Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Regeneron Pharmaceuticals Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 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).
- Accounts Payable
- Accounts payable as a percentage of total liabilities and stockholders’ equity fluctuated moderately over the observed periods. It increased in early 2020, peaking near 3.05%, before generally declining and remaining below 2.5% from late 2020 onward. Notable dips below 1.5% occurred around mid to late 2024, indicating a relative reduction in accounts payable in relation to the company's total financing.
- Accrued Expenses and Other Current Liabilities
- This category showed some volatility, with a peak of approximately 9.6% in late 2020. A gradual downward trend was observed starting in early 2021 into 2023, stabilizing around 6-7%. Minor increases appeared sporadically in subsequent periods, but overall the proportion decreased compared to the early part of the dataset.
- Debt and Finance Lease Liabilities
- Data on traditional debt is sparse but shows a starting point of 10.4% in mid-2020, then becomes unavailable. Current portion finance lease liabilities appeared in late 2020 and steadily declined from 4.04% to below 3% by the end of 2021. Non-current finance lease liabilities also trended downward consistently from around 4.5% in early 2020 to approximately 1.8% in late 2025. The long-term debt portion decreased steadily from around 12.3% in mid-2020 to below 5% by late 2025, reflecting a reduction in reliance on long-term debt obligations over time.
- Deferred Revenue
- Deferred revenue exhibited a declining trend from early 2020 to early 2022, falling from around 3.2% to roughly 1.3%, before fluctuating slightly within a narrow band of approximately 1.2% to 1.7% through late 2025. This suggests a decrease in obligations related to unearned revenue relative to total financing.
- Current Liabilities
- Current liabilities showed significant variability, reaching an unusually high figure of over 25% in mid-2020. However, this was not sustained, and the ratio mostly remained between 9.5% and 18% afterward, with a slight downward trend toward the latter periods. This indicates improved management or reduction of short-term obligations in proportion to the company's financing base.
- Noncurrent Liabilities and Other Noncurrent Liabilities
- Noncurrent liabilities, inclusive of other noncurrent liabilities, displayed a general decreasing trend from about 22.5% in mid-2020 to roughly 12% by late 2025, although some fluctuations occurred. Other noncurrent liabilities specifically decreased from near 6% in early 2020 down to just above 2% by mid-2021 before rising again slightly above 4% by late 2025. Overall, the long-term obligations as a part of total liabilities and equity declined, potentially indicating debt repayments or reclassification.
- Total Liabilities
- Total liabilities peaked notably at around 37% in mid-2020 and then demonstrated a consistent decline to approximately 22-23% in the most recent periods. This points to an overall reduction in the company's liabilities relative to its total financing structure.
- Stockholders’ Equity Components
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Additional Paid-in Capital showed a decrease from an early peak above 43% in mid-2020 to a more stabilized range between 33% and 35% in later periods, suggesting capital structure normalization.
Retained Earnings consistently increased throughout the timeframe, from roughly 51% in early 2020 to a notable high near 88% in mid-2025 before slightly contracting. This steady rise indicates accumulation of earnings and strengthening equity base.
Accumulated Other Comprehensive Income (Loss) remained close to zero with minor oscillations, exhibiting small negative and positive fluctuations but no sustained trend.
Treasury Stock values represented as negative percentages deepened markedly from about -6.8% in early 2020 to around -45% by mid-2025. This suggests significant buyback activity or increased treasury shares’ cost relative to total financing.
Overall Stockholders' Equity as a percentage of total financing rose from approximately 62-64% in early 2020 to stable levels near 77-78% in the most recent data, reflecting strengthened equity relative to liabilities.
- Summary of Financing Structure Trends
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The company's financial structure over the examined period indicates a marked shift from higher liabilities toward a stronger equity position. Total liabilities as a portion of total financing decreased notably after mid-2020, while stockholders’ equity components, particularly retained earnings, increased solidly. The reduction in both short-term and long-term debt and finance lease obligations suggests a deliberate deleveraging approach or improved cash flow generating capacity. Meanwhile, considerable treasury stock accumulation points to active share repurchase programs impacting equity composition.
Overall, the data reflect a transition to a more equity-heavy capital structure with diminishing financial risk from liabilities, accompanied by stable operational provisions evidenced by steady accrued expenses and deferred revenue ratios.