Regeneron Pharmaceuticals (REGN) Financials

$563.00 +3.20 (+0.57%)

Closing price 08/8/2025 04:00 PM Eastern

Extended Trading

$559.60 -3.40 (-0.60%)

As of 08/8/2025 07:48 PM Eastern

Annual Income Statements for Regeneron Pharmaceuticals

This table shows Regeneron Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	338	636	896	1,199	2,444	2,116	3,513	8,075	4,338	3,954	4,413
Consolidated Net Income / (Loss)	338	636	896	1,199	2,444	2,116	3,513	8,075	4,338	3,954	4,413
Net Income / (Loss) Continuing Operations	338	636	896	1,199	2,444	2,116	3,513	8,075	4,338	3,954	4,413
Total Pre-Tax Income	761	1,225	1,330	2,079	2,554	2,429	3,810	9,326	4,859	4,199	4,780
Total Operating Income	824	1,252	1,331	2,080	2,534	2,210	3,577	8,947	4,739	4,047	3,991
Total Gross Profit	2,615	3,711	4,561	5,475	4,728	5,793	7,377	13,634	10,613	11,301	12,232
Total Revenue	2,820	4,104	4,860	5,872	5,146	6,558	8,497	16,072	12,173	13,117	14,202
Operating Revenue	2,788	4,029	4,860	5,872	5,146	6,558	8,497	16,072	12,173	13,117	14,202
Total Cost of Revenue	205	393	300	397	418	765	1,120	2,438	1,560	1,816	1,971
Operating Cost of Revenue	205	393	300	397	418	765	1,120	2,438	1,560	1,816	1,971
Total Operating Expenses	1,791	2,459	3,230	3,396	2,194	3,583	3,801	4,687	5,874	7,254	8,241
Selling, General & Admin Expense	519	839	1,178	1,320	1,127	1,342	1,346	1,825	2,116	2,631	2,954
Research & Development Expense	1,271	1,621	2,052	2,075	1,469	2,450	2,735	2,908	3,848	4,625	5,233
Other Operating Expenses / (Income)	-	-	-	-	-402	-209	-280	-46	-90	-2.10	53
Total Other Income / (Expense), net	-63	-27	-1.80	-1.10	19	219	234	379	120	152	789
Interest Expense	-	-	7.20	25	28	30	57	57	59	73	55
Other Income / (Expense), net	-25	-13	5.40	24	47	250	291	436	179	225	844
Income Tax Expense	423	589	434	880	109	313	297	1,251	520	246	367
Basic Earnings per Share	$3.36	$6.17	$8.55	$11.27	$22.65	$19.38	$32.65	$76.40	$40.51	$37.05	$40.90
Weighted Average Basic Shares Outstanding	100.61M	103.06M	104.70M	106.30M	107.90M	109.20M	107.60M	105.70M	107.10M	106.70M	107.90M
Diluted Earnings per Share	$2.98	$5.52	$7.70	$10.34	$21.29	$18.46	$30.52	$71.97	$38.22	$34.77	$38.34
Weighted Average Diluted Shares Outstanding	113.41M	115.23M	116.30M	115.90M	114.80M	114.60M	115.10M	112.20M	113.50M	113.70M	115.10M
Weighted Average Basic & Diluted Shares Outstanding	100.60M	103.10M	104.70M	106.30M	109.28M	110.02M	107.13M	108.54M	109.33M	109.76M	109.32M

This table shows Regeneron Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,197	818	968	1,008	1,160	722	1,432	1,341	918	809	1,392
Consolidated Net Income / (Loss)	1,197	818	968	1,008	1,160	722	1,432	1,341	918	809	1,392
Net Income / (Loss) Continuing Operations	1,197	818	968	1,008	1,160	722	1,432	1,341	918	809	1,392
Total Pre-Tax Income	1,325	858	1,083	1,111	1,148	701	1,628	1,493	958	905	1,519
Total Operating Income	1,147	947	1,017	1,111	973	751	1,070	1,180	990	592	1,080
Total Gross Profit	2,874	2,705	2,753	2,926	2,917	2,711	3,067	3,230	3,224	2,564	3,145
Total Revenue	3,414	3,162	3,158	3,363	3,434	3,145	3,547	3,721	3,789	3,029	3,676
Operating Revenue	3,414	3,162	3,158	3,363	3,434	3,145	3,547	3,721	3,789	3,029	3,676
Total Cost of Revenue	541	458	405	436	517	434	480	491	565	464	530
Operating Cost of Revenue	541	458	405	436	517	434	480	491	565	464	530
Total Operating Expenses	1,727	1,758	1,737	1,815	1,944	1,960	1,997	2,050	2,234	1,973	2,066
Selling, General & Admin Expense	661	601	652	641	738	689	759	714	792	633	634
Research & Development Expense	1,073	1,157	1,085	1,175	1,207	1,256	1,224	1,328	1,426	1,340	1,432
Other Operating Expenses / (Income)	-6.60	-0.50	-0.60	-0.50	-0.50	15	15	8.00	16	0.00	0.00
Total Other Income / (Expense), net	178	-89	66	-0.20	175	-51	559	314	-32	313	439
Interest Expense	17	18	19	18	18	16	15	14	11	8.70	3.60
Other Income / (Expense), net	195	-71	85	18	193	-35	573	327	-22	322	443
Income Tax Expense	128	40	115	103	-12	-21	196	152	40	96	127
Basic Earnings per Share	$11.18	$7.64	$9.05	$9.48	$10.88	$6.70	$13.25	$12.40	$8.55	$7.58	$13.24
Weighted Average Basic Shares Outstanding	107.10M	107.10M	107M	106.30M	106.70M	107.80M	108.10M	108.10M	107.90M	106.70M	105.10M
Diluted Earnings per Share	$10.48	$7.17	$8.50	$8.89	$10.21	$6.27	$12.41	$11.54	$8.12	$7.27	$12.81
Weighted Average Diluted Shares Outstanding	113.50M	114M	113.90M	113.40M	113.70M	115.10M	115.40M	116.20M	115.10M	111.20M	108.60M
Weighted Average Basic & Diluted Shares Outstanding	109.33M	109.71M	108.56M	108.95M	109.76M	110.19M	110.23M	109.89M	109.32M	107.97M	105.99M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	-	$0.88

