Income Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Net product sales	1,642,400)	1,534,500)	1,674,800)	1,587,700)	1,631,000)	1,415,600)	2,002,900)	1,946,400)	1,918,600)	1,761,300)	1,851,800)	1,786,100)	1,772,100)	1,668,000)	1,699,300)	1,801,400)	1,754,400)	1,638,600)	3,975,200)	2,279,900)	4,137,800)	1,724,300)
Collaboration revenue	2,455,000)	1,899,700)	1,970,900)	1,968,400)	1,860,700)	1,531,200)	1,606,900)	1,660,100)	1,524,000)	1,266,800)	1,370,000)	1,438,300)	1,316,700)	1,378,100)	1,587,400)	1,050,600)	1,043,600)	1,232,500)	890,300)	1,073,900)	954,700)	754,400)
Other revenue	193,300)	171,200)	238,600)	198,200)	183,900)	81,900)	179,400)	114,200)	104,500)	116,900)	212,500)	138,300)	69,300)	116,000)	127,700)	84,200)	59,200)	94,000)	86,200)	99,000)	46,000)	50,000)
Revenues	4,290,700)	3,605,400)	3,884,300)	3,754,300)	3,675,600)	3,028,700)	3,789,200)	3,720,700)	3,547,100)	3,145,000)	3,434,300)	3,362,700)	3,158,100)	3,162,100)	3,414,400)	2,936,200)	2,857,200)	2,965,100)	4,951,700)	3,452,800)	5,138,500)	2,528,700)
Cost of goods sold	(360,700)	(373,400)	(318,700)	(281,000)	(275,600)	(265,500)	(326,800)	(262,300)	(257,800)	(240,400)	(306,800)	(224,500)	(192,400)	(208,400)	(302,200)	(141,300)	(149,200)	(207,300)	(811,700)	(238,800)	(539,400)	(183,200)
Cost of collaboration and contract manufacturing	(215,800)	(296,000)	(265,900)	(240,600)	(254,600)	(198,800)	(238,600)	(228,800)	(222,400)	(193,400)	(210,200)	(211,900)	(212,500)	(249,100)	(238,400)	(176,500)	(147,900)	(197,600)	(170,900)	(214,400)	(154,300)	(124,800)
Cost of revenues	(576,500)	(669,400)	(584,600)	(521,600)	(530,200)	(464,300)	(565,400)	(491,100)	(480,200)	(433,800)	(517,000)	(436,400)	(404,900)	(457,500)	(540,600)	(317,800)	(297,100)	(404,900)	(982,600)	(453,200)	(693,700)	(308,000)
Gross profit	3,714,200)	2,936,000)	3,299,700)	3,232,700)	3,145,400)	2,564,400)	3,223,800)	3,229,600)	3,066,900)	2,711,200)	2,917,300)	2,926,300)	2,753,200)	2,704,600)	2,873,800)	2,618,400)	2,560,100)	2,560,200)	3,969,100)	2,999,600)	4,444,800)	2,220,700)
Research and development	(1,631,600)	(1,543,500)	(1,626,100)	(1,475,000)	(1,421,700)	(1,327,400)	(1,412,100)	(1,271,500)	(1,200,000)	(1,248,400)	(1,177,200)	(1,075,300)	(1,085,300)	(1,101,200)	(1,043,100)	(911,300)	(794,300)	(843,800)	(737,600)	(665,400)	(714,200)	(742,900)
Acquired in-process research and development	(127,000)	(101,900)	(18,700)	(83,100)	(10,000)	(12,300)	(13,800)	(56,200)	(23,900)	(7,100)	(30,000)	(100,000)	—)	(56,100)	(30,000)	—)	(197,000)	(28,100)	(48,000)	—)	—)	—)
Selling, general, and administrative	(662,100)	(647,700)	(775,000)	(657,800)	(634,200)	(633,000)	(792,200)	(714,400)	(758,800)	(689,000)	(737,700)	(640,500)	(652,000)	(601,100)	(660,500)	(529,100)	(476,300)	(450,000)	(559,600)	(445,000)	(414,700)	(405,600)
Other operating income (expense), net	—)	—)	—)	10,000)	—)	—)	(15,500)	(8,000)	(14,600)	(15,300)	500)	500)	600)	500)	6,600)	45,700)	17,400)	20,200)	15,800)	(42,000)	31,300)	40,500)
Income from operations	1,293,500)	642,900)	879,900)	1,026,800)	1,079,500)	591,700)	990,200)	1,179,500)	1,069,600)	751,400)	972,900)	1,111,000)	1,016,500)	946,700)	1,146,800)	1,223,700)	1,109,900)	1,258,500)	2,639,700)	1,847,200)	3,347,200)	1,112,700)
Other income (expense), net	245,300)	201,200)	176,000)	755,800)	442,800)	322,000)	(21,600)	327,300)	573,300)	(34,600)	193,000)	17,600)	85,300)	(70,700)	195,300)	301,400)	(133,600)	(183,800)	(122,200)	(16,400)	420,000)	154,900)
Interest expense	(11,000)	(12,900)	(12,200)	(19,300)	(3,600)	(8,700)	(10,500)	(13,800)	(14,800)	(16,100)	(18,300)	(17,800)	(18,900)	(18,000)	(17,400)	(15,300)	(13,100)	(13,600)	(14,100)	(14,200)	(14,400)	(14,600)
Other income (expense)	234,300)	188,300)	163,800)	736,500)	439,200)	313,300)	(32,100)	313,500)	558,500)	(50,700)	174,700)	(200)	66,400)	(88,700)	177,900)	286,100)	(146,700)	(197,400)	(136,300)	(30,600)	405,600)	140,300)
Income before income taxes	1,527,800)	831,200)	1,043,700)	1,763,300)	1,518,700)	905,000)	958,100)	1,493,000)	1,628,100)	700,700)	1,147,600)	1,110,800)	1,082,900)	858,000)	1,324,700)	1,509,800)	963,200)	1,061,100)	2,503,400)	1,816,600)	3,752,800)	1,253,000)
Income tax (expense) benefit	(230,900)	(104,000)	(199,100)	(303,300)	(127,100)	(96,300)	(40,400)	(152,400)	(195,800)	21,300)	12,000)	(103,000)	(114,500)	(40,200)	(127,600)	(194,100)	(111,100)	(87,600)	(274,400)	(184,400)	(653,900)	(137,800)
Net income	1,296,900)	727,200)	844,600)	1,460,000)	1,391,600)	808,700)	917,700)	1,340,600)	1,432,300)	722,000)	1,159,600)	1,007,800)	968,400)	817,800)	1,197,100)	1,315,700)	852,100)	973,500)	2,229,000)	1,632,200)	3,098,900)	1,115,200)

