Cash Flow Statement
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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Regeneron Pharmaceuticals Inc. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Regeneron Pharmaceuticals Inc., consolidated cash flow statement
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-12-31).
- Net Income
- The net income showed an initial strong increase from approximately $3.5 billion in 2020 to $8.1 billion in 2021, followed by a decline in 2022 to about $4.3 billion. The net income slightly decreased again in 2023 to $3.95 billion but experienced a modest recovery in 2024, reaching $4.4 billion. Overall, net income demonstrates high variability with a peak in 2021 and subsequent declines, indicating possible volatility in profitability.
- Depreciation and Amortization
- This expense steadily increased over the five-year period from $236 million in 2020 to $483 million in 2024, indicating growing capital asset base or increased amortization of intangible assets.
- Stock-Based Compensation Expense
- Stock-based compensation expenses consistently rose, nearly doubling from $432 million in 2020 to $983 million in 2024. This trend suggests increased employee compensation via equity, which may impact operating expenses and dilution.
- Gains/Losses on Marketable and Other Securities
- The gains/losses on marketable securities fluctuated considerably: gains in 2020 and 2021 were followed by losses in 2022 and 2023. In 2024, the company reverted to a gain position. This reflects exposure to market volatility affecting investment income.
- Other Non-Cash Items
- Other non-cash items varied, showing a marked increase in 2021 and 2022, followed by near neutral amounts in 2023 and a small positive figure in 2024. This may reflect one-time adjustments or reclassifications impacting reported earnings.
- Deferred Income Taxes
- Deferred income taxes changed from a positive $76 million in 2020 to negative balances thereafter, peaking at -$838 million in 2023 before a slight improvement in 2024. The negative values imply deferred tax liabilities or changes in tax assets.
- Working Capital Changes
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- Accounts Receivable
- Significant decreases in accounts receivable in 2020 and 2021 suggest improved collections or lower sales on credit, followed by increases in 2022, and moderate decreases in subsequent years.
- Inventories
- Inventories fluctuated with substantial decreases in most years, indicating inventory reductions or efficient management except for mixed activity in 2023.
- Prepaid Expenses and Other Assets
- Generally decreased across the timeline, potentially indicating expense recognition or asset utilization.
- Deferred Revenue
- Deferred revenue was positive in 2020 and mixed thereafter, increasing notably in 2024, implying changes in customer prepayments or contractual billing.
- Accounts Payable, Accrued Expenses, and Other Liabilities
- These liabilities increased in most years except for a decline in 2022, reflecting timing shifts in payables and accrued costs.
- Cash Flows from Operating Activities
- Operating cash flow rose sharply from $2.6 billion in 2020 to a peak of $7.1 billion in 2021, then declined steadily to around $4.4 billion by 2024. Despite the decrease, cash flow remained positive and robust.
- Investing Activities
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- Purchases and Sales of Marketable Securities
- There is a consistent pattern of investing heavily in marketable securities, with purchases escalating significantly from $3.2 billion in 2020 to over $16.6 billion in 2024. Sales increased as well but lagged behind purchases, resulting in a net cash outflow from investing activities.
- Capital Expenditures
- Capital expenditures were relatively stable, around $550 to $750 million annually, reflecting steady investment in property and equipment.
- Payments for Intangibles and Acquisitions
- Significant payments were made in 2022 related to intangible assets ($1 billion) and smaller acquisition-related payments in later years, indicating strategic investments in product pipelines or technology.
- Net Cash Used in Investing Activities
- The net cash outflow from investing fell from $5.4 billion in 2021 to $2.5 billion in 2024, showing reduced but still substantial capital deployment.
- Financing Activities
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- Issuance and Repurchase of Common Stock
- Proceeds from stock issuance declined from $2.6 billion in 2020 to around $1.5 billion in 2024, while repurchases increased from $1.6 billion in 2021 to $2.6 billion in 2024. This indicates a net reduction in outstanding shares over time, likely aimed at returning capital to shareholders.
- Payments Related to Employee Tax Obligations
- Payments fluctuated but generally increased by 2024, reflecting ongoing obligations related to equity compensation plans.
- Debt Activity
- Debt issuance and repayment activities occurred in 2020, including bridge loans, but no new debt issuances or repayments are recorded after 2020.
- Net Cash Used in Financing Activities
- Financing cash outflows increased in magnitude, reaching $2.2 billion in 2024, highlighting ongoing share repurchase programs and other outflows.
- Cash and Cash Equivalents
- Cash balances increased significantly in 2020 and 2021, peaking at $3.1 billion at the end of 2022 before declining to $2.5 billion by the end of 2024. The decline corresponds with net cash outflows from investing and financing activities.
- Overall Financial Trends
- The company experienced considerable fluctuations in profitability, with a peak in net income in 2021 followed by lower levels in subsequent years. Strong increases in non-cash expenses such as stock compensation and depreciation point to growing operational and capital intensity. This is complemented by sizable investments in marketable securities and intangible assets, reflecting substantial capital allocation toward growth initiatives. Cash flows from operating activities remain solid despite the variability in net income, supporting the company's operational liquidity. Financing activities indicate a focus on managing equity capital through share repurchases, balanced partially by stock issuances. The overall picture suggests a company investing heavily while maintaining positive operating cash flows, with strategic capital structure management and some volatility in reported earnings.