This table details how cash moves in and out of Regeneron Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	113	160	-261	278	655	150	577	691	221	-382	-249
Net Cash From Operating Activities	752	1,331	1,486	1,307	2,195	2,430	2,618	7,081	5,015	4,594	4,421
Net Cash From Continuing Operating Activities	752	1,331	1,486	1,307	2,195	2,430	2,618	7,081	5,015	4,594	4,421
Net Income / (Loss) Continuing Operations	338	636	896	1,199	2,444	2,116	3,513	8,075	4,338	3,954	4,413
Consolidated Net Income / (Loss)	338	636	896	1,199	2,444	2,116	3,513	8,075	4,338	3,954	4,413
Depreciation Expense	53	75	105	146	148	210	236	286	341	421	483
Non-Cash Adjustments To Reconcile Net Income	399	512	605	571	440	435	297	783	1,325	1,151	901
Changes in Operating Assets and Liabilities, net	-38	108	-119	-608	-837	-331	-1,428	-2,064	-990	-932	-1,376
Net Cash From Investing Activities	-421	-908	-1,047	-1,005	-1,463	-2,028	-71	-5,385	-3,785	-3,185	-2,468
Net Cash From Continuing Investing Activities	-421	-908	-1,047	-1,005	-1,463	-2,028	-71	-5,385	-3,785	-3,185	-2,468
Purchase of Property, Plant & Equipment	-333	-678	-512	-273	-383	-430	-615	-552	-590	-719	-756
Acquisitions	-	-	-	-	-	-	0.00	0.00	-230	-55	-17
Purchase of Investments	-564	-557	-809	-1,277	-1,846	-3,202	-3,241	-7,048	-7,488	-11,646	-16,617
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	-	0.00	0.00	20
Sale and/or Maturity of Investments	476	327	275	545	776	1,604	3,785	2,215	5,551	9,442	15,027
Other Investing Activities, net	-	-	0.00	0.00	-10	-	0.00	0.00	-1,027	-208	-126
Net Cash From Financing Activities	-219	-263	-701	-24	-77	-252	-1,971	-1,006	-1,009	-1,790	-2,201
Net Cash From Continuing Financing Activities	-219	-263	-701	-24	-77	-252	-1,971	-1,006	-1,009	-1,790	-2,201
Repayment of Debt	-221	-168	-46	-20	0.00	0.00	-1,500	-	0.00	0.00	-33
Repurchase of Common Equity	-295	-573	-643	0.00	-4.40	-276	-5,847	-1,645	-2,083	-2,235	-2,603
Issuance of Common Equity	126	206	127	240	115	212	2,575	1,672	1,520	1,146	1,465
Other Financing Activities, net	172	245	-143	-302	-187	-188	-681	-1,033	-446	-701	-1,029
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	0.00	0.00	-0.40	-0.70
Cash Interest Paid	20	11	5.50	19	22	25	23	56	54	73	53
Cash Income Taxes Paid	60	276	481	755	206	342	188	1,218	1,502	870	743

This table details how cash moves in and out of Regeneron Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-385	809	-1,979	211	578	-128	-682	84	477	604	-1,077
Net Cash From Operating Activities	1,720	1,368	1,022	1,114	1,090	1,513	354	1,291	1,263	1,045	1,144
Net Cash From Continuing Operating Activities	1,720	1,368	1,022	1,114	1,090	1,513	354	1,291	1,263	1,045	1,144
Net Income / (Loss) Continuing Operations	1,197	818	968	1,008	1,160	722	1,432	1,341	918	809	1,392
Consolidated Net Income / (Loss)	1,197	818	968	1,008	1,160	722	1,432	1,341	918	809	1,392
Depreciation Expense	100	100	103	105	113	114	121	122	126	127	135
Non-Cash Adjustments To Reconcile Net Income	320	426	242	319	165	426	-172	61	585	119	-19
Changes in Operating Assets and Liabilities, net	102	24	-291	-318	-348	250	-1,027	-233	-367	-9.50	-363
Net Cash From Investing Activities	-1,858	-236	-2,387	-496	-66	-1,687	-557	-574	351	648	-1,094
Net Cash From Continuing Investing Activities	-1,858	-236	-2,387	-496	-66	-1,687	-557	-574	351	648	-1,094
Purchase of Property, Plant & Equipment	-152	-178	-113	-176	-251	-134	-181	-242	-200	-229	-219
Purchase of Investments	-3,143	-1,749	-4,522	-3,243	-2,132	-5,658	-4,416	-4,591	-1,953	-2,539	-2,855
Sale and/or Maturity of Investments	1,537	1,793	2,269	2,998	2,383	4,132	4,055	4,259	2,582	3,458	2,168
Other Investing Activities, net	-100	-101	-21	-24	-62	-28	-30	-	-67	-42	-188
Net Cash From Financing Activities	-248	-323	-614	-407	-446	47	-478	-634	-1,136	-1,089	-1,128
Net Cash From Continuing Financing Activities	-248	-323	-614	-407	-446	47	-478	-634	-1,136	-1,089	-1,128
Repurchase of Common Equity	-431	-711	-689	-547	-289	-291	-604	-735	-973	-1,041	-1,062
Payment of Dividends	-	-	-	-	-	0.00	-	-	-	-94	-93
Issuance of Common Equity	373	485	91	269	301	682	438	255	91	61	32
Other Financing Activities, net	-189	-97	-16	-129	-458	-344	-312	-120	-253	-4.30	-5.60
Effect of Exchange Rate Changes	-	0.00	-0.40	-0.20	0.20	-0.50	-0.30	0.80	-0.70	0.60	0.40

This table presents Regeneron Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,838	5,609	6,973	8,764	11,735	14,805	17,163	25,435	29,215	33,080	37,759
Total Current Assets	2,085	2,915	3,180	4,335	6,448	7,689	9,779	14,015	15,884	19,479	18,661
Cash & Equivalents	649	809	535	813	1,468	1,618	2,194	2,886	3,106	2,730	2,488
Short-Term Investments	252	236	503	597	1,342	1,597	1,393	2,809	4,636	8,115	6,524
Accounts Receivable	976	1,468	1,612	1,974	2,243	2,786	4,115	6,037	5,329	5,667	6,212
Inventories, net	129	239	399	726	1,151	1,416	1,917	1,951	2,402	2,581	3,087
Prepaid Expenses	79	164	131	225	243	274	161	332	411	387	349
Plant, Property, & Equipment, net	974	1,594	2,083	2,359	2,576	0.00	0.00	3,482	3,763	4,146	4,600
Total Noncurrent Assets	779	1,100	1,710	2,071	2,711	7,116	7,384	7,938	9,567	9,455	14,499
Long-Term Investments	460	632	864	1,487	1,755	3,257	3,136	6,838	6,592	5,397	8,900
Intangible Assets	-	-	-	-	-	-	-	6.70	916	1,039	1,149
Noncurrent Deferred & Refundable Income Taxes	315	462	825	506	829	824	859	877	1,724	2,575	3,314
Other Noncurrent Operating Assets	3.03	5.81	20	78	127	3,035	3,390	216	336	444	1,136
Total Liabilities & Shareholders' Equity	3,838	5,609	6,973	8,764	11,735	14,805	17,163	25,435	29,215	33,080	37,759
Total Liabilities	1,287	1,954	2,524	2,620	2,977	3,716	6,138	6,666	6,551	7,107	8,406
Total Current Liabilities	655	811	1,241	1,136	1,443	2,097	2,697	3,933	3,141	3,423	3,944
Accounts Payable	483	644	879	178	218	418	476	564	589	607	790
Accrued Expenses	-	-	-	637	772	1,211	1,644	2,207	2,074	2,358	2,527
Current Deferred Revenue	74	153	232	320	453	382	578	442	478	459	628
Total Noncurrent Liabilities	633	1,143	1,283	1,485	1,534	1,619	3,441	2,734	3,409	3,684	4,462
Long-Term Debt	147	-	-	-	-	0.00	1,979	1,980	1,981	1,983	1,984
Capital Lease Obligations	311	363	352	704	709	714	717	-	720	720	720
Noncurrent Deferred Revenue	135	665	831	629	464	105	58	73	70	127	186
Other Noncurrent Operating Liabilities	40	116	100	152	362	800	687	680	638	854	1,571
Total Equity & Noncontrolling Interests	2,550	3,655	4,449	6,144	8,757	11,090	11,025	18,769	22,664	25,973	29,354
Total Preferred & Common Equity	2,550	3,655	4,449	6,144	8,757	11,090	11,025	18,769	22,664	25,973	29,354
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,550	3,655	4,449	6,144	8,757	11,090	11,025	18,769	22,664	25,973	29,354
Common Stock	2,451	3,100	3,030	3,513	3,912	4,429	6,716	8,088	9,949	11,354	12,856
Retained Earnings	217	853	1,748	2,947	5,254	7,380	10,893	18,968	23,307	27,260	31,673
Treasury Stock	-170	-306	-316	-316	-396	-740	-6,613	-8,261	-10,353	-12,560	-15,167
Accumulated Other Comprehensive Income / (Loss)	52	8.57	-13	0.60	-12	21	29	-26	-239	-81	-7.90

