Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

The financial data reveals a consistent upward trend in both total assets and adjusted total assets from 2020 to 2024. Total assets increased significantly from approximately 17.16 billion US dollars in 2020 to 37.76 billion US dollars in 2024, indicating more than a twofold growth over the five-year span. The year-over-year growth appears steady, without significant volatility, reflecting a continuous expansion of the company's asset base.

Adjusted total assets exhibit a similar increasing pattern, growing from roughly 16.30 billion US dollars in 2020 to about 34.45 billion US dollars in 2024. This measure, which likely accounts for certain adjustments such as asset revaluations or financial corrections, remains consistently slightly below the reported total assets but follows the same trajectory of growth.

Total Assets

Increased by 48.3% from 2020 to 2021, by 14.9% from 2021 to 2022, by 13.2% from 2022 to 2023, and by 14.2% from 2023 to 2024.

Adjusted Total Assets

Increased by 50.5% from 2020 to 2021, by 11.9% from 2021 to 2022, by 10.9% from 2022 to 2023, and by 12.9% from 2023 to 2024.

The slightly higher percentage growth in adjusted total assets during the initial period indicates stronger adjustments contributing to asset base expansion early in the timeline. Overall, the consistent growth in assets suggests effective asset management and potentially expanded operational capacity or investments.

Current Liabilities Trends

Current liabilities increased significantly from US$2,697,400 thousand at the end of 2020 to US$3,932,500 thousand by the end of 2021. Following this peak, a decline was observed in 2022 to US$3,141,300 thousand, then a moderate rise to US$3,423,400 thousand in 2023, culminating in an increase to US$3,944,300 thousand by the end of 2024. Overall, the current liabilities exhibit a volatile but upward trajectory over the five-year period.

Adjusted Current Liabilities Trends

Adjusted current liabilities follow a similar pattern to total current liabilities but at lower absolute values. Starting at US$2,119,700 thousand in 2020, adjusted current liabilities rose sharply to US$3,490,500 thousand in 2021. After this, there was a decline to US$2,663,400 thousand in 2022, a rebound to US$2,964,500 thousand in 2023, and a further increase to US$3,316,600 thousand in 2024. This pattern suggests that adjustments to current liabilities have somewhat moderated but maintained the overall upward trend seen in the unadjusted figures.

Comparative Insights

The gap between current liabilities and adjusted current liabilities indicates that adjustments consistently reduce the reported liabilities by approximately 20% to 25%. Both measures reflect a cyclical pattern with a pronounced peak in 2021, a subsequent dip in 2022, and a recovery toward 2024. The data implies possible transient factors influencing liabilities in 2021, followed by stabilization efforts in subsequent years.

The data presents the annual values of total liabilities and adjusted total liabilities over a five-year period.

Total liabilities

There was an overall upward trend in total liabilities from 2020 through 2024. The liabilities increased from 6,138,000 thousand US dollars in 2020 to 8,405,800 thousand US dollars in 2024. A slight decline occurred between 2021 and 2022, where total liabilities dropped from 6,666,000 to 6,550,500 thousand US dollars, but this was followed by continuous increases in the subsequent years. The largest annual increase occurred between 2023 and 2024, with an increase of 1,297,700 thousand US dollars.

Adjusted total liabilities

Adjusted total liabilities exhibited a similar upward trend as total liabilities, starting at 5,362,300 thousand US dollars in 2020 and rising to 7,592,400 thousand US dollars in 2024. Like total liabilities, adjusted total liabilities decreased slightly from 2021 to 2022 before increasing steadily in the following years. The largest increment happened between 2023 and 2024, with an increase of 910,900 thousand US dollars.

Overall, both total liabilities and adjusted total liabilities demonstrate growth over the five-year period, with the data indicating a period of slight reduction in liabilities around 2022, followed by significant increases, especially between 2023 and 2024. The adjusted total liabilities are consistently lower than total liabilities, reflecting adjustments likely made to exclude certain components from the total liabilities figure. The increasing liabilities should be monitored in the context of the company's overall financial strategy and asset base to assess sustainability and risk.

Stockholders’ equity

The stockholders' equity demonstrated a consistent upward trend over the five-year period. Starting at approximately 11.03 billion US dollars as of December 31, 2020, it increased to about 18.77 billion by the end of 2021. This upward movement continued steadily, reaching around 22.66 billion in 2022, 25.97 billion in 2023, and culminating at nearly 29.35 billion US dollars by December 31, 2024. The progression indicates sustained growth in the company’s net asset base attributable to shareholders over the timeframe analyzed.

Adjusted stockholders’ equity

Adjusted stockholders’ equity followed a similar ascending pattern closely aligned with the reported stockholders' equity figures. Beginning at approximately 10.94 billion US dollars in 2020, it rose to around 18.41 billion in 2021. Subsequent annual increases brought the value to 21.49 billion in 2022, 23.98 billion in 2023, and finally 26.85 billion by the end of 2024. The adjusted figures remained consistently slightly below the reported stockholders’ equity each year, reflecting adjustments made possibly for unrealized gains, reserves, or other accounting considerations affecting the equity measurement.

