NASDAQ : REGN
Regeneron Pharmaceuticals, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 927.89 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 92.65B
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Financial statements
Regeneron Pharmaceuticals, Inc. (REGN) reported revenue of 16.90B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 15.98B | 13.64B | 13.69B | 12.58B | 11.81B | 15.79B |
| Other Revenue | 913.10M | 702.60M | 515.00M | 536.10M | 365.10M | 281.20M |
| Revenue | 16.90B | 14.34B | 14.20B | 13.12B | 12.17B | 16.07B |
| Cost of Revenue | 9.00B | 7.95B | 7.10B | 6.25B | 5.15B | 5.30B |
| Gross Profit | 7.90B | 6.39B | 7.10B | 6.86B | 7.02B | 10.77B |
| Selling, General & Admin | 2.76B | 2.70B | 2.95B | 2.63B | 2.12B | 1.82B |
| Other Operating Expenses | -10.00M | -2.10M | -89.90M | -45.60M | ||
| Operating Expenses | 2.76B | 2.69B | 2.95B | 2.63B | 2.03B | 1.78B |
| Operating Income | 5.13B | 3.70B | 4.15B | 4.23B | 4.99B | 8.99B |
| Interest Expense | -46.70M | -43.80M | -55.20M | -73.00M | -59.40M | -57.30M |
| Interest & Investment Income | 741.90M | 716.80M | 711.40M | 495.90M | 160.10M | 45.80M |
| Currency Exchange Gain (Loss) | 2.40M | 2.40M | -600.00K | -300.00K | 50.20M | 400.00K |
| Other Non Operating Income (Expenses) | 955.70M | 988.00M | 15.90M | -28.80M | 8.80M | 4.00M |
| EBT Excluding Unusual Items | 6.79B | 5.37B | 4.82B | 4.63B | 5.15B | 8.99B |
| Gain (Loss) on Sale of Investments | -831.00M | -10.60M | 117.70M | -241.60M | -39.80M | 386.10M |
| Other Unusual Items | -53.40M | |||||
| Pretax Income | 5.69B | 5.23B | 4.78B | 4.20B | 4.86B | 9.33B |
| Income Tax Expense | 869.40M | 725.80M | 367.30M | 245.70M | 520.40M | 1.25B |
| Net Income | 4.82B | 4.50B | 4.41B | 3.95B | 4.34B | 8.08B |
| Net Income to Common | 4.82B | 4.50B | 4.41B | 3.95B | 4.34B | 8.08B |
| Shares Outstanding (Basic) | 102.88M | 104.60M | 107.90M | 106.70M | 107.10M | 105.70M |
| Shares Outstanding (Diluted) | 106.65M | 108.60M | 115.10M | 113.70M | 113.50M | 112.20M |
| EPS (Basic) | 46.83 | 43.07 | 40.90 | 37.05 | 40.51 | 76.40 |
| EPS (Diluted) | 45.17 | 41.48 | 38.34 | 34.77 | 38.22 | 71.97 |
| Free Cash Flow | 3.83B | 4.08B | 3.66B | 3.88B | 4.42B | 6.53B |
| Free Cash Flow Per Share | 35.88 | 37.57 | 31.84 | 34.08 | 38.98 | 58.19 |
| Dividend Per Share | 3.70 | 3.52 | ||||
| Gross Margin | 46.73% | 44.57% | 49.99% | 52.32% | 57.67% | 67.04% |
| Operating Margin | 30.38% | 25.81% | 29.19% | 32.27% | 41.03% | 55.97% |
| Profit Margin | 28.51% | 31.41% | 31.07% | 30.14% | 35.64% | 50.24% |
| Free Cash Flow Margin | 22.65% | 28.45% | 25.80% | 29.54% | 36.35% | 40.63% |
| EBITDA | 5.65B | 4.25B | 4.63B | 4.65B | 5.34B | 9.28B |
| EBITDA Margin | 33.42% | 29.60% | 32.59% | 35.48% | 43.83% | 57.75% |
| D&A For EBITDA | 512.90M | 543.70M | 482.90M | 421.00M | 341.40M | 286.20M |
| EBIT | 5.13B | 3.70B | 4.15B | 4.23B | 4.99B | 8.99B |
| EBIT Margin | 30.38% | 25.81% | 29.19% | 32.27% | 41.03% | 55.97% |
