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Regeneron Pharmaceuticals Inc. pages available for free this week:
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities
Regeneron Pharmaceuticals Inc., adjustment to net income
US$ in thousands
| 12 months ended: | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|---|
| Net income (as reported) | ||||||
| Add: Unrealized gain (loss) on debt securities | ||||||
| Net income (adjusted) |
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data reflects the trends in the company's reported and adjusted net income over a five-year period ending December 31, 2024.
- Reported Net Income
- The reported net income increased significantly from 3,513,200 thousand US dollars in 2020 to 8,075,300 thousand in 2021. Following this peak, it declined sharply to 4,338,400 thousand in 2022 and continued to decrease slightly to 3,953,600 thousand in 2023. There is a modest recovery in 2024, with reported net income rising to 4,412,600 thousand.
- Adjusted Net Income
- Adjusted net income shows a similar pattern to reported net income. It grew from 3,522,300 thousand US dollars in 2020 to 8,018,900 thousand in 2021. Thereafter, it fell to 4,124,800 thousand in 2022 and further decreased marginally to 4,111,800 thousand in 2023. In 2024, adjusted net income increased again to 4,486,200 thousand.
- Comparative Analysis and Insights
- Both reported and adjusted net incomes exhibited a substantial rise in 2021, likely indicative of an exceptional event or operational success that year. Post-2021, there was a notable decline reaching troughs in 2023, followed by a moderate recovery in 2024. The adjusted net income closely tracks the reported net income but shows slightly lower volatility in the later years, suggesting adjustments that might have normalized or excluded certain irregularities present in the reported figures.
Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)
Regeneron Pharmaceuticals Inc., adjusted profitability ratios
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data reveals several notable trends in the profitability and efficiency metrics over the five-year period from 2020 to 2024. Both reported and adjusted figures are provided for net profit margin, return on equity (ROE), and return on assets (ROA), allowing for a comparative analysis of core performance versus adjusted metrics.
- Net Profit Margin
- The reported net profit margin showed a significant increase from 41.35% in 2020 to a peak of 50.25% in 2021, indicating enhanced profitability during that period. However, from 2022 onwards, the margin declined sharply to 35.64%, followed by further decreases to 30.14% in 2023 and a slight recovery to 31.07% in 2024. The adjusted net profit margin followed a similar trend, peaking at 49.89% in 2021 before declining to 33.89% in 2022 and stabilizing around 31.35% to 31.59% in the subsequent years. This pattern suggests that while the company experienced strong profitability in 2021, it faced challenges that moderated profit margins in the following years.
- Return on Equity (ROE)
- The reported ROE also peaked in 2021 at 43.03%, up from 31.86% in 2020, signaling heightened shareholder returns during that year. Subsequently, a pronounced decline occurred, with ROE falling to 19.14% in 2022 and continuing downward to approximately 15% in 2023 and 2024. The adjusted ROE mirrored this trajectory, reaching 42.72% in 2021 before decreasing to 18.2% in 2022 and stabilizing near 15% thereafter. The declining trend post-2021 suggests reduced effectiveness in generating returns on shareholders' equity in recent years.
- Return on Assets (ROA)
- ROA displayed a comparable pattern, increasing dramatically from 20.47% in 2020 to 31.75% in 2021. Thereafter, it experienced a steep decline to 14.85% in 2022 and further decreases to 11.95% in 2023 and 11.69% in 2024 for reported figures. Adjusted ROA followed suit, peaking at 31.53% in 2021 before dropping to 14.12% in 2022 and stabilizing near 12% in the last two years. This indicates diminishing asset efficiency after 2021, suggesting challenges in asset utilization to generate profits.
Overall, the data shows a clear peak in profitability and returns in 2021 across all key metrics, followed by a marked decline in subsequent years. Despite some stabilization in 2023 and 2024, levels remain significantly below the 2021 highs. The adjusted figures closely track reported results, indicating that non-recurring items or adjustments have a limited impact on these trends. The persistent reduction in net margins, ROE, and ROA post-2021 suggests the company may have faced increased costs, market pressures, or operational challenges that affected profitability and capital efficiency.
Regeneron Pharmaceuticals Inc., Profitability Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 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), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Net profit margin = 100 × Net income ÷ Revenues
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × ÷ =
The data indicates fluctuations in both reported and adjusted net income over the five-year period, with notable trends in profitability margins.
- Reported Net Income
- Reported net income saw a significant increase from 3,513,200 thousand US dollars in 2020 to a peak of 8,075,300 thousand US dollars in 2021. This was followed by a substantial decline to 4,338,400 thousand US dollars in 2022. The downward trend continued, albeit less steeply, reaching 3,953,600 thousand US dollars in 2023, before rising again to 4,412,600 thousand US dollars in 2024.
- Adjusted Net Income
- Adjusted net income mirrored the reported figures closely, starting at 3,522,300 thousand US dollars in 2020 and rising to 8,018,900 thousand US dollars in 2021. Subsequently, there was a decrease to 4,124,800 thousand US dollars in 2022. The amount then slightly recovered to 4,111,800 thousand US dollars in 2023 and increased further to 4,486,200 thousand US dollars in 2024.
