Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

The analysis of the quarterly financial proportions reveals several notable trends in the composition of liabilities and stockholders’ equity over the period examined.

Accounts Payable

The percentage of accounts payable relative to total liabilities and stockholders’ equity exhibited minor fluctuations. Starting around 2.21%, it peaked near 3.05% in early 2021, then generally declined to a low of approximately 1.33% by late 2024, before slightly increasing again. This suggests periodic changes in short-term obligations to suppliers but an overall modest reduction in accounts payable intensity over time.

Accrued Expenses and Other Current Liabilities

This category demonstrated a decreasing trend from a high of 9.58% in late 2020 to a range near 6% by mid-2025, indicating a reduction in accrued current liabilities relative to overall financing.

Debt and Finance Lease Liabilities

Debt as a share of total liabilities and stockholders’ equity was only reported for limited periods (notably 10.4% in mid-2020). Current portion finance lease liabilities appeared in 2020 with a gradual decline from 4.04% to about 2.83% by late 2021. The noncurrent portion of finance lease liabilities showed a steady decrease from approximately 4.54% in early 2020 down to under 2% by mid-2025, reflecting a consistent reduction in lease obligations over time.

Deferred Revenue

There were two distinct lines for deferred revenue with larger and smaller percentages. The main deferred revenue metric declined steadily from just over 3% in early 2020 to approximately 1.26% by mid-2025, suggesting a decreasing amount of unearned revenue or prepayments relative to total financing. The smaller deferred revenue line fluctuated marginally but remained below 1% throughout the period.

Current Liabilities

Current liabilities as a whole peaked sharply at 25.66% in Q2 2020, a significant spike likely related to specific short-term financing or operational timing, then stabilized in the 9.5% to 18.1% range in subsequent periods. From 2022 onward, the current liabilities proportion steadied around an average near 10%, indicating a more balanced short-term liability structure.

Long-term Debt

Reported from Q3 2020 onwards, long-term debt steadily declined from over 12% to about 5.2% in mid-2025, marking more than a 50% reduction in its share. This underscores a strategic reduction in long-term borrowing or refinancing efforts to lower debt.

Other Noncurrent Liabilities

This category declined from close to 5.9% in Q2 2020 down to near 2.6% by late 2021 but then rose again reaching around 4.4% by mid-2025. The upswing toward the end indicates a build-up in other long-term liabilities after a previous decrease.

Noncurrent Liabilities

Noncurrent liabilities as a portion of total funding displayed high volatility, peaking at 22.51% in Q3 2020 before falling to a range near 11-12% later years. This fall coincides with decreases in both long-term debt and finance lease liabilities, reflecting an overall deleveraging.

Total Liabilities

Total liabilities increased sharply from 23% in early 2020 to over 37% during the same year, then followed by a gradual and steady decrease to roughly 21.7% toward mid-2025. This overall trend signals an initial increase in total obligations, followed by systematic liability reduction.

Stockholders’ Equity Components

Additional paid-in capital varied with some volatility but remained in the 31.8% to 43.4% range, showing stability in capital contributions relative to total financing.

Retained earnings showed a clear upward trend from 50.8% at the start to over 88% by mid-2025, reflecting consistent accumulation of earnings and reinvestment over the period.

Accumulated other comprehensive income/loss fluctuated with a mostly negative bias around zero, indicating minor unrealized gains or losses in other comprehensive income components.

Treasury stock as a negative component increased markedly at the start of 2020 reaching a significant negative weight of over -42% then generally stabilized in the -30% to -45% range, reflecting substantial share repurchase activity impacting equity accounts.

Overall stockholders’ equity rose from 62.77% to near 78% in most recent quarters with some fluctuations, denoting a stronger equity base as liabilities diminished proportionally.

In summary, the data reflect a period characterized initially by increased liabilities during 2020, including a peak in current liabilities and liabilities generally, followed by a steady deleveraging through significant reductions in long-term debt and finance lease obligations. Equity components, particularly retained earnings, increased substantially, contributing to a strengthening equity ratio. Treasury stock trends indicate ongoing share repurchases impacting equity negatively but steadily. These patterns suggest a strategic focus on reducing leverage and strengthening the equity position over time.