less than 10 nor more
than 60 days’ prior notice, on any date prior to their maturity at a redemption price, calculated pursuant to the Indenture,
which includes accrued interest thereon, if any, to, but not including, the redemption date. In the case of any partial redemption,
selection of the Notes for redemption will be made by the Trustee by such methods, as the Trustee in its sole discretion shall
deem fair and appropriate. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state
the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Securityholder thereof upon cancellation of this Note.


 


Repurchase upon a Change of Control Triggering
Event. Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, the Company shall be required
to make an offer to repurchase the Notes on the terms set forth in the Indenture.


 


Defeasance and Covenant Defeasance.
The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Note and (b)
certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Company with certain conditions
set forth therein, which provisions apply to this Note.


 


Modification and Waivers;
Obligations of the Company Absolute. The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and the rights of the Securityholders of the
Securities of each series. Such amendment may be effected under the Indenture at any time by the Company, and the Trustee
with the consent of the Securityholders of not less than a majority in aggregate principal amount of the outstanding Notes of
each series affected thereby. The Indenture also contains provisions permitting the Securityholders of not less than a
majority in aggregate principal amount of the Securities at the time outstanding, on behalf of the Securityholders of all
outstanding Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions
in the Indenture permit the Securityholders of not less than a majority in aggregate principal amount of the outstanding
Securities of individual series to waive on behalf of all of the Securityholders of Securities of such individual series
certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding
upon the Securityholder of this Note and upon all future Securityholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Note.


 






    A-2


     


    

 


No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the time, place, and rate, and in the coin or currency, herein prescribed.


 


Limitation on Suits. As set forth
in, and subject to, the provisions of the Indenture, no Securityholder of any Note will have any right to institute any proceeding
with respect to the Indenture or for any remedy thereunder, unless such Securityholder shall have previously given to the Trustee
written notice of a continuing Event of Default with respect to this series, the Securityholders of not less than 25% in aggregate
principal amount of the outstanding Notes shall have made written request, and offered indemnity and/or security, to the Trustee
to institute such proceedings as trustee, and the Trustee shall not have received from the Securityholders of a majority in principal
amount of the outstanding Notes a direction inconsistent with such request and shall have failed to institute such proceeding within
60 days; provided, however, that such limitations do not apply to a suit instituted by the Securityholder hereof
for the enforcement of payment of the principal of or interest on this Note on or after the respective due dates expressed herein.


 


Authorized Denominations. The Notes
are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of $1,000 in excess thereof.


 


Registration of Transfer or Exchange.
As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable
in the register of the Notes maintained by the Registrar upon surrender of this Note for registration of transfer, at the office
or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Registrar, duly executed by the Securityholder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.


 


As provided in the Indenture and subject
to certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes
of different authorized denominations, as requested by the Securityholders surrendering the same.


 


No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.


 


Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Securityholder as
the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent
shall be affected by notice to the contrary.


 


Defined Terms. All terms used in
this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings assigned to them in
the Indenture.


 


Governing Law. This Note shall
be governed by and construed in accordance with the laws of the State of New York.


 






    A-3


     


    

 





Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.


 


[Remainder of page intentionally left blank.]


 









    A-4


     


    

 


IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.


 


Dated: August [ ], 2020


 


	 	REGENERON
    PHARMACEUTICALS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:









 






    A-5


     


    

 


TRUSTEE’S
CERTIFICATE OF AUTHENTICATION


 


This is one of the Notes of the series designated
and referred to in the within-mentioned Base Indenture, as such is supplemented by the within-mentioned First Supplemental Indenture.


 


	 	U.S. BANK NATIONAL ASSOCIATION,

    as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 


Dated: August [ ], 2020


 






    A-6


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto


 


PLEASE INSERT SOCIAL SECURITY
NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE


 


(Please print or typewrite name and address,

including postal zip code, of assignee)


 


the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints


 


to transfer said Note on the books of the Trustee, with full
power of substitution in the premises.


