Stock Analysis on Net
Stock Analysis on Net

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

$24.99

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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Regeneron Pharmaceuticals Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
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
Accounts payable
Accrued expenses and other current liabilities
Finance lease liabilities, current portion
Deferred revenue
Current liabilities
Long-term debt
Finance lease liabilities, excluding current portion
Deferred revenue
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Preferred Stock, par value $.01 per share; shares issued and outstanding: none
Class A Stock, convertible, par value $.001 per share
Common Stock, par value $.001 per share
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Treasury Stock, at cost
Stockholders’ equity
Total liabilities and stockholders’ equity

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).


The common-size balance sheet reveals a consistent strategic shift toward a more equity-heavy capital structure and a systematic reduction in total liabilities over the analyzed period. Total liabilities decreased from 32.61% in March 2021 to approximately 24.01% by June 2026, reflecting a sustained deleveraging process and an increase in the proportion of assets financed through internal equity.

Liability Structure and Debt Management
A pronounced downward trend is observed in long-term debt, which fell from 11.13% in March 2021 to 4.76% by June 2026. Current liabilities also experienced a significant contraction, moving from 18.11% to 13.25% over the same duration. This indicates a concerted effort to reduce both short-term obligations and long-term borrowing, thereby lowering the company's financial risk profile and interest burden.
Retained Earnings and Organic Growth
Retained earnings demonstrate the most significant growth of any balance sheet item, rising from 67.57% in March 2021 to 90.15% by June 2026. This trajectory suggests strong and consistent profitability, with a high percentage of net income being reinvested into the company rather than distributed, which significantly bolsters the equity base.
Share Repurchase Activity
Treasury stock as a percentage of total liabilities and stockholders' equity grew increasingly negative, moving from -39.02% in March 2021 to -49.30% in June 2026. This pattern points to an aggressive and sustained share buyback program, which serves to offset some of the equity growth driven by retained earnings and potentially increase earnings per share.
Operational Liability Trends
Accrued expenses and other current liabilities remained relatively stable, fluctuating between 5.97% and 9.39%, though they trended slightly lower over the long term. Accounts payable showed volatility but generally stayed within a narrow range of 1.33% to 3.05%, indicating that operational payment cycles have remained consistent relative to the total balance sheet size.
Overall Equity Position
Total stockholders' equity increased from 67.39% in March 2021 to a peak of 78.53% in December 2023, before stabilizing around 75.99% by June 2026. The interaction between the surging retained earnings and the expanding treasury stock account suggests a balanced strategy of internal capitalization and shareholder returns.