Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Analysis of Investments

Advanced level

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Regeneron Pharmaceuticals Inc., adjustment to net income

US$ in thousands

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income (as reported) 2,115,800  2,444,400  1,198,511  895,522  636,056 
Add: Unrealized gain (loss) on marketable securities 35,900  (7,000) 12,715  (21,412) (43,679)
Net income (adjusted) 2,151,700  2,437,400  1,211,226  874,110  592,377 

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Regeneron Pharmaceuticals Inc., adjusted profitability ratios

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net Profit Margin
Reported net profit margin 26.91% 36.42% 20.41% 18.42% 15.50%
Adjusted net profit margin 27.36% 36.32% 20.63% 17.98% 14.44%
Return on Equity (ROE)
Reported ROE 19.08% 27.91% 19.51% 20.13% 17.40%
Adjusted ROE 19.40% 27.83% 19.71% 19.65% 16.21%
Return on Assets (ROA)
Reported ROA 14.29% 20.83% 13.67% 12.84% 11.34%
Adjusted ROA 14.53% 20.77% 13.82% 12.53% 10.56%

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Regeneron Pharmaceuticals Inc.’s adjusted net profit margin ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Regeneron Pharmaceuticals Inc.’s adjusted ROE improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Regeneron Pharmaceuticals Inc.’s adjusted ROA improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level.

Regeneron Pharmaceuticals Inc., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Net income 2,115,800  2,444,400  1,198,511  895,522  636,056 
Revenues 7,863,400  6,710,800  5,872,227  4,860,427  4,103,728 
Profitability Ratio
Net profit margin1 26.91% 36.42% 20.41% 18.42% 15.50%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income 2,151,700  2,437,400  1,211,226  874,110  592,377 
Revenues 7,863,400  6,710,800  5,872,227  4,860,427  4,103,728 
Profitability Ratio
Adjusted net profit margin2 27.36% 36.32% 20.63% 17.98% 14.44%

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).

2019 Calculations

1 Net profit margin = 100 × Net income ÷ Revenues
= 100 × 2,115,800 ÷ 7,863,400 = 26.91%

2 Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 2,151,700 ÷ 7,863,400 = 27.36%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Regeneron Pharmaceuticals Inc.’s adjusted net profit margin ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level.

Adjusted Return on Equity (ROE)

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Net income 2,115,800  2,444,400  1,198,511  895,522  636,056 
Stockholders’ equity 11,089,700  8,757,300  6,144,078  4,449,245  3,654,837 
Profitability Ratio
ROE1 19.08% 27.91% 19.51% 20.13% 17.40%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income 2,151,700  2,437,400  1,211,226  874,110  592,377 
Stockholders’ equity 11,089,700  8,757,300  6,144,078  4,449,245  3,654,837 
Profitability Ratio
Adjusted ROE2 19.40% 27.83% 19.71% 19.65% 16.21%

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).

2019 Calculations

1 ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 2,115,800 ÷ 11,089,700 = 19.08%

2 Adjusted ROE = 100 × Adjusted net income ÷ Stockholders’ equity
= 100 × 2,151,700 ÷ 11,089,700 = 19.40%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Regeneron Pharmaceuticals Inc.’s adjusted ROE improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

Adjusted Return on Assets (ROA)

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Net income 2,115,800  2,444,400  1,198,511  895,522  636,056 
Total assets 14,805,200  11,734,500  8,764,286  6,973,466  5,609,132 
Profitability Ratio
ROA1 14.29% 20.83% 13.67% 12.84% 11.34%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income 2,151,700  2,437,400  1,211,226  874,110  592,377 
Total assets 14,805,200  11,734,500  8,764,286  6,973,466  5,609,132 
Profitability Ratio
Adjusted ROA2 14.53% 20.77% 13.82% 12.53% 10.56%

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).

2019 Calculations

1 ROA = 100 × Net income ÷ Total assets
= 100 × 2,115,800 ÷ 14,805,200 = 14.29%

2 Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 2,151,700 ÷ 14,805,200 = 14.53%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Regeneron Pharmaceuticals Inc.’s adjusted ROA improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level.