 


	 	 	 	 
	Dated: 	 	 	NOTICE:  The
signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever.
	 	 	 	 
	 	 	 	 
	 	 	 
	
        

        Signature Guarantee


	 	 



 






    A-7


     


    

 


EXHIBIT
B


 


FORM OF
2.800% SENIOR NOTE DUE 2050


 


THIS NOTE IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE
FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE,
AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR
BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.


 


UNLESS THIS GLOBAL SECURITY IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 


Regeneron
Pharmaceuticals, inc.


 


2.800% Senior Note due 2050


 


	REGISTERED	PRINCIPAL AMOUNT
	No. Specimen	$[ ]
	 	 
	CUSIP:  [ ]	 
	ISIN:  [ ]	 


 


Regeneron Pharmaceuticals, Inc., a New York
corporation (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $[ ] on
September 15, 2050 (the “Maturity Date”) (except to the extent redeemed or repaid prior to the Maturity Date) and to
pay interest thereon from August 12, 2020 (the “Original Issue Date”) or from the most recent Interest Payment Date
to which interest has been paid or duly provided for semi-annually at the rate of 2.800% per annum, on March 15 and September 15
(each such date, an “Interest Payment Date”), commencing March 15, 2021, until the principal hereof is paid or made
available for payment.


 


Payment of Interest. The interest
so payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as provided in the Indenture,
be paid, in immediately available funds, to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on March 1 or September 1 (whether or not a Business Day, as defined in the Indenture), as the case may
be, next preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually paid or
duly provided for (“Defaulted Interest”) will forthwith cease to be payable to the Securityholder on such Regular Record
Date, and such Defaulted Interest, may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Securityholders of Notes not less than fifteen days prior
to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with requirements of any securities
exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in said Indenture.


 






    B-1


     


    

 


Place of Payment. Payment of principal,
premium, if any, and interest on this Note will be made at the Corporate Trust Office of the Trustee or such other office or agency
of the Company as may be designated for such purpose, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided, however, that each installment of interest,
premium, if any, and principal on this Note may at the Company’s option be paid in immediately available funds by transfer
to an account maintained by the payee located in the United States.


 


Time of Payment. In any case where
any Interest Payment Date, the Maturity Date or any date fixed for redemption or repayment of the Notes shall not be a Business
Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal or interest, if any, need not
be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest
Payment Date, the Maturity Date or the date so fixed for redemption or repayment, and no interest shall accrue in respect of the
delay.


 


General. This Note is one of a duly
authorized issue of Securities of the Company, issued and to be issued in one or more series under an indenture, dated as of August
12, 2020 (the “Base Indenture”), between the Company and U.S. Bank National Association (herein called the “Trustee,”
which term includes any successor trustee under the Indenture with respect to a series of which this Note is a part), as supplemented
by a First Supplemental Indenture thereto, dated as of August 12, 2020 (the “First Supplemental Indenture” and, together
with the Base Indenture, the “Indenture”). Reference is hereby made to the Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Securityholders of the Securities,
and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one of a duly authorized
series of Securities designated as “2.800% Senior Notes due 2050” (collectively, the “Notes”), initially
limited in aggregate principal amount to $750,000,000.


 


Further Issuance. The Company may
from time to time, without the consent of the Securityholders of the Notes, issue additional Securities (the “Additional
Securities”) of this series having the same ranking and the same interest rate, maturity and other terms as the Notes. Any
Additional Securities of this series and the Notes will constitute a single series under the Indenture and all references to the
Notes shall include the Additional Securities unless the context otherwise requires.


 


Events of Default. If an Event of
Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.


 


Sinking Fund. The Notes are not subject
to any sinking fund.


 


Optional Redemption. The Notes will
be redeemable at any time, at the option of the Company, from time to time, in whole or in part, upon not less than 10 nor more
than 60 days’ prior notice, on any date prior to their maturity at a redemption price, calculated pursuant to the Indenture,
which includes accrued interest thereon, if any, to, but not including, the redemption date. In the case of any partial redemption,
selection of the Notes for redemption will be made by the Trustee by such methods, as the Trustee in its sole discretion shall
deem fair and appropriate. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state
the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Securityholder thereof upon cancellation of this Note.


