Stock Analysis on Net
Stock Analysis on Net
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Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Adjusted Financial Ratios

Advanced level

Adjusted Financial Ratios (Summary)

Regeneron Pharmaceuticals Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Activity Ratio
Total Asset Turnover
Reported 0.50 0.53 0.57 0.67 0.70
Adjusted 0.53 0.58 0.61 0.70 0.83
Liquidity Ratio
Current Ratio
Reported 3.63 3.67 4.47 3.82 2.56
Adjusted 4.61 5.11 6.51 5.32 3.15
Solvency Ratios
Debt to Equity
Reported 0.24 0.06 0.08 0.11 0.11
Adjusted 0.25 0.06 0.08 0.11 0.11
Debt to Capital
Reported 0.20 0.06 0.07 0.10 0.10
Adjusted 0.20 0.06 0.07 0.10 0.10
Financial Leverage
Reported 1.56 1.34 1.34 1.43 1.57
Adjusted 1.49 1.21 1.21 1.26 1.32
Profitability Ratios
Net Profit Margin
Reported 41.35% 26.91% 36.42% 20.41% 18.42%
Adjusted 43.32% 28.35% 33.92% 24.62% 14.85%
Return on Equity (ROE)
Reported 31.86% 19.08% 27.91% 19.51% 20.13%
Adjusted 34.23% 20.09% 25.16% 21.53% 16.18%
Return on Assets (ROA)
Reported 20.47% 14.29% 20.83% 13.67% 12.84%
Adjusted 22.97% 16.54% 20.74% 17.13% 12.27%

Based on: 10-K (filing date: 2021-02-08), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Regeneron Pharmaceuticals Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Regeneron Pharmaceuticals Inc.’s adjusted current ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Regeneron Pharmaceuticals Inc.’s adjusted debt-to-equity ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Regeneron Pharmaceuticals Inc.’s adjusted debt-to-capital ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Regeneron Pharmaceuticals Inc.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Regeneron Pharmaceuticals Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Regeneron Pharmaceuticals Inc.’s adjusted ROE deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Regeneron Pharmaceuticals Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Regeneron Pharmaceuticals Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Revenues 8,497,100  7,863,400  6,710,800  5,872,227  4,860,427 
Total assets 17,163,300  14,805,200  11,734,500  8,764,286  6,973,466 
Activity Ratio
Total asset turnover1 0.50 0.53 0.57 0.67 0.70
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted revenues2 8,645,200  8,157,400  6,678,200  5,759,128  5,104,697 
Adjusted total assets3 16,304,400  13,981,000  10,925,947  8,275,792  6,182,536 
Activity Ratio
Adjusted total asset turnover4 0.53 0.58 0.61 0.70 0.83

Based on: 10-K (filing date: 2021-02-08), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

1 2020 Calculation
Total asset turnover = Revenues ÷ Total assets
= 8,497,100 ÷ 17,163,300 = 0.50

2 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2020 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 8,645,200 ÷ 16,304,400 = 0.53

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Regeneron Pharmaceuticals Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Current assets 9,779,100  7,689,100  6,447,600  4,335,030  3,180,188 
Current liabilities 2,697,400  2,096,600  1,442,800  1,135,483  1,241,495 
Liquidity Ratio
Current ratio1 3.63 3.67 4.47 3.82 2.56
Adjusted
Selected Financial Data (US$ in thousands)
Current assets 9,779,100  7,689,100  6,447,600  4,335,030  3,180,188 
Adjusted current liabilities2 2,119,700  1,504,900  990,300  815,345  1,009,831 
Liquidity Ratio
Adjusted current ratio3 4.61 5.11 6.51 5.32 3.15

Based on: 10-K (filing date: 2021-02-08), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

1 2020 Calculation
Current ratio = Current assets ÷ Current liabilities
= 9,779,100 ÷ 2,697,400 = 3.63

2 Adjusted current liabilities. See details »

3 2020 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 9,779,100 ÷ 2,119,700 = 4.61

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Regeneron Pharmaceuticals Inc.’s adjusted current ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Total debt 2,695,700  713,900  708,500  703,453  481,126 
Stockholders’ equity 11,025,300  11,089,700  8,757,300  6,144,078  4,449,245 
Solvency Ratio
Debt to equity1 0.24 0.06 0.08 0.11 0.11
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 2,719,300  737,500  728,647  721,250  515,499 
Adjusted stockholders’ equity3 10,942,100  11,509,000  9,003,900  6,587,124  4,686,378 
Solvency Ratio
Adjusted debt to equity4 0.25 0.06 0.08 0.11 0.11

Based on: 10-K (filing date: 2021-02-08), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

