Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Regeneron Pharmaceuticals Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net product sales	6,309,100)	7,629,200)	7,078,000)	6,893,700)	12,117,200)
Collaboration revenue	7,331,200)	6,057,800)	5,503,100)	4,914,100)	3,673,300)
Other revenue	702,600)	515,000)	536,100)	365,100)	281,200)
Revenues	14,342,900)	14,202,000)	13,117,200)	12,172,900)	16,071,700)
Cost of goods sold	(1,140,800)	(1,087,300)	(932,100)	(800,000)	(1,773,100)
Cost of collaboration and contract manufacturing	(959,900)	(883,200)	(883,700)	(760,400)	(664,400)
Cost of revenues	(2,100,700)	(1,970,500)	(1,815,800)	(1,560,400)	(2,437,500)
Gross profit	12,242,200)	12,231,500)	11,301,400)	10,612,500)	13,634,200)
Research and development	(5,850,200)	(5,132,000)	(4,439,000)	(3,592,500)	(2,860,100)
Acquired in-process research and development	(124,100)	(101,000)	(186,100)	(255,100)	(48,000)
Selling, general, and administrative	(2,700,000)	(2,954,400)	(2,631,300)	(2,115,900)	(1,824,900)
Other operating income (expense), net	10,000)	(53,400)	2,100)	89,900)	45,600)
Income from operations	3,577,900)	3,990,700)	4,047,100)	4,738,900)	8,946,800)
Other income (expense), net	1,696,600)	844,400)	225,200)	179,300)	436,300)
Interest expense	(43,800)	(55,200)	(73,000)	(59,400)	(57,300)
Other income (expense)	1,652,800)	789,200)	152,200)	119,900)	379,000)
Income before income taxes	5,230,700)	4,779,900)	4,199,300)	4,858,800)	9,325,800)
Income tax expense	(725,800)	(367,300)	(245,700)	(520,400)	(1,250,500)
Net income	4,504,900)	4,412,600)	3,953,600)	4,338,400)	8,075,300)

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).

The financial performance over the five-year period demonstrates fluctuating revenues and profitability. While revenues experienced a decline initially, they show a recovery and stabilization towards the end of the period. Cost structures have generally increased, impacting gross profit margins, though revenue growth in later years partially offsets this. Significant investment in research and development is evident throughout the period.

Revenue Analysis: Total revenues decreased from US$16,071.7 million in 2021 to US$12,172.9 million in 2022, representing a substantial decline. Revenues then began to recover, reaching US$14,342.9 million in 2025. This recovery was driven by increases in both collaboration revenue and other revenue, while net product sales experienced volatility, decreasing in 2022 and 2025, but increasing in 2023 and 2024. Collaboration revenue consistently increased throughout the period, becoming a more significant portion of total revenue.
Profitability Analysis: Gross profit followed a similar trend to revenues, declining in 2022 before recovering. While gross profit increased in absolute terms from 2022 to 2025, the rate of increase was slower than revenue growth, suggesting some pressure on gross margins. Income from operations decreased significantly from US$8,946.8 million in 2021 to US$3,577.9 million in 2025. Net income mirrored this trend, decreasing from US$8,075.3 million in 2021 to US$4,504.9 million in 2025. The income tax expense also fluctuated, with a notable increase in 2025.
Cost Structure Analysis: Cost of revenues increased consistently throughout the period, from US$2,437.5 million in 2021 to US$2,100.7 million in 2025. This increase was driven by both cost of goods sold and cost of collaboration and contract manufacturing. Research and development expenses exhibited a consistent and substantial increase each year, rising from US$2,860.1 million in 2021 to US$5,850.2 million in 2025. Selling, general, and administrative expenses also increased, though at a slower rate than research and development, and decreased slightly in 2025.
Other Income and Expenses: Other income (expense), net, showed significant volatility. While initially modest, it increased substantially in 2024 and 2025, primarily driven by increases in other income. Interest expense remained relatively stable, with a slight decrease over the period. The contribution of other income to income before income taxes became increasingly important in later years.

In summary, the period began with a significant revenue decline, followed by a recovery. While revenues stabilized and increased towards the end of the period, profitability decreased due to rising costs, particularly in research and development. The increasing contribution of collaboration revenue and other income partially offset these challenges. The company demonstrates a continued commitment to innovation, as evidenced by the substantial and growing investment in research and development.

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Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Income Statement