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

Beginner level

Two-Component Disaggregation of ROE

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

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
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 20.41% = 15.38% × 1.33
Jun 30, 2019 21.21% = 15.71% × 1.35
Mar 31, 2019 25.70% = 18.88% × 1.36
Dec 31, 2018 27.91% = 20.83% × 1.34
Sep 30, 2018 22.85% = 16.64% × 1.37
Jun 30, 2018 22.14% = 15.99% × 1.38
Mar 31, 2018 21.74% = 15.23% × 1.43
Dec 31, 2017 19.51% = 13.67% × 1.43
Sep 30, 2017 21.12% = 14.69% × 1.44
Jun 30, 2017 20.91% = 14.24% × 1.47
Mar 31, 2017 19.79% = 12.32% × 1.61
Dec 31, 2016 20.13% = 12.84% × 1.57
Sep 30, 2016 17.75% = 11.68% × 1.52
Jun 30, 2016 18.23% = 11.97% × 1.52
Mar 31, 2016 19.69% = 12.56% × 1.57
Dec 31, 2015 17.40% = 11.34% × 1.53
Sep 30, 2015 = × 1.57
Jun 30, 2015 = × 1.36
Mar 31, 2015 = × 1.41

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2020 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 LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
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 20.41% = 28.13% × 0.55 × 1.33
Jun 30, 2019 21.21% = 28.59% × 0.55 × 1.35
Mar 31, 2019 25.70% = 35.12% × 0.54 × 1.36
Dec 31, 2018 27.91% = 36.42% × 0.57 × 1.34
Sep 30, 2018 22.85% = 28.24% × 0.59 × 1.37
Jun 30, 2018 22.14% = 25.65% × 0.62 × 1.38
Mar 31, 2018 21.74% = 23.54% × 0.65 × 1.43
Dec 31, 2017 19.51% = 20.41% × 0.67 × 1.43
Sep 30, 2017 21.12% = 23.17% × 0.63 × 1.44
Jun 30, 2017 20.91% = 22.05% × 0.65 × 1.47
Mar 31, 2017 19.79% = 19.34% × 0.64 × 1.61
Dec 31, 2016 20.13% = 18.42% × 0.70 × 1.57
Sep 30, 2016 17.75% = 16.85% × 0.69 × 1.52
Jun 30, 2016 18.23% = 15.98% × 0.75 × 1.52
Mar 31, 2016 19.69% = 16.72% × 0.75 × 1.57
Dec 31, 2015 17.40% = 15.50% × 0.73 × 1.53
Sep 30, 2015 = × × 1.57
Jun 30, 2015 = × × 1.36
Mar 31, 2015 = × × 1.41

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2020 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 LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
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 20.41% = 0.97 × 0.99 × 29.47% × 0.55 × 1.33
Jun 30, 2019 21.21% = 0.99 × 0.99 × 29.20% × 0.55 × 1.35
Mar 31, 2019 25.70% = 0.97 × 0.99 × 36.81% × 0.54 × 1.36
Dec 31, 2018 27.91% = 0.96 × 0.99 × 38.47% × 0.57 × 1.34
Sep 30, 2018 22.85% = 0.74 × 0.99 × 38.63% × 0.59 × 1.37
Jun 30, 2018 22.14% = 0.67 × 0.99 × 38.49% × 0.62 × 1.38
Mar 31, 2018 21.74% = 0.64 × 0.99 × 37.19% × 0.65 × 1.43
Dec 31, 2017 19.51% = 0.58 × 0.99 × 35.82% × 0.67 × 1.43
Sep 30, 2017 21.12% = 0.69 × 0.99 × 34.21% × 0.63 × 1.44
Jun 30, 2017 20.91% = 0.69 × 0.99 × 32.12% × 0.65 × 1.47
Mar 31, 2017 19.79% = 0.67 × 0.99 × 29.00% × 0.64 × 1.61
Dec 31, 2016 20.13% = 0.67 × 0.99 × 27.51% × 0.70 × 1.57
Sep 30, 2016 17.75% = 0.66 × 0.99 × 25.85% × 0.69 × 1.52
Jun 30, 2016 18.23% = 0.60 × 0.99 × 26.93% × 0.75 × 1.52
Mar 31, 2016 19.69% = 0.58 × 0.99 × 29.07% × 0.75 × 1.57
Dec 31, 2015 17.40% = 0.52 × 0.99 × 30.20% × 0.73 × 1.53
Sep 30, 2015 = × × × × 1.57
Jun 30, 2015 = × × × × 1.36
Mar 31, 2015 = × × × × 1.41

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2020 is the decrease in efficiency measured by asset turnover ratio.


