Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Regeneron Pharmaceuticals Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of liabilities and stockholders’ equity exhibited several notable trends between 2021 and 2025. Overall, total liabilities remained relatively stable as a percentage of the total, fluctuating between 21.48% and 26.21%. Stockholders’ equity consistently represented the majority of the company’s funding, ranging from 73.79% to 78.52% over the period, though it experienced a slight decline in the final year.
- Current Liabilities
- Current liabilities decreased significantly from 15.46% in 2021 to 10.75% in 2022, and remained relatively stable between 10.35% and 10.77% for the subsequent years. Within current liabilities, accrued expenses and other current liabilities decreased from 8.68% to 7.09% over the period, while deferred revenue showed a slight decrease from 1.74% to 1.36%. A notable reduction in finance lease liabilities, current portion, was observed between 2021 and 2022, with no further values reported in subsequent years.
- Noncurrent Liabilities
- Noncurrent liabilities demonstrated an increasing trend, rising from 10.75% in 2021 to 12.16% in 2025. Long-term debt decreased steadily from 7.78% to 4.90% over the period. Finance lease liabilities, excluding the current portion, were introduced in 2022 at 2.46% and decreased to 1.78% by 2025. Other noncurrent liabilities increased substantially from 2.67% to 4.98% during the analyzed timeframe.
- Stockholders’ Equity Components
- Retained earnings consistently represented the largest component of stockholders’ equity, increasing from 74.58% in 2021 to 88.26% in 2025, indicating substantial profit retention. Additional paid-in capital remained relatively stable, fluctuating between 31.80% and 34.51%. Treasury stock exhibited a consistent and significant negative percentage, increasing in magnitude from -32.48% in 2021 to -45.89% in 2025, suggesting ongoing share repurchase activity. Accumulated other comprehensive income (loss) remained a small negative percentage, becoming positive in 2025 at 0.19%.
- Accrued Expenses
- Accrued expenses, encompassing payroll, clinical, and sales-related costs, collectively represented a significant portion of current liabilities. Accrued clinical expenses and accrued sales-related costs both increased as a percentage of the total between 2021 and 2023, before decreasing slightly in 2024 and 2025. Income tax-related costs were not reported in 2021 and 2022, but increased to 0.87% by 2025. Other accrued expenses and liabilities decreased substantially from 3.92% to 1.28% over the period.
In summary, the company demonstrated a shift in its liability structure, with a decrease in current liabilities and a corresponding increase in noncurrent liabilities, particularly other noncurrent liabilities. Stockholders’ equity remained the dominant funding source, driven by increasing retained earnings and offset by growing treasury stock. The changes in accrued expenses suggest potential shifts in operational activities and tax planning.