This table presents Regeneron Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	29,215	30,060	30,658	32,163	33,080	34,370	36,087	37,442	37,759	37,545	38,219
Total Current Assets	15,884	16,909	16,923	18,635	19,479	18,872	19,082	19,334	18,661	17,572	16,860
Cash & Equivalents	3,106	3,916	1,937	2,152	2,730	2,602	1,921	2,012	2,488	3,090	1,996
Short-Term Investments	4,636	5,043	6,991	7,761	8,115	7,918	7,888	7,785	6,524	5,259	5,474
Accounts Receivable	5,329	5,119	5,121	5,585	5,667	5,222	5,717	6,107	6,212	5,561	5,610
Inventories, net	2,402	2,425	2,508	2,562	2,581	2,715	2,874	3,018	3,087	3,192	3,206
Prepaid Expenses	411	406	366	575	387	415	682	412	349	469	574
Plant, Property, & Equipment, net	3,763	3,881	3,923	4,006	4,146	4,226	4,306	4,439	4,600	4,694	4,841
Total Noncurrent Assets	9,567	9,270	9,812	9,522	9,455	11,273	12,699	13,669	14,499	15,279	16,519
Long-Term Investments	6,592	6,067	6,327	5,779	5,397	6,979	7,722	8,491	8,900	9,276	10,058
Intangible Assets	916	929	953	1,017	1,039	1,059	1,102	1,120	1,149	1,167	1,352
Noncurrent Deferred & Refundable Income Taxes	1,724	1,925	2,139	2,317	2,575	2,765	2,881	3,015	3,314	3,443	3,572
Other Noncurrent Operating Assets	336	350	393	410	444	470	994	1,043	1,136	1,393	1,537
Total Liabilities & Shareholders' Equity	29,215	30,060	30,658	32,163	33,080	34,370	36,087	37,442	37,759	37,545	38,219
Total Liabilities	6,551	6,565	6,640	7,259	7,107	7,379	7,881	8,116	8,406	8,158	8,280
Total Current Liabilities	3,141	3,100	3,104	3,599	3,423	3,581	3,509	3,661	3,944	3,567	3,667
Accounts Payable	589	600	547	537	607	671	562	497	790	706	724
Accrued Expenses	2,074	2,074	2,176	2,645	2,358	2,393	2,361	2,537	2,527	2,242	2,461
Current Deferred Revenue	478	426	381	417	459	517	586	627	628	619	482
Total Noncurrent Liabilities	3,409	3,465	3,535	3,660	3,684	3,798	4,372	4,455	4,462	4,591	4,613
Long-Term Debt	1,981	1,982	1,982	1,983	1,983	1,983	1,984	1,984	1,984	1,985	1,985
Capital Lease Obligations	720	720	720	720	720	720	720	720	720	720	720
Noncurrent Deferred Revenue	70	86	116	125	127	186	206	207	186	212	206
Other Noncurrent Operating Liabilities	638	677	717	832	854	909	1,463	1,544	1,571	1,674	1,702
Total Equity & Noncontrolling Interests	22,664	23,495	24,018	24,904	25,973	26,991	28,206	29,326	29,354	29,388	29,939
Total Preferred & Common Equity	22,664	23,495	24,018	24,904	25,973	26,991	28,206	29,326	29,354	29,388	29,939
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	22,664	23,495	24,018	24,904	25,973	26,991	28,206	29,326	29,354	29,388	29,939
Common Stock	9,949	10,598	10,889	11,252	11,354	11,943	12,317	12,703	12,856	13,192	13,491
Retained Earnings	23,307	24,125	25,093	26,101	27,260	27,982	29,415	30,755	31,673	32,384	33,680
Treasury Stock	-10,353	-11,046	-11,766	-12,271	-12,560	-12,857	-13,456	-14,192	-15,167	-16,218	-17,285
Accumulated Other Comprehensive Income / (Loss)	-239	-182	-198	-177	-81	-77	-70	60	-7.90	29	53

