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Regeneron Pharmaceuticals (REGN) Financials

Regeneron Pharmaceuticals logo
$805.97 +7.98 (+1.00%)
Closing price 08/13/2026 04:00 PM Eastern
Extended Trading
$811.33 +5.36 (+0.67%)
As of 05:33 AM Eastern
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Annual Income Statements for Regeneron Pharmaceuticals

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 636 896 1,199 2,444 2,116 3,513 8,075 4,338 3,954 4,413 4,505
Consolidated Net Income / (Loss)		 636 896 1,199 2,444 2,116 3,513 8,075 4,338 3,954 4,413 4,505
Net Income / (Loss) Continuing Operations		 636 896 1,199 2,444 2,116 3,513 8,075 4,338 3,954 4,413 4,505
Total Pre-Tax Income 		1,225 1,330 2,079 2,554 2,429 3,810 9,326 4,859 4,199 4,780 5,231
Total Operating Income		 1,252 1,331 2,080 2,534 2,210 3,577 8,947 4,739 4,047 3,991 3,578
Total Gross Profit		 3,711 4,561 5,475 4,728 5,793 7,377 13,634 10,613 11,301 12,232 12,242
Total Revenue		 4,104 4,860 5,872 5,146 6,558 8,497 16,072 12,173 13,117 14,202 14,343
Operating Revenue		 4,029 4,860 5,872 5,146 6,558 8,497 16,072 12,173 13,117 14,202 14,343
Total Cost of Revenue		 393 300 397 418 765 1,120 2,438 1,560 1,816 1,971 2,101
Operating Cost of Revenue		 393 300 397 418 765 1,120 2,438 1,560 1,816 1,971 2,101
Total Operating Expenses		 2,459 3,230 3,396 2,194 3,583 3,801 4,687 5,874 7,254 8,241 8,664
Selling, General & Admin Expense		 839 1,178 1,320 1,127 1,342 1,346 1,825 2,116 2,631 2,954 2,700
Research & Development Expense		 1,621 2,052 2,075 1,469 2,450 2,735 2,908 3,848 4,625 5,233 5,974
Other Operating Expenses / (Income)		 - - - -402 -209 -280 -46 -90 -2.10 53 -10
Total Other Income / (Expense), net		 -27 -1.80 -1.10 19 219 234 379 120 152 789 1,653
Interest Expense		 - 7.20 25 28 30 57 57 59 73 55 44
Other Income / (Expense), net		 -13 5.40 24 47 250 291 436 179 225 844 1,697
Income Tax Expense		 589 434 880 109 313 297 1,251 520 246 367 726
Basic Earnings per Share		 $6.17 $8.55 $11.27 $22.65 $19.38 $32.65 $76.40 $40.51 $37.05 $40.90 $43.07
Weighted Average Basic Shares Outstanding		 103.06M 104.70M 106.30M 107.90M 109.20M 107.60M 105.70M 107.10M 106.70M 107.90M 104.60M
Diluted Earnings per Share		 $5.52 $7.70 $10.34 $21.29 $18.46 $30.52 $71.97 $38.22 $34.77 $38.34 $41.48
Weighted Average Diluted Shares Outstanding		 115.23M 116.30M 115.90M 114.80M 114.60M 115.10M 112.20M 113.50M 113.70M 115.10M 108.60M
Weighted Average Basic & Diluted Shares Outstanding		 103.10M 104.70M 106.30M 109.28M 110.02M 107.13M 108.54M 109.33M 109.76M 109.32M 105.72M
Cash Dividends to Common per Share		 - - - - - - - - - - $3.52

Quarterly Income Statements for Regeneron Pharmaceuticals

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 1,160 722 1,432 1,341 918 809 1,392 1,460 845 727 1,297
Consolidated Net Income / (Loss)		 1,160 722 1,432 1,341 918 809 1,392 1,460 845 727 1,297
Net Income / (Loss) Continuing Operations		 1,160 722 1,432 1,341 918 809 1,392 1,460 845 727 1,297
Total Pre-Tax Income 		1,148 701 1,628 1,493 958 905 1,519 1,763 1,044 831 1,528
Total Operating Income		 973 751 1,070 1,180 990 592 1,080 1,027 880 643 1,294
Total Gross Profit		 2,917 2,711 3,067 3,230 3,224 2,564 3,145 3,233 3,300 2,936 3,714
Total Revenue		 3,434 3,145 3,547 3,721 3,789 3,029 3,676 3,754 3,884 3,605 4,291
Operating Revenue		 3,434 3,145 3,547 3,721 3,789 3,029 3,676 3,754 3,884 3,605 4,291
Total Cost of Revenue		 517 434 480 491 565 464 530 522 585 669 577
Operating Cost of Revenue		 517 434 480 491 565 464 530 522 585 669 577
Total Operating Expenses		 1,944 1,960 1,997 2,050 2,234 1,973 2,066 2,206 2,420 2,293 2,421
Selling, General & Admin Expense		 738 689 759 714 792 633 634 658 775 648 662
Research & Development Expense		 1,207 1,256 1,224 1,328 1,426 1,340 1,432 1,558 1,645 1,645 1,759
Total Other Income / (Expense), net		 175 -51 559 314 -32 313 439 737 164 188 234
Interest Expense		 18 16 15 14 11 8.70 3.60 19 12 13 11
Other Income / (Expense), net		 193 -35 573 327 -22 322 443 756 176 201 245
Income Tax Expense		 -12 -21 196 152 40 96 127 303 199 104 231
Basic Earnings per Share		 $10.88 $6.70 $13.25 $12.40 $8.55 $7.58 $13.24 $14.09 $8.16 $6.99 $12.62
Weighted Average Basic Shares Outstanding		 106.70M 107.80M 108.10M 108.10M 107.90M 106.70M 105.10M 103.60M 104.60M 104M 102.80M
Diluted Earnings per Share		 $10.21 $6.27 $12.41 $11.54 $8.12 $7.27 $12.81 $13.62 $7.78 $6.75 $12.23
Weighted Average Diluted Shares Outstanding		 113.70M 115.10M 115.40M 116.20M 115.10M 111.20M 108.60M 107.20M 108.60M 107.70M 106M
Weighted Average Basic & Diluted Shares Outstanding		 109.76M 110.19M 110.23M 109.89M 109.32M 107.97M 105.99M 105.10M 105.72M 104.84M 102.95M