| Effective Tax Rate | 15.29% | 13.88% | 7.68% | 5.85% | 10.71% | 13.41% |
| Revenue as Reported | 16.90B | 14.34B | 14.20B | 13.12B | 12.17B | 16.07B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.66B | 3.12B | 2.49B | 2.73B | 3.11B | 2.89B |
| Short-Term Investments | 5.64B | 5.49B | 6.52B | 8.11B | 4.64B | 2.81B |
| Cash & Short-Term Investments | 9.30B | 8.61B | 9.01B | 10.84B | 7.74B | 5.69B |
| Accounts Receivable | 7.21B | 5.36B | 5.84B | 5.30B | 5.02B | 5.06B |
| Other Receivables | 372.20M | 384.90M | 367.80M | 368.50M | 305.60M | 977.50M |
| Receivables | 7.58B | 5.74B | 6.21B | 5.67B | 5.33B | 6.04B |
| Inventory | 2.89B | 3.20B | 3.09B | 2.58B | 2.40B | 1.95B |
| Prepaid Expenses | 1.01B | 469.20M | 348.40M | 386.60M | 411.20M | 332.40M |
| Restricted Cash | 12.50M | 5.60M | 800.00K | |||
| Total Current Assets | 20.80B | 18.02B | 18.66B | 19.48B | 15.88B | 14.01B |
| Property, Plant & Equipment | 5.73B | 5.37B | 4.82B | 4.22B | 3.83B | 3.48B |
| Long-Term Investments | 10.37B | 10.59B | 9.06B | 5.47B | 6.64B | 6.88B |
| Other Intangible Assets | 1.32B | 1.26B | 1.15B | 1.04B | 915.50M | 6.70M |
| Long-Term Deferred Tax Assets | 4.54B | 4.08B | 3.31B | 2.58B | 1.72B | 876.90M |
| Other Long-Term Assets | 1.66B | 1.24B | 758.80M | 291.80M | 216.90M | 176.10M |
| Total Assets | 44.41B | 40.56B | 37.76B | 33.08B | 29.21B | 25.43B |
| Accounts Payable | 1.14B | 939.00M | 789.50M | 606.60M | 589.20M | 564.00M |
| Accrued Expenses | 3.59B | 2.49B | 2.28B | 2.33B | 2.05B | 1.59B |
| Current Portion of Leases | 720.00M | 37.80M | 30.30M | 19.00M | 12.40M | 719.70M |
| Current Income Taxes Payable | 351.30M | 213.20M | 11.70M | 326.30M | ||
| Current Unearned Revenue | 749.80M | 553.00M | 627.70M | 458.90M | 485.30M | 442.00M |
| Other Current Liabilities | 287.40M | |||||
| Total Current Liabilities | 6.20B | 4.37B | 3.94B | 3.42B | 3.14B | 3.93B |
| Long-Term Debt | 1.99B | 1.99B | 1.98B | 1.98B | 1.98B | 1.98B |
| Long-Term Leases | 949.00M | 924.10M | 788.70M | 775.80M | ||
| Long-Term Unearned Revenue | 220.20M | 208.70M | 185.70M | 126.70M | 69.80M | 73.30M |
| Other Long-Term Liabilities | 2.50B | 1.79B | 1.37B | 785.40M | 582.20M | 680.20M |
| Total Liabilities | 10.91B | 9.30B | 8.41B | 7.11B | 6.55B | 6.67B |
| Common Stock | 100.00K | 100.00K | 100.00K | 100.00K | 100.00K | 100.00K |
| Additional Paid-In Capital | 15.17B | 13.99B | 12.86B | 11.35B | 9.95B | 8.09B |
| Retained Earnings | 39.47B | 35.80B | 31.67B | 27.26B | 23.31B | 18.97B |
| Treasury Stock | -20.95B | -18.61B | -15.17B | -12.56B | -10.35B | -8.26B |
| Comprehensive Income & Other | -197.50M | 77.50M | -7.90M | -80.90M | -238.80M | -26.20M |
| Shareholders' Equity | 33.50B | 31.26B | 29.35B | 25.97B | 22.66B | 18.77B |
| Total Liabilities & Equity | 44.41B | 40.56B | 37.76B | 33.08B | 29.21B | 25.43B |
| Total Debt | 2.71B | 2.97B | 2.94B | 2.79B | 2.77B | 2.70B |
| Net Cash (Debt) | 16.15B | 15.89B | 14.97B | 13.45B | 11.56B | 9.83B |