This table displays calculated financial ratios and metrics derived from Regeneron Pharmaceuticals' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	33.96%	45.55%	18.44%	20.82%	-12.37%	27.44%	29.58%	89.14%	-24.26%	7.76%	8.27%
EBITDA Growth	8.58%	54.38%	9.63%	56.10%	21.38%	-2.21%	53.70%	135.65%	-45.61%	-10.77%	13.31%
EBIT Growth	7.51%	55.19%	7.81%	57.44%	22.73%	-4.74%	57.25%	142.63%	-47.58%	-13.13%	13.17%
NOPAT Growth	-17.10%	77.61%	37.87%	33.82%	102.32%	-20.66%	71.32%	134.93%	-45.38%	-9.95%	-3.31%
Net Income Growth	-18.28%	88.11%	40.79%	33.84%	103.95%	-13.44%	66.05%	129.86%	-46.28%	-8.87%	11.61%
EPS Growth	-19.89%	85.23%	39.49%	34.29%	105.90%	-13.29%	65.33%	135.81%	-46.89%	-9.03%	10.27%
Operating Cash Flow Growth	27.84%	76.86%	11.66%	-12.03%	67.94%	10.70%	7.74%	170.47%	-29.18%	-8.39%	-3.78%
Free Cash Flow Firm Growth	-50.29%	-147.11%	585.45%	31.53%	437.10%	1.11%	9.28%	300.15%	-78.31%	69.96%	-18.01%
Invested Capital Growth	20.00%	42.07%	29.36%	30.53%	24.02%	8.81%	31.24%	17.40%	34.26%	12.72%	13.76%
Revenue Q/Q Growth	7.30%	7.77%	2.72%	6.45%	-19.16%	29.68%	7.05%	18.67%	-11.21%	0.15%	2.56%
EBITDA Q/Q Growth	-0.21%	5.54%	7.77%	11.01%	5.04%	9.18%	9.33%	15.41%	-17.94%	-3.36%	-3.34%
EBIT Q/Q Growth	-0.57%	5.11%	7.91%	11.52%	5.00%	9.48%	9.73%	15.77%	-19.29%	-3.96%	-3.92%
NOPAT Q/Q Growth	2.61%	9.28%	12.45%	-7.29%	39.38%	-11.70%	17.71%	19.23%	-23.67%	-1.02%	-1.01%
Net Income Q/Q Growth	1.17%	11.36%	12.30%	-6.23%	35.98%	-1.32%	11.32%	15.44%	-19.21%	-0.94%	-5.20%
EPS Q/Q Growth	0.34%	11.29%	11.59%	-5.74%	35.86%	-1.12%	11.55%	15.19%	-19.23%	-0.77%	-5.17%
Operating Cash Flow Q/Q Growth	-9.99%	6.71%	7.88%	15.62%	7.96%	2.47%	20.40%	19.22%	-11.51%	-12.06%	4.08%
Free Cash Flow Firm Q/Q Growth	-30.93%	-142.44%	-65.54%	161.21%	15.51%	2.07%	-10.61%	33.76%	-35.99%	-21.96%	4.19%
Invested Capital Q/Q Growth	1.60%	10.67%	31.34%	-2.37%	8.67%	2.03%	12.83%	5.08%	-1.06%	4.36%	2.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	92.73%	90.43%	93.83%	93.24%	91.89%	88.33%	86.82%	84.83%	87.18%	86.16%	86.13%
EBITDA Margin	30.19%	32.03%	29.64%	38.30%	53.05%	40.71%	48.29%	60.16%	43.21%	35.78%	37.45%
Operating Margin	29.22%	30.51%	27.38%	35.41%	49.25%	33.70%	42.09%	55.67%	38.93%	30.85%	28.10%
EBIT Margin	28.32%	30.20%	27.49%	35.82%	50.17%	37.50%	45.51%	58.38%	40.40%	32.57%	34.05%
Profit (Net Income) Margin	11.99%	15.50%	18.42%	20.41%	47.50%	32.26%	41.35%	50.25%	35.64%	30.14%	31.07%
Tax Burden Percent	44.42%	51.92%	67.34%	57.66%	95.73%	87.10%	92.20%	86.59%	89.29%	94.15%	92.32%
Interest Burden Percent	95.32%	98.85%	99.53%	98.81%	98.91%	98.77%	98.53%	99.39%	98.79%	98.29%	98.86%
Effective Tax Rate	55.58%	48.08%	32.66%	42.34%	4.27%	12.90%	7.80%	13.41%	10.71%	5.85%	7.68%
Return on Invested Capital (ROIC)	24.24%	32.60%	33.39%	34.36%	54.81%	37.62%	53.49%	101.84%	43.97%	32.48%	27.72%
ROIC Less NNEP Spread (ROIC-NNEP)	27.99%	33.86%	33.43%	34.40%	54.21%	33.64%	49.08%	97.34%	43.00%	31.34%	22.65%
Return on Net Nonoperating Assets (RNNOA)	-9.22%	-12.10%	-11.29%	-11.74%	-22.00%	-16.30%	-21.71%	-47.63%	-23.03%	-16.22%	-11.77%
Return on Equity (ROE)	15.02%	20.50%	22.10%	22.63%	32.81%	21.32%	31.77%	54.21%	20.94%	16.26%	15.95%
Cash Return on Invested Capital (CROIC)	6.05%	-2.16%	7.79%	7.88%	33.36%	29.18%	26.47%	85.83%	14.72%	20.51%	14.85%
Operating Return on Assets (OROA)	23.53%	26.24%	21.24%	26.73%	25.19%	18.53%	24.19%	44.05%	18.00%	13.72%	13.65%
Return on Assets (ROA)	9.96%	13.47%	14.23%	15.23%	23.85%	15.94%	21.98%	37.91%	15.88%	12.69%	12.46%
Return on Common Equity (ROCE)	15.02%	20.50%	22.10%	22.63%	32.81%	21.32%	31.77%	54.21%	20.94%	16.26%	15.95%
Return on Equity Simple (ROE_SIMPLE)	13.26%	17.40%	20.13%	19.51%	27.91%	19.08%	31.86%	43.03%	19.14%	15.22%	15.03%
Net Operating Profit after Tax (NOPAT)	366	650	896	1,199	2,426	1,925	3,298	7,747	4,231	3,810	3,684
NOPAT Margin	12.98%	15.84%	18.44%	20.42%	47.15%	29.35%	38.81%	48.20%	34.76%	29.05%	25.94%
Net Nonoperating Expense Percent (NNEP)	-3.76%	-1.26%	-0.04%	-0.04%	0.60%	3.97%	4.41%	4.50%	0.97%	1.14%	5.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	16.68%	13.29%	11.49%
Cost of Revenue to Revenue	7.27%	9.57%	6.17%	6.76%	8.11%	11.67%	13.18%	15.17%	12.82%	13.84%	13.87%
SG&A Expenses to Revenue	18.42%	20.43%	24.23%	22.49%	21.91%	20.46%	15.84%	11.35%	17.38%	20.06%	20.80%
R&D to Revenue	45.09%	39.49%	42.22%	35.34%	28.54%	37.36%	32.19%	18.09%	31.61%	35.26%	36.85%
Operating Expenses to Revenue	63.51%	59.92%	66.46%	57.82%	42.63%	54.63%	44.73%	29.17%	48.25%	55.30%	58.03%
Earnings before Interest and Taxes (EBIT)	799	1,239	1,336	2,104	2,582	2,459	3,867	9,383	4,918	4,272	4,835
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	851	1,314	1,441	2,249	2,730	2,670	4,103	9,669	5,260	4,693	5,318
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.35	15.46	8.70	6.57	4.62	3.72	4.68	3.62	3.47	3.68	2.67
Price to Tangible Book Value (P/TBV)	16.35	15.46	8.70	6.57	4.62	3.72	4.68	3.62	3.61	3.84	2.78
Price to Revenue (P/Rev)	14.79	13.77	7.97	6.88	7.86	6.29	6.07	4.23	6.45	7.29	5.51
Price to Earnings (P/E)	123.35	88.82	43.24	33.70	16.54	19.48	14.67	8.41	18.11	24.20	17.74
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.81%	1.13%	2.31%	2.97%	6.05%	5.13%	6.82%	11.89%	5.52%	4.13%	5.64%
Enterprise Value to Invested Capital (EV/IC)	24.77	23.58	12.32	9.67	7.46	6.65	6.79	6.98	6.07	6.61	4.46
Enterprise Value to Revenue (EV/Rev)	14.47	13.45	7.67	6.51	7.11	5.41	5.59	3.57	5.50	6.26	4.44
Enterprise Value to EBITDA (EV/EBITDA)	47.93	41.99	25.89	16.98	13.40	13.29	11.58	5.93	12.73	17.50	11.86
Enterprise Value to EBIT (EV/EBIT)	51.10	44.52	27.91	18.16	14.16	14.42	12.29	6.11	13.61	19.23	13.04
Enterprise Value to NOPAT (EV/NOPAT)	111.50	84.89	41.62	31.86	15.07	18.43	14.41	7.40	15.82	21.56	17.12
Enterprise Value to Operating Cash Flow (EV/OCF)	54.23	41.46	25.10	29.23	16.66	14.60	18.15	8.10	13.35	17.88	14.27
Enterprise Value to Free Cash Flow (EV/FCFF)	446.37	0.00	178.40	138.93	24.76	23.75	29.12	8.79	47.27	34.13	31.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.18	0.10	0.11	0.11	0.08	0.06	0.24	0.11	0.12	0.10	0.09
Long-Term Debt to Equity	0.18	0.10	0.08	0.11	0.08	0.06	0.24	0.11	0.12	0.10	0.09
Financial Leverage	-0.33	-0.36	-0.34	-0.34	-0.41	-0.48	-0.44	-0.49	-0.54	-0.52	-0.52
Leverage Ratio	1.51	1.52	1.55	1.49	1.38	1.34	1.45	1.43	1.32	1.28	1.28