 


Repurchase upon a Change of Control Triggering
Event. Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, the Company shall be required
to make an offer to repurchase the Notes on the terms set forth in the Indenture.


 


Defeasance and Covenant Defeasance.
The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Note and (b)
certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Company with certain conditions
set forth therein, which provisions apply to this Note.


 






    B-2


     


    

 


Modification and Waivers; Obligations
of the Company Absolute. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Securityholders of the Securities of each series.
Such amendment may be effected under the Indenture at any time by the Company, and the Trustee with the consent of the Securityholders
of not less than a majority in aggregate principal amount of the outstanding Notes of each series affected thereby. The Indenture
also contains provisions permitting the Securityholders of not less than a majority in aggregate principal amount of the Securities
at the time outstanding, on behalf of the Securityholders of all outstanding Securities, to waive compliance by the Company with
certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Securityholders of not less than a majority
in aggregate principal amount of the outstanding Securities of individual series to waive on behalf of all of the Securityholders
of Securities of such individual series certain past defaults under the Indenture and their consequences. Any such consent or waiver
shall be conclusive and binding upon the Securityholder of this Note and upon all future Securityholders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Note.


 


No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the time, place, and rate, and in the coin or currency, herein prescribed.


 


Limitation on Suits. As set forth
in, and subject to, the provisions of the Indenture, no Securityholder of any Note will have any right to institute any proceeding
with respect to the Indenture or for any remedy thereunder, unless such Securityholder shall have previously given to the Trustee
written notice of a continuing Event of Default with respect to this series, the Securityholders of not less than 25% in aggregate
principal amount of the outstanding Notes shall have made written request, and offered indemnity and/or security, to the Trustee
to institute such proceedings as trustee, and the Trustee shall not have received from the Securityholders of a majority in principal
amount of the outstanding Notes a direction inconsistent with such request and shall have failed to institute such proceeding within
60 days; provided, however, that such limitations do not apply to a suit instituted by the Securityholder hereof
for the enforcement of payment of the principal of or interest on this Note on or after the respective due dates expressed herein.


 


Authorized Denominations. The Notes
are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of $1,000 in excess thereof.


 


Registration of Transfer or Exchange.
As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable
in the register of the Notes maintained by the Registrar upon surrender of this Note for registration of transfer, at the office
or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Registrar, duly executed by the Securityholder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.


 


As provided in the Indenture and subject
to certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes
of different authorized denominations, as requested by the Securityholders surrendering the same.


 


No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.


 


Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Securityholder as
the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent
shall be affected by notice to the contrary.


 


Defined Terms. All terms used in
this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings assigned to them in
the Indenture.


 






    B-3


     


    

 


Governing Law. This Note shall
be governed by and construed in accordance with the laws of the State of New York.


 


Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.


 


[Remainder of page intentionally left blank.]


 






    B-4


     


    

 


IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.


 


Dated: August [ ], 2020


 


	 	REGENERON PHARMACEUTICALS, INC.
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:



 






    B-5


     


    

 


TRUSTEE’S
CERTIFICATE OF AUTHENTICATION


 


This is one of the Notes of the series designated
and referred to in the within-mentioned Base Indenture, as such is supplemented by the within-mentioned First Supplemental Indenture.


 


	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:



 


Dated: August [ ], 2020


 






    B-6


     


    

 


ASSIGNMENT


 


FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto


 


PLEASE INSERT SOCIAL SECURITY
NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE


 


(Please print or typewrite name and address,

including postal zip code, of assignee)


 


the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints


 


to transfer said Note on the books of the Trustee, with full
power of substitution in the premises.


 





	Dated: 	 	 	 
		 	 	NOTICE:  The
signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever.
	 	 	 	 
	 	 	 
	
        

        Signature Guarantee


	 	


 






    B-7