Annual Cash Flow Statements for Regeneron Pharmaceuticals

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 160 -261 278 655 150 577 691 221 -382 -249 635
Net Cash From Operating Activities		 1,331 1,486 1,307 2,195 2,430 2,618 7,081 5,015 4,594 4,421 4,979
Net Cash From Continuing Operating Activities		 1,331 1,486 1,307 2,195 2,430 2,618 7,081 5,015 4,594 4,421 4,979
Net Income / (Loss) Continuing Operations		 636 896 1,199 2,444 2,116 3,513 8,075 4,338 3,954 4,413 4,505
Consolidated Net Income / (Loss)		 636 896 1,199 2,444 2,116 3,513 8,075 4,338 3,954 4,413 4,505
Depreciation Expense		 75 105 146 148 210 236 286 341 421 483 544
Non-Cash Adjustments To Reconcile Net Income		 512 605 571 440 435 297 783 1,325 1,151 901 183
Changes in Operating Assets and Liabilities, net		 108 -119 -608 -837 -331 -1,428 -2,064 -990 -932 -1,376 -253
Net Cash From Investing Activities		 -908 -1,047 -1,005 -1,463 -2,028 -71 -5,385 -3,785 -3,185 -2,468 -629
Net Cash From Continuing Investing Activities		 -908 -1,047 -1,005 -1,463 -2,028 -71 -5,385 -3,785 -3,185 -2,468 -629
Purchase of Property, Plant & Equipment		 -678 -512 -273 -383 -430 -615 -552 -590 -719 -756 -898
Acquisitions		 - - - - - 0.00 0.00 -230 -55 -17 -3.30
Purchase of Investments		 -557 -809 -1,277 -1,846 -3,202 -3,241 -7,048 -7,488 -11,646 -16,617 -10,958
Sale of Property, Plant & Equipment		 - - - - - - - 0.00 0.00 20 0.00
Sale and/or Maturity of Investments		 327 275 545 776 1,604 3,785 2,215 5,551 9,442 15,027 11,546
Other Investing Activities, net		 - 0.00 0.00 -10 - 0.00 0.00 -1,027 -208 -126 -315
Net Cash From Financing Activities		 -263 -701 -24 -77 -252 -1,971 -1,006 -1,009 -1,790 -2,201 -3,715
Net Cash From Continuing Financing Activities		 -263 -701 -24 -77 -252 -1,971 -1,006 -1,009 -1,790 -2,201 -3,715
Repayment of Debt		 -168 -46 -20 0.00 0.00 -1,500 - 0.00 0.00 -33 -10
Repurchase of Common Equity		 -573 -643 0.00 -4.40 -276 -5,847 -1,645 -2,083 -2,235 -2,603 -3,439
Payment of Dividends		 - - - - - - - - 0.00 0.00 -370
Issuance of Common Equity		 206 127 240 115 212 2,575 1,672 1,520 1,146 1,465 636
Other Financing Activities, net		 245 -143 -302 -187 -188 -681 -1,033 -446 -701 -1,029 -532
Effect of Exchange Rate Changes		 - - - - - - 0.00 0.00 -0.40 -0.70 0.30
Cash Interest Paid		 11 5.50 19 22 25 23 56 54 73 53 42

Quarterly Cash Flow Statements for Regeneron Pharmaceuticals

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 578 -128 -682 84 477 604 -1,077 498 611 -153 -505
Net Cash From Operating Activities		 1,090 1,513 354 1,291 1,263 1,045 1,144 1,619 1,171 1,079 813
Net Cash From Continuing Operating Activities		 1,090 1,513 354 1,291 1,263 1,045 1,144 1,619 1,171 1,079 813
Net Income / (Loss) Continuing Operations		 1,160 722 1,432 1,341 918 809 1,392 1,460 845 727 1,297
Consolidated Net Income / (Loss)		 1,160 722 1,432 1,341 918 809 1,392 1,460 845 727 1,297
Depreciation Expense		 113 114 121 122 126 127 135 137 145 123 124
Non-Cash Adjustments To Reconcile Net Income		 165 426 -172 61 585 119 -19 -324 408 288 236
Changes in Operating Assets and Liabilities, net		 -348 250 -1,027 -233 -367 -9.50 -363 346 -227 -60 -844
Net Cash From Investing Activities		 -66 -1,687 -557 -574 351 648 -1,094 -403 220 -429 -93
Net Cash From Continuing Investing Activities		 -66 -1,687 -557 -574 351 648 -1,094 -403 220 -429 -93
Purchase of Property, Plant & Equipment		 -251 -134 -181 -242 -200 -229 -219 -201 -249 -231 -240
Purchase of Investments		 -2,132 -5,658 -4,416 -4,591 -1,953 -2,539 -2,855 -3,520 -2,044 -2,756 -1,950
Sale and/or Maturity of Investments		 2,383 4,132 4,055 4,259 2,582 3,458 2,168 3,365 2,555 2,607 2,149
Other Investing Activities, net		 -62 -28 -30 - -67 -42 -188 -43 -42 -49 -51
Net Cash From Financing Activities		 -446 47 -478 -634 -1,136 -1,089 -1,128 -718 -780 -802 -1,225
Net Cash From Continuing Financing Activities		 -446 47 -478 -634 -1,136 -1,089 -1,128 -718 -780 -802 -1,225
Repurchase of Common Equity		 -289 -291 -604 -735 -973 -1,041 -1,062 -664 -672 -794 -1,169
Payment of Dividends		 - 0.00 - - - -94 -93 -91 -93 -98 -97
Issuance of Common Equity		 301 682 438 255 91 61 32 40 504 163 49
Other Financing Activities, net		 -458 -344 -312 -120 -253 -4.30 -5.60 -3.00 -519 -73 -7.60
Effect of Exchange Rate Changes		 0.20 -0.50 -0.30 0.80 -0.70 0.60 0.40 -0.40 -0.30 -0.90 -0.30

Annual Balance Sheets for Regeneron Pharmaceuticals

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 5,609 6,973 8,764 11,735 14,805 17,163 25,435 29,215 33,080 37,759 40,559
Total Current Assets		 2,915 3,180 4,335 6,448 7,689 9,779 14,015 15,884 19,479 18,661 18,022
Cash & Equivalents		 809 535 813 1,468 1,618 2,194 2,886 3,106 2,730 2,488 3,118
Short-Term Investments		 236 503 597 1,342 1,597 1,393 2,809 4,636 8,115 6,524 5,487
Accounts Receivable		 1,468 1,612 1,974 2,243 2,786 4,115 6,037 5,329 5,667 6,212 5,741
Inventories, net		 239 399 726 1,151 1,416 1,917 1,951 2,402 2,581 3,087 3,201
Prepaid Expenses		 164 131 225 243 274 161 332 411 387 349 475
Plant, Property, & Equipment, net		 1,594 2,083 2,359 2,576 0.00 0.00 3,482 3,763 4,146 4,600 5,120
Total Noncurrent Assets		 1,100 1,710 2,071 2,711 7,116 7,384 7,938 9,567 9,455 14,499 17,416
Long-Term Investments		 632 864 1,487 1,755 3,257 3,136 6,838 6,592 5,397 8,900 10,261
Intangible Assets		 - - - - - - 6.70 916 1,039 1,149 1,257
Noncurrent Deferred & Refundable Income Taxes		 462 825 506 829 824 859 877 1,724 2,575 3,314 4,077
Other Noncurrent Operating Assets		 5.81 20 78 127 3,035 3,390 216 336 444 1,136 1,821
Total Liabilities & Shareholders' Equity		 5,609 6,973 8,764 11,735 14,805 17,163 25,435 29,215 33,080 37,759 40,559
Total Liabilities		 1,954 2,524 2,620 2,977 3,716 6,138 6,666 6,551 7,107 8,406 9,302
Total Current Liabilities		 811 1,241 1,136 1,443 2,097 2,697 3,933 3,141 3,423 3,944 4,368
Accounts Payable		 644 879 178 218 418 476 564 589 607 790 939
Accrued Expenses		 - - 637 772 1,211 1,644 2,207 2,074 2,358 2,527 2,876
Current Deferred Revenue		 153 232 320 453 382 578 442 478 459 628 553
Other Current Liabilities		 14 1.18 - - 85 0.00 720 - - - 0.00
Total Noncurrent Liabilities		 1,143 1,283 1,485 1,534 1,619 3,441 2,734 3,409 3,684 4,462 4,933
Long-Term Debt		 - - - - 0.00 1,979 1,980 1,981 1,983 1,984 1,986
Capital Lease Obligations		 363 352 704 709 714 717 - 720 720 720 720
Noncurrent Deferred Revenue		 665 831 629 464 105 58 73 70 127 186 209
Other Noncurrent Operating Liabilities		 116 100 152 362 800 687 680 638 854 1,571 2,019
Total Equity & Noncontrolling Interests		 3,655 4,449 6,144 8,757 11,090 11,025 18,769 22,664 25,973 29,354 31,257
Total Preferred & Common Equity		 3,655 4,449 6,144 8,757 11,090 11,025 18,769 22,664 25,973 29,354 31,257
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		 3,655 4,449 6,144 8,757 11,090 11,025 18,769 22,664 25,973 29,354 31,257
Common Stock		 3,100 3,030 3,513 3,912 4,429 6,716 8,088 9,949 11,354 12,856 13,995
Retained Earnings		 853 1,748 2,947 5,254 7,380 10,893 18,968 23,307 27,260 31,673 35,797
Treasury Stock		 -306 -316 -316 -396 -740 -6,613 -8,261 -10,353 -12,560 -15,167 -18,613
Accumulated Other Comprehensive Income / (Loss)		 8.57 -13 0.60 -12 21 29 -26 -239 -81 -7.90 78