Compound Leverage Factor	1.44	1.50	1.55	1.47	1.36	1.32	1.42	1.42	1.30	1.26	1.27
Debt to Total Capital	15.22%	9.03%	9.76%	10.27%	7.48%	6.05%	19.65%	9.54%	10.65%	9.43%	8.44%
Short-Term Debt to Total Capital	0.00%	0.00%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	15.22%	9.03%	7.13%	10.27%	7.48%	6.05%	19.65%	9.54%	10.65%	9.43%	8.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	84.78%	90.97%	90.24%	89.73%	92.51%	93.95%	80.35%	90.46%	89.35%	90.57%	91.56%
Debt to EBITDA	0.54	0.28	0.33	0.31	0.26	0.27	0.66	0.20	0.51	0.58	0.51
Net Debt to EBITDA	-1.06	-1.00	-0.99	-0.97	-1.41	-2.16	-0.98	-1.09	-2.21	-2.88	-2.86
Long-Term Debt to EBITDA	0.54	0.28	0.24	0.31	0.26	0.27	0.66	0.20	0.51	0.58	0.51
Debt to NOPAT	1.25	0.56	0.54	0.59	0.29	0.37	0.82	0.26	0.64	0.71	0.73
Net Debt to NOPAT	-2.47	-2.02	-1.59	-1.83	-1.59	-2.99	-1.22	-1.36	-2.75	-3.55	-4.13
Long-Term Debt to NOPAT	1.25	0.56	0.39	0.59	0.29	0.37	0.82	0.26	0.64	0.71	0.73
Altman Z-Score	21.39	19.47	11.22	11.62	10.45	8.80	7.66	9.48	9.81	10.64	8.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.18	3.59	2.56	3.82	4.47	3.67	3.63	3.56	5.06	5.69	4.73
Quick Ratio	2.87	3.10	2.13	2.98	3.50	2.86	2.86	2.98	4.16	4.82	3.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	91	-43	209	275	1,477	1,493	1,632	6,529	1,416	2,407	1,973
Operating Cash Flow to CapEx	225.95%	196.30%	290.27%	479.49%	572.98%	565.64%	425.98%	1,283.08%	849.84%	639.30%	600.77%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	29.03	10.95	52.37	49.44	28.68	113.95	23.84	32.97	35.75
Operating Cash Flow to Interest Expense	0.00	0.00	206.38	52.08	77.84	80.46	46.01	123.58	84.43	62.93	80.08
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	135.28	41.22	64.26	66.24	35.21	113.95	74.49	53.09	66.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	0.87	0.77	0.75	0.50	0.49	0.53	0.75	0.45	0.42	0.40
Accounts Receivable Turnover	2.92	3.36	3.16	3.28	2.44	2.61	2.46	3.17	2.14	2.39	2.39
Inventory Turnover	2.06	2.14	0.94	0.71	0.44	0.60	0.67	1.26	0.72	0.73	0.70
Fixed Asset Turnover	3.76	3.20	2.64	2.64	2.09	0.00	0.00	0.00	3.36	3.32	3.25
Accounts Payable Turnover	0.56	0.70	0.39	0.75	2.11	2.40	2.51	4.69	2.71	3.04	2.82
Days Sales Outstanding (DSO)	125.01	108.70	115.63	111.45	149.58	139.95	148.20	115.27	170.39	152.99	152.65
Days Inventory Outstanding (DIO)	177.33	170.76	388.47	517.24	820.62	612.24	543.00	289.60	509.14	500.76	524.93
Days Payable Outstanding (DPO)	653.72	524.02	927.55	485.91	173.28	151.78	145.62	77.83	134.88	120.19	129.30
Cash Conversion Cycle (CCC)	-351.38	-244.57	-423.45	142.77	796.92	600.41	545.58	327.04	544.65	533.57	548.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,647	2,340	3,027	3,952	4,901	5,333	6,998	8,216	11,031	12,435	14,145
Invested Capital Turnover	1.87	2.06	1.81	1.68	1.16	1.28	1.38	2.11	1.26	1.12	1.07
Increase / (Decrease) in Invested Capital	275	693	687	924	949	432	1,666	1,218	2,815	1,403	1,711
Enterprise Value (EV)	40,805	55,179	37,295	38,200	36,569	35,469	47,524	57,363	66,939	82,149	63,069
Market Capitalization	41,708	56,494	38,717	40,393	40,426	41,226	51,551	67,916	78,572	95,687	78,278
Book Value per Share	$25.08	$35.12	$42.18	$57.19	$80.91	$101.00	$103.32	$174.52	$208.11	$238.40	$267.12
Tangible Book Value per Share	$25.08	$35.12	$42.18	$57.19	$80.91	$101.00	$103.32	$174.46	$199.71	$228.87	$256.67
Total Capital	3,008	4,018	4,930	6,848	9,466	11,804	13,721	20,749	25,366	28,676	32,058
Total Debt	458	363	481	704	709	714	2,696	1,980	2,701	2,703	2,704
Total Long-Term Debt	458	363	352	704	709	714	2,696	1,980	2,701	2,703	2,704
Net Debt	-903	-1,314	-1,422	-2,193	-3,856	-5,757	-4,027	-10,553	-11,633	-13,538	-15,208
Capital Expenditures (CapEx)	333	678	512	273	383	430	615	552	590	719	736
Debt-free, Cash-free Net Working Capital (DFCFNWC)	530	1,059	1,030	1,790	2,195	2,378	3,495	4,388	5,001	5,211	5,704
Debt-free Net Working Capital (DFNWC)	1,430	2,104	2,068	3,200	5,005	5,593	7,082	10,082	12,743	16,056	14,717
Net Working Capital (NWC)	1,430	2,104	1,939	3,200	5,005	5,593	7,082	10,082	12,743	16,056	14,717
Net Nonoperating Expense (NNE)	28	14	0.61	0.63	-18	-191	-216	-328	-107	-143	-729
Net Nonoperating Obligations (NNO)	-903	-1,314	-1,422	-2,193	-3,856	-5,757	-4,027	-10,553	-11,633	-13,538	-15,208
Total Depreciation and Amortization (D&A)	53	75	105	146	148	210	236	286	341	421	483
Debt-free, Cash-free Net Working Capital to Revenue	18.78%	25.80%	21.18%	30.48%	42.66%	36.27%	41.13%	27.30%	41.08%	39.73%	40.16%
Debt-free Net Working Capital to Revenue	50.72%	51.27%	42.55%	54.49%	97.26%	85.28%	83.34%	62.73%	104.68%	122.40%	103.62%
Net Working Capital to Revenue	50.72%	51.27%	39.89%	54.49%	97.26%	85.28%	83.34%	62.73%	104.68%	122.40%	103.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.46	$6.17	$8.55	$11.27	$22.65	$19.38	$32.65	$76.40	$40.51	$37.05	$40.90
Adjusted Weighted Average Basic Shares Outstanding	100.61M	103.06M	104.72M	106.34M	107.90M	109.20M	107.60M	105.70M	107.10M	106.70M	107.90M
Adjusted Diluted Earnings per Share	$3.07	$5.52	$7.70	$10.34	$21.29	$18.46	$30.52	$71.97	$38.22	$34.77	$38.34
Adjusted Weighted Average Diluted Shares Outstanding	113.41M	115.23M	116.37M	115.95M	114.80M	114.60M	115.10M	112.20M	113.50M	113.70M	115.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$19.38	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	102.62M	104.79M	106.08M	107.70M	109.28M	110.02M	107.13M	108.54M	109.33M	109.76M	109.32M
Normalized Net Operating Profit after Tax (NOPAT)	577	650	896	1,199	2,426	1,925	3,298	7,747	4,231	3,810	3,684
Normalized NOPAT Margin	20.46%	15.84%	18.44%	20.42%	47.15%	29.35%	38.81%	48.20%	34.76%	29.05%	25.94%
Pre Tax Income Margin	27.00%	29.85%	27.36%	35.40%	49.62%	37.04%	44.84%	58.03%	39.91%	32.01%	33.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	185.57	83.81	91.55	81.43	67.97	163.75	82.80	58.52	87.59
NOPAT to Interest Expense	0.00	0.00	124.46	47.77	86.03	63.73	57.95	135.20	71.23	52.20	66.74
EBIT Less CapEx to Interest Expense	0.00	0.00	114.47	72.95	77.96	67.21	57.17	154.12	72.86	48.68	74.26
NOPAT Less CapEx to Interest Expense	0.00	0.00	53.36	36.91	72.45	49.51	47.15	125.57	61.30	42.35	53.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	87.11%	90.16%	71.85%	0.00%	0.18%	13.04%	166.42%	20.38%	48.01%	56.53%	59.00%

