Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Regeneron Pharmaceuticals Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	939,000)	789,500)	606,600)	589,200)	564,000)
Accrued payroll and related costs	773,000)	640,900)	618,200)	497,300)	440,700)
Accrued clinical expenses	357,200)	315,700)	292,200)	295,000)	295,800)
Accrued sales-related costs	875,600)	786,200)	780,800)	633,600)	472,700)
Income tax-related costs	351,300)	213,200)	11,700)	—)	—)
Other accrued expenses and liabilities	519,300)	571,100)	655,000)	648,300)	997,600)
Accrued expenses and other current liabilities	2,876,400)	2,527,100)	2,357,900)	2,074,200)	2,206,800)
Finance lease liabilities, current portion	—)	—)	—)	—)	719,700)
Deferred revenue	553,000)	627,700)	458,900)	477,900)	442,000)
Current liabilities	4,368,400)	3,944,300)	3,423,400)	3,141,300)	3,932,500)
Long-term debt	1,985,900)	1,984,400)	1,982,900)	1,981,400)	1,980,000)
Finance lease liabilities, excluding current portion	720,000)	720,000)	720,000)	720,000)	—)
Deferred revenue	208,700)	185,700)	126,700)	69,800)	73,300)
Other noncurrent liabilities	2,018,800)	1,571,400)	854,100)	638,000)	680,200)
Noncurrent liabilities	4,933,400)	4,461,500)	3,683,700)	3,409,200)	2,733,500)
Total liabilities	9,301,800)	8,405,800)	7,107,100)	6,550,500)	6,666,000)
Preferred Stock, par value $.01 per share; issued and outstanding: none	—)	—)	—)	—)	—)
Class A Stock, convertible, par value $.001 per share	—)	—)	—)	—)	—)
Common Stock, par value $.001 per share	100)	100)	100)	100)	100)
Additional paid-in capital	13,995,000)	12,855,900)	11,354,000)	9,949,300)	8,087,500)
Retained earnings	35,797,100)	31,672,900)	27,260,300)	23,306,700)	18,968,300)
Accumulated other comprehensive income (loss)	77,500)	(7,900)	(80,900)	(238,800)	(26,200)
Treasury Stock, at cost	(18,612,800)	(15,167,400)	(12,560,400)	(10,353,300)	(8,260,900)
Stockholders’ equity	31,256,900)	29,353,600)	25,973,100)	22,664,000)	18,768,800)
Total liabilities and stockholders’ equity	40,558,700)	37,759,400)	33,080,200)	29,214,500)	25,434,800)

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).

Overall, the company’s liabilities and stockholders’ equity demonstrate a consistent upward trend from 2021 to 2025. Total liabilities increased significantly over the period, while stockholders’ equity also grew, albeit at a slower pace in earlier years. This growth is driven by increases in several key liability and equity accounts.

Current Liabilities: Current liabilities exhibited volatility, decreasing in 2022 before rising steadily through 2025. Accounts payable, accrued payroll, accrued sales-related costs, and accrued expenses and other current liabilities all contributed to this overall increase. A notable rise in income tax-related costs is observed from 2023 onwards. The finance lease liabilities, current portion, decreased to zero after 2021. Deferred revenue also showed an increasing trend, though with some fluctuation.
Noncurrent Liabilities: Noncurrent liabilities increased substantially throughout the period. Long-term debt remained relatively stable. However, finance lease liabilities (excluding the current portion) were introduced in 2022 and remained constant thereafter. A significant increase in other noncurrent liabilities, particularly from 2023, contributed heavily to the overall growth in this category. Deferred revenue also increased within the noncurrent portion.
Stockholders’ Equity: Stockholders’ equity experienced consistent growth from 2021 to 2025. This growth was primarily driven by increases in additional paid-in capital and retained earnings. Retained earnings demonstrated a strong upward trend, reflecting the company’s profitability. Accumulated other comprehensive income (loss) fluctuated, moving from a loss position to a positive balance by 2025. Treasury stock consistently decreased, indicating share repurchases, which reduced equity.
Total Liabilities: Total liabilities increased from US$6,666,000 thousand in 2021 to US$9,301,800 thousand in 2025, representing a substantial increase over the five-year period. The growth was more pronounced in the later years, driven by the expansion of both current and noncurrent liabilities.
Total Liabilities and Stockholders’ Equity: The combined value of total liabilities and stockholders’ equity increased steadily from US$25,434,800 thousand in 2021 to US$40,558,700 thousand in 2025. This indicates overall growth in the company’s financial size and scale.

The company appears to be increasingly reliant on liabilities to fund its operations and growth, as evidenced by the faster growth rate of liabilities compared to stockholders’ equity. The significant increase in other noncurrent liabilities warrants further investigation to understand the underlying drivers and potential risks.

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Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Balance Sheet: Liabilities and Stockholders’ Equity