Common-Size Income Statement
Quarterly Data
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Regeneron Pharmaceuticals Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Aggregate Accruals
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Regeneron Pharmaceuticals Inc., common-size consolidated income statement (quarterly data)
Based on: 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
- Net product sales as a percentage of total revenues display a fluctuating downward trend overall, peaking at 80.53% in June 2021, then generally declining to 44.37% by June 2025. Collaboration revenue fluctuates inversely to net product sales, increasing notably from 18.58% in June 2021 to above 50% by June 2025, indicating a shift in revenue sources. Other revenue remains relatively minor, staying mostly between 1% and 6%, with some minor variability.
- Cost Structure
- Cost of goods sold increases in volatility, hitting a high negative impact of -16.39% in December 2020 and again shows intermittent spikes in later periods. The cost of collaboration and contract manufacturing costs generally range from about -3% to -7%, showing moderate stability but occasional increases in certain quarters. Combined cost of revenues fluctuates, with deep negative impacts reaching almost -20% in late 2020, then somewhat stabilizing around -13% to -15% in recent periods.
- Profitability Measures
- Gross profit margins remain strong, mostly staying above 80%, despite some quarterly dips. There is a noticeable dip in late 2021 and early 2022 to just above 80%, but margins rebound moderately to maintain mid-80% levels into 2025. Income from operations shows a downward trend after a peak period in 2021, declining from above 65% in mid-2021 to around 20-30% in 2024-2025, suggesting increasing operating expenses or pressure on margins.
- Operating Expenses
- Research and development expenses are significant and volatile, rising sharply from a low of around -13.9% in mid-2021 to levels exceeding -40% by 2025, indicating intensifying investment in R&D over time. Acquired in-process research and development expense appears sporadically, spiking notably in some quarters but is generally a minor proportion compared to total R&D. Selling, general, and administrative expenses remain fairly steady between -8% and -21%, with some variability but no clear trend.
- Other Income and Expenses
- Other operating income (expense), net, is consistently low and close to zero, showing minimal impact on total revenues. Other income (expense), net, shows high variability, including positive spikes up to 16.16% and significant negative figures, indicating irregular non-operating income impacts. Interest expense is minor and declining slightly over time, maintaining under -1% consistently.
- Income Before Taxes and Net Income
- Income before income taxes fluctuates notably, with highs exceeding 70% in mid-2021 and lows near 20% in some 2024-2025 quarters, indicating variable pre-tax profitability. Income tax expense fluctuates but generally remains negative at modest levels, occasionally turning positive but mostly around -1% to -6%. Net income mirrors income before taxes but with dampened magnitude, showing a downward tendency from high 40% ranges in 2021 to about 20-30% in later years, reflecting overall pressure on profitability despite solid gross margins.
- Summary
- The data reflects a dynamic revenue mix shifting towards greater collaboration revenue relative to net product sales over the analyzed periods. Cost of revenues and operating expenses exhibit volatility, with research and development costs markedly increasing as a share of revenues. Despite these challenges, gross margins remain robust. Operating income and net income display downward pressure relative to earlier peaks, attributable likely to growing R&D investments and fluctuating other income components. Overall, the financial pattern indicates strategic shifts with increasing reliance on collaborative activities and sustained R&D commitments affecting profitability metrics.