Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Regeneron Pharmaceuticals Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income
- The net income demonstrated significant volatility over the examined quarters. Starting at $624.6 million in March 2020, it rose sharply in June 2021 reaching over $3 billion, followed by a decline through 2022 and partial recovery in 2023 and 2024. The most recent quarters through June 2025 showed mixed results with fluctuations between approximately $800 million and $1.4 billion, indicating variability in profitability possibly influenced by external market or operational factors.
- Depreciation and Amortization
- This expense showed a general upward trend, increasing steadily from $56.1 million in early 2020 to $135.1 million by June 2025. The gradual increase reflects ongoing investment in assets subject to depreciation and amortization, consistent with growth or capital expenditure activities.
- Stock-Based Compensation Expense
- Stock-based compensation fluctuated considerably, starting at $105.8 million and peaking at over $304 million in early 2025. The elevated levels in recent years suggest sustained or increased issuance of stock options or similar compensation, indicating a possible strategy to attract or retain talent amid business expansion or competitive pressures.
- Gains/Losses on Marketable and Other Securities
- This item exhibited considerable volatility, with both significant gains and losses recorded. Notable losses occurred in some quarters such as mid-2021 and early 2024, contrasted by substantial gains in others, pointing to variability in market conditions or investment portfolio performance impacting the company’s financial results.
- Other, Net
- The 'Other, net' category was inconsistent, with both positive and negative contributions across quarters, indicating miscellaneous factors influencing net income that require further detailed breakdown for precise interpretation.
- Deferred Income Taxes
- Deferred income taxes fluctuated widely, with marked negative values especially in 2021 and 2022, suggesting the recognition of deferred tax liabilities or changes in tax accounting estimates, which may reflect tax planning or external regulatory impacts.
- Working Capital Changes
- Accounts receivable showed irregular changes with large decreases and increases, implying volatile customer payment patterns or sales fluctuations. Inventories mostly decreased but with some quarters of increase, indicating active inventory management aligned with production and sales cycles. Prepaid expenses and other assets fluctuated significantly, reflecting timing differences or changes in operational expenses. Deferred revenue changes were erratic, suggesting variability in advance customer payments or contract timing. Accounts payable and accruals showed large swings, indicating variable timing of payments to suppliers and other obligations.
- Cash Flows from Operating Activities
- Operating cash flow demonstrated substantial variability, with negative cash flow in some quarters (e.g., September 2020) but generally strong positive cash generation in others, peaking notably in late 2021. This fluctuation aligns with the volatile net income and working capital changes, reflecting operational performance and collection/payments timing.
- Investing Activities
- Investing cash flows were predominantly negative, driven by consistent purchases of marketable securities and capital expenditures. Substantial purchases of securities were observed especially between late 2022 and mid-2025, indicating strategic investment of cash reserves. Capital expenditures remained significant and fairly stable, reflecting ongoing investment in property, plant, and equipment. Payments for intangible assets spiked in some periods, particularly in 2022 and 2023, suggesting acquisitions or licensing investments. Acquisitions net of cash acquired appeared sporadic but contributed to cash outflows in specific quarters.
- Financing Activities
- Financing cash flows fluctuated, with large inflows from stock issuance offset by significant outflows due to stock repurchases and payments related to stock tendered for employee tax obligations. The company made efforts to manage equity capital dynamically, with stock repurchase activity notably increasing in later periods. Dividend payments appeared only towards the end of the period analyzed, indicating a possible shift toward shareholder returns. Debt issuance and repayment activity was limited, focused mainly in early 2020.
- Cash and Cash Equivalents
- Overall, the net change in cash and cash equivalents was erratic, reflecting the combined effects of volatile operating cash flows, significant investing outflows, and variable financing activities. Periods of strong cash increases were interspersed with substantial decreases, indicative of an active cash management approach balancing growth investments, operational needs, and shareholder transactions.