1 2020 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 2,695,700 ÷ 11,025,300 = 0.24

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2020 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 2,719,300 ÷ 10,942,100 = 0.25

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Regeneron Pharmaceuticals Inc.’s adjusted debt-to-equity ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Total debt 2,695,700  713,900  708,500  703,453  481,126 
Total capital 13,721,000  11,803,600  9,465,800  6,847,531  4,930,371 
Solvency Ratio
Debt to capital1 0.20 0.06 0.07 0.10 0.10
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 2,719,300  737,500  728,647  721,250  515,499 
Adjusted total capital3 13,661,400  12,246,500  9,732,547  7,308,374  5,201,877 
Solvency Ratio
Adjusted debt to capital4 0.20 0.06 0.07 0.10 0.10

Based on: 10-K (filing date: 2021-02-08), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,695,700 ÷ 13,721,000 = 0.20

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2020 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 2,719,300 ÷ 13,661,400 = 0.20

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Regeneron Pharmaceuticals Inc.’s adjusted debt-to-capital ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Total assets 17,163,300  14,805,200  11,734,500  8,764,286  6,973,466 
Stockholders’ equity 11,025,300  11,089,700  8,757,300  6,144,078  4,449,245 
Solvency Ratio
Financial leverage1 1.56 1.34 1.34 1.43 1.57
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 16,304,400  13,981,000  10,925,947  8,275,792  6,182,536 
Adjusted stockholders’ equity3 10,942,100  11,509,000  9,003,900  6,587,124  4,686,378 
Solvency Ratio
Adjusted financial leverage4 1.49 1.21 1.21 1.26 1.32

Based on: 10-K (filing date: 2021-02-08), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

1 2020 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 17,163,300 ÷ 11,025,300 = 1.56

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2020 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 16,304,400 ÷ 10,942,100 = 1.49

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Regeneron Pharmaceuticals Inc.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Net income 3,513,200  2,115,800  2,444,400  1,198,511  895,522 
Revenues 8,497,100  7,863,400  6,710,800  5,872,227  4,860,427 
Profitability Ratio
Net profit margin1 41.35% 26.91% 36.42% 20.41% 18.42%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 3,745,100  2,312,600  2,265,500  1,417,901  758,302 
Adjusted revenues3 8,645,200  8,157,400  6,678,200  5,759,128  5,104,697 
Profitability Ratio
Adjusted net profit margin4 43.32% 28.35% 33.92% 24.62% 14.85%

Based on: 10-K (filing date: 2021-02-08), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

1 2020 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × 3,513,200 ÷ 8,497,100 = 41.35%

2 Adjusted net income. See details »

3 Adjusted revenues. See details »

4 2020 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenues
= 100 × 3,745,100 ÷ 8,645,200 = 43.32%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Regeneron Pharmaceuticals Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Net income 3,513,200  2,115,800  2,444,400  1,198,511  895,522 
Stockholders’ equity 11,025,300  11,089,700  8,757,300  6,144,078  4,449,245 
Profitability Ratio
ROE1 31.86% 19.08% 27.91% 19.51% 20.13%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 3,745,100  2,312,600  2,265,500  1,417,901  758,302 
Adjusted stockholders’ equity3 10,942,100  11,509,000  9,003,900  6,587,124  4,686,378 
Profitability Ratio
Adjusted ROE4 34.23% 20.09% 25.16% 21.53% 16.18%

Based on: 10-K (filing date: 2021-02-08), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

1 2020 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 3,513,200 ÷ 11,025,300 = 31.86%

2 Adjusted net income. See details »

3 Adjusted stockholders’ equity. See details »

4 2020 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 3,745,100 ÷ 10,942,100 = 34.23%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Regeneron Pharmaceuticals Inc.’s adjusted ROE deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in thousands)
Net income 3,513,200  2,115,800  2,444,400  1,198,511  895,522 
Total assets 17,163,300  14,805,200  11,734,500  8,764,286  6,973,466 
Profitability Ratio
ROA1 20.47% 14.29% 20.83% 13.67% 12.84%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 3,745,100  2,312,600  2,265,500  1,417,901  758,302 
Adjusted total assets3 16,304,400  13,981,000  10,925,947  8,275,792  6,182,536 
Profitability Ratio
Adjusted ROA4 22.97% 16.54% 20.74% 17.13% 12.27%

Based on: 10-K (filing date: 2021-02-08), 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

1 2020 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 3,513,200 ÷ 17,163,300 = 20.47%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2020 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 3,745,100 ÷ 16,304,400 = 22.97%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Regeneron Pharmaceuticals Inc.’s adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.