Quarterly Balance Sheets for Regeneron Pharmaceuticals

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 32,163 33,080 34,370 36,087 37,442 37,759 37,545 38,219 40,169 40,869 41,731
Total Current Assets		 18,635 19,479 18,872 19,082 19,334 18,661 17,572 16,860 17,981 18,209 18,446
Cash & Equivalents		 2,152 2,730 2,602 1,921 2,012 2,488 3,090 1,996 2,506 2,963 2,456
Short-Term Investments		 7,761 8,115 7,918 7,888 7,785 6,524 5,259 5,474 5,937 5,791 5,539
Accounts Receivable		 5,585 5,667 5,222 5,717 6,107 6,212 5,561 5,610 5,687 5,731 6,565
Inventories, net		 2,562 2,581 2,715 2,874 3,018 3,087 3,192 3,206 3,254 3,104 3,084
Prepaid Expenses		 575 387 415 682 412 349 469 574 596 621 802
Plant, Property, & Equipment, net		 4,006 4,146 4,226 4,306 4,439 4,600 4,694 4,841 5,002 5,266 5,459
Total Noncurrent Assets		 9,522 9,455 11,273 12,699 13,669 14,499 15,279 16,519 17,186 17,394 17,826
Long-Term Investments		 5,779 5,397 6,979 7,722 8,491 8,900 9,276 10,058 10,286 9,786 9,828
Intangible Assets		 1,017 1,039 1,059 1,102 1,120 1,149 1,167 1,352 1,381 1,287 1,310
Noncurrent Deferred & Refundable Income Taxes		 2,317 2,575 2,765 2,881 3,015 3,314 3,443 3,572 3,847 4,191 4,381
Other Noncurrent Operating Assets		 410 444 470 994 1,043 1,136 1,393 1,537 1,673 2,130 2,306
Total Liabilities & Shareholders' Equity		 32,163 33,080 34,370 36,087 37,442 37,759 37,545 38,219 40,169 40,869 41,731
Total Liabilities		 7,259 7,107 7,379 7,881 8,116 8,406 8,158 8,280 9,212 9,445 10,019
Total Current Liabilities		 3,599 3,423 3,581 3,509 3,661 3,944 3,567 3,667 4,425 5,108 5,531
Accounts Payable		 537 607 671 562 497 790 706 724 904 1,027 1,159
Accrued Expenses		 2,645 2,358 2,393 2,361 2,537 2,527 2,242 2,461 2,976 2,724 2,967
Current Deferred Revenue		 417 459 517 586 627 628 619 482 546 636 685
Other Current Liabilities		 - - - - - - - - - 720 720
Total Noncurrent Liabilities		 3,660 3,684 3,798 4,372 4,455 4,462 4,591 4,613 4,787 4,338 4,489
Long-Term Debt		 1,983 1,983 1,983 1,984 1,984 1,984 1,985 1,985 1,986 1,986 1,987
Capital Lease Obligations		 720 720 720 720 720 720 720 720 720 0.00 0.00
Noncurrent Deferred Revenue		 125 127 186 206 207 186 212 206 219 225 220
Other Noncurrent Operating Liabilities		 832 854 909 1,463 1,544 1,571 1,674 1,702 1,862 2,126 2,282
Total Equity & Noncontrolling Interests		 24,904 25,973 26,991 28,206 29,326 29,354 29,388 29,939 30,958 31,424 31,711
Total Preferred & Common Equity		 24,904 25,973 26,991 28,206 29,326 29,354 29,388 29,939 30,958 31,424 31,711
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		 24,904 25,973 26,991 28,206 29,326 29,354 29,388 29,939 30,958 31,424 31,711
Common Stock		 11,252 11,354 11,943 12,317 12,703 12,856 13,192 13,491 13,787 14,401 14,701
Retained Earnings		 26,101 27,260 27,982 29,415 30,755 31,673 32,384 33,680 35,046 36,424 37,621
Treasury Stock		 -12,271 -12,560 -12,857 -13,456 -14,192 -15,167 -16,218 -17,285 -17,944 -19,414 -20,575
Accumulated Other Comprehensive Income / (Loss)		 -177 -81 -77 -70 60 -7.90 29 53 69 12 -36

