Selected Financial Data
since 2005
Income Statement
Regeneron Pharmaceuticals Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
| Dec 31, 2025 | 14,342,900) | 3,577,900) | 4,504,900) |
| Dec 31, 2024 | 14,202,000) | 3,990,700) | 4,412,600) |
| Dec 31, 2023 | 13,117,200) | 4,047,100) | 3,953,600) |
| Dec 31, 2022 | 12,172,900) | 4,738,900) | 4,338,400) |
| Dec 31, 2021 | 16,071,700) | 8,946,800) | 8,075,300) |
| Dec 31, 2020 | 8,497,100) | 3,576,600) | 3,513,200) |
| Dec 31, 2019 | 7,863,400) | 2,209,800) | 2,115,800) |
| Dec 31, 2018 | 6,710,800) | 2,534,400) | 2,444,400) |
| Dec 31, 2017 | 5,872,227) | 2,079,591) | 1,198,511) |
| Dec 31, 2016 | 4,860,427) | 1,330,741) | 895,522) |
| Dec 31, 2015 | 4,103,728) | 1,251,916) | 636,056) |
| Dec 31, 2014 | 2,819,557) | 838,431) | 348,074) |
| Dec 31, 2013 | 2,104,745) | 760,028) | 424,362) |
| Dec 31, 2012 | 1,378,477) | 457,713) | 750,269) |
| Dec 31, 2011 | 445,824) | (205,159) | (221,760) |
| Dec 31, 2010 | 459,074) | (97,472) | (104,468) |
| Dec 31, 2009 | 379,268) | (74,103) | (67,830) |
| Dec 31, 2008 | 238,457) | (89,830) | (82,710) |
| Dec 31, 2007 | 125,024) | (114,454) | (105,600) |
| Dec 31, 2006 | 63,447) | (107,655) | (102,337) |
| Dec 31, 2005 | 66,193) | (124,421) | (95,446) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance, as indicated by the income statement items, demonstrates a significant evolution over the period from 2005 to 2025. Initially, the company experienced substantial losses, but transitioned to profitability and substantial growth in later years. Revenues and operational income exhibited markedly different trajectories over the observed timeframe.
- Revenue Trend
- Revenues initially fluctuated between approximately US$63,000 thousand and US$66,000 thousand from 2005 to 2007. A substantial increase began in 2007, reaching US$238,000 thousand in 2008, and continued to grow to US$7.86 billion in 2019. A dramatic surge occurred in 2021, with revenues reaching US$16.07 billion, before declining to US$12.17 billion in 2022. Revenues stabilized between US$13.12 billion and US$14.34 billion from 2023 to 2025.
- Operational Income Trend
- From 2005 to 2011, the company consistently reported losses from operations, peaking at a loss of US$205,000 thousand in 2011. A turning point occurred in 2012, with operational income becoming positive at US$458,000 thousand. Operational income continued to increase, reaching US$2.53 billion in 2018. Following a slight dip in 2019, it experienced a significant increase to US$8.95 billion in 2021, mirroring the revenue surge. Operational income then decreased to US$3.58 billion in 2025.
- Net Income Trend
- Similar to operational income, net income was negative from 2005 to 2011, with the largest loss occurring in 2011 at US$222,000 thousand. Net income turned positive in 2012, reaching US$750,000 thousand. Growth continued, with net income reaching US$8.08 billion in 2021. A decline was observed in 2022 and 2023, with net income stabilizing around US$4.4 billion in 2024 and 2025.
The period between 2012 and 2021 represents a phase of substantial growth in both revenues and profitability. The decline in revenues and income observed in 2022 and 2023, followed by stabilization, suggests a potential shift in the company’s growth trajectory. The correlation between revenue and income trends is strong, indicating that changes in revenue directly impact profitability. The significant increase in 2021, followed by a decrease, warrants further investigation to understand the underlying drivers of these fluctuations.
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Balance Sheet: Assets
Regeneron Pharmaceuticals Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 18,021,900) | 40,558,700) |
| Dec 31, 2024 | 18,660,900) | 37,759,400) |
| Dec 31, 2023 | 19,479,200) | 33,080,200) |
| Dec 31, 2022 | 15,884,100) | 29,214,500) |
| Dec 31, 2021 | 14,014,900) | 25,434,800) |
| Dec 31, 2020 | 9,779,100) | 17,163,300) |
| Dec 31, 2019 | 7,689,100) | 14,805,200) |
| Dec 31, 2018 | 6,447,600) | 11,734,500) |
| Dec 31, 2017 | 4,335,030) | 8,764,286) |
| Dec 31, 2016 | 3,180,188) | 6,973,466) |
| Dec 31, 2015 | 2,915,095) | 5,609,132) |
| Dec 31, 2014 | 2,167,461) | 3,871,827) |
| Dec 31, 2013 | 1,796,934) | 2,951,013) |
| Dec 31, 2012 | 1,206,012) | 2,080,490) |
| Dec 31, 2011 | 652,875) | 1,323,583) |
| Dec 31, 2010 | 357,622) | 1,089,432) |
| Dec 31, 2009 | 425,508) | 741,202) |
| Dec 31, 2008 | 521,442) | 670,038) |
| Dec 31, 2007 | 797,829) | 936,258) |
| Dec 31, 2006 | 469,984) | 585,090) |
| Dec 31, 2005 | 341,392) | 423,501) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset base of the company has demonstrated substantial growth over the period examined, from 2005 to 2025. Both current assets and total assets have generally increased, although with periods of fluctuation. A significant acceleration in asset growth is particularly noticeable in the latter half of the observed timeframe.
