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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- 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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MVA
Regeneron Pharmaceuticals Inc., MVA calculation
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).
1 Fair value of debt. See details »
2 Invested capital. See details »
- Market (fair) value of Regeneron
- The market value exhibited a consistent upward trend from 2020 through 2023, increasing from approximately 51.23 billion US dollars in 2020 to about 91.60 billion US dollars in 2023. This represents a nearly 79% increase over this four-year period. However, in 2024, there was a notable decline in market value to approximately 65.37 billion US dollars, reflecting a decrease of about 28.6% compared to the previous year.
- Invested capital
- Invested capital also trended upward over the five-year span, starting at 8.42 billion US dollars in 2020 and reaching 12.65 billion US dollars in 2024. The growth was generally steady, with an increase of approximately 50% over the period. There was a minor decrease between 2022 and 2023, where invested capital reduced slightly from 12.29 billion to 11.99 billion US dollars, but the figure increased again in 2024.
- Market value added (MVA)
- Market value added, reflecting the difference between market value and invested capital, mirrored the trend seen in market value. MVA increased significantly from 42.81 billion US dollars in 2020 to 79.60 billion US dollars in 2023, indicating substantial value creation over these years. The 2024 figure dropped sharply to 52.72 billion US dollars, declining by approximately 33.7% from the prior year. Despite this decrease, the MVA remains well above the 2020 level.
MVA Spread Ratio
Regeneron Pharmaceuticals Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 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).
1 MVA. See details »
2 Invested capital. See details »
3 2024 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
- Market Value Added (MVA)
- The Market Value Added shows an overall upward trend from 2020 to 2023, increasing from approximately $42.8 billion to nearly $79.6 billion. This reflects a substantial growth in the company's market valuation over this period. However, in 2024, there is a significant decline in MVA to about $52.7 billion, indicating a considerable reduction in market value compared to the previous year.
- Invested Capital
- Invested capital has steadily increased each year from 2020 through 2024. Starting at approximately $8.4 billion in 2020, it rises consistently to about $12.7 billion in 2024. This steady increase suggests ongoing investment in the company's assets or operations over this period.
- MVA Spread Ratio
- The MVA spread ratio, which relates market value added to invested capital, exhibits fluctuations throughout the period. There is a high value of 508.24% in 2020, slightly declining to 461.61% in 2021. It then rises again to 521.52% in 2022 and peaks at 663.41% in 2023, indicating an improving efficiency or market premium relative to invested capital. However, it sharply decreases to 416.61% in 2024, reflecting the drop in market value added relative to the continuing growth in invested capital.
- Overall Insights
- The data presents a picture of a company that has been growing its invested capital steadily while enjoying rising market valuation and value added through 2023. The significant drop in market value added and MVA spread ratio in 2024 may suggest challenges impacting the company's market perception or profitability. Despite these challenges, the continued growth in invested capital could indicate an ongoing commitment to expansion or investment in core business areas.
MVA Margin
Regeneron Pharmaceuticals Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 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).
1 MVA. See details »
2 2024 Calculation
MVA margin = 100 × MVA ÷ Adjusted revenues
= 100 × ÷ =
3 Click competitor name to see calculations.
The financial data presents notable fluctuations in both market value added (MVA) and adjusted revenues over the five-year period, alongside corresponding MVA margins. The observed trends reflect changes in company performance and valuation relative to revenue generation.
- Market Value Added (MVA)
- The MVA displays a general upward trajectory from 2020 through 2023, increasing from approximately 42.8 billion USD in 2020 to nearly 79.6 billion USD in 2023. This represents an overall increase of about 86% over the four years. However, in 2024, MVA declines sharply to around 52.7 billion USD, indicating a significant reduction of approximately 34% compared to the previous year. This decrease marks a notable reversal of the prior positive trend.
- Adjusted Revenues
- Adjusted revenues show a substantial rise from 8.6 billion USD in 2020 to a peak of 15.95 billion USD in 2021, nearly doubling within a year. Following this peak, revenues decline to 12.2 billion USD in 2022 but then gradually increase again to 13.2 billion USD in 2023 and 14.4 billion USD in 2024. Despite the initial volatility from 2021 to 2022, the recent years show moderate growth in revenue.
- MVA Margin
- The MVA margin, which relates market value added to revenues, exhibits considerable variability. Starting at a very high 495.2% in 2020, it decreases sharply to 312.14% in 2021 despite a revenue increase. The margin then rebounds strongly to 525.04% in 2022 and further improves to 605.08% in 2023, reaching the highest point of the period surveyed. In 2024, it declines notably to 365.32%, though this value remains above the level observed in 2021.
In summary, the company experienced growth in both market value added and revenues from 2020 to 2023, with the MVA margin showing strong performance, especially in 2022 and 2023. However, 2024 presented a divergence where MVA and MVA margins decreased significantly despite continued growth in adjusted revenues, indicating possible changes in market valuation dynamics, profitability, or investor sentiment during that year. The patterns suggest volatility in valuation relative to revenue growth, which may warrant further investigation into underlying operational or market factors affecting company performance beyond revenue figures alone.