Annual Metrics And Ratios for Regeneron Pharmaceuticals

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 45.55% 18.44% 20.82% -12.37% 27.44% 29.58% 89.14% -24.26% 7.76% 8.27% 0.99%
EBITDA Growth		 54.38% 9.63% 56.10% 21.38% -2.21% 53.70% 135.65% -45.61% -10.77% 13.31% 9.41%
EBIT Growth		 55.19% 7.81% 57.44% 22.73% -4.74% 57.25% 142.63% -47.58% -13.13% 13.17% 9.09%
NOPAT Growth		 77.61% 37.87% 33.82% 102.32% -20.66% 71.32% 134.93% -45.38% -9.95% -3.31% -16.36%
Net Income Growth		 88.11% 40.79% 33.84% 103.95% -13.44% 66.05% 129.86% -46.28% -8.87% 11.61% 2.09%
EPS Growth		 85.23% 39.49% 34.29% 105.90% -13.29% 65.33% 135.81% -46.89% -9.03% 10.27% 8.19%
Operating Cash Flow Growth		 76.86% 11.66% -12.03% 67.94% 10.70% 7.74% 170.47% -29.18% -8.39% -3.78% 12.63%
Free Cash Flow Firm Growth		 -147.11% 585.45% 31.53% 437.10% 1.11% 9.28% 300.15% -78.31% 69.96% -18.01% 7.93%
Invested Capital Growth		 42.07% 29.36% 30.53% 24.02% 8.81% 31.24% 17.40% 34.26% 12.72% 13.76% 6.73%
Revenue Q/Q Growth		 7.77% 2.72% 6.45% -19.16% 29.68% 7.05% 18.67% -11.21% 0.15% 2.56% 0.67%
EBITDA Q/Q Growth		 5.54% 7.77% 11.01% 5.04% 9.18% 9.33% 15.41% -17.94% -3.36% -3.34% 1.85%
EBIT Q/Q Growth		 5.11% 7.91% 11.52% 5.00% 9.48% 9.73% 15.77% -19.29% -3.96% -3.92% 1.68%
NOPAT Q/Q Growth		 9.28% 12.45% -7.29% 39.38% -11.70% 17.71% 19.23% -23.67% -1.02% -1.01% -6.10%
Net Income Q/Q Growth		 11.36% 12.30% -6.23% 35.98% -1.32% 11.32% 15.44% -19.21% -0.94% -5.20% -1.60%
EPS Q/Q Growth		 11.29% 11.59% -5.74% 35.86% -1.12% 11.55% 15.19% -19.23% -0.77% -5.17% -0.81%
Operating Cash Flow Q/Q Growth		 6.71% 7.88% 15.62% 7.96% 2.47% 20.40% 19.22% -11.51% -12.06% 4.08% -1.82%
Free Cash Flow Firm Q/Q Growth		 -142.44% -65.54% 161.21% 15.51% 2.07% -10.61% 33.76% -35.99% -21.96% 4.19% 1.90%
Invested Capital Q/Q Growth		 10.67% 31.34% -2.37% 8.67% 2.03% 12.83% 5.08% -1.06% 4.36% 2.93% 1.09%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 90.43% 93.83% 93.24% 91.89% 88.33% 86.82% 84.83% 87.18% 86.16% 86.13% 85.35%
EBITDA Margin		 32.03% 29.64% 38.30% 53.05% 40.71% 48.29% 60.16% 43.21% 35.78% 37.45% 40.57%
Operating Margin		 30.51% 27.38% 35.41% 49.25% 33.70% 42.09% 55.67% 38.93% 30.85% 28.10% 24.95%
EBIT Margin		 30.20% 27.49% 35.82% 50.17% 37.50% 45.51% 58.38% 40.40% 32.57% 34.05% 36.77%
Profit (Net Income) Margin		 15.50% 18.42% 20.41% 47.50% 32.26% 41.35% 50.25% 35.64% 30.14% 31.07% 31.41%
Tax Burden Percent		 51.92% 67.34% 57.66% 95.73% 87.10% 92.20% 86.59% 89.29% 94.15% 92.32% 86.12%
Interest Burden Percent		 98.85% 99.53% 98.81% 98.91% 98.77% 98.53% 99.39% 98.79% 98.29% 98.86% 99.17%
Effective Tax Rate		 48.08% 32.66% 42.34% 4.27% 12.90% 7.80% 13.41% 10.71% 5.85% 7.68% 13.88%
Return on Invested Capital (ROIC)		 32.60% 33.39% 34.36% 54.81% 37.62% 53.49% 101.84% 43.97% 32.48% 27.72% 21.08%
ROIC Less NNEP Spread (ROIC-NNEP)		 33.86% 33.43% 34.40% 54.21% 33.64% 49.08% 97.34% 43.00% 31.34% 22.65% 12.00%
Return on Net Nonoperating Assets (RNNOA)		 -12.10% -11.29% -11.74% -22.00% -16.30% -21.71% -47.63% -23.03% -16.22% -11.77% -6.21%
Return on Equity (ROE)		 20.50% 22.10% 22.63% 32.81% 21.32% 31.77% 54.21% 20.94% 16.26% 15.95% 14.87%
Cash Return on Invested Capital (CROIC)		 -2.16% 7.79% 7.88% 33.36% 29.18% 26.47% 85.83% 14.72% 20.51% 14.85% 14.57%
Operating Return on Assets (OROA)		 26.24% 21.24% 26.73% 25.19% 18.53% 24.19% 44.05% 18.00% 13.72% 13.65% 13.47%
Return on Assets (ROA)		 13.47% 14.23% 15.23% 23.85% 15.94% 21.98% 37.91% 15.88% 12.69% 12.46% 11.50%
Return on Common Equity (ROCE)		 20.50% 22.10% 22.63% 32.81% 21.32% 31.77% 54.21% 20.94% 16.26% 15.95% 14.87%
Return on Equity Simple (ROE_SIMPLE)		 17.40% 20.13% 19.51% 27.91% 19.08% 31.86% 43.03% 19.14% 15.22% 15.03% 0.00%
Net Operating Profit after Tax (NOPAT)		 650 896 1,199 2,426 1,925 3,298 7,747 4,231 3,810 3,684 3,081
NOPAT Margin		 15.84% 18.44% 20.42% 47.15% 29.35% 38.81% 48.20% 34.76% 29.05% 25.94% 21.48%
Net Nonoperating Expense Percent (NNEP)		 -1.26% -0.04% -0.04% 0.60% 3.97% 4.41% 4.50% 0.97% 1.14% 5.07% 9.08%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 16.68% 13.29% 11.49% 9.07%
Cost of Revenue to Revenue		 9.57% 6.17% 6.76% 8.11% 11.67% 13.18% 15.17% 12.82% 13.84% 13.87% 14.65%
SG&A Expenses to Revenue		 20.43% 24.23% 22.49% 21.91% 20.46% 15.84% 11.35% 17.38% 20.06% 20.80% 18.82%
R&D to Revenue		 39.49% 42.22% 35.34% 28.54% 37.36% 32.19% 18.09% 31.61% 35.26% 36.85% 41.65%
Operating Expenses to Revenue		 59.92% 66.46% 57.82% 42.63% 54.63% 44.73% 29.17% 48.25% 55.30% 58.03% 60.41%
Earnings before Interest and Taxes (EBIT)		 1,239 1,336 2,104 2,582 2,459 3,867 9,383 4,918 4,272 4,835 5,275
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,314 1,441 2,249 2,730 2,670 4,103 9,669 5,260 4,693 5,318 5,818
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 15.46 8.70 6.57 4.62 3.72 4.68 3.62 3.47 3.68 2.67 2.60
Price to Tangible Book Value (P/TBV)		 15.46 8.70 6.57 4.62 3.72 4.68 3.62 3.61 3.84 2.78 2.70
Price to Revenue (P/Rev)		 13.77 7.97 6.88 7.86 6.29 6.07 4.23 6.45 7.29 5.51 5.66
Price to Earnings (P/E)		 88.82 43.24 33.70 16.54 19.48 14.67 8.41 18.11 24.20 17.74 18.01
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.46%
Earnings Yield		 1.13% 2.31% 2.97% 6.05% 5.13% 6.82% 11.89% 5.52% 4.13% 5.64% 5.55%
Enterprise Value to Invested Capital (EV/IC)		 23.58 12.32 9.67 7.46 6.65 6.79 6.98 6.07 6.61 4.46 4.30
Enterprise Value to Revenue (EV/Rev)		 13.45 7.67 6.51 7.11 5.41 5.59 3.57 5.50 6.26 4.44 4.53
Enterprise Value to EBITDA (EV/EBITDA)		 41.99 25.89 16.98 13.40 13.29 11.58 5.93 12.73 17.50 11.86 11.17
Enterprise Value to EBIT (EV/EBIT)		 44.52 27.91 18.16 14.16 14.42 12.29 6.11 13.61 19.23 13.04 12.32
Enterprise Value to NOPAT (EV/NOPAT)		 84.89 41.62 31.86 15.07 18.43 14.41 7.40 15.82 21.56 17.12 21.08
Enterprise Value to Operating Cash Flow (EV/OCF)		 41.46 25.10 29.23 16.66 14.60 18.15 8.10 13.35 17.88 14.27 13.05
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 178.40 138.93 24.76 23.75 29.12 8.79 47.27 34.13 31.96 30.50
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.10 0.11 0.11 0.08 0.06 0.24 0.11 0.12 0.10 0.09 0.09
Long-Term Debt to Equity		 0.10 0.08 0.11 0.08 0.06 0.24 0.11 0.12 0.10 0.09 0.09
Financial Leverage		 -0.36 -0.34 -0.34 -0.41 -0.48 -0.44 -0.49 -0.54 -0.52 -0.52 -0.52
Leverage Ratio		 1.52 1.55 1.49 1.38 1.34 1.45 1.43 1.32 1.28 1.28 1.29