- Current Assets
- Current assets experienced considerable volatility in the early years, increasing from $341.392 million in 2005 to $797.829 million in 2007, before declining to $425.508 million in 2009. A subsequent increase brought the value to $1.206 billion by 2012. From 2012 through 2021, current assets exhibited a strong upward trend, rising to $14.015 billion. A slight decrease was observed in 2022 and 2023, followed by a further decline in 2024 and 2025, settling at $18.022 billion. This suggests a potential shift in the composition of assets or changes in working capital management in recent years.
- Total Assets
- Total assets mirrored the trend of current assets, with an initial increase from $423.501 million in 2005 to $936.258 million in 2007, followed by a decrease to $670.038 million in 2008. Growth resumed from 2008, reaching $2.080 billion in 2012. The period from 2012 to 2025 witnessed a dramatic expansion in total assets, culminating in $40.559 billion in 2025. This substantial growth indicates significant investment and expansion of the company’s resource base. The rate of increase in total assets appears to have accelerated after 2017.
- Relationship between Current and Total Assets
- Throughout the period, current assets consistently represented a substantial portion of total assets. The proportion fluctuated, but generally remained above 70% until 2018. From 2019 onwards, while both values increased, the proportion of current assets to total assets decreased, indicating a growing contribution from non-current assets. This suggests a potential shift towards longer-term investments or a change in the company’s asset structure.
The observed trends suggest a company undergoing significant expansion and evolving asset allocation strategies. The substantial growth in total assets, particularly in recent years, warrants further investigation to understand the drivers behind this expansion and its implications for future performance.
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Balance Sheet: Liabilities and Stockholders’ Equity
Regeneron Pharmaceuticals Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2025 | 4,368,400) | 9,301,800) | 2,705,900) | 31,256,900) |
| Dec 31, 2024 | 3,944,300) | 8,405,800) | 2,704,400) | 29,353,600) |
| Dec 31, 2023 | 3,423,400) | 7,107,100) | 2,702,900) | 25,973,100) |
| Dec 31, 2022 | 3,141,300) | 6,550,500) | 2,701,400) | 22,664,000) |
| Dec 31, 2021 | 3,932,500) | 6,666,000) | 2,699,700) | 18,768,800) |
| Dec 31, 2020 | 2,697,400) | 6,138,000) | 2,695,700) | 11,025,300) |
| Dec 31, 2019 | 2,096,600) | 3,715,500) | 713,900) | 11,089,700) |
| Dec 31, 2018 | 1,442,800) | 2,977,200) | 708,500) | 8,757,300) |
| Dec 31, 2017 | 1,135,483) | 2,620,208) | 703,453) | 6,144,078) |
| Dec 31, 2016 | 1,241,495) | 2,524,221) | 481,126) | 4,449,245) |
| Dec 31, 2015 | 811,162) | 1,954,295) | 375,510) | 3,654,837) |
| Dec 31, 2014 | 654,660) | 1,329,502) | 459,064) | 2,542,325) |
| Dec 31, 2013 | 298,835) | 998,937) | 505,638) | 1,952,076) |
| Dec 31, 2012 | 163,550) | 835,105) | 458,637) | 1,245,385) |
| Dec 31, 2011 | 148,271) | 837,851) | 438,039) | 485,732) |
| Dec 31, 2010 | 109,056) | 561,617) | 162,859) | 527,815) |
| Dec 31, 2009 | 93,575) | 344,440) | 109,022) | 396,762) |
| Dec 31, 2008 | 83,672) | 251,186) | —) | 418,852) |
| Dec 31, 2007 | 283,664) | 475,991) | 200,000) | 460,267) |
| Dec 31, 2006 | 45,014) | 368,466) | 200,000) | 216,624) |
| Dec 31, 2005 | 40,357) | 309,499) | 200,000) | 114,002) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Over the period examined, significant changes are observed in the company’s liabilities and stockholders’ equity. Current liabilities demonstrate substantial volatility, with a marked increase between 2006 and 2007, followed by a decrease, and then a considerable surge beginning in 2013, peaking in 2020 before declining slightly in subsequent years. Total liabilities exhibit a generally increasing trend, particularly accelerating after 2015, indicating a growing reliance on external financing. Stockholders’ equity shows a consistent upward trajectory, especially from 2011 onwards, suggesting strong retained earnings and/or capital infusions. The composition of liabilities has also shifted, with total debt remaining relatively stable for much of the period before experiencing a substantial increase in 2020.
