Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

The analyzed financial data reveals multiple trends and fluctuations across revenue, cost, profit, and expense categories over the presented quarterly periods.

Revenue Trends

Net product sales exhibited volatility, with a notable spike in mid-2021, reaching a peak of approximately 4.14 billion US dollars in June 2021, followed by declines and fluctuations thereafter. Collaboration revenue generally increased over time, peaking around the fourth quarter of 2022 at 1.59 billion US dollars, before showing some fluctuations. Other revenue showed significant variability, with intermittent increases and decreases, peaking around the end of 2023. Overall total revenues followed these patterns, with total revenues hitting their highest recorded figure in mid-2021 (above 5.1 billion US dollars), followed by variable but generally lower figures toward the most recent periods.

Cost of Revenues

Cost of goods sold and cost of collaboration and contract manufacturing followed a trend roughly mirroring net product sales and collaboration revenue changes, with high costs in mid-2021 corresponding to revenue peaks. Total cost of revenues peaked in the second half of 2021 with a large surge (notably nearly 1 billion US dollars in December 2021), then declined and fluctuated but remained at elevated levels throughout 2022 and 2023. The cost trends indicate pressure on gross margins especially during periods of high activity, with costs rising substantially during revenue peaks.

Gross Profit

Gross profit increased significantly in mid-2021 in line with the revenue surge, reaching approximately 4.45 billion US dollars in June 2021, before falling back to more moderate levels in subsequent quarters. Although gross profit remained relatively strong overall, it experienced volatility reflecting the underlying fluctuations in sales and cost of revenues.

Operating Expenses

Research and development (R&D) expenses demonstrated a consistent upward trend over the periods, increasing from around 584 million US dollars in early 2020 to over 1.4 billion US dollars by late 2024, indicating sustained or increasing investment in development activities. Acquired in-process research and development costs were sporadic but showed occasional significant charges in certain quarters, such as late 2021 and early 2024.

Selling, general, and administrative (SG&A) expenses remained substantial and somewhat variable, generally exhibiting increases during later periods, reaching peaks near 792 million US dollars in late 2024, suggesting greater spending in support functions.

Other operating income (expense), net, had fluctuating values with some occasional income spikes but mostly minimal net impacts compared to primary operating costs.

Operating Income and Net Income

Income from operations mirrored revenue and cost of goods sold dynamics, peaking significantly in mid-2021 (over 3.3 billion US dollars) and then generally declining with fluctuations but maintaining positive values throughout. The operating income trends indicate periods of exceptional profitability followed by normalization.

Other income (expense), net, was highly variable, showing large positive and negative swings, which materially impacted income before taxes in certain quarters. Interest expenses stayed relatively stable and low compared to other items.

Income before income taxes followed the pattern of operating income adjusted by volatile other income (expense), reaching its highest points in mid-2021 and various peaks afterward, but with notable declines in the more recent quarters.

Income tax expenses varied considerably but reflected overall profitability trends. Net income exhibited sharp increases in mid-2021 (exceeding 3 billion US dollars) followed by periods of lower but positive earnings, with a general downward trend observed in the most recent quarters down to approximately 809 million US dollars in the first quarter of 2025.

In summary, the data shows that the company experienced substantial revenue and profitability growth particularly around mid-2021, driven by spikes in product and collaboration sales. Cost structures showed corresponding growth, with notable increases in R&D and SG&A expenses over time, signifying ongoing investments in innovation and operational capacity. Despite fluctuations in other income and expenses affecting net results, the company maintained profitability across all periods, though recent quarters indicate a moderation in earnings compared to the peak periods.