This table displays calculated financial ratios and metrics derived from Regeneron Pharmaceuticals' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-31.05%	6.64%	10.53%	14.53%	0.58%	-0.54%	12.32%	10.65%	10.33%	-3.70%	3.62%
EBITDA Growth	-44.36%	-15.10%	14.68%	-23.72%	-11.32%	-14.82%	46.37%	31.97%	-14.38%	25.24%	-6.02%
EBIT Growth	-46.69%	-18.49%	12.85%	-26.00%	-13.13%	-18.17%	49.11%	33.51%	-16.92%	27.47%	-7.34%
NOPAT Growth	-55.91%	-21.85%	-7.42%	-5.48%	-5.14%	-14.20%	3.51%	5.07%	-3.52%	-31.71%	5.12%
Net Income Growth	-46.29%	-15.99%	13.65%	-23.40%	-3.13%	-11.71%	47.90%	33.02%	-20.86%	12.01%	-2.84%
EPS Growth	-46.48%	-16.72%	13.79%	-23.76%	-2.58%	-12.55%	46.00%	29.81%	-20.47%	15.95%	3.22%
Operating Cash Flow Growth	-27.51%	-34.93%	81.15%	77.18%	-36.64%	10.60%	-65.38%	15.88%	15.89%	-30.90%	223.28%
Free Cash Flow Firm Growth	-257.05%	-328.23%	-232.02%	110.72%	76.37%	85.95%	15.49%	-416.67%	-81.35%	-593.53%	22.92%
Invested Capital Growth	34.26%	31.72%	21.89%	6.86%	12.72%	9.18%	16.68%	15.34%	13.76%	18.62%	12.99%
Revenue Q/Q Growth	16.29%	-7.39%	-0.13%	6.48%	2.13%	-8.42%	12.79%	4.89%	1.84%	-20.07%	21.36%
EBITDA Q/Q Growth	-10.85%	-32.36%	23.52%	2.42%	3.64%	-35.03%	112.25%	-7.66%	-32.76%	-4.97%	59.27%
EBIT Q/Q Growth	-12.00%	-34.73%	25.78%	2.43%	3.31%	-38.52%	129.20%	-8.28%	-35.72%	-5.67%	66.61%
NOPAT Q/Q Growth	-2.82%	-12.93%	0.74%	10.89%	-2.47%	-21.24%	21.53%	12.55%	-10.45%	-44.25%	87.08%
Net Income Q/Q Growth	-9.01%	-31.68%	18.42%	4.07%	15.06%	-37.74%	98.38%	-6.40%	-31.55%	-11.88%	72.08%
EPS Q/Q Growth	-10.12%	-31.58%	18.55%	4.59%	14.85%	-38.59%	97.93%	-7.01%	-29.64%	-10.47%	76.20%
Operating Cash Flow Q/Q Growth	173.48%	-20.48%	-25.24%	8.99%	-2.21%	38.80%	-76.60%	264.75%	-2.20%	-17.24%	9.50%
Free Cash Flow Firm Q/Q Growth	21.45%	-0.51%	35.68%	121.10%	-273.20%	40.25%	-286.94%	20.92%	0.81%	-128.51%	57.00%
Invested Capital Q/Q Growth	-1.06%	1.26%	2.64%	3.92%	4.36%	-1.92%	9.69%	2.72%	2.93%	2.27%	4.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.17%	85.53%	87.18%	87.02%	84.95%	86.21%	86.46%	86.80%	85.08%	84.67%	85.58%
EBITDA Margin	42.24%	30.85%	38.15%	36.70%	37.24%	26.42%	49.72%	43.77%	28.90%	34.36%	45.09%
Operating Margin	33.59%	29.94%	32.19%	33.04%	28.33%	23.89%	30.15%	31.70%	26.13%	19.54%	29.37%
EBIT Margin	39.31%	27.70%	34.89%	33.56%	33.95%	22.79%	46.32%	40.50%	25.56%	30.17%	41.42%
Profit (Net Income) Margin	35.06%	25.86%	30.66%	29.97%	33.77%	22.96%	40.38%	36.03%	24.22%	26.70%	37.86%
Tax Burden Percent	90.37%	95.31%	89.43%	90.73%	101.05%	103.04%	87.97%	89.79%	95.78%	89.36%	91.63%
Interest Burden Percent	98.70%	97.95%	98.28%	98.42%	98.43%	97.75%	99.10%	99.08%	98.92%	99.05%	99.76%
Effective Tax Rate	9.63%	4.69%	10.57%	9.27%	-1.05%	-3.04%	12.03%	10.21%	4.22%	10.64%	8.37%
Return on Invested Capital (ROIC)	38.39%	35.93%	34.95%	34.04%	32.00%	27.60%	28.81%	30.72%	26.75%	18.45%	26.85%
ROIC Less NNEP Spread (ROIC-NNEP)	36.94%	36.64%	34.45%	34.04%	30.60%	27.99%	25.22%	28.75%	26.96%	16.56%	24.13%
Return on Net Nonoperating Assets (RNNOA)	-19.78%	-20.05%	-18.37%	-17.10%	-15.84%	-15.03%	-13.22%	-15.15%	-14.01%	-8.73%	-12.31%
Return on Equity (ROE)	18.61%	15.87%	16.58%	16.94%	16.17%	12.57%	15.59%	15.57%	12.74%	9.72%	14.54%
Cash Return on Invested Capital (CROIC)	14.72%	13.10%	17.65%	26.74%	20.51%	22.69%	14.22%	14.76%	14.85%	8.91%	12.46%
Operating Return on Assets (OROA)	17.51%	12.15%	15.28%	14.69%	14.30%	9.27%	18.72%	16.11%	10.25%	11.82%	15.85%
Return on Assets (ROA)	15.62%	11.34%	13.43%	13.12%	14.22%	9.34%	16.32%	14.34%	9.71%	10.46%	14.48%
Return on Common Equity (ROCE)	18.61%	15.87%	16.58%	16.94%	16.17%	12.57%	15.59%	15.57%	12.74%	9.72%	14.54%
Return on Equity Simple (ROE_SIMPLE)	0.00%	17.80%	17.90%	16.03%	0.00%	14.29%	15.32%	15.87%	0.00%	15.31%	0.00%
Net Operating Profit after Tax (NOPAT)	1,036	902	909	1,008	983	774	941	1,059	948	529	989
NOPAT Margin	30.35%	28.54%	28.78%	29.98%	28.63%	24.62%	26.53%	28.47%	25.03%	17.46%	26.91%
Net Nonoperating Expense Percent (NNEP)	1.45%	-0.71%	0.50%	0.00%	1.40%	-0.39%	3.59%	1.97%	-0.21%	1.88%	2.71%
Return On Investment Capital (ROIC_SIMPLE)	4.09%	-	-	-	3.43%	-	-	-	2.96%	1.65%	3.03%
Cost of Revenue to Revenue	15.83%	14.47%	12.82%	12.98%	15.05%	13.79%	13.54%	13.20%	14.92%	15.33%	14.42%
SG&A Expenses to Revenue	19.34%	19.01%	20.65%	19.05%	21.48%	21.91%	21.39%	19.20%	20.91%	20.90%	17.25%
R&D to Revenue	31.43%	36.60%	34.37%	34.95%	35.15%	39.92%	34.50%	35.68%	37.63%	44.23%	38.95%
Operating Expenses to Revenue	50.58%	55.59%	54.99%	53.98%	56.62%	62.31%	56.31%	55.10%	58.95%	65.13%	56.21%
Earnings before Interest and Taxes (EBIT)	1,342	876	1,102	1,129	1,166	717	1,643	1,507	969	914	1,522
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,442	976	1,205	1,234	1,279	831	1,764	1,629	1,095	1,041	1,657
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.47	3.82	3.28	3.59	3.68	3.89	4.11	3.95	2.67	2.36	1.89
Price to Tangible Book Value (P/TBV)	3.61	3.98	3.42	3.74	3.84	4.04	4.27	4.11	2.78	2.46	1.98
Price to Revenue (P/Rev)	6.45	7.26	6.22	6.82	7.29	8.00	8.59	8.37	5.51	4.92	3.99
Price to Earnings (P/E)	18.11	21.48	18.34	22.38	24.20	27.18	26.80	24.90	17.74	15.41	12.71
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%	0.34%
Earnings Yield	5.52%	4.66%	5.45%	4.47%	4.13%	3.68%	3.73%	4.02%	5.64%	6.49%	7.87%
Enterprise Value to Invested Capital (EV/IC)	6.07	6.94	5.78	6.41	6.61	7.38	7.55	7.30	4.46	3.76	2.77
Enterprise Value to Revenue (EV/Rev)	5.50	6.27	5.23	5.83	6.26	6.88	7.49	7.24	4.44	3.86	2.94
Enterprise Value to EBITDA (EV/EBITDA)	12.73	15.24	12.65	15.72	17.50	19.80	19.77	18.23	11.86	9.84	7.72
Enterprise Value to EBIT (EV/EBIT)	13.61	16.42	13.68	17.16	19.23	21.90	21.70	19.93	13.04	10.81	8.52
Enterprise Value to NOPAT (EV/NOPAT)	15.82	19.49	16.99	19.83	21.56	24.50	27.45	26.95	17.12	15.74	11.92
Enterprise Value to Operating Cash Flow (EV/OCF)	13.35	18.11	13.99	14.61	17.88	19.01	24.81	23.61	14.27	13.77	8.82
Enterprise Value to Free Cash Flow (EV/FCFF)	47.27	60.22	35.97	24.76	34.13	33.98	57.18	52.96	31.96	45.82	23.59
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.12	0.12	0.11	0.11	0.10	0.10	0.10	0.09	0.09	0.09	0.09
Long-Term Debt to Equity	0.12	0.12	0.11	0.11	0.10	0.10	0.10	0.09	0.09	0.09	0.09
Financial Leverage	-0.54	-0.55	-0.53	-0.50	-0.52	-0.54	-0.52	-0.53	-0.52	-0.53	-0.51
