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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- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Regeneron Pharmaceuticals Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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
- Net income exhibited significant fluctuations over the periods, peaking notably in June 2021 at $3.1 billion and again showing elevated levels in December 2021 and June 2024. Early 2022 presented a decline compared to 2021 highs, followed by a recovery in mid-2024. The trend points to volatility, with intermittent strong quarterly performances.
- Depreciation and Amortization
- This expense showed a steady and gradual increase across all periods, rising from $56.1 million in March 2020 to approximately $126.9 million in December 2024, indicating ongoing investments in fixed assets and capital expenditures consistent with business growth.
- Stock-Based Compensation Expense
- Stock-based compensation rose steadily from about $105.8 million in March 2020 to peak values exceeding $300 million in December 2024, suggesting increased employee compensation via equity awards, which may reflect efforts to retain talent or align interests with shareholders.
- (Gains) Losses on Marketable and Other Securities, Net
- This line item showed volatility, with significant gains and losses alternating across periods. Notable losses occurred in mid-2021 and third quarter 2024, while large gains are observed intermittently, evidencing active portfolio management subject to market conditions.
- Other Non-Cash Items, Net
- Other non-cash items fluctuated throughout the periods with no clear directional trend, showing occasional higher positive adjustments such as in late 2020 and early 2021, but also negative impacts in late 2023, reflecting possibly timing differences or reclassifications impacting operating cash flows.
- Deferred Income Taxes
- Deferred income taxes displayed significant variability with pronounced decreases starting in late 2021 continuing through 2024, potentially indicating changes in tax positions, timing differences, or valuation allowances impacting reported deferred tax assets and liabilities.
- Working Capital Changes
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- Accounts Receivable
- Accounts receivable movements were highly variable; large decreases were recorded in some periods followed by substantial increases in others, notably growing by $657.8 million in March 2025, suggesting fluctuations in sales timing or collection efficiency.
- Inventories
- Inventories generally decreased over time, with some quarters showing slight increases. The consistent reduction from early 2020 through 2025 may indicate improved inventory management or shifts in production and sales demand.
- Prepaid Expenses and Other Assets
- This category showed both increases and decreases reflecting variable timing of payments and amortization of prepaid items, with a notable large decrease in March 2023 followed by volatility in subsequent quarters.
- Deferred Revenue
- Deferred revenue fluctuated, with large decreases in early 2021 and mixed changes thereafter, indicating varying patterns of customer prepayments or contract billings over time.
- Accounts Payable, Accrued Expenses, and Other Liabilities
- These liabilities showed a volatile pattern with large increases in some quarters (e.g., June 2021 and December 2022) and decreases in others, contributing significantly to changes in operating cash flows and reflecting management of payables and accrued expenses.
- Net Cash Provided by Operating Activities
- Operating cash flows were generally positive, with strong inflows in multiple quarters such as December 2021 ($2.37 billion) and March 2022 ($2.10 billion), despite a few quarters recording lower or negative values like September 2020 (-$254 million). The overall trend exhibits robust cash generation capability with some seasonality and operational fluctuations.
- Investing Activities
- Investing cash flows were predominantly negative, indicating significant investments. Purchases of marketable securities and capital expenditures were major outflows consistently over time, while sales of securities partially offset purchases. Payments related to Libtayo intangible assets and acquisitions also contributed to investing outflows, reflecting ongoing asset expansion and strategic investments.
- Financing Activities
- Financing cash flows were mixed with substantial repurchases of common stock across the periods, often exceeding $500 million per quarter, signalling an aggressive share repurchase program. Issuances of common stock fluctuated, occasionally substantial, indicative of periodic equity financing. Bridge loan activities were noticeable in early periods but repaid promptly. Overall, financing activities show a tendency toward returning capital to shareholders combined with active capital management.
- Effect of Exchange Rate Changes
- The effect of exchange rate fluctuations on cash was minimal and inconsistent, with small positive or negative impacts that are unlikely to substantially influence overall cash position.
- Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
- Cash balances experienced marked variability, with significant inflows after some quarters (e.g., March 2020 and September 2023), and sizeable declines in others (e.g., June 2023), reflecting the interactions of operating, investing, and financing activities alongside market and business cycles.