Stock Analysis on Net
Stock Analysis on Net

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Regeneron Pharmaceuticals Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 15.22% = 11.95% × 1.27
Sep 30, 2023 16.03% = 12.41% × 1.29
Jun 30, 2023 17.90% = 14.02% × 1.28
Mar 31, 2023 17.80% = 13.91% × 1.28
Dec 31, 2022 19.14% = 14.85% × 1.29
Sep 30, 2022 25.05% = 19.40% × 1.29
Jun 30, 2022 27.49% = 20.90% × 1.32
Mar 31, 2022 39.84% = 30.11% × 1.32
Dec 31, 2021 43.03% = 31.75% × 1.36
Sep 30, 2021 40.53% = 29.55% × 1.37
Jun 30, 2021 41.02% = 28.88% × 1.42
Mar 31, 2021 33.43% = 22.53% × 1.48
Dec 31, 2020 31.86% = 20.47% × 1.56
Sep 30, 2020 31.17% = 19.62% × 1.59
Jun 30, 2020 32.94% = 20.68% × 1.59
Mar 31, 2020 18.79% = 14.46% × 1.30
Dec 31, 2019 19.08% = 14.29% × 1.34
Sep 30, 2019 — = — × 1.33
Jun 30, 2019 — = — × 1.35
Mar 31, 2019 — = — × 1.36

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Regeneron Pharmaceuticals Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 15.22% = 30.14% × 0.40 × 1.27
Sep 30, 2023 16.03% = 30.47% × 0.41 × 1.29
Jun 30, 2023 17.90% = 33.93% × 0.41 × 1.28
Mar 31, 2023 17.80% = 33.81% × 0.41 × 1.28
Dec 31, 2022 19.14% = 35.64% × 0.42 × 1.29
Sep 30, 2022 25.05% = 39.17% × 0.50 × 1.29
Jun 30, 2022 27.49% = 39.97% × 0.52 × 1.32
Mar 31, 2022 39.84% = 48.06% × 0.63 × 1.32
Dec 31, 2021 43.03% = 50.25% × 0.63 × 1.36
Sep 30, 2021 40.53% = 51.65% × 0.57 × 1.37
Jun 30, 2021 41.02% = 50.11% × 0.58 × 1.42
Mar 31, 2021 33.43% = 43.53% × 0.52 × 1.48
Dec 31, 2020 31.86% = 41.35% × 0.50 × 1.56
Sep 30, 2020 31.17% = 38.28% × 0.51 × 1.59
Jun 30, 2020 32.94% = 37.30% × 0.55 × 1.59
Mar 31, 2020 18.79% = 28.56% × 0.51 × 1.30
Dec 31, 2019 19.08% = 26.91% × 0.53 × 1.34
Sep 30, 2019 — = — × — × 1.33
Jun 30, 2019 — = — × — × 1.35
Mar 31, 2019 — = — × — × 1.36

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

Regeneron Pharmaceuticals Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 15.22% = 0.94 × 0.98 × 32.57% × 0.40 × 1.27
Sep 30, 2023 16.03% = 0.91 × 0.98 × 33.97% × 0.41 × 1.29
Jun 30, 2023 17.90% = 0.90 × 0.99 × 38.24% × 0.41 × 1.28
Mar 31, 2023 17.80% = 0.90 × 0.99 × 38.15% × 0.41 × 1.28
Dec 31, 2022 19.14% = 0.89 × 0.99 × 40.40% × 0.42 × 1.29
Sep 30, 2022 25.05% = 0.89 × 0.99 × 44.45% × 0.50 × 1.29
Jun 30, 2022 27.49% = 0.90 × 0.99 × 44.98% × 0.52 × 1.32
Mar 31, 2022 39.84% = 0.87 × 0.99 × 55.67% × 0.63 × 1.32
Dec 31, 2021 43.03% = 0.87 × 0.99 × 58.38% × 0.63 × 1.36
Sep 30, 2021 40.53% = 0.87 × 0.99 × 59.85% × 0.57 × 1.37
Jun 30, 2021 41.02% = 0.86 × 0.99 × 58.94% × 0.58 × 1.42
Mar 31, 2021 33.43% = 0.91 × 0.99 × 48.49% × 0.52 × 1.48
Dec 31, 2020 31.86% = 0.92 × 0.99 × 45.51% × 0.50 × 1.56
Sep 30, 2020 31.17% = 0.91 × 0.99 × 42.75% × 0.51 × 1.59
Jun 30, 2020 32.94% = 0.92 × 0.99 × 40.96% × 0.55 × 1.59
Mar 31, 2020 18.79% = 0.89 × 0.99 × 32.33% × 0.51 × 1.30
Dec 31, 2019 19.08% = 0.87 × 0.99 × 31.28% × 0.53 × 1.34
Sep 30, 2019 — = — × — × — × — × 1.33
Jun 30, 2019 — = — × — × — × — × 1.35
Mar 31, 2019 — = — × — × — × — × 1.36