Leverage Ratio	1.32	1.30	1.29	1.29	1.28	1.28	1.28	1.28	1.28	1.28	1.28
Compound Leverage Factor	1.30	1.27	1.27	1.27	1.26	1.25	1.27	1.27	1.27	1.26	1.27
Debt to Total Capital	10.65%	10.31%	10.11%	9.79%	9.43%	9.10%	8.75%	8.44%	8.44%	8.43%	8.29%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	10.65%	10.31%	10.11%	9.79%	9.43%	9.10%	8.75%	8.44%	8.44%	8.43%	8.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	89.35%	89.69%	89.89%	90.21%	90.57%	90.90%	91.25%	91.56%	91.56%	91.57%	91.71%
Debt to EBITDA	0.51	0.53	0.52	0.56	0.58	0.59	0.53	0.49	0.51	0.49	0.50
Net Debt to EBITDA	-2.21	-2.42	-2.40	-2.67	-2.88	-3.25	-2.90	-2.83	-2.86	-2.70	-2.73
Long-Term Debt to EBITDA	0.51	0.53	0.52	0.56	0.58	0.59	0.53	0.49	0.51	0.49	0.50
Debt to NOPAT	0.64	0.68	0.69	0.70	0.71	0.74	0.73	0.73	0.73	0.78	0.77
Net Debt to NOPAT	-2.75	-3.10	-3.22	-3.37	-3.55	-4.02	-4.03	-4.19	-4.13	-4.31	-4.22
Long-Term Debt to NOPAT	0.64	0.68	0.69	0.70	0.71	0.74	0.73	0.73	0.73	0.78	0.77
Altman Z-Score	9.41	10.39	9.34	9.60	10.33	10.65	11.00	10.72	7.69	7.21	6.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.06	5.45	5.45	5.18	5.69	5.27	5.44	5.28	4.73	4.93	4.60
Quick Ratio	4.16	4.54	4.53	4.31	4.82	4.40	4.43	4.34	3.86	3.90	3.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,779	-1,788	-1,150	243	-420	-251	-972	-768	-762	-1,742	-749
Operating Cash Flow to CapEx	1,130.03%	767.45%	904.78%	633.13%	433.45%	1,129.57%	196.12%	533.77%	632.67%	455.78%	522.56%
Free Cash Flow to Firm to Interest Expense	-102.23	-99.33	-60.85	13.63	-22.97	-15.60	-65.66	-55.69	-72.60	-200.21	-208.07
Operating Cash Flow to Interest Expense	98.84	75.98	54.10	62.60	59.55	93.94	23.92	93.57	120.27	120.13	317.89
Operating Cash Flow Less CapEx to Interest Expense	90.10	66.08	48.12	52.71	45.81	85.63	11.72	76.04	101.26	93.77	257.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.44	0.44	0.44	0.42	0.41	0.40	0.40	0.40	0.39	0.38
Accounts Receivable Turnover	2.14	2.48	2.46	2.35	2.39	2.53	2.49	2.37	2.39	2.61	2.51
Inventory Turnover	0.72	0.73	0.73	0.74	0.73	0.70	0.69	0.69	0.70	0.68	0.67
Fixed Asset Turnover	3.36	3.33	3.35	3.40	3.32	3.23	3.28	3.28	3.25	3.16	3.11
Accounts Payable Turnover	2.71	3.02	3.18	3.43	3.04	2.82	3.37	3.72	2.82	2.91	3.19
Days Sales Outstanding (DSO)	170.39	146.91	148.10	155.13	152.99	144.06	146.64	154.09	152.65	139.71	145.43
Days Inventory Outstanding (DIO)	509.14	499.66	501.24	493.53	500.76	523.40	525.91	529.81	524.93	538.77	540.93
Days Payable Outstanding (DPO)	134.88	121.04	114.70	106.38	120.19	129.41	108.38	98.17	129.30	125.57	114.39
Cash Conversion Cycle (CCC)	544.65	525.53	534.64	542.27	533.57	538.04	564.17	585.74	548.28	552.91	571.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,031	11,171	11,465	11,915	12,435	12,196	13,378	13,743	14,145	14,467	15,116
Invested Capital Turnover	1.26	1.26	1.21	1.14	1.12	1.12	1.09	1.08	1.07	1.06	1.00
Increase / (Decrease) in Invested Capital	2,815	2,690	2,059	765	1,403	1,025	1,913	1,828	1,711	2,271	1,738
Enterprise Value (EV)	66,939	77,505	66,279	76,350	82,149	90,065	100,980	100,300	63,069	54,416	41,859
Market Capitalization	78,572	89,830	78,831	89,339	95,687	104,860	115,808	115,883	78,278	69,337	56,682
Book Value per Share	$208.11	$214.91	$218.92	$229.41	$238.40	$250.38	$255.98	$266.03	$267.12	$268.81	$277.30
Tangible Book Value per Share	$199.71	$206.42	$210.23	$220.04	$228.87	$240.56	$245.98	$255.87	$256.67	$258.14	$264.78
Total Capital	25,366	26,197	26,720	27,607	28,676	29,695	30,910	32,030	32,058	32,092	32,644
Total Debt	2,701	2,702	2,702	2,703	2,703	2,703	2,704	2,704	2,704	2,705	2,705
Total Long-Term Debt	2,701	2,702	2,702	2,703	2,703	2,703	2,704	2,704	2,704	2,705	2,705
Net Debt	-11,633	-12,325	-12,553	-12,990	-13,538	-14,795	-14,828	-15,583	-15,208	-14,921	-14,823
Capital Expenditures (CapEx)	152	178	113	176	251	134	181	242	200	229	219
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5,001	4,849	4,891	5,123	5,211	4,771	5,764	5,876	5,704	5,656	5,723
Debt-free Net Working Capital (DFNWC)	12,743	13,809	13,819	15,036	16,056	15,291	15,573	15,673	14,717	14,005	13,193
Net Working Capital (NWC)	12,743	13,809	13,819	15,036	16,056	15,291	15,573	15,673	14,717	14,005	13,193
Net Nonoperating Expense (NNE)	-161	85	-59	0.18	-177	52	-491	-281	31	-280	-402
Net Nonoperating Obligations (NNO)	-11,633	-12,325	-12,553	-12,990	-13,538	-14,795	-14,828	-15,584	-15,208	-14,921	-14,823
Total Depreciation and Amortization (D&A)	100	100	103	105	113	114	121	122	126	127	135
Debt-free, Cash-free Net Working Capital to Revenue	41.08%	39.20%	38.60%	39.11%	39.73%	36.42%	42.73%	42.44%	40.16%	40.15%	40.26%
Debt-free Net Working Capital to Revenue	104.68%	111.63%	109.06%	114.80%	122.40%	116.72%	115.45%	113.18%	103.62%	99.43%	92.81%
Net Working Capital to Revenue	104.68%	111.63%	109.06%	114.80%	122.40%	116.72%	115.45%	113.18%	103.62%	99.43%	92.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$11.18	$7.64	$9.05	$9.48	$10.88	$6.70	$13.25	$12.40	$8.55	$7.58	$13.24
Adjusted Weighted Average Basic Shares Outstanding	107.10M	107.10M	107M	106.30M	106.70M	107.80M	108.10M	108.10M	107.90M	106.70M	105.10M
Adjusted Diluted Earnings per Share	$10.48	$7.17	$8.50	$8.89	$10.21	$6.27	$12.41	$11.54	$8.12	$7.27	$12.81
Adjusted Weighted Average Diluted Shares Outstanding	113.50M	114M	113.90M	113.40M	113.70M	115.10M	115.40M	116.20M	115.10M	111.20M	108.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	109.33M	109.71M	108.56M	108.95M	109.76M	110.19M	110.23M	109.89M	109.32M	107.97M	105.99M
Normalized Net Operating Profit after Tax (NOPAT)	1,036	902	909	1,008	681	526	941	1,059	948	529	989
Normalized NOPAT Margin	30.35%	28.54%	28.78%	29.98%	19.83%	16.72%	26.53%	28.47%	25.03%	17.46%	26.91%
Pre Tax Income Margin	38.80%	27.13%	34.29%	33.03%	33.42%	22.28%	45.90%	40.13%	25.29%	29.88%	41.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	77.13	48.67	58.30	63.40	63.71	44.52	111.01	109.19	92.25	105.02	422.86
NOPAT to Interest Expense	59.56	50.13	48.10	56.63	53.72	48.09	63.58	76.75	90.33	60.77	274.77
EBIT Less CapEx to Interest Expense	68.39	38.77	52.32	53.52	49.97	36.21	98.81	91.66	73.24	78.67	362.03
NOPAT Less CapEx to Interest Expense	50.81	40.23	42.12	46.74	39.98	39.77	51.38	59.22	71.32	34.42	213.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	48.01%	58.23%	64.32%	59.56%	56.53%	47.06%	40.05%	41.24%	59.00%	74.53%	85.48%