Revenue trajectories exhibit a transition in composition over the analyzed period. While net product sales experienced significant volatility in 2021 and have since stabilized between 1.4 billion and 2.0 billion dollars, collaboration revenue has demonstrated a consistent and substantial upward trend. This growth is most evident in the final quarters of the period, with collaboration revenue reaching 2.45 billion dollars by June 2026, effectively becoming the primary driver of total revenue growth.

Revenue Diversification: A structural shift is observable where collaboration and other revenues now contribute a larger proportion of total top-line growth compared to net product sales. Total revenues grew from 2.53 billion dollars in March 2021 to 4.29 billion dollars by June 2026, supported largely by the expansion of partnership-based income.
Gross Profitability: Gross profit margins remain consistently high. Despite fluctuations in the cost of goods sold and collaboration costs, gross profit has generally trended upward, peaking at 3.71 billion dollars in June 2026. The cost of revenues typically represents a small fraction of total revenues, indicating strong pricing power or low relative production costs.
Operating Expense Trends: Research and development (R&D) spending shows a steady and intentional increase, rising from 742.9 million dollars in March 2021 to 1.63 billion dollars in June 2026. This indicates a sustained commitment to pipeline expansion. Selling, general, and administrative (SG&A) expenses have remained relatively contained, fluctuating between 400 million and 800 million dollars, suggesting efficient scaling of operational overhead relative to revenue growth.
Operational Income and Volatility: Income from operations has experienced significant variance. After a peak in 2021, operational income faced compression between 2022 and 2025, largely due to the acceleration of R&D and acquired in-process R&D charges. However, a recovery is noted in June 2026, with operational income rising to 1.29 billion dollars.
Net Income and Non-Operating Impact: Net income exhibits high volatility driven by "Other income (expense), net." Large swings in non-operating items—such as the 755.8 million dollar gain in September 2025—frequently decouple net income from operating performance. Despite this volatility, the period concludes with a net income of 1.29 billion dollars in June 2026.

The overall financial profile is characterized by robust gross margins and a strategic pivot toward collaboration-led revenue growth. The aggressive increase in R&D expenditure suggests a long-term investment strategy that has temporarily weighed on operating margins but is supported by a growing total revenue base.

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Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Income StatementQuarterly Data

Income Statement
Quarterly Data