Common-Size Income Statement
Quarterly Data
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Regeneron Pharmaceuticals Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Regeneron Pharmaceuticals Inc., common-size consolidated income statement (quarterly data)
Based on: 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 performance, as represented by common-size income statements, reveals several notable trends between March 2021 and December 2025. Revenue composition shifts significantly over the period, while profitability metrics demonstrate considerable fluctuation. Cost structures also exhibit variability, impacting overall margins.
- Revenue Composition
- Net product sales initially represent a substantial portion of revenue, around 68% in March 2021, peaking at 80.53% in June 2021, before declining to 43.12% by December 2025. Collaboration revenue demonstrates an inverse relationship, starting at approximately 30% and increasing to over 52% by December 2025. Other revenue remains a relatively small, though increasing, component of total revenue, rising from under 2% to over 6% during the observed period. This suggests a strategic shift in revenue generation, with increasing reliance on collaborative partnerships.
- Cost of Revenues and Gross Profit
- Cost of revenues, as a percentage of revenue, fluctuates considerably, ranging from approximately 12% to nearly 20%. A peak in cost of revenues is observed in December 2021. Consequently, gross profit margins also vary, starting at 87.82% in March 2021, dipping to a low of 80.16% in December 2021, and recovering to 84.95% by December 2025. The fluctuations in cost of revenues appear to correlate with changes in net product sales and collaboration revenue.
- Operating Expenses
- Research and development (R&D) expenses consistently represent a significant portion of revenue, generally between 14% and 39%. A notable increase in R&D spending is observed in the latter half of 2024 and early 2025, reaching a peak of 43.83% in March 2025. Selling, general, and administrative (SG&A) expenses also represent a substantial portion of revenue, fluctuating between approximately 8% and 21%. Other operating income (expense), net, is relatively small, with both positive and negative values observed throughout the period.
- Profitability
- Income from operations exhibits substantial variability, ranging from a low of 22.65% to a high of 65.14%. The period between March 2021 and June 2021 shows particularly strong operational performance. Net income margins follow a similar pattern, fluctuating between approximately 21% and 60%. Other income (expense), net, contributes to fluctuations in income before income taxes, with significant positive impacts observed in certain quarters. The effective tax rate also varies, impacting the final net income margin.
Overall, the financial performance demonstrates a dynamic pattern, influenced by shifts in revenue composition, fluctuating cost structures, and significant investments in research and development. The increasing reliance on collaboration revenue and the substantial R&D expenditure suggest a strategic focus on innovation and partnerships for future growth.