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Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Common-Size Income Statement
Quarterly Data

Regeneron Pharmaceuticals Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Net product sales 38.28 42.56 43.12 42.29 44.37 46.74 52.86 52.31 54.09 56.00 53.92 53.12 56.11 52.75 49.77 61.35 61.40 55.26 80.28 66.03 80.53 68.19
Collaboration revenue 57.22 52.69 50.74 52.43 50.62 50.56 42.41 44.62 42.96 40.28 39.89 42.77 41.69 43.58 46.49 35.78 36.53 41.57 17.98 31.10 18.58 29.83
Other revenue 4.51 4.75 6.14 5.28 5.00 2.70 4.73 3.07 2.95 3.72 6.19 4.11 2.19 3.67 3.74 2.87 2.07 3.17 1.74 2.87 0.90 1.98
Revenues 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of goods sold -8.41 -10.36 -8.20 -7.48 -7.50 -8.77 -8.62 -7.05 -7.27 -7.64 -8.93 -6.68 -6.09 -6.59 -8.85 -4.81 -5.22 -6.99 -16.39 -6.92 -10.50 -7.24
Cost of collaboration and contract manufacturing -5.03 -8.21 -6.85 -6.41 -6.93 -6.56 -6.30 -6.15 -6.27 -6.15 -6.12 -6.30 -6.73 -7.88 -6.98 -6.01 -5.18 -6.66 -3.45 -6.21 -3.00 -4.94
Cost of revenues -13.44% -18.57% -15.05% -13.89% -14.42% -15.33% -14.92% -13.20% -13.54% -13.79% -15.05% -12.98% -12.82% -14.47% -15.83% -10.82% -10.40% -13.66% -19.84% -13.13% -13.50% -12.18%
Gross profit 86.56% 81.43% 84.95% 86.11% 85.58% 84.67% 85.08% 86.80% 86.46% 86.21% 84.95% 87.02% 87.18% 85.53% 84.17% 89.18% 89.60% 86.34% 80.16% 86.87% 86.50% 87.82%
Research and development -38.03 -42.81 -41.86 -39.29 -38.68 -43.83 -37.27 -34.17 -33.83 -39.69 -34.28 -31.98 -34.37 -34.82 -30.55 -31.04 -27.80 -28.46 -14.90 -19.27 -13.90 -29.38
Acquired in-process research and development -2.96 -2.83 -0.48 -2.21 -0.27 -0.41 -0.36 -1.51 -0.67 -0.23 -0.87 -2.97 0.00 -1.77 -0.88 0.00 -6.89 -0.95 -0.97 0.00 0.00 0.00
Selling, general, and administrative -15.43 -17.96 -19.95 -17.52 -17.25 -20.90 -20.91 -19.20 -21.39 -21.91 -21.48 -19.05 -20.65 -19.01 -19.34 -18.02 -16.67 -15.18 -11.30 -12.89 -8.07 -16.04
Other operating income (expense), net 0.00 0.00 0.00 0.27 0.00 0.00 -0.41 -0.22 -0.41 -0.49 0.01 0.01 0.02 0.02 0.19 1.56 0.61 0.68 0.32 -1.22 0.61 1.60
Income from operations 30.15% 17.83% 22.65% 27.35% 29.37% 19.54% 26.13% 31.70% 30.15% 23.89% 28.33% 33.04% 32.19% 29.94% 33.59% 41.68% 38.85% 42.44% 53.31% 53.50% 65.14% 44.00%
Other income (expense), net 5.72 5.58 4.53 20.13 12.05 10.63 -0.57 8.80 16.16 -1.10 5.62 0.52 2.70 -2.24 5.72 10.26 -4.68 -6.20 -2.47 -0.47 8.17 6.13
Interest expense -0.26 -0.36 -0.31 -0.51 -0.10 -0.29 -0.28 -0.37 -0.42 -0.51 -0.53 -0.53 -0.60 -0.57 -0.51 -0.52 -0.46 -0.46 -0.28 -0.41 -0.28 -0.58
Other income (expense) 5.46% 5.22% 4.22% 19.62% 11.95% 10.34% -0.85% 8.43% 15.75% -1.61% 5.09% -0.01% 2.10% -2.81% 5.21% 9.74% -5.13% -6.66% -2.75% -0.89% 7.89% 5.55%
Income before income taxes 35.61% 23.05% 26.87% 46.97% 41.32% 29.88% 25.29% 40.13% 45.90% 22.28% 33.42% 33.03% 34.29% 27.13% 38.80% 51.42% 33.71% 35.79% 50.56% 52.61% 73.03% 49.55%
Income tax (expense) benefit -5.38 -2.88 -5.13 -8.08 -3.46 -3.18 -1.07 -4.10 -5.52 0.68 0.35 -3.06 -3.63 -1.27 -3.74 -6.61 -3.89 -2.95 -5.54 -5.34 -12.73 -5.45
Net income 30.23% 20.17% 21.74% 38.89% 37.86% 26.70% 24.22% 36.03% 40.38% 22.96% 33.77% 29.97% 30.66% 25.86% 35.06% 44.81% 29.82% 32.83% 45.01% 47.27% 60.31% 44.10%

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.

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