Compound Leverage Factor		 1.50 1.55 1.47 1.36 1.32 1.42 1.42 1.30 1.26 1.27 1.28
Debt to Total Capital		 9.03% 9.76% 10.27% 7.48% 6.05% 19.65% 9.54% 10.65% 9.43% 8.44% 7.97%
Short-Term Debt to Total Capital		 0.00% 2.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 9.03% 7.13% 10.27% 7.48% 6.05% 19.65% 9.54% 10.65% 9.43% 8.44% 7.97%
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		 90.97% 90.24% 89.73% 92.51% 93.95% 80.35% 90.46% 89.35% 90.57% 91.56% 92.03%
Debt to EBITDA		 0.28 0.33 0.31 0.26 0.27 0.66 0.20 0.51 0.58 0.51 0.47
Net Debt to EBITDA		 -1.00 -0.99 -0.97 -1.41 -2.16 -0.98 -1.09 -2.21 -2.88 -2.86 -2.78
Long-Term Debt to EBITDA		 0.28 0.24 0.31 0.26 0.27 0.66 0.20 0.51 0.58 0.51 0.47
Debt to NOPAT		 0.56 0.54 0.59 0.29 0.37 0.82 0.26 0.64 0.71 0.73 0.88
Net Debt to NOPAT		 -2.02 -1.59 -1.83 -1.59 -2.99 -1.22 -1.36 -2.75 -3.55 -4.13 -5.24
Long-Term Debt to NOPAT		 0.56 0.39 0.59 0.29 0.37 0.82 0.26 0.64 0.71 0.73 0.88
Altman Z-Score		 19.47 11.22 11.62 10.45 8.80 7.66 9.48 9.81 10.64 8.03 7.66
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		 3.59 2.56 3.82 4.47 3.67 3.63 3.56 5.06 5.69 4.73 4.13
Quick Ratio		 3.10 2.13 2.98 3.50 2.86 2.86 2.98 4.16 4.82 3.86 3.28
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -43 209 275 1,477 1,493 1,632 6,529 1,416 2,407 1,973 2,130
Operating Cash Flow to CapEx		 196.30% 290.27% 479.49% 572.98% 565.64% 425.98% 1,283.08% 849.84% 639.30% 600.77% 554.20%
Free Cash Flow to Firm to Interest Expense		 0.00 29.03 10.95 52.37 49.44 28.68 113.95 23.84 32.97 35.75 48.63
Operating Cash Flow to Interest Expense		 0.00 206.38 52.08 77.84 80.46 46.01 123.58 84.43 62.93 80.08 113.67
Operating Cash Flow Less CapEx to Interest Expense		 0.00 135.28 41.22 64.26 66.24 35.21 113.95 74.49 53.09 66.75 93.16
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.87 0.77 0.75 0.50 0.49 0.53 0.75 0.45 0.42 0.40 0.37
Accounts Receivable Turnover		 3.36 3.16 3.28 2.44 2.61 2.46 3.17 2.14 2.39 2.39 2.40
Inventory Turnover		 2.14 0.94 0.71 0.44 0.60 0.67 1.26 0.72 0.73 0.70 0.67
Fixed Asset Turnover		 3.20 2.64 2.64 2.09 0.00 0.00 0.00 3.36 3.32 3.25 2.95
Accounts Payable Turnover		 0.70 0.39 0.75 2.11 2.40 2.51 4.69 2.71 3.04 2.82 2.43
Days Sales Outstanding (DSO)		 108.70 115.63 111.45 149.58 139.95 148.20 115.27 170.39 152.99 152.65 152.09
Days Inventory Outstanding (DIO)		 170.76 388.47 517.24 820.62 612.24 543.00 289.60 509.14 500.76 524.93 546.28
Days Payable Outstanding (DPO)		 524.02 927.55 485.91 173.28 151.78 145.62 77.83 134.88 120.19 129.30 150.16
Cash Conversion Cycle (CCC)		 -244.57 -423.45 142.77 796.92 600.41 545.58 327.04 544.65 533.57 548.28 548.21
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,340 3,027 3,952 4,901 5,333 6,998 8,216 11,031 12,435 14,145 15,097
Invested Capital Turnover		 2.06 1.81 1.68 1.16 1.28 1.38 2.11 1.26 1.12 1.07 0.98
Increase / (Decrease) in Invested Capital		 693 687 924 949 432 1,666 1,218 2,815 1,403 1,711 952
Enterprise Value (EV)		 55,179 37,295 38,200 36,569 35,469 47,524 57,363 66,939 82,149 63,069 64,963
Market Capitalization		 56,494 38,717 40,393 40,426 41,226 51,551 67,916 78,572 95,687 78,278 81,123
Book Value per Share		 $35.12 $42.18 $57.19 $80.91 $101.00 $103.32 $174.52 $208.11 $238.40 $267.12 $297.40
Tangible Book Value per Share		 $35.12 $42.18 $57.19 $80.91 $101.00 $103.32 $174.46 $199.71 $228.87 $256.67 $285.44
Total Capital		 4,018 4,930 6,848 9,466 11,804 13,721 20,749 25,366 28,676 32,058 33,963
Total Debt		 363 481 704 709 714 2,696 1,980 2,701 2,703 2,704 2,706
Total Long-Term Debt		 363 352 704 709 714 2,696 1,980 2,701 2,703 2,704 2,706
Net Debt		 -1,314 -1,422 -2,193 -3,856 -5,757 -4,027 -10,553 -11,633 -13,538 -15,208 -16,160
Capital Expenditures (CapEx)		 678 512 273 383 430 615 552 590 719 736 898
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,059 1,030 1,790 2,195 2,378 3,495 4,388 5,001 5,211 5,704 5,048
Debt-free Net Working Capital (DFNWC)		 2,104 2,068 3,200 5,005 5,593 7,082 10,082 12,743 16,056 14,717 13,654
Net Working Capital (NWC)		 2,104 1,939 3,200 5,005 5,593 7,082 10,082 12,743 16,056 14,717 13,654
Net Nonoperating Expense (NNE)		 14 0.61 0.63 -18 -191 -216 -328 -107 -143 -729 -1,423
Net Nonoperating Obligations (NNO)		 -1,314 -1,422 -2,193 -3,856 -5,757 -4,027 -10,553 -11,633 -13,538 -15,208 -16,160
Total Depreciation and Amortization (D&A)		 75 105 146 148 210 236 286 341 421 483 544
Debt-free, Cash-free Net Working Capital to Revenue		 25.80% 21.18% 30.48% 42.66% 36.27% 41.13% 27.30% 41.08% 39.73% 40.16% 35.20%
Debt-free Net Working Capital to Revenue		 51.27% 42.55% 54.49% 97.26% 85.28% 83.34% 62.73% 104.68% 122.40% 103.62% 95.19%
Net Working Capital to Revenue		 51.27% 39.89% 54.49% 97.26% 85.28% 83.34% 62.73% 104.68% 122.40% 103.62% 95.19%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $6.17 $8.55 $11.27 $22.65 $19.38 $32.65 $76.40 $40.51 $37.05 $40.90 $43.07
Adjusted Weighted Average Basic Shares Outstanding		 103.06M 104.72M 106.34M 107.90M 109.20M 107.60M 105.70M 107.10M 106.70M 107.90M 104.60M
Adjusted Diluted Earnings per Share		 $5.52 $7.70 $10.34 $21.29 $18.46 $30.52 $71.97 $38.22 $34.77 $38.34 $41.48
Adjusted Weighted Average Diluted Shares Outstanding		 115.23M 116.37M 115.95M 114.80M 114.60M 115.10M 112.20M 113.50M 113.70M 115.10M 108.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $19.38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 104.79M 106.08M 107.70M 109.28M 110.02M 107.13M 108.54M 109.33M 109.76M 109.32M 105.72M
Normalized Net Operating Profit after Tax (NOPAT)		 650 896 1,199 2,426 1,925 3,298 7,747 4,231 3,810 3,684 3,081
Normalized NOPAT Margin		 15.84% 18.44% 20.42% 47.15% 29.35% 38.81% 48.20% 34.76% 29.05% 25.94% 21.48%
Pre Tax Income Margin		 29.85% 27.36% 35.40% 49.62% 37.04% 44.84% 58.03% 39.91% 32.01% 33.66% 36.47%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 185.57 83.81 91.55 81.43 67.97 163.75 82.80 58.52 87.59 120.42
NOPAT to Interest Expense		 0.00 124.46 47.77 86.03 63.73 57.95 135.20 71.23 52.20 66.74 70.35
EBIT Less CapEx to Interest Expense		 0.00 114.47 72.95 77.96 67.21 57.17 154.12 72.86 48.68 74.26 99.91
NOPAT Less CapEx to Interest Expense		 0.00 53.36 36.91 72.45 49.51 47.15 125.57 61.30 42.35 53.41 49.84
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% 8.22%
Augmented Payout Ratio		 90.16% 71.85% 0.00% 0.18% 13.04% 166.42% 20.38% 48.01% 56.53% 59.00% 84.55%