| Net Cash Per Share | 151.44 | 146.35 | 130.09 | 118.30 | 101.89 | 87.64 |
| Filing Date Shares Outstanding | 100.35M | 102.62M | 106.82M | 107.46M | 106.73M | 106.44M |
| Total Common Shares Outstanding | 100.32M | 102.60M | 107.10M | 107.12M | 107.00M | 106.57M |
| Working Capital | 14.59B | 13.65B | 14.72B | 16.06B | 12.74B | 10.08B |
| Book Value Per Share | 333.93 | 304.65 | 274.08 | 242.47 | 211.81 | 176.11 |
| Tangible Book Value | 32.18B | 30.00B | 28.20B | 24.93B | 21.75B | 18.76B |
| Tangible Book Value Per Share | 320.81 | 292.39 | 263.35 | 232.78 | 203.26 | 176.05 |
| Land | 278.80M | 288.20M | 283.10M | 264.50M | 248.00M | |
| Buildings | 3.11B | 2.57B | 2.42B | 2.27B | 2.09B | |
| Machinery | 2.29B | 2.15B | 1.94B | 1.80B | 1.66B | |
| Construction In Progress | 1.89B | 1.72B | 1.34B | 980.50M | 767.70M | |
| Leasehold Improvements | 174.40M | 154.50M | 133.90M | 114.30M | 113.90M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.82B | 4.50B | 4.41B | 3.95B | 4.34B | 8.08B |
| Depreciation & Amortization | 512.90M | 543.70M | 482.90M | 421.00M | 341.40M | 286.20M |
| Asset Writedown & Restructuring Costs | 195.00M | |||||
| Loss (Gain) From Sale of Investments | -125.70M | -946.10M | -118.30M | 266.40M | 36.80M | -387.00M |
| Stock-Based Compensation | 1.01B | 993.70M | 982.80M | 885.00M | 725.00M | 601.70M |
| Other Operating Activities | -366.70M | -649.90M | -721.20M | -837.90M | -378.40M | 421.60M |
| Change in Accounts Receivable | -1.90B | 498.10M | -554.00M | -338.80M | 707.80M | -1.93B |
| Change in Inventory | 112.80M | -275.30M | -619.70M | -271.70M | -696.50M | -494.30M |
| Change in Accounts Payable | 1.36B | 736.80M | 735.10M | 598.60M | -138.40M | 866.10M |
| Change in Unearned Revenue | 205.20M | -51.70M | 227.80M | 37.90M | 32.40M | -120.20M |
| Change in Other Net Operating Assets | -773.90M | -375.30M | -407.50M | -120.10M | -148.60M | -240.70M |
| Operating Cash Flow | 4.85B | 4.98B | 4.42B | 4.59B | 5.01B | 7.08B |
| Capital Expenditures | -1.02B | -898.40M | -755.90M | -718.60M | -590.10M | -551.90M |
| Sale of Property, Plant & Equipment | 20.10M | |||||
| Cash Acquisitions | -300.00K | -3.30M | -16.50M | -54.90M | -230.30M | |
| Sale (Purchase) of Intangibles | -198.20M | -315.30M | -125.70M | -207.80M | -1.03B | |
| Investment in Securities | 628.80M | 587.90M | -1.59B | -2.20B | -1.94B | -4.83B |
| Investing Cash Flow | -589.40M | -629.10M | -2.47B | -3.19B | -3.78B | -5.38B |
| Issuance of Common Stock | 1.02B | 635.90M | 1.47B | 1.15B | 1.52B | 1.67B |
| Repurchase of Common Stock | -3.73B | -3.97B | -3.63B | -2.94B | -2.53B | -2.68B |
| Common Dividends Paid | -383.00M | -370.30M | ||||
| Other Financing Activities | -10.30M | -33.40M | ||||
| Financing Cash Flow | -3.10B | -3.72B | -2.20B | -1.79B | -1.01B | -1.01B |
| Foreign Exchange Rate Adjustments | -1.00M | 300.00K | -700.00K | -400.00K | ||
| Net Cash Flow | 1.16B | 634.70M | -248.80M | -381.60M | 221.30M | 690.80M |