- Current Liabilities
- Current liabilities began at US$40.357 million in 2005 and fluctuated considerably. A significant jump to US$283.664 million occurred in 2007, followed by a decrease to US$83.672 million in 2008. From 2013, current liabilities increased dramatically, reaching US$2.697 billion in 2020, before decreasing to US$3.944 billion in 2023 and US$4.368 billion in 2025. This volatility suggests potential changes in short-term financing strategies or working capital management.
- Total Liabilities
- Total liabilities increased from US$309.499 million in 2005 to US$9.301 billion in 2025. The growth was relatively moderate until 2015, after which it accelerated significantly. This indicates an increasing dependence on debt financing to fund operations and growth initiatives. The increase from US$3.715 billion in 2019 to US$6.138 billion in 2020 is particularly noteworthy.
- Total Debt
- Total debt remained relatively constant at US$200 million between 2005 and 2007. It then decreased and fluctuated between approximately US$375 million and US$713 million until 2019. A substantial increase occurred in 2020, reaching US$2.695 billion, and remained relatively stable at around US$2.7 billion through 2025. This suggests a significant shift in the company’s capital structure, with a greater reliance on debt financing in recent years.
- Stockholders’ Equity
- Stockholders’ equity demonstrated consistent growth throughout the period, increasing from US$114.002 million in 2005 to US$31.257 billion in 2025. The rate of growth accelerated after 2011, indicating strong profitability and/or successful equity offerings. This growth in equity provides a stronger financial foundation for the company.
The increasing trend in total liabilities, coupled with the substantial rise in total debt since 2020, warrants further investigation into the company’s debt obligations and its ability to meet its financial commitments. However, the concurrent growth in stockholders’ equity provides a mitigating factor, suggesting a healthy overall financial position. The volatility in current liabilities requires monitoring to understand the underlying drivers and potential risks.
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Cash Flow Statement
Regeneron Pharmaceuticals Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2025 | 4,978,900) | (629,100) | (3,715,400) |
| Dec 31, 2024 | 4,420,500) | (2,468,100) | (2,200,500) |
| Dec 31, 2023 | 4,594,000) | (3,185,100) | (1,790,100) |
| Dec 31, 2022 | 5,014,900) | (3,784,600) | (1,009,000) |
| Dec 31, 2021 | 7,081,300) | (5,384,700) | (1,005,800) |
| Dec 31, 2020 | 2,618,100) | (70,600) | (1,970,500) |
| Dec 31, 2019 | 2,430,000) | (2,027,800) | (252,100) |
| Dec 31, 2018 | 2,195,100) | (1,463,000) | (77,100) |
| Dec 31, 2017 | 1,307,112) | (1,005,182) | (24,400) |
| Dec 31, 2016 | 1,473,396) | (1,046,904) | (700,391) |
| Dec 31, 2015 | 1,330,780) | (907,601) | (262,796) |
| Dec 31, 2014 | 743,157) | (420,777) | (209,269) |
| Dec 31, 2013 | 583,648) | (355,455) | 77,139) |
| Dec 31, 2012 | (74,615) | (81,073) | (97,646) |
| Dec 31, 2011 | (141,682) | 128,471) | 384,249) |
| Dec 31, 2010 | 99,222) | (437,031) | 243,306) |
| Dec 31, 2009 | (72,230) | 146) | 31,363) |
| Dec 31, 2008 | (89,086) | 30,815) | (192,858) |
| Dec 31, 2007 | 27,372) | (85,723) | 319,400) |
| Dec 31, 2006 | 23,075) | (155,105) | 185,398) |
| Dec 31, 2005 | (30,296) | 115,494) | 4,081) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow statement reveals significant fluctuations across all three activities – operating, investing, and financing – over the period examined. A notable shift in cash flow patterns is observed, particularly from 2020 onwards, with substantial changes in the magnitude and direction of cash flows.
- Operating Activities
- Initially, net cash provided by operating activities was negative, peaking at a net outflow of approximately US$30.3 million in 2005. A positive trend followed, reaching US$99.2 million in 2010, before experiencing a substantial outflow of US$141.7 million in 2011. From 2013, operating cash flow consistently increased, culminating in a peak of US$7.08 billion in 2021. A decrease is then observed in 2022 and 2023, settling at US$4.97 billion in 2025. The period between 2013 and 2021 demonstrates a particularly strong and sustained increase in cash generated from core business operations.