Quarterly Metrics And Ratios for Regeneron Pharmaceuticals

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 105,719,806.00 104,839,032.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 105,719,806.00 104,839,032.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 6.88 12.37
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.58% -0.54% 12.32% 10.65% 10.33% -3.70% 3.62% 0.90% 2.51% 19.04% 16.73%
EBITDA Growth		 -11.32% -14.82% 46.37% 31.97% -14.38% 25.24% -6.02% 17.86% 9.67% -7.04% 0.31%
EBIT Growth		 -13.13% -18.17% 49.11% 33.51% -16.92% 27.47% -7.34% 18.30% 9.01% -7.62% 1.08%
NOPAT Growth		 -5.14% -14.20% 3.51% 5.07% -3.52% -31.71% 5.12% -19.73% -24.92% 6.38% 11.00%
Net Income Growth		 -3.13% -11.71% 47.90% 33.02% -20.86% 12.01% -2.84% 8.91% -7.97% -10.08% -6.81%
EPS Growth		 -2.58% -12.55% 46.00% 29.81% -20.47% 15.95% 3.22% 18.02% -4.19% -7.15% -4.53%
Operating Cash Flow Growth		 -36.64% 10.60% -65.38% 15.88% 15.89% -30.90% 223.28% 25.36% -7.29% 3.23% -28.96%
Free Cash Flow Firm Growth		 76.37% 85.95% 15.49% -416.67% -81.35% -593.53% 22.92% 55.59% 68.57% 109.13% 145.27%
Invested Capital Growth		 12.72% 9.18% 16.68% 15.34% 13.76% 18.62% 12.99% 8.67% 6.73% 2.79% 5.02%
Revenue Q/Q Growth		 2.13% -8.42% 12.79% 4.89% 1.84% -20.07% 21.36% 2.14% 3.46% -7.18% 19.01%
EBITDA Q/Q Growth		 3.64% -35.03% 112.25% -7.66% -32.76% -4.97% 59.27% 15.80% -37.43% -19.45% 71.87%
EBIT Q/Q Growth		 3.31% -38.52% 129.20% -8.28% -35.72% -5.67% 66.61% 17.10% -40.77% -20.06% 82.30%
NOPAT Q/Q Growth		 -2.47% -21.24% 21.53% 12.55% -10.45% -44.25% 87.08% -14.05% -16.25% -21.01% 95.22%
Net Income Q/Q Growth		 15.06% -37.74% 98.38% -6.40% -31.55% -11.88% 72.08% 4.92% -42.15% -13.90% 78.34%
EPS Q/Q Growth		 14.85% -38.59% 97.93% -7.01% -29.64% -10.47% 76.20% 6.32% -42.88% -13.24% 81.19%
Operating Cash Flow Q/Q Growth		 -2.21% 38.80% -76.60% 264.75% -2.20% -17.24% 9.50% 41.45% -27.68% -7.84% -24.65%
Free Cash Flow Firm Q/Q Growth		 -273.20% 40.25% -286.94% 20.92% 0.81% -128.51% 57.00% 54.43% 29.82% 166.40% 113.20%
Invested Capital Q/Q Growth		 4.36% -1.92% 9.69% 2.72% 2.93% 2.27% 4.49% -1.21% 1.09% -1.50% 6.76%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 84.95% 86.21% 86.46% 86.80% 85.08% 84.67% 85.58% 86.11% 84.95% 81.43% 86.56%
EBITDA Margin		 37.24% 26.42% 49.72% 43.77% 28.90% 34.36% 45.09% 51.12% 30.92% 26.83% 38.75%
Operating Margin		 28.33% 23.89% 30.15% 31.70% 26.13% 19.54% 29.37% 27.35% 22.65% 17.83% 30.15%
EBIT Margin		 33.95% 22.79% 46.32% 40.50% 25.56% 30.17% 41.42% 47.48% 27.18% 23.41% 35.86%
Profit (Net Income) Margin		 33.77% 22.96% 40.38% 36.03% 24.22% 26.70% 37.86% 38.89% 21.74% 20.17% 30.23%
Tax Burden Percent		 101.05% 103.04% 87.97% 89.79% 95.78% 89.36% 91.63% 82.80% 80.92% 87.49% 84.89%
Interest Burden Percent		 98.43% 97.75% 99.10% 99.08% 98.92% 99.05% 99.76% 98.92% 98.84% 98.47% 99.29%
Effective Tax Rate		 -1.05% -3.04% 12.03% 10.21% 4.22% 10.64% 8.37% 17.20% 19.08% 12.51% 15.11%
Return on Invested Capital (ROIC)		 32.00% 27.60% 28.81% 30.72% 26.75% 18.45% 26.85% 22.50% 17.98% 15.87% 25.66%
ROIC Less NNEP Spread (ROIC-NNEP)		 30.60% 27.99% 25.22% 28.75% 26.96% 16.56% 24.13% 18.64% 17.14% 14.82% 24.36%
Return on Net Nonoperating Assets (RNNOA)		 -15.84% -15.03% -13.22% -15.15% -14.01% -8.73% -12.31% -9.78% -8.87% -7.67% -12.11%
Return on Equity (ROE)		 16.17% 12.57% 15.59% 15.57% 12.74% 9.72% 14.54% 12.73% 9.11% 8.20% 13.54%
Cash Return on Invested Capital (CROIC)		 20.51% 22.69% 14.22% 14.76% 14.85% 8.91% 12.46% 14.58% 14.57% 18.47% 15.88%
Operating Return on Assets (OROA)		 14.30% 9.27% 18.72% 16.11% 10.25% 11.82% 15.85% 17.43% 9.96% 8.91% 13.94%
Return on Assets (ROA)		 14.22% 9.34% 16.32% 14.34% 9.71% 10.46% 14.48% 14.28% 7.96% 7.68% 11.75%
Return on Common Equity (ROCE)		 16.17% 12.57% 15.59% 15.57% 12.74% 9.72% 14.54% 12.73% 9.11% 8.20% 13.54%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 14.29% 15.32% 15.87% 0.00% 15.31% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 983 774 941 1,059 948 529 989 850 712 562 1,098
NOPAT Margin		 28.63% 24.62% 26.53% 28.47% 25.03% 17.46% 26.91% 22.65% 18.33% 15.60% 25.59%
Net Nonoperating Expense Percent (NNEP)		 1.40% -0.39% 3.59% 1.97% -0.21% 1.88% 2.71% 3.86% 0.85% 1.05% 1.30%
Return On Investment Capital (ROIC_SIMPLE)		 3.43% - - - 2.96% 1.65% 3.03% 2.53% 2.10% 1.68% 3.26%
Cost of Revenue to Revenue		 15.05% 13.79% 13.54% 13.20% 14.92% 15.33% 14.42% 13.89% 15.05% 18.57% 13.44%
SG&A Expenses to Revenue		 21.48% 21.91% 21.39% 19.20% 20.91% 20.90% 17.25% 17.52% 19.95% 17.96% 15.43%
R&D to Revenue		 35.15% 39.92% 34.50% 35.68% 37.63% 44.23% 38.95% 41.50% 42.34% 45.64% 40.99%
Operating Expenses to Revenue		 56.62% 62.31% 56.31% 55.10% 58.95% 65.13% 56.21% 58.76% 62.30% 63.60% 56.42%
Earnings before Interest and Taxes (EBIT)		 1,166 717 1,643 1,507 969 914 1,522 1,783 1,056 844 1,539
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,279 831 1,764 1,629 1,095 1,041 1,657 1,919 1,201 967 1,663
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.68 3.89 4.11 3.95 2.67 2.36 1.89 1.93 2.60 2.60 2.06
Price to Tangible Book Value (P/TBV)		 3.84 4.04 4.27 4.11 2.78 2.46 1.98 2.01 2.70 2.71 2.15
Price to Revenue (P/Rev)		 7.29 8.00 8.59 8.37 5.51 4.92 3.99 4.18 5.66 5.47 4.21
Price to Earnings (P/E)		 24.20 27.18 26.80 24.90 17.74 15.41 12.71 13.02 18.01 18.47 15.10
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.14% 0.34% 0.47% 0.46% 0.46% 0.58%
Earnings Yield		 4.13% 3.68% 3.73% 4.02% 5.64% 6.49% 7.87% 7.68% 5.55% 5.42% 6.62%
Enterprise Value to Invested Capital (EV/IC)		 6.61 7.38 7.55 7.30 4.46 3.76 2.77 2.92 4.30 4.38 3.12
Enterprise Value to Revenue (EV/Rev)		 6.26 6.88 7.49 7.24 4.44 3.86 2.94 3.06 4.53 4.37 3.19
Enterprise Value to EBITDA (EV/EBITDA)		 17.50 19.80 19.77 18.23 11.86 9.84 7.72 7.63 11.17 11.34 8.61
Enterprise Value to EBIT (EV/EBIT)		 19.23 21.90 21.70 19.93 13.04 10.81 8.52 8.40 12.32 12.51 9.49
Enterprise Value to NOPAT (EV/NOPAT)		 21.56 24.50 27.45 26.95 17.12 15.74 11.92 13.28 21.08 20.92 15.38
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.88 19.01 24.81 23.61 14.27 13.77 8.82 8.59 13.05 12.99 10.58
Enterprise Value to Free Cash Flow (EV/FCFF)		 34.13 33.98 57.18 52.96 31.96 45.82 23.59 20.85 30.50 24.04 20.13
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.10 0.10 0.10 0.09 0.09 0.09 0.09 0.09 0.09 0.06 0.06
Long-Term Debt to Equity		 0.10 0.10 0.10 0.09 0.09 0.09 0.09 0.09 0.09 0.06 0.06
Financial Leverage		 -0.52 -0.54 -0.52 -0.53 -0.52 -0.53 -0.51 -0.52 -0.52 -0.52 -0.50