- Reported Net Profit Margin
- The reported net profit margin exhibited a peak in 2021 at 50.25%, followed by a sharp decline to 35.64% in 2022. The margin then continued to decrease to its lowest point within the period at 30.14% in 2023 before showing a minor improvement to 31.07% in 2024.
- Adjusted Net Profit Margin
- Adjusted net profit margin closely tracked the reported margin, peaking at 49.89% in 2021. It then underwent a more pronounced decline to 33.89% in 2022, with a subsequent recovery to 31.35% in 2023 and a slight increase to 31.59% in 2024.
Overall, the financial data reveals a peak in performance in 2021, followed by a notable contraction in income and profit margins in 2022 and 2023. The partial recovery in 2024 suggests stabilization, although profit margins remain significantly below the peak levels observed in 2021. Adjusted figures remain consistently close to reported figures, indicating limited effects from adjustments on overall profitability trends.
Adjusted Return on Equity (ROE)
Based on: 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), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income ÷ Stockholders’ equity
= 100 × ÷ =
The financial data reveals notable trends in the profitability and return on equity (ROE) of the company over the five-year period ending in 2024. Both reported and adjusted net income exhibit fluctuations, with a significant increase from 2020 to 2021, followed by a sharp decline in 2022. The net income then shows a modest recovery in 2023 and 2024.
- Net Income Trends
- Reported net income rose markedly from approximately 3.51 billion USD in 2020 to over 8.07 billion USD in 2021, representing more than a twofold increase. However, it then declined substantially to around 4.34 billion USD in 2022. In the subsequent years, net income decreased slightly to roughly 3.95 billion USD in 2023 before increasing again to about 4.41 billion USD in 2024.
- Adjusted net income followed a similar trajectory, increasing from approximately 3.52 billion USD in 2020 to 8.02 billion USD in 2021. It then dropped to 4.12 billion USD in 2022, with a minor recovery to around 4.11 billion USD in 2023 and rising further to 4.49 billion USD in 2024. Adjusted figures tend to be slightly lower than reported figures in the later years, indicating some adjustments affecting income recognition or one-time items.
- Return on Equity (ROE) Patterns
- Reported ROE increased from 31.86% in 2020 to a peak of 43.03% in 2021, indicating strong shareholder returns during that year. Subsequently, ROE declined sharply to 19.14% in 2022 and continued a downward trend to 15.22% in 2023, with a slight decrease to 15.03% projected for 2024.
- Adjusted ROE displays a similar pattern, peaking at 42.72% in 2021. It then decreased to 18.20% in 2022 and showed a minor recovery to 15.83% in 2023, followed by a small decline to 15.28% in 2024. The adjusted ROE closely mirrors the reported ROE, suggesting that adjustments slightly moderate the returns but do not alter the overall trend.
Overall, the data illustrates a period of exceptional performance in 2021, followed by a contraction in both earnings and returns in the subsequent years. While there is some recovery in the net income figures in 2023 and 2024, ROE remains significantly below the peak levels observed in 2021. This pattern may indicate challenges in maintaining the high profitability and capital efficiency levels achieved during the peak year.
Adjusted Return on Assets (ROA)
Based on: 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), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × ÷ =
- Net Income Trends
- The reported net income showed a significant increase from 3,513,200 thousand US dollars in 2020 to a peak of 8,075,300 thousand in 2021. After this peak, the net income declined considerably to 4,338,400 thousand in 2022 and further to 3,953,600 thousand in 2023, before rising again slightly to 4,412,600 thousand in 2024. The adjusted net income follows a similar trajectory, with a peak in 2021 at 8,018,900 thousand, a decline in subsequent years reaching 4,111,800 thousand in 2023, and an increase to 4,486,200 thousand in 2024.
- Return on Assets (ROA) Trends
- The reported ROA experienced a pronounced rise from 20.47% in 2020 to 31.75% in 2021, indicating enhanced asset efficiency during that period. However, there was a sharp decline after 2021, falling to 14.85% in 2022 and continuing downward to 11.95% in 2023 and 11.69% in 2024. The adjusted ROA mirrored this trend, increasing from 20.52% in 2020 to 31.53% in 2021, before declining to 14.12% in 2022 and stabilizing slightly in 2023 and 2024 at 12.43% and 11.88%, respectively.
- Comparative Analysis
- The close alignment of the reported and adjusted net income values, as well as the reported and adjusted ROA percentages, suggests consistency between the reported and investment-adjusted financial metrics. Both sets of figures demonstrate an initial growth peak in 2021, followed by a decline and a modest recovery in the final year reported. The simultaneous decrease in ROA indicates that the company's asset utilization efficiency weakened after 2021, corresponding with the reduced net incomes in the subsequent years.
- Overall Observations
- The data reveals a period of robust financial performance peaking in 2021, succeeded by a decline in profitability and asset efficiency through 2023. The slight improvement in net income and stabilization of ROA in 2024 may point to early signs of recovery or operational adjustments. The trends underscore the importance of analyzing post-2021 factors that contributed to the decline, as well as monitoring the sustainability of the recent improvements.