Key Financial Trends

Regeneron Pharmaceuticals (NASDAQ: REGN) demonstrates a solid financial position and steady growth across its latest four years of financial reporting through Q2 2025. Here's an analysis highlighting key trends and notable financial metrics:

Consistent Revenue Growth: Total revenue increased from approximately $3.14 billion in Q4 2022 to $3.68 billion in Q2 2025, with quarterly revenues showing an overall upward trend. This reflects effective product performance and market demand.
Strong Profitability: Net income rose from around $1.20 billion in Q4 2022 to $1.39 billion in Q2 2025. Earnings per share (diluted) improved significantly over this period: approximately $10.48 in Q4 2022 to $12.81 in Q2 2025, indicating enhanced profitability and shareholder value.
Healthy Gross Margins: Gross profit margins are robust, consistently exceeding $3 billion per quarter against revenues in the $3-3.7 billion range. This shows operational efficiency in production and sales.
Strong Operating Cash Flow: Cash flow from operating activities has remained strong, with $1.14 billion generated in Q2 2025, slightly higher than $1.03 billion in Q2 2024. This positive cash flow supports reinvestment and shareholder distributions.
Substantial Investment in Assets: Investments in property, plant, and equipment remain steady with quarterly capital expenditures around $200 million, reflecting ongoing expansion and modernization.
Stable Balance Sheet with Ample Liquidity: As of Q2 2025, cash & equivalents stand at nearly $2.0 billion plus around $5.5 billion in short-term investments, supporting financial flexibility and resilience.
Significant Securities Investments: The company maintains a large portfolio of long-term investments around $10 billion, which provides income and diversification but could be susceptible to market fluctuations.
Convertible Debt and Lease Obligations: Long-term debt and capital lease obligations total approximately $2.7 billion combined, which is manageable in light of strong cash flows but requires monitoring over time.
Negative Free Cash Flow in Recent Quarters: The net cash from investing activities in Q2 2025 was negative about $1.09 billion, driven primarily by heavy investments and purchase of securities, exceeding cash flow from operations. This could pressure liquidity if sustained over long periods without offsetting financing or operational gains.
Share Repurchases Affecting Cash: Significant repurchases of common equity (exceeding $1 billion in Q2 2025) reduce cash balances, representing capital return to shareholders but also lowering liquidity reserves.

Summary: Regeneron has shown strong financial performance with growing revenues, solid profitability, and strong cash generation from operations. The company continues investing heavily in both fixed assets and marketable securities, supporting future growth but leading to negative investing cash flows recently. Strong balance sheet liquidity and consistent share repurchases highlight management's focus on shareholder value. Retail investors should consider Regeneron's healthy fundamentals alongside its aggressive investment and buyback strategies, which balance growth potential with capital return.

08/09/25 11:16 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Regeneron Pharmaceuticals' Financials

When does Regeneron Pharmaceuticals' fiscal year end?

According to the most recent income statement we have on file, Regeneron Pharmaceuticals' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Regeneron Pharmaceuticals' net income changed over the last 10 years?

Regeneron Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of $4.41 billion in 2024, rising from $338.13 million in 2014. The previous period was $3.95 billion in 2023. View Regeneron Pharmaceuticals' forecast to see where analysts expect Regeneron Pharmaceuticals to go next.

What is Regeneron Pharmaceuticals' operating income?

Regeneron Pharmaceuticals' total operating income in 2024 was $3.99 billion, based on the following breakdown:

Total Gross Profit: $12.23 billion
Total Operating Expenses: $8.24 billion

How has Regeneron Pharmaceuticals' revenue changed over the last 10 years?

Over the last 10 years, Regeneron Pharmaceuticals' total revenue changed from $2.82 billion in 2014 to $14.20 billion in 2024, a change of 403.7%.

How much debt does Regeneron Pharmaceuticals have?

Regeneron Pharmaceuticals' total liabilities were at $8.41 billion at the end of 2024, a 18.3% increase from 2023, and a 552.9% increase since 2014.

How much cash does Regeneron Pharmaceuticals have?

In the past 10 years, Regeneron Pharmaceuticals' cash and equivalents has ranged from $535.20 million in 2016 to $3.11 billion in 2022, and is currently $2.49 billion as of their latest financial filing in 2024.

How has Regeneron Pharmaceuticals' book value per share changed over the last 10 years?

Over the last 10 years, Regeneron Pharmaceuticals' book value per share changed from 25.08 in 2014 to 267.12 in 2024, a change of 964.9%.

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This page (NASDAQ:REGN) was last updated on 8/9/2025 by MarketBeat.com Staff

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Regeneron Pharmaceuticals (REGN) Financials

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