Leverage Ratio		 1.28 1.28 1.28 1.28 1.28 1.28 1.28 1.29 1.29 1.29 1.30
Compound Leverage Factor		 1.26 1.25 1.27 1.27 1.27 1.26 1.27 1.27 1.28 1.27 1.29
Debt to Total Capital		 9.43% 9.10% 8.75% 8.44% 8.44% 8.43% 8.29% 8.04% 7.97% 5.95% 5.90%
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		 9.43% 9.10% 8.75% 8.44% 8.44% 8.43% 8.29% 8.04% 7.97% 5.95% 5.90%
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		 90.57% 90.90% 91.25% 91.56% 91.56% 91.57% 91.71% 91.96% 92.03% 94.06% 94.10%
Debt to EBITDA		 0.58 0.59 0.53 0.49 0.51 0.49 0.50 0.47 0.47 0.35 0.35
Net Debt to EBITDA		 -2.88 -3.25 -2.90 -2.83 -2.86 -2.70 -2.73 -2.81 -2.78 -2.88 -2.75
Long-Term Debt to EBITDA		 0.58 0.59 0.53 0.49 0.51 0.49 0.50 0.47 0.47 0.35 0.35
Debt to NOPAT		 0.71 0.74 0.73 0.73 0.73 0.78 0.77 0.82 0.88 0.64 0.62
Net Debt to NOPAT		 -3.55 -4.02 -4.03 -4.19 -4.13 -4.31 -4.22 -4.88 -5.24 -5.32 -4.92
Long-Term Debt to NOPAT		 0.71 0.74 0.73 0.73 0.73 0.78 0.77 0.82 0.88 0.64 0.62
Altman Z-Score		 10.33 10.65 11.00 10.72 7.69 7.21 6.26 6.01 7.31 7.25 6.04
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		 5.69 5.27 5.44 5.28 4.73 4.93 4.60 4.06 4.13 3.57 3.34
Quick Ratio		 4.82 4.40 4.43 4.34 3.86 3.90 3.57 3.19 3.28 2.84 2.63
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -420 -251 -972 -768 -762 -1,742 -749 -341 -240 159 339
Operating Cash Flow to CapEx		 433.45% 1,129.57% 196.12% 533.77% 632.67% 455.78% 522.56% 803.72% 470.73% 467.87% 338.47%
Free Cash Flow to Firm to Interest Expense		 -22.97 -15.60 -65.66 -55.69 -72.60 -200.21 -208.07 -17.68 -19.64 12.33 30.83
Operating Cash Flow to Interest Expense		 59.55 93.94 23.92 93.57 120.27 120.13 317.89 83.87 95.96 83.64 73.91
Operating Cash Flow Less CapEx to Interest Expense		 45.81 85.63 11.72 76.04 101.26 93.77 257.06 73.44 75.57 65.76 52.07
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.42 0.41 0.40 0.40 0.40 0.39 0.38 0.37 0.37 0.38 0.39
Accounts Receivable Turnover		 2.39 2.53 2.49 2.37 2.39 2.61 2.51 2.42 2.40 2.64 2.55
Inventory Turnover		 0.73 0.70 0.69 0.69 0.70 0.68 0.67 0.66 0.67 0.73 0.75
Fixed Asset Turnover		 3.32 3.23 3.28 3.28 3.25 3.16 3.11 3.02 2.95 3.00 3.02
Accounts Payable Turnover		 3.04 2.82 3.37 3.72 2.82 2.91 3.19 2.97 2.43 2.66 2.50
Days Sales Outstanding (DSO)		 152.99 144.06 146.64 154.09 152.65 139.71 145.43 151.07 152.09 138.13 143.04
Days Inventory Outstanding (DIO)		 500.76 523.40 525.91 529.81 524.93 538.77 540.93 549.95 546.28 498.32 488.03
Days Payable Outstanding (DPO)		 120.19 129.41 108.38 98.17 129.30 125.57 114.39 122.84 150.16 137.13 146.12
Cash Conversion Cycle (CCC)		 533.57 538.04 564.17 585.74 548.28 552.91 571.97 578.17 548.21 499.31 484.95
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 12,435 12,196 13,378 13,743 14,145 14,467 15,116 14,934 15,097 14,870 15,875
Invested Capital Turnover		 1.12 1.12 1.09 1.08 1.07 1.06 1.00 0.99 0.98 1.02 1.00
Increase / (Decrease) in Invested Capital		 1,403 1,025 1,913 1,828 1,711 2,271 1,738 1,192 952 403 759
Enterprise Value (EV)		 82,149 90,065 100,980 100,300 63,069 54,416 41,859 43,570 64,963 65,130 49,535
Market Capitalization		 95,687 104,860 115,808 115,883 78,278 69,337 56,682 59,594 81,123 81,683 65,371
Book Value per Share		 $238.40 $250.38 $255.98 $266.03 $267.12 $268.81 $277.30 $292.09 $297.40 $297.23 $302.48
Tangible Book Value per Share		 $228.87 $240.56 $245.98 $255.87 $256.67 $258.14 $264.78 $279.06 $285.44 $285.06 $289.98
Total Capital		 28,676 29,695 30,910 32,030 32,058 32,092 32,644 33,663 33,963 33,410 33,698
Total Debt		 2,703 2,703 2,704 2,704 2,704 2,705 2,705 2,706 2,706 1,986 1,987
Total Long-Term Debt		 2,703 2,703 2,704 2,704 2,704 2,705 2,705 2,706 2,706 1,986 1,987
Net Debt		 -13,538 -14,795 -14,828 -15,583 -15,208 -14,921 -14,823 -16,024 -16,160 -16,554 -15,836
Capital Expenditures (CapEx)		 251 134 181 242 200 229 219 201 249 231 240
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 5,211 4,771 5,764 5,876 5,704 5,656 5,723 5,112 5,048 4,348 4,921
Debt-free Net Working Capital (DFNWC)		 16,056 15,291 15,573 15,673 14,717 14,005 13,193 13,556 13,654 13,102 12,915
Net Working Capital (NWC)		 16,056 15,291 15,573 15,673 14,717 14,005 13,193 13,556 13,654 13,102 12,915
Net Nonoperating Expense (NNE)		 -177 52 -491 -281 31 -280 -402 -610 -133 -165 -199
Net Nonoperating Obligations (NNO)		 -13,538 -14,795 -14,828 -15,584 -15,208 -14,921 -14,823 -16,024 -16,160 -16,554 -15,836
Total Depreciation and Amortization (D&A)		 113 114 121 122 126 127 135 137 145 123 124
Debt-free, Cash-free Net Working Capital to Revenue		 39.73% 36.42% 42.73% 42.44% 40.16% 40.15% 40.26% 35.88% 35.20% 29.14% 31.68%
Debt-free Net Working Capital to Revenue		 122.40% 116.72% 115.45% 113.18% 103.62% 99.43% 92.81% 95.14% 95.19% 87.81% 83.14%
Net Working Capital to Revenue		 122.40% 116.72% 115.45% 113.18% 103.62% 99.43% 92.81% 95.14% 95.19% 87.81% 83.14%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $10.88 $6.70 $13.25 $12.40 $8.55 $7.58 $13.24 $14.09 $8.16 $6.99 $12.62
Adjusted Weighted Average Basic Shares Outstanding		 106.70M 107.80M 108.10M 108.10M 107.90M 106.70M 105.10M 103.60M 104.60M 104M 102.80M
Adjusted Diluted Earnings per Share		 $10.21 $6.27 $12.41 $11.54 $8.12 $7.27 $12.81 $13.62 $7.78 $6.75 $12.23
Adjusted Weighted Average Diluted Shares Outstanding		 113.70M 115.10M 115.40M 116.20M 115.10M 111.20M 108.60M 107.20M 108.60M 107.70M 106M
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		 109.76M 110.19M 110.23M 109.89M 109.32M 107.97M 105.99M 105.10M 105.72M 104.84M 102.95M
Normalized Net Operating Profit after Tax (NOPAT)		 681 526 941 1,059 948 529 989 850 712 562 1,098
Normalized NOPAT Margin		 19.83% 16.72% 26.53% 28.47% 25.03% 17.46% 26.91% 22.65% 18.33% 15.60% 25.59%
Pre Tax Income Margin		 33.42% 22.28% 45.90% 40.13% 25.29% 29.88% 41.32% 46.97% 26.87% 23.05% 35.61%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 63.71 44.52 111.01 109.19 92.25 105.02 422.86 92.36 86.55 65.43 139.89
NOPAT to Interest Expense		 53.72 48.09 63.58 76.75 90.33 60.77 274.77 44.05 58.36 43.60 99.82
EBIT Less CapEx to Interest Expense		 49.97 36.21 98.81 91.66 73.24 78.67 362.03 81.93 66.16 47.56 118.05
NOPAT Less CapEx to Interest Expense		 39.98 39.77 51.38 59.22 71.32 34.42 213.93 33.62 37.98 25.73 77.98
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8.22% 8.46% 8.74%
Augmented Payout Ratio		 56.53% 47.06% 40.05% 41.24% 59.00% 74.53% 85.48% 81.69% 84.55% 80.61% 84.97%

