Common-Size Income Statement
Quarterly Data
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- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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Regeneron Pharmaceuticals Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
The analysis of the quarterly financial data reveals several key trends and fluctuations in the company's revenue composition and profitability metrics over the observed periods.
- Revenue Composition
- Net product sales as a percentage of total revenues exhibited variability, peaking at 80.53% in June 2021 and experiencing a general decline afterward, dropping to 46.74% by March 2025. Collaboration revenue demonstrated an opposing tendency, increasing from 28.9% in March 2020 to 50.56% in March 2025, indicating a growing reliance on collaborative income streams. Other revenue items remained a smaller, somewhat inconsistent portion, generally fluctuating between approximately 2% and 6% of revenues.
- Cost Structure
- The cost of goods sold as a percentage of revenues ranged between roughly -4.3% and -16.4%, with noticeable volatility and spikes in certain quarters, particularly in December 2020 and December 2021. The cost of collaboration and contract manufacturing maintained a narrower band, generally between -3.0% and -8.0%, showing relative stability with minor fluctuations. Overall, total cost of revenues showed variability, hitting lows near -11.9% and highs close to -19.84%, reflecting shifts in cost management and possibly changes in product mix or collaborative activity.
- Profitability Margins
- Gross profit margin maintained strong levels, predominantly in the mid-to-high 80% range, with a low point of 80.16% in December 2021 and a high of approximately 89.6% in June 2022, indicating efficient revenue-to-cost conversion despite some quarterly fluctuations. Income from operations as a percentage of revenues displayed a downward trend from a peak of 65.14% in June 2021 to 19.54% by March 2025. This decline suggests increasing operating expenses or pressure on operational efficiency over time.
- Operating Expenses
- Research and development (R&D) expenses showed considerable volatility, initially around -30% of revenues, dropping significantly in mid-2021 to near -13.9%, and then increasing steadily to -43.83% by March 2025. This suggests renewed or intensified investment in R&D activities toward the later periods. Acquired in-process research and development expenses were irregularly reported but contributed up to nearly -6.9% in some quarters, adding to R&D cost volatility. Selling, general, and administrative expenses remained relatively consistent, mostly between -8% and -21% of revenues, with some quarters experiencing slight increases.
- Other Operating and Non-Operating Income
- Other operating income and expense items fluctuated without a clear directional pattern, generally close to zero with minor positive or negative effects. Other income (expense) net showed large swings, notably a significant positive spike to 13.94% in June 2020 and other positive surges, indicating occasional substantial non-operating income events. Interest expense remained relatively low and stable, under -1% of revenues throughout the periods.
- Profitability Metrics
- Income before income taxes exhibited considerable variation, oscillating between approximately 22% and 73% of revenues, with notable peaks in mid-2021 followed by a general decline. Income tax expense as a percentage of revenues varied widely, occasionally turning positive or negative, suggesting changing tax strategies or benefits in specific quarters. Net income percentages closely followed the pattern of pre-tax income but displayed a consistent downward trend after mid-2021, falling to around 24.22% by March 2025, which highlights reduced net profitability over recent quarters.
In summary, the company’s financial performance reveals a shift in revenue sources with increased dependence on collaboration revenues and a decreased share from net product sales. Costs and expenses show some volatility, especially in R&D investment, while profitability margins, particularly operating and net income, demonstrate a declining trend in more recent periods. These trends underscore evolving business dynamics, potentially reflecting strategic shifts, competitive pressures, or changes in market conditions impacting the company's financial outcomes.