| Free Cash Flow | 3.83B | 4.08B | 3.66B | 3.88B | 4.42B | 6.53B |
| Free Cash Flow Margin | 22.65% | 28.45% | 25.80% | 29.54% | 36.35% | 40.63% |
| Free Cash Flow Per Share | 35.88 | 37.57 | 31.84 | 34.08 | 38.98 | 58.19 |
| Levered Free Cash Flow | 2.58B | 3.26B | 2.64B | 2.76B | 2.63B | 4.31B |
| Unlevered Free Cash Flow | 2.61B | 3.29B | 2.67B | 2.81B | 2.67B | 4.35B |
| Cash Interest Paid | 41.60M | 41.60M | 52.60M | 73.10M | 53.70M | 55.80M |
| Cash Income Tax Paid | 1.25B | 1.25B | 743.00M | 870.30M | 1.50B | 1.22B |
| Change in Working Capital | -997.40M | 532.60M | -618.30M | -94.10M | -243.30M | -1.92B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 96.46B | 79.19B | 76.64B | 93.40B | 77.06B | 66.03B |
| Enterprise Value | 80.31B | 63.17B | 61.06B | 80.41B | 66.77B | 57.31B |
| Last Close Price | 961.26 | 768.90 | 705.67 | 870.08 | 714.75 | 625.62 |
| PE Ratio | 21.28 | 17.58 | 17.37 | 23.62 | 17.76 | 8.18 |
| Forward PE | 12.26 | 17.11 | 15.19 | 19.36 | 17.29 | 11.00 |
| PS Ratio | 5.71 | 5.52 | 5.40 | 7.12 | 6.33 | 4.11 |
| PB Ratio | 2.88 | 2.53 | 2.61 | 3.60 | 3.40 | 3.52 |
| P/TBV Ratio | 3.00 | 2.64 | 2.72 | 3.75 | 3.54 | 3.52 |
| P/FCF Ratio | 25.21 | 19.41 | 20.91 | 24.10 | 17.41 | 10.11 |
| P/OCF Ratio | 19.91 | 15.91 | 17.34 | 20.33 | 15.37 | 9.32 |
| PEG Ratio | 1.03 | 2.93 | 0.95 | 4.75 | 5.86 | 5.17 |
| EV/Sales Ratio | 4.75 | 4.40 | 4.30 | 6.13 | 5.49 | 3.57 |
| EV/EBITDA Ratio | 14.22 | 14.88 | 13.19 | 17.28 | 12.51 | 6.17 |
| EV/EBIT Ratio | 15.64 | 17.06 | 14.73 | 19.00 | 13.37 | 6.37 |
| EV/FCF Ratio | 20.99 | 15.48 | 16.66 | 20.75 | 15.09 | 8.78 |
| Debt / Equity Ratio | 0.08 | 0.10 | 0.10 | 0.11 | 0.12 | 0.14 |
| Debt / EBITDA Ratio | 0.48 | 0.69 | 0.63 | 0.60 | 0.52 | 0.29 |
| Debt / FCF Ratio | 0.71 | 0.73 | 0.80 | 0.72 | 0.63 | 0.41 |
| Net Debt / Equity Ratio | -0.48 | -0.51 | -0.51 | -0.52 | -0.51 | -0.52 |
| Net Debt / EBITDA Ratio | -2.86 | -3.74 | -3.23 | -2.89 | -2.17 | -1.06 |
| Net Debt / FCF Ratio | -4.22 | -3.90 | -4.09 | -3.47 | -2.61 | -1.51 |
| Asset Turnover | 0.40 | 0.37 | 0.40 | 0.42 | 0.45 | 0.76 |
| Inventory Turnover | 2.93 | 2.53 | 2.51 | 2.51 | 2.37 | 2.74 |
| Quick Ratio | 2.72 | 3.28 | 3.86 | 4.82 | 4.16 | 2.98 |
| Current Ratio | 3.35 | 4.13 | 4.73 | 5.69 | 5.06 | 3.56 |
| Return on Equity (ROE) | 14.95% | 14.87% | 15.95% | 16.26% | 20.94% | 54.21% |
| Return on Assets (ROA) | 7.59% | 5.91% | 7.31% | 8.49% | 11.42% | 26.39% |
| Return on Invested Capital (ROIC) | 16.31% | 13.04% | 18.58% | 22.38% | 26.65% | 60.13% |
| Return on Capital Employed (ROCE) | 13.40% | 10.20% | 12.30% | 14.30% | 19.20% | 41.80% |
| Earnings Yield | 4.70% | 5.69% | 5.76% | 4.23% | 5.63% | 12.23% |
| FCF Yield | 3.97% | 5.15% | 4.78% | 4.15% | 5.74% | 9.89% |
| Dividend Yield | 0.39% | 0.46% | ||||
| Payout Ratio | 8.32% | 8.22% | ||||
| Buyback Yield / Dilution | 3.11% | 5.65% | -1.23% | -0.18% | -1.16% | 2.52% |
| Total Shareholder Return | 3.50% | 6.10% | -1.23% | -0.18% | -1.16% | 2.52% |