Common-Size Income Statement
Quarterly Data
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Regeneron Pharmaceuticals Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Regeneron Pharmaceuticals Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
A structural transition in revenue composition and an increase in operating expenditures have characterized the financial performance from early 2021 through mid-2026. While gross profitability remains robust, operating and net margins have experienced a general compression over the observed period, reflecting a shift in the business model and increased investment in development.
- Revenue Stream Dynamics
- A significant shift in the revenue mix is evident. Net product sales, which previously accounted for as much as 80.53% of total revenues in mid-2021, have steadily declined to 38.28% by June 2026. Conversely, collaboration revenue has grown from a range of 18% to 31% in 2021 to reach a peak of 57.22% in the final quarter analyzed. Other revenue has remained a marginal contributor, generally staying below 6% of total revenues.
- Cost of Sales and Gross Margin
- Gross profit margins have remained consistently high, typically fluctuating between 81% and 90%. The cost of revenues, comprising cost of goods sold and collaboration/contract manufacturing costs, has generally ranged between 10% and 15%, with a peak of 19.84% observed in December 2021 and a recent spike to 18.57% in March 2026.
- Operating Expenditure Trends
- Investment in research and development has expanded significantly. R&D expenses as a percentage of revenue rose from an average of approximately 20% in 2021 to peaks exceeding 43% in early 2025. Selling, general, and administrative expenses also trended upward, moving from a low of 8.07% in mid-2021 to levels frequently exceeding 20% between 2022 and 2024, before moderating to 15.43% by June 2026. Acquired in-process research and development costs appeared sporadically, peaking at 6.89% in mid-2022.
- Operating and Net Profitability
- Income from operations has seen a marked decline, falling from a peak of 65.14% in June 2021 to a range of 17.83% to 30.15% during the 2025-2026 period. This contraction is primarily attributable to the intensification of R&D and SG&A spending. Net income has followed a similar trajectory, decreasing from peaks of 60.31% in 2021 to a range between 20.17% and 38.89% in the final years. Net profitability has been subject to volatility due to "Other income (expense), net," which provided substantial positive contributions in certain quarters, such as 20.13% in September 2025.