Common-Size Income Statement
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Regeneron Pharmaceuticals Inc., common-size consolidated income statement
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 common-size income statement reveals significant shifts in the revenue mix and expense structure over the five-year period. Net product sales, initially the dominant revenue source, demonstrate a consistent decline as a percentage of total revenues, while collaboration revenue exhibits a corresponding increase. This suggests a strategic shift towards greater reliance on partnerships and collaborative ventures. Other revenue also shows a modest, but consistent, increase.
- Revenue Composition
- Net product sales decreased from 75.39% of revenues in 2021 to 43.99% in 2025. Collaboration revenue increased substantially, rising from 22.86% in 2021 to 51.11% in 2025. Other revenue increased from 1.75% to 4.90% over the same period. This indicates a fundamental change in how the company generates revenue.
Cost of revenues, as a percentage of revenues, has generally increased over the period, offsetting some of the gains in gross profit. While gross profit remains a substantial portion of revenues, its percentage has experienced a slight downward trend. The increasing costs are evident in both cost of goods sold and cost of collaboration and contract manufacturing.
- Cost of Revenues & Gross Profit
- Cost of revenues increased from -15.17% in 2021 to -14.65% in 2025. Gross profit decreased from 84.83% in 2021 to 85.35% in 2025, indicating a slight erosion of profitability despite revenue growth.
Operating expenses, particularly research and development (R&D) and selling, general, and administrative (SG&A) expenses, have increased significantly as a percentage of revenues. The substantial rise in R&D spending is particularly noteworthy, suggesting increased investment in innovation and future product development. SG&A expenses also increased considerably, though at a slower pace than R&D.
- Operating Expenses
- Research and development expenses increased significantly, from -17.80% in 2021 to -40.79% in 2025. Selling, general, and administrative expenses rose from -11.35% to -18.82% over the same period. These increases put downward pressure on income from operations.
Income from operations has declined consistently as a percentage of revenues, reflecting the combined impact of increasing costs and operating expenses. However, other income (expense), net, has shown a marked increase, partially mitigating the decline in operating income. Interest expense remains relatively stable as a percentage of revenues.
- Profitability
- Income from operations decreased from 55.67% in 2021 to 24.95% in 2025. Other income (expense), net, increased from 2.71% to 11.83% over the same period. Net income decreased from 50.25% to 31.41%.
The income tax expense percentage fluctuates, decreasing initially and then increasing in later years. Consequently, net income as a percentage of revenues has decreased over the period, despite the increase in other income. The overall trend suggests a shift in the company’s financial profile, with a greater reliance on collaborative revenue and increased investment in R&D, impacting overall profitability.