Financials Breakdown Chart

Key Financial Trends

Regeneron Pharmaceuticals (NASDAQ: REGN) entered 2026 with a very strong balance sheet, but its latest quarterly results also show the company is still highly dependent on investment income and disciplined capital allocation to offset uneven core revenue growth.

  • REGN ended Q1 2026 with $8.8 billion in cash and short-term investments, plus another $9.8 billion in long-term investments, giving it a very large liquidity cushion.
  • Total common equity rose to $31.4 billion in Q1 2026, up from $29.4 billion a year earlier, reflecting continued retained earnings growth.
  • The company generated $1.08 billion in operating cash flow in Q1 2026, which remains comfortably positive despite lower earnings than the prior year.
  • Gross margin remains excellent: Q1 2026 revenue of $3.61 billion produced $2.94 billion in gross profit, showing strong underlying product economics.
  • Regeneron continues to produce meaningful net income, with $727 million in Q1 2026, or $6.75 diluted EPS.
  • Over the multi-year period shown, the company has consistently generated strong annualized profitability and cash flow, supporting dividends and buybacks.
  • R&D spending remains high at $1.65 billion in Q1 2026, which is consistent with a development-heavy biotech model but also keeps operating expenses elevated.
  • The company continued to return capital in Q1 2026, including $794 million of share repurchases and $98 million in dividends, which supports shareholder returns but also reduces cash.
  • Inventory and receivables remain large line items on the balance sheet, which is normal for a biotech company but worth watching for working-capital efficiency.
  • Q1 2026 revenue of $3.61 billion was down from $3.88 billion in Q4 2025 and $3.75 billion in Q3 2025, suggesting some near-term top-line softness.
  • Operating income fell to $643 million in Q1 2026 from $880 million in Q4 2025 and $1.03 billion in Q3 2025, showing pressure on core profitability.
  • Q1 2026 net income declined to $727 million from $845 million in Q4 2025 and $1.46 billion in Q3 2025, indicating a softer earnings trend.
  • Operating cash flow also cooled to $1.08 billion in Q1 2026 from $1.17 billion in Q4 2025 and $1.62 billion in Q3 2025.
  • The company’s Q1 2026 cash balance fell to $3.0 billion from $3.1 billion in Q1 2025, as buybacks and dividends outweighed operating cash generation and investing activity.

Looking at the last four years, Regeneron has remained a very profitable, cash-rich biotech with a fortress balance sheet and substantial flexibility. The biggest watch item for investors is not liquidity or leverage — it is whether the company can reaccelerate revenue growth and operating income from its current plateau. The heavy dependence on investment income and buybacks does not threaten the business, but it does suggest that core operating momentum has been less robust than the headline cash position might imply.

08/14/26 05:25 AM ETAI Generated. May Contain Errors.

Regeneron Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Regeneron Pharmaceuticals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Regeneron Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of $4.50 billion in 2025, rising from $636.06 million in 2015. The previous period was $4.41 billion in 2024. Check out Regeneron Pharmaceuticals' forecast to explore projected trends and price targets.

Regeneron Pharmaceuticals' total operating income in 2025 was $3.58 billion, based on the following breakdown:
  • Total Gross Profit: $12.24 billion
  • Total Operating Expenses: $8.66 billion

Over the last 10 years, Regeneron Pharmaceuticals' total revenue changed from $4.10 billion in 2015 to $14.34 billion in 2025, a change of 249.5%.

Regeneron Pharmaceuticals' total liabilities were at $9.30 billion at the end of 2025, a 10.7% increase from 2024, and a 376.0% increase since 2015.

In the past 10 years, Regeneron Pharmaceuticals' cash and equivalents has ranged from $535.20 million in 2016 to $3.12 billion in 2025, and is currently $3.12 billion as of their latest financial filing in 2025.

Over the last 10 years, Regeneron Pharmaceuticals' book value per share changed from 35.12 in 2015 to 297.40 in 2025, a change of 746.8%.


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Financial statements for NASDAQ:REGN last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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