Overall analysis

The financial data exhibits a robust growth trajectory in both stockholders' equity and adjusted stockholders' equity, nearly tripling over the five-year span. This consistent increase suggests effective financial performance, successful retention of earnings, or capital infusions. The slight gap between the adjusted and the reported stockholders' equity values suggests moderate adjustments impacting equity but maintaining a proportionate growth relationship. The continual upward movement in these equity measures underscores strengthening financial footing and potential for increased shareholder value.

Total Reported Debt

The total reported debt shows a marginal but consistent increase over the five-year period, rising from approximately 2,695,700 thousand US dollars in 2020 to 2,704,400 thousand US dollars in 2024. This indicates a relatively stable debt level with minimal fluctuations or aggressive borrowing.

Stockholders’ Equity

Stockholders’ equity exhibits a strong upward trend, growing significantly from 11,025,300 thousand US dollars in 2020 to 29,353,600 thousand US dollars in 2024. This more than doubling suggests robust profitability, capital retention, or equity financing, leading to enhanced net asset value over time.

Total Reported Capital

Total reported capital, which combines debt and equity, follows the upward trajectory of equity growth, increasing from 13,721,000 thousand US dollars in 2020 to 32,058,000 thousand US dollars in 2024. The dominant increase in capital is primarily driven by the rise in equity, given the stability of debt levels.

Adjusted Total Debt

Adjusted total debt shows a slight increase from 2,763,900 thousand US dollars in 2020 to 2,938,800 thousand US dollars in 2024, reflecting a modest growth similar to the total reported debt. This confirms the stability in the company's debt profile with a gradual rise likely aligned with operational or investment needs.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity increases substantially from 10,942,100 thousand US dollars in 2020 to 26,852,900 thousand US dollars in 2024. Although the adjusted figures are slightly lower than the reported values, the growth pattern remains consistent, highlighting sustained improvement in equity position after accounting for adjustments.

Adjusted Total Capital

Adjusted total capital, aggregating adjusted debt and equity, rises from 13,706,000 thousand US dollars in 2020 to 29,791,700 thousand US dollars in 2024. This growth is predominantly fueled by the increase in adjusted equity, mirroring the overall capital expansion trend observed in reported terms.

Revenue Trends

Revenues exhibited a significant increase between December 31, 2020, and December 31, 2021, rising from approximately $8.50 billion to $16.07 billion, nearly doubling in value. However, this was followed by a notable decline in 2022, with revenues falling to around $12.17 billion. Subsequent years show a recovery trend, with revenues increasing to approximately $13.12 billion in 2023 and further to $14.20 billion in 2024.

Adjusted Revenues Trends

Adjusted revenues follow a similar pattern to reported revenues. There was a marked increase from about $8.65 billion in 2020 to approximately $15.95 billion in 2021. This figure then declined to roughly $12.21 billion in 2022, followed by a progressive increase to about $13.16 billion in 2023 and $14.43 billion in 2024.

Comparative Analysis Between Revenues and Adjusted Revenues

The adjusted revenue figures are consistently slightly higher than the reported revenues across all periods. The gap between these values remains relatively stable, indicating consistent adjustments or accounting treatments that modestly affect the total revenue figures.

Overall Insights

The financial data indicate a period of rapid revenue growth followed by a downturn and subsequent gradual recovery. The peak in 2021 suggests exceptional performance or possibly one-off factors that boosted sales. The subsequent dip raises questions about factors affecting demand or operational challenges in 2022. The recovery observed in 2023 and 2024 reflects efforts to regain growth momentum. The consistent difference between adjusted and reported revenues may imply systematic adjustments in revenue recognition or exclusion of certain items for adjusted figures.

Net Income Trends

The net income figures demonstrate significant volatility across the examined periods. Starting at 3,513,200 thousand USD in 2020, the net income more than doubled to reach a peak of 8,075,300 thousand USD in 2021. Subsequently, there was a sharp decline in 2022 to 4,338,400 thousand USD, followed by a further decrease to 3,953,600 thousand USD in 2023. The net income experienced a rebound in 2024, increasing to 4,412,600 thousand USD, though this remains below the 2021 peak.

Adjusted Net Income Trends

The adjusted net income follows a somewhat similar, though not identical, pattern to net income. It starts at 3,745,100 thousand USD in 2020 and rises to 7,752,500 thousand USD in 2021. Afterward, there is a notable decrease to 3,411,800 thousand USD in 2022, with a slight decline continuing into 2023 at 3,311,600 thousand USD. The adjusted net income recovers in 2024 to 3,956,100 thousand USD, marking an improvement but not reaching the levels of the previous peak in 2021.

Comparative Analysis of Net and Adjusted Net Income

Both net income and adjusted net income exhibit parallel trends, with peaks in 2021 followed by declines in the subsequent two years and partial recoveries in 2024. The adjusted net income values are generally close to the net income figures but tend to be slightly higher in earlier years and lower or more conservative after 2021, indicating adjustments for specific non-recurring or non-operational factors that may have impacted reported earnings. The divergence between net and adjusted figures grows more apparent after 2021, suggesting increased adjustments in the more recent periods.

Overall Observations

The analysis highlights a period of strong earnings growth culminating in 2021, followed by a period of contraction and volatility in earnings through 2023. The partial recovery in 2024 suggests a stabilization or improvement in profitability, albeit not returning to the peak levels seen in 2021. The patterns suggest sensitivity to external or internal factors that impacted profitability, as reflected by both net and adjusted net income trends.