Market Value Added (MVA)
Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.
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Regeneron Pharmaceuticals Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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MVA
Regeneron Pharmaceuticals Inc., MVA calculation
US$ in thousands
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).
1 Fair value of debt. See details »
2 Invested capital. See details »
The market value of the entity exhibited a generally increasing trend from 2021 to 2023, followed by declines in both 2024 and 2025. Invested capital demonstrated a consistent upward trajectory throughout the observed period. Consequently, market value added (MVA) mirrored the pattern of the market value, increasing substantially through 2023 before experiencing reductions in the subsequent two years.
- Market Value Trend
- The market value increased from US$60.58 billion in 2021 to US$91.60 billion in 2023, representing a cumulative growth of approximately 51.3%. However, this was followed by a significant decrease to US$65.37 billion in 2024 and a further, albeit smaller, decline to US$68.75 billion in 2025. The 2024 decrease represents a substantial reversal of prior gains.
- Invested Capital Trend
- Invested capital showed a steady increase over the five-year period, rising from US$10.79 billion in 2021 to US$13.20 billion in 2025. This indicates a consistent reinvestment of resources into the business. The growth, while consistent, was not dramatic, suggesting a measured approach to capital allocation.
- Market Value Added (MVA) Trend
- MVA increased significantly from US$49.79 billion in 2021 to US$79.60 billion in 2023, reflecting the positive impact of market value appreciation. The subsequent declines in market value directly translated into reductions in MVA, falling to US$52.72 billion in 2024 and US$55.56 billion in 2025. The correlation between market value and MVA is strong, as expected.
The period between 2021 and 2023 was characterized by strong value creation, as evidenced by the increases in both market value and MVA. However, the declines observed in 2024 and 2025 suggest a shift in investor sentiment or underlying business performance. While invested capital continued to grow, it was insufficient to offset the reduction in market valuation during those years.
MVA Spread Ratio
Regeneron Pharmaceuticals Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| MVA spread ratio3 | ||||||
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
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).
1 MVA. See details »
2 Invested capital. See details »
3 2025 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited a generally increasing trend from 2021 to 2023, followed by a decline in 2024 and a slight recovery in 2025. Simultaneously, Invested Capital demonstrated a consistent upward trajectory throughout the observed period. The MVA spread ratio, calculated from these figures, reveals a dynamic relationship between wealth creation and capital employed.
- Market Value Added (MVA)
- MVA increased significantly from US$49.79 million in 2021 to US$79.60 million in 2023, indicating substantial value creation for investors during this timeframe. However, a considerable decrease to US$52.72 million was noted in 2024. A modest increase to US$55.56 million in 2025 suggests a potential stabilization, though remaining below the 2023 peak.
- Invested Capital
- Invested Capital consistently rose over the five-year period, moving from US$10.79 million in 2021 to US$13.20 million in 2025. This indicates a continuous reinvestment of resources into the business, potentially fueling growth initiatives or operational improvements.
- MVA Spread Ratio
- The MVA spread ratio, representing MVA as a percentage of Invested Capital, experienced a pronounced increase from 461.61% in 2021 to 663.41% in 2023. This suggests that the company was generating increasingly higher returns relative to the capital invested. The ratio then decreased substantially to 416.61% in 2024, coinciding with the decline in MVA. The ratio remained relatively stable at 420.92% in 2025, indicating that while MVA experienced a slight recovery, the efficiency of wealth creation relative to invested capital did not significantly improve.
The observed fluctuations in the MVA spread ratio suggest a changing relationship between value creation and capital deployment. The peak in 2023 indicates a period of high efficiency, while the subsequent decline in 2024 warrants further investigation to understand the underlying factors contributing to the reduced return on invested capital.
MVA Margin
Regeneron Pharmaceuticals Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | ||||||
| Revenues | ||||||
| Add: Increase (decrease) in deferred revenue | ||||||
| Adjusted revenues | ||||||
| Performance Ratio | ||||||
| MVA margin2 | ||||||
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
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).
1 MVA. See details »
2 2025 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenues
= 100 × ÷ =
3 Click competitor name to see calculations.
The Market Value Added (MVA) exhibited a generally increasing trend from 2021 to 2023, followed by a decline in 2024 and a modest recovery in 2025. Simultaneously, Adjusted Revenues demonstrated fluctuations over the same period. The MVA margin, calculated by relating MVA to Adjusted Revenues, reveals significant variability.
- Market Value Added (MVA)
- The MVA increased substantially from US$49.8 million in 2021 to US$64.1 million in 2022, and continued to rise to US$79.6 million in 2023. A considerable decrease was then observed in 2024, with MVA falling to US$52.7 million. In 2025, MVA experienced a slight increase to US$55.6 million, but remained below the 2023 peak.
- Adjusted Revenues
- Adjusted Revenues decreased from US$15.95 million in 2021 to US$12.21 million in 2022. A recovery was noted in 2023, with revenues reaching US$13.16 million. Revenues further increased to US$14.43 million in 2024, before decreasing slightly to US$14.29 million in 2025.
- MVA Margin
- The MVA margin increased dramatically from 312.14% in 2021 to 525.04% in 2022, and reached a peak of 605.08% in 2023. This indicates a growing efficiency in generating market value relative to revenue. However, the margin decreased significantly to 365.32% in 2024, coinciding with the decline in MVA. A modest increase to 388.74% was observed in 2025, but the margin remained below the levels seen in 2022 and 2023. The substantial fluctuations in the MVA margin suggest a sensitivity to changes in both MVA and Adjusted Revenues.
The relationship between MVA and Adjusted Revenues appears dynamic. While both generally trended upwards through 2023, the subsequent decline in MVA in 2024, despite increasing revenues, resulted in a substantial reduction in the MVA margin. The slight recovery in MVA in 2025 did not fully restore the margin to its previous levels.