Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Regeneron Pharmaceuticals Inc., consolidated balance sheet: assets
US$ in thousands
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).
Total assets exhibited a consistent upward trend over the five-year period, increasing from US$25.43 billion in 2021 to US$40.56 billion in 2025. This growth was primarily driven by increases in both current and noncurrent assets. A notable shift occurred between 2023 and 2024, with a significant acceleration in the growth rate of total assets.
- Current Assets
- Current assets increased from US$14.01 billion in 2021 to US$18.02 billion in 2025. While generally increasing, growth was not linear. The largest year-over-year increase occurred between 2022 and 2023. Within current assets, cash and cash equivalents fluctuated, peaking in 2022 at US$3.11 billion before decreasing to US$2.49 billion in 2024 and recovering to US$3.12 billion in 2025. Marketable securities demonstrated substantial growth between 2021 and 2023, rising from US$2.81 billion to US$8.11 billion, before declining to US$5.49 billion in 2025. Accounts receivable remained relatively stable, fluctuating between US$5.33 billion and US$6.21 billion. Inventories showed a consistent, albeit moderate, increase throughout the period. Prepaid expenses and other current assets also experienced modest growth.
- Noncurrent Assets
- Noncurrent assets increased significantly from US$11.42 billion in 2021 to US$22.54 billion in 2025. This growth was particularly pronounced between 2023 and 2025. Marketable securities within the noncurrent portion also experienced substantial growth, more than doubling from US$5.40 billion in 2023 to US$10.26 billion in 2025. Property, plant, and equipment, net, demonstrated consistent growth throughout the period. Intangible assets, net, increased dramatically from US$6.70 thousand in 2021 to US$1.26 billion in 2025, indicating potential investments in intellectual property or acquisitions. Deferred tax assets also exhibited a strong upward trend, increasing from US$877 million in 2021 to US$4.08 billion in 2025. Other noncurrent assets showed a similar pattern of growth, albeit from a smaller base.
The composition of assets shifted over the period. While current assets represented a substantial portion of total assets in 2021, the relative contribution of noncurrent assets increased significantly by 2025, suggesting a move towards longer-term investments and a potentially more capital-intensive business model. The substantial increases in intangible assets and deferred tax assets warrant further investigation to understand their underlying drivers and potential impact on future financial performance.