Analysis of Inventory
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Inventory Disclosure
Regeneron Pharmaceuticals Inc., balance sheet: inventory
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Work-in-process | |||||||||||
| Finished goods | |||||||||||
| Deferred costs | |||||||||||
| Inventories |
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 composition of inventories exhibits a consistent upward trend over the five-year period, although the rate of increase varies across different inventory categories. A significant portion of the inventory value is concentrated in raw materials and work-in-process, with finished goods representing a comparatively smaller percentage.
- Raw Materials
- Raw materials increased from US$721.9 million in 2021 to US$818.4 million in 2022, representing a growth of approximately 13.4%. A subsequent decrease to US$789.3 million was observed in 2023, followed by an increase to US$879.5 million in 2024. The most recent year, 2025, shows a decline to US$641.5 million. This suggests potential fluctuations in procurement strategies or supply chain dynamics.
- Work-in-Process
- Work-in-process demonstrates the most substantial growth among the inventory components. It increased steadily from US$707.2 million in 2021 to US$1,641.6 million in 2025, representing an increase of over 132%. This consistent rise may indicate increased production volume, longer production cycles, or a build-up of partially completed goods.
- Finished Goods
- Finished goods inventory experienced moderate growth, increasing from US$73.7 million in 2021 to US$190.2 million in 2025. While the trend is generally upward, the growth rate is less pronounced than that of work-in-process. A slight decrease was noted between 2023 and 2024, from US$147.3 million to US$139.8 million, before resuming growth in 2025.
- Deferred Costs
- Deferred costs have also shown an increasing trend, rising from US$448.5 million in 2021 to US$727.5 million in 2025. The rate of increase accelerated in 2024, suggesting a potential shift in cost allocation practices or increased investment in future production.
- Total Inventories
- Total inventories increased consistently from US$1,951.3 million in 2021 to US$3,200.8 million in 2025. The largest year-over-year increase occurred between 2022 and 2023, followed by 2023 and 2024. The composition shift towards work-in-process is a key driver of this overall growth.
The increasing trend in work-in-process warrants further investigation to determine the underlying causes and potential implications for production efficiency and cost management. The decline in raw materials during the latest period could be a result of improved supply chain management or a decrease in anticipated production needs.