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Regeneron Pharmaceuticals Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 11.95% = 30.14% × 0.40
Sep 30, 2023 12.41% = 30.47% × 0.41
Jun 30, 2023 14.02% = 33.93% × 0.41
Mar 31, 2023 13.91% = 33.81% × 0.41
Dec 31, 2022 14.85% = 35.64% × 0.42
Sep 30, 2022 19.40% = 39.17% × 0.50
Jun 30, 2022 20.90% = 39.97% × 0.52
Mar 31, 2022 30.11% = 48.06% × 0.63
Dec 31, 2021 31.75% = 50.25% × 0.63
Sep 30, 2021 29.55% = 51.65% × 0.57
Jun 30, 2021 28.88% = 50.11% × 0.58
Mar 31, 2021 22.53% = 43.53% × 0.52
Dec 31, 2020 20.47% = 41.35% × 0.50
Sep 30, 2020 19.62% = 38.28% × 0.51
Jun 30, 2020 20.68% = 37.30% × 0.55
Mar 31, 2020 14.46% = 28.56% × 0.51
Dec 31, 2019 14.29% = 26.91% × 0.53
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

Regeneron Pharmaceuticals Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 11.95% = 0.94 × 0.98 × 32.57% × 0.40
Sep 30, 2023 12.41% = 0.91 × 0.98 × 33.97% × 0.41
Jun 30, 2023 14.02% = 0.90 × 0.99 × 38.24% × 0.41
Mar 31, 2023 13.91% = 0.90 × 0.99 × 38.15% × 0.41
Dec 31, 2022 14.85% = 0.89 × 0.99 × 40.40% × 0.42
Sep 30, 2022 19.40% = 0.89 × 0.99 × 44.45% × 0.50
Jun 30, 2022 20.90% = 0.90 × 0.99 × 44.98% × 0.52
Mar 31, 2022 30.11% = 0.87 × 0.99 × 55.67% × 0.63
Dec 31, 2021 31.75% = 0.87 × 0.99 × 58.38% × 0.63
Sep 30, 2021 29.55% = 0.87 × 0.99 × 59.85% × 0.57
Jun 30, 2021 28.88% = 0.86 × 0.99 × 58.94% × 0.58
Mar 31, 2021 22.53% = 0.91 × 0.99 × 48.49% × 0.52
Dec 31, 2020 20.47% = 0.92 × 0.99 × 45.51% × 0.50
Sep 30, 2020 19.62% = 0.91 × 0.99 × 42.75% × 0.51
Jun 30, 2020 20.68% = 0.92 × 0.99 × 40.96% × 0.55
Mar 31, 2020 14.46% = 0.89 × 0.99 × 32.33% × 0.51
Dec 31, 2019 14.29% = 0.87 × 0.99 × 31.28% × 0.53
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Regeneron Pharmaceuticals Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 30.14% = 0.94 × 0.98 × 32.57%
Sep 30, 2023 30.47% = 0.91 × 0.98 × 33.97%
Jun 30, 2023 33.93% = 0.90 × 0.99 × 38.24%
Mar 31, 2023 33.81% = 0.90 × 0.99 × 38.15%
Dec 31, 2022 35.64% = 0.89 × 0.99 × 40.40%
Sep 30, 2022 39.17% = 0.89 × 0.99 × 44.45%
Jun 30, 2022 39.97% = 0.90 × 0.99 × 44.98%
Mar 31, 2022 48.06% = 0.87 × 0.99 × 55.67%
Dec 31, 2021 50.25% = 0.87 × 0.99 × 58.38%
Sep 30, 2021 51.65% = 0.87 × 0.99 × 59.85%
Jun 30, 2021 50.11% = 0.86 × 0.99 × 58.94%
Mar 31, 2021 43.53% = 0.91 × 0.99 × 48.49%
Dec 31, 2020 41.35% = 0.92 × 0.99 × 45.51%
Sep 30, 2020 38.28% = 0.91 × 0.99 × 42.75%
Jun 30, 2020 37.30% = 0.92 × 0.99 × 40.96%
Mar 31, 2020 28.56% = 0.89 × 0.99 × 32.33%
Dec 31, 2019 26.91% = 0.87 × 0.99 × 31.28%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in net profit margin ratio over Q4 2023 is the decrease in operating profitability measured by EBIT margin ratio.