Responsible Innovation: Taking a Holistic Approach to Our Mission to Improve Lives
Unlocking the power of our business to “Do Well by Doing Good”May 4, 2023
I entered the corporate responsibility field fueled by my desire to harness the power of business for the greater good of society. Many companies have the ability to touch millions of lives, spanning from their employees to their customers to those who live in the communities in which they operate. There is incredible opportunity to use companies’ unique resources and expertise to create shared value for stakeholders and build a better world for all.
For this reason, it has been striking to observe corporate responsibility transform into an increasingly hot-button issue over the past year. The three letters ESG (referring to Environmental, Social, and Governance issues) now regularly decorate the front pages of newspapers as people around the world debate the value and genuine commitment of corporate ESG efforts. In my view, corporate responsibility efforts are both a moral and business imperative. When done well and authentically, they can contribute to a more sustainable future for our planet and humankind, while also driving long-term business success – helping to mitigate risks, generating a robust talent pipeline and accelerating innovation.
At Regeneron, it is straightforward. Since the beginning, we’ve strived to put our corporate philosophy of “Doing Well by Doing Good” into action to achieve our mission of improving lives.
Our responsibility strategy zooms in on the ESG issues that matter most to our business and stakeholders. We do not try to be all things to all people, but rather focus on where our company can make a meaningful impact. In 2020, we launched our 2025 responsibility goals, which span our three strategic focus areas:
- Improving the lives of people with serious diseases
- Fostering a culture of integrity and excellence
- Building sustainable communities
IMPROVING THE LIVES OF PEOPLE WITH SERIOUS DISEASES
We apply our signature long-term view as we work toward these goals. In 2022, we reinvested $3.6 billion of revenue into our R&D efforts to support our scientists in building tomorrow’s medicines. We currently have approximately 35 investigational candidates in clinical development and have worked relentlessly to make sure our approved medicines get to patients who need them.
FOSTERING A CULTURE OF INTEGRITY AND EXCELLENCE
Our expert, ethical and engaged team is the heart of our business, and we continue to introduce new programs and initiatives to reinforce our culture of integrity and attract and retain top talent. In 2022, 87% of employees said Regeneron is a great place to work in our annual employee engagement survey. Our commitment to Diversity, Equity and Inclusion (DEI) helps drive this engagement, and we are proud of our measurable progress toward our goals of increasing representation of diverse individuals in leadership and fostering a culture of inclusion.
BUILDING SUSTAINABLE COMMUNITIES
We make significant investments in science, technology, engineering and math (STEM) education to foster the next generation of scientific leaders. 2022 marked the sixth year of our $100-million, 10-year commitment to the Regeneron Science Talent Search (STS), which includes a $31 million commitment to finding and advancing underrepresented talent at the high school level. Since 2020, we’ve provided engaging STEM experiences to nearly 1.7 million students.
We take our responsibility to future generations seriously, and we are also committed to doing our part to protect and restore our planet. In 2022, we conducted an enterprise-wide assessment to better understand the key drivers of our greenhouse gas (GHG) emissions and updated our environmental sustainability action plan to ensure we meet our existing GHG targets and prepare for the future.
These are just a few highlights of the progress we’ve made over the past year, as we aspire to be a force for good. We value the trust that our patients, colleagues, shareholders and communities put in us, and we believe continued dialogue, action and transparency are crucial to maintaining this trust. With this in mind, I’m proud to share our sixth annual Responsibility Report, which communicates our commitment to responsible business practices and progress toward our goals. Below are several additional highlights from our 2022 Responsibility Report – I encourage you to read more in our 2022 Responsibility Report