Regeneron Pharmaceuticals Inc., balance sheet: debt

US$ in thousands

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Finance lease liabilities, current portion	—)	—)	—)	—)	719,700)
Long-term debt	1,985,900)	1,984,400)	1,982,900)	1,981,400)	1,980,000)
Finance lease liabilities, excluding current portion	720,000)	720,000)	720,000)	720,000)	—)
Total long-term debt and finance lease liabilities (carrying amount)	2,705,900)	2,704,400)	2,702,900)	2,701,400)	2,699,700)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The carrying amount of total debt exhibits a consistent, albeit modest, upward trend over the observed period. This analysis focuses on the components of total debt, specifically long-term debt and finance lease liabilities, to understand the drivers of this trend.

Long-Term Debt: Long-term debt demonstrates a steady incremental increase each year, moving from US$1,980,000 thousand in 2021 to US$1,985,900 thousand in 2025. The annual increase is consistently US$1,400 thousand. This suggests a pattern of regular, small-scale debt issuance or a consistent amortization schedule with limited principal repayments.
Finance Lease Liabilities: Finance lease liabilities are presented in two components: current and excluding current portions. In 2021, only the current portion was reported at US$719,700 thousand. Beginning in 2022, the non-current portion of finance lease liabilities is consistently reported at US$720,000 thousand and remains unchanged through 2025. The current portion is only reported for 2021, making trend analysis impossible. The introduction of the non-current portion in 2022 significantly expands the visibility into the company’s lease obligations.
Total Long-Term Debt and Finance Lease Liabilities: The combined carrying amount of long-term debt and finance lease liabilities increases incrementally from US$2,699,700 thousand in 2021 to US$2,705,900 thousand in 2025. The annual increase mirrors the increase in long-term debt, at US$1,400 thousand per year, as the non-current finance lease liability remains constant. This indicates that the growth in total debt is primarily driven by changes in long-term debt.

Overall, the company’s debt profile appears stable with a predictable pattern of incremental increases in long-term debt. The finance lease liabilities, once fully disclosed, contribute a consistent component to the total debt balance.

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	Dec 31, 2025
Selected Financial Data (US$ in thousands)
Long-term debt	1,576,000)
Finance lease liabilities	720,000)
Total long-term debt and finance lease liabilities (fair value)	2,296,000)
Financial Ratio
Debt, fair value to carrying amount ratio	0.85

Based on: 10-K (reporting date: 2025-12-31).

Weighted-average interest rate on debt and finance lease liabilities: 2.74%

Interest rate	Debt amount¹	Interest rate × Debt amount
1.75%	1,244,500)	21,779)
2.80%	741,400)	20,759)
4.40%	720,000)	31,680)
Total	2,705,900)	74,218)
2.74%

Based on: 10-K (reporting date: 2025-12-31).

¹ US$ in thousands

² Weighted-average interest rate = 100 × 74,218 ÷ 2,705,900 = 2.74%

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt