Common-Size Income Statement
Quarterly Data
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Regeneron Pharmaceuticals Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
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Regeneron Pharmaceuticals Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Composition
- The proportion of net product sales as a percentage of revenues demonstrates a fluctuating downward trend from early 2020 through late 2025. Starting at approximately 67.65%, it peaks variably but generally declines to around 42.29% by late 2025. Collaboration revenue shows a complementary trend, increasing substantially over the same period, moving from roughly 28.9% to over 52%, indicating a strategic shift or growing emphasis on collaborative business activities. Other revenue exhibits volatility but remains a relatively small fraction of total revenues, fluctuating between about 1.7% and 6.2% without a clear directional trend.
- Cost of Goods and Collaboration Expenses
- The cost of goods sold as a percentage of revenues generally fluctuates between -4.31% and -16.39%, showing periods of increased cost burdens especially notable at year-end 2020 and in certain quarters thereafter. Similarly, costs related to collaboration and contract manufacturing vary widely but tend to stabilize around -6%, indicating moderately consistent operational cost structures in these areas. Aggregate cost of revenues mirrors these movements, with peaks up to nearly -20% in late 2021 and some variability indicating fluctuating expenses likely tied to operational scaling or contractual obligations.
- Gross Profit
- Gross profit percentages remain relatively high, consistently above 80%, indicating strong profitability despite expense fluctuations. However, there are dips corresponding with increased costs, such as in quarters coinciding with higher cost of goods sold percentages. Overall, gross profit margins show resilience and a general trend around mid-to-high 80s percentage ranges despite operational challenges.
- Research and Development Expenses
- Research and development (R&D) expenses consistently represent a significant portion of revenues, frequently ranging between approximately -14% and -44%. There is a marked increase in R&D intensity towards the later periods, reaching close to -44% in some quarters, reflecting an increased investment in innovation or product pipeline activities. Acquired in-process R&D expenses appear sporadically but suggest strategic acquisition activities affecting R&D spending in some periods.
- Selling, General, and Administrative Expenses
- SG&A expenses as a percentage of revenues have shown variability, with earlier quarters around -12% to -20% and occasional spikes above -21% in certain quarters of 2023-2025. There is no clear long-term increasing or decreasing trend, but the expense level suggests ongoing substantial administrative and selling costs relative to revenues, possibly due to market expansion or organizational scaling.
- Operating Income and Other Operating Items
- Income from operations fluctuates from a high of over 65% down to the mid-20% range, reflecting impacts from the above cost and expense dynamics. Notably, operating income tends to decline in quarters with higher R&D or cost spikes, whereas periods of cost control demonstrate improved operational profitability. Other operating income (expense), net is generally minimal and oscillates near zero, indicating no material impact on operating results.
- Other Income and Interest Expense
- Other income (expense), net exhibits significant volatility, with some quarters showing marked positive spikes, especially in 2020 and intermittently through 2024-2025. This volatility perhaps reflects non-operational gains or investments. Interest expense remains consistently low relative to revenues, generally below -0.6%, suggesting limited financing costs or carefully managed debt levels.
- Pre-tax and Net Income
- Income before income taxes shows considerable variation, with peaks above 70% and troughs near 20%, driven largely by the volatility in operating income and other income components. Income tax expense trends vary widely, including some quarters with tax benefits, indicating fluctuating effective tax rates or deferred tax impacts. Net income follows pre-tax income movements with moderate smoothing, ranging mostly from about 20% to 45% of revenues, demonstrating stable overall profitability yet subject to periodic impacts from operational and other income volatility.