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:	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	1,534,500)	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	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	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	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	(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	(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	(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	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	(1,543,500)	(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	(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	(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	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	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	(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)	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	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	(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	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)

Revenues exhibit a long-term upward trajectory characterized by significant early volatility and a subsequent shift toward more stable growth. Total revenues increased from $2.53 billion in March 2021 to a peak of $3.88 billion in December 2025, before settling at $3.61 billion in March 2026. A primary driver of this growth is the steady expansion of collaboration revenue, which rose from $754.4 million in the first quarter of 2021 to nearly $1.9 billion by late 2025, indicating a growing reliance on strategic partnerships to supplement product sales.

Gross Profitability and Cost Management: Gross profit has generally scaled with revenue, though the cost of revenues has also trended upward. Cost of goods sold and collaboration costs grew incrementally over the period, with total cost of revenues rising from $308 million in March 2021 to $669.4 million in March 2026. Despite these rising costs, gross profit margins remain robust, with quarterly gross profit often exceeding $3 billion from 2024 onward.
Operating Expense Trends: There is a clear and consistent increase in investment toward research and development (R&D). R&D expenses grew from approximately $742.9 million in March 2021 to a peak of $1.63 billion in December 2025. Similarly, selling, general, and administrative (SG&A) expenses shifted from a range of $400 million to $450 million in early 2021 to a higher baseline of $600 million to $800 million in the later years. The sporadic incurrence of acquired in-process R&D costs further reflects a strategy of inorganic growth and pipeline expansion.
Operating Income and Margin Compression: Income from operations shows a general decline relative to the peak levels seen in 2021. While revenues grew, the aggressive scaling of R&D and SG&A expenses has led to a compression of operating margins. Income from operations, which reached $3.35 billion in June 2021, trended lower over time, ending the period at $642.9 million in March 2026.
Net Income Volatility: Net income is characterized by high volatility, largely driven by fluctuations in other income and expenses, net. Non-operating items have frequently exerted a significant influence on the bottom line, as seen in the substantial swings between 2021 and 2025. Despite these fluctuations, net income remained positive throughout the analyzed period, although the March 2026 result of $727.2 million represents a decrease from the peaks observed in 2024.

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Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Income Statement Quarterly Data

Income Statement
Quarterly Data