Common-Size Income Statement
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Regeneron Pharmaceuticals Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
The financial trajectory over the analyzed period reflects a fundamental shift in the revenue composition and a significant increase in operating expenditures relative to total revenues. The most prominent trend is the transition from a product-sales-driven model to one increasingly reliant on collaboration revenue, coinciding with a disciplined but aggressive increase in research and development spending.
- Revenue Composition
- A structural inversion in revenue streams is observed. Net product sales, which initially accounted for between 66% and 80% of total revenues in 2021, declined steadily to approximately 42.56% by March 2026. Conversely, collaboration revenue expanded from a range of 18% to 31% in 2021 to consistently exceed 50% of total revenues by the 2025-2026 period. Other revenue remains a marginal component, though it experienced a slight increase from under 2% in early 2021 to approximately 4.75% by the end of the period.
- Gross Profitability and Cost of Sales
- Gross profit margins remained robust throughout the period, generally fluctuating between 80% and 90%. However, a gradual compression is evident toward the end of the timeline, with the margin dipping to 81.43% by March 2026. This is attributed to the cost of revenues, which stayed relatively stable between 10% and 15% for much of the period before rising to 18.57% in the final quarter analyzed.
- Operating Expense Trends
- There is a marked upward trend in operating expenses as a percentage of revenue. Research and development (R&D) costs rose from approximately 14% to 29% in 2021 to reach 42.81% by March 2026, indicating a strategic pivot toward higher investment in the pipeline. Selling, general, and administrative (SG&A) expenses also increased, moving from a low of 8.07% in mid-2021 to a more consistent range of 18% to 22% in later periods. Acquired in-process R&D occurred sporadically, peaking at 6.89% in June 2022.
- Operating and Net Income Performance
- The increase in operating expenditures has led to a sustained decline in operating margins. Income from operations, which peaked at 65.14% in June 2021, trended downward to 17.83% by March 2026. Net income margins followed a similar trajectory, falling from peaks above 60% in 2021 to approximately 20% in early 2026. This decline was partially mitigated in certain quarters by significant spikes in other income (expense), net, which reached as high as 20.13% in September 2025, providing temporary buffers to the bottom line.