- Investing Activities
- Net cash used in investing activities exhibited considerable volatility. Significant outflows were recorded in 2006 (US$155.1 million) and 2011 (US$437.0 million), while inflows were seen in 2005 (US$115.5 million) and 2008 (US$30.8 million). From 2015 onwards, substantial and consistent outflows are apparent, escalating to US$5.38 billion in 2021. While outflows decreased in subsequent years, they remained substantial, reaching US$629.1 million in 2025. This suggests consistent, large-scale investments, potentially in property, plant, and equipment, or acquisitions.
- Financing Activities
- Cash flow from financing activities was generally less substantial than the other two categories, but still demonstrated notable shifts. Positive cash flow was observed in several years, including 2006 (US$185.4 million) and 2010 (US$243.3 million). However, significant outflows occurred in 2008 (US$192.9 million), 2015 (US$700.4 million), and particularly from 2020 onwards. The largest outflow occurred in 2020, at US$1.97 billion, and continued to be negative through 2025, reaching US$3.72 billion. This pattern suggests increased reliance on external financing, followed by substantial repayments or shareholder returns, especially in recent years.
- Overall Trends
- The period from 2005 to 2012 was characterized by instability in operating cash flows and fluctuating investment and financing activities. From 2013 to 2021, a clear trend of increasing operating cash flow was evident, alongside consistent negative cash flow from investing activities and a more moderate pattern in financing. The period from 2020 to 2025 shows a dramatic increase in operating cash flow initially, followed by a decline, coupled with consistently large negative cash flows from investing and financing, indicating a potential shift in the company’s financial strategy, possibly involving significant capital expenditures and debt repayment or shareholder distributions.
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Per Share Data
Regeneron Pharmaceuticals Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 43.07 | 41.48 | 3.52 |
| Dec 31, 2024 | 40.90 | 38.34 | 0.00 |
| Dec 31, 2023 | 37.05 | 34.77 | 0.00 |
| Dec 31, 2022 | 40.51 | 38.22 | 0.00 |
| Dec 31, 2021 | 76.40 | 71.97 | 0.00 |
| Dec 31, 2020 | 32.65 | 30.52 | 0.00 |
| Dec 31, 2019 | 19.38 | 18.46 | 0.00 |
| Dec 31, 2018 | 22.65 | 21.29 | 0.00 |
| Dec 31, 2017 | 11.27 | 10.34 | 0.00 |
| Dec 31, 2016 | 8.55 | 7.70 | 0.00 |
| Dec 31, 2015 | 6.17 | 5.52 | 0.00 |
| Dec 31, 2014 | 3.46 | 3.07 | 0.00 |
| Dec 31, 2013 | 4.33 | 3.81 | 0.00 |
| Dec 31, 2012 | 7.92 | 6.75 | 0.00 |
| Dec 31, 2011 | -2.45 | -2.45 | 0.00 |
| Dec 31, 2010 | -1.26 | -1.26 | 0.00 |
| Dec 31, 2009 | -0.85 | -0.85 | 0.00 |
| Dec 31, 2008 | -1.05 | -1.05 | 0.00 |
| Dec 31, 2007 | -1.59 | -1.59 | 0.00 |
| Dec 31, 2006 | -1.77 | -1.77 | 0.00 |
| Dec 31, 2005 | -1.71 | -1.71 | 0.00 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share earnings for the company demonstrate a significant evolution over the observed period. Initial years, from 2005 through 2009, are characterized by negative earnings per share, both on a basic and diluted basis. A clear inflection point occurs around 2010, with earnings transitioning to positive values and exhibiting increasing growth from 2011 onwards.
- Earnings Per Share (EPS) Trend
- Both basic and diluted EPS follow a similar trajectory. From 2005 to 2009, the company consistently reported losses per share, peaking at a loss of US$2.45 in 2011. A substantial increase in profitability is then observed, with EPS rising from US$7.92 in 2012 to US$32.65 in 2020. The period from 2020 to 2023 shows considerable volatility, with EPS reaching a high of US$76.40 in 2021 before declining to US$37.05 in 2023. A moderate increase is noted in 2024 and 2025, reaching US$43.07.
The difference between basic and diluted EPS remains relatively consistent throughout the period, suggesting limited impact from potentially dilutive securities. The gap between the two metrics is generally less than US$1.00 per share.
- Dividend Initiation
- The company did not distribute dividends to shareholders until 2025, when a dividend of US$3.52 per share was declared. This suggests a shift in capital allocation strategy towards returning value to shareholders after a period of reinvestment and growth.
Overall, the per share data indicates a transformation from a period of losses to one of substantial profitability and, ultimately, dividend payments. The recent fluctuations in EPS warrant further investigation to understand the underlying drivers of these changes.
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