Two-Component Disaggregation of ROA

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

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
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 15.38% = 28.13% × 0.55
Jun 30, 2019 15.71% = 28.59% × 0.55
Mar 31, 2019 18.88% = 35.12% × 0.54
Dec 31, 2018 20.83% = 36.42% × 0.57
Sep 30, 2018 16.64% = 28.24% × 0.59
Jun 30, 2018 15.99% = 25.65% × 0.62
Mar 31, 2018 15.23% = 23.54% × 0.65
Dec 31, 2017 13.67% = 20.41% × 0.67
Sep 30, 2017 14.69% = 23.17% × 0.63
Jun 30, 2017 14.24% = 22.05% × 0.65
Mar 31, 2017 12.32% = 19.34% × 0.64
Dec 31, 2016 12.84% = 18.42% × 0.70
Sep 30, 2016 11.68% = 16.85% × 0.69
Jun 30, 2016 11.97% = 15.98% × 0.75
Mar 31, 2016 12.56% = 16.72% × 0.75
Dec 31, 2015 11.34% = 15.50% × 0.73
Sep 30, 2015 = ×
Jun 30, 2015 = ×
Mar 31, 2015 = ×

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2020 is the decrease in asset turnover ratio.


Four-Component Disaggregation of ROA

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

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
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 15.38% = 0.97 × 0.99 × 29.47% × 0.55
Jun 30, 2019 15.71% = 0.99 × 0.99 × 29.20% × 0.55
Mar 31, 2019 18.88% = 0.97 × 0.99 × 36.81% × 0.54
Dec 31, 2018 20.83% = 0.96 × 0.99 × 38.47% × 0.57
Sep 30, 2018 16.64% = 0.74 × 0.99 × 38.63% × 0.59
Jun 30, 2018 15.99% = 0.67 × 0.99 × 38.49% × 0.62
Mar 31, 2018 15.23% = 0.64 × 0.99 × 37.19% × 0.65
Dec 31, 2017 13.67% = 0.58 × 0.99 × 35.82% × 0.67
Sep 30, 2017 14.69% = 0.69 × 0.99 × 34.21% × 0.63
Jun 30, 2017 14.24% = 0.69 × 0.99 × 32.12% × 0.65
Mar 31, 2017 12.32% = 0.67 × 0.99 × 29.00% × 0.64
Dec 31, 2016 12.84% = 0.67 × 0.99 × 27.51% × 0.70
Sep 30, 2016 11.68% = 0.66 × 0.99 × 25.85% × 0.69
Jun 30, 2016 11.97% = 0.60 × 0.99 × 26.93% × 0.75
Mar 31, 2016 12.56% = 0.58 × 0.99 × 29.07% × 0.75
Dec 31, 2015 11.34% = 0.52 × 0.99 × 30.20% × 0.73
Sep 30, 2015 = × × ×
Jun 30, 2015 = × × ×
Mar 31, 2015 = × × ×

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2020 is the decrease in efficiency measured by asset turnover ratio.


Disaggregation of Net Profit Margin

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

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
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 28.13% = 0.97 × 0.99 × 29.47%
Jun 30, 2019 28.59% = 0.99 × 0.99 × 29.20%
Mar 31, 2019 35.12% = 0.97 × 0.99 × 36.81%
Dec 31, 2018 36.42% = 0.96 × 0.99 × 38.47%
Sep 30, 2018 28.24% = 0.74 × 0.99 × 38.63%
Jun 30, 2018 25.65% = 0.67 × 0.99 × 38.49%
Mar 31, 2018 23.54% = 0.64 × 0.99 × 37.19%
Dec 31, 2017 20.41% = 0.58 × 0.99 × 35.82%
Sep 30, 2017 23.17% = 0.69 × 0.99 × 34.21%
Jun 30, 2017 22.05% = 0.69 × 0.99 × 32.12%
Mar 31, 2017 19.34% = 0.67 × 0.99 × 29.00%
Dec 31, 2016 18.42% = 0.67 × 0.99 × 27.51%
Sep 30, 2016 16.85% = 0.66 × 0.99 × 25.85%
Jun 30, 2016 15.98% = 0.60 × 0.99 × 26.93%
Mar 31, 2016 16.72% = 0.58 × 0.99 × 29.07%
Dec 31, 2015 15.50% = 0.52 × 0.99 × 30.20%
Sep 30, 2015 = × ×
Jun 30, 2015 = × ×
Mar 31, 2015 = × ×

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-07), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-07).

The primary reason for the increase in net profit margin ratio over Q3 2020 is the increase in operating profitability measured by EBIT margin ratio.