Analysis of Geographic Areas
Regeneron Pharmaceuticals Inc. operates in 2 regions: United States and Rest of world.
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- Statement of Comprehensive Income
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
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Area Asset Turnover
Regeneron Pharmaceuticals Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Rest of world |
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).
Asset turnover ratios for the specified geographic areas reveal distinct trends over the five-year period. The United States demonstrates a consistent decline in asset turnover, while the Rest of World exhibits a contrasting pattern of increasing efficiency.
- United States
- The asset turnover ratio for the United States experienced a substantial decrease from 4.51 in 2021 to 1.34 in 2025. This represents a cumulative reduction of approximately 70%. The decline was most pronounced between 2021 and 2022, falling to 2.30, and continued, albeit at a slower pace, through 2025. This suggests a decreasing ability to generate sales from its asset base within the United States.
- Rest of World
- In contrast to the United States, the Rest of World showed a marked improvement in asset turnover. Starting from a negligible value in 2022 (0.09), the ratio increased to 0.66 by 2025. This indicates a growing efficiency in utilizing assets to generate revenue in regions outside of the United States. The growth appears relatively consistent year-over-year, suggesting a sustained positive trend.
The diverging trends between the two geographic areas are noteworthy. While asset utilization is decreasing in the United States, it is improving in the Rest of World. Further investigation would be required to understand the underlying drivers of these trends, such as changes in sales strategies, asset composition, or economic conditions within each region.
Area Asset Turnover: United States
Regeneron Pharmaceuticals Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net product sales | |||||
| Net property, plant, and equipment | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2025 Calculation
Area asset turnover = Net product sales ÷ Net property, plant, and equipment
= ÷ =
The area asset turnover for the United States demonstrates a consistent decline over the five-year period. Simultaneously, net product sales in the United States experienced volatility, while net property, plant, and equipment consistently increased.
- Net Product Sales (United States)
- Net product sales in the United States decreased significantly from US$12,117.2 million in 2021 to US$6,820.7 million in 2022. Sales remained relatively stable between 2022 and 2023, at US$6,753.7 million, before increasing to US$7,199.7 million in 2024. A subsequent decrease is observed in 2025, with sales reaching US$5,791.5 million.
- Net Property, Plant, and Equipment (United States)
- Net property, plant, and equipment exhibited a steady upward trend throughout the period. Beginning at US$2,684.4 million in 2021, the value increased to US$2,960.0 million in 2022, US$3,375.0 million in 2023, US$3,883.8 million in 2024, and reached US$4,332.4 million in 2025.
- Area Asset Turnover (United States)
- The area asset turnover ratio decreased steadily from 4.51 in 2021 to 1.34 in 2025. The most substantial decline occurred between 2021 and 2022, dropping to 2.30. Subsequent annual decreases were observed, moving to 2.00 in 2023, 1.85 in 2024, and finally 1.34 in 2025. This indicates a diminishing efficiency in generating sales revenue from the assets employed within the United States.
The combination of increasing fixed assets and fluctuating, ultimately declining, sales revenue resulted in the observed decrease in asset turnover. The continued investment in property, plant, and equipment did not translate into proportional sales growth, particularly in the later years of the period.
Area Asset Turnover: Rest of world
Regeneron Pharmaceuticals Inc.; Rest of world; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net product sales | |||||
| Net property, plant, and equipment | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2025 Calculation
Area asset turnover = Net product sales ÷ Net property, plant, and equipment
= ÷ =
Analysis of the Rest of World geographic area reveals a significant increase in net product sales and a corresponding improvement in asset turnover over the observed period. Initially, information for net product sales is unavailable for 2021. However, from 2022 through 2025, net product sales demonstrate substantial growth, increasing from US$73,000 thousand to US$517,600 thousand.
- Net Product Sales
- Net product sales in the Rest of World area experienced considerable expansion. The increase from 2022 to 2023 is particularly notable, representing a more than fourfold rise. Growth continues at a slower pace from 2023 to 2025, but remains positive.
- Net Property, Plant, and Equipment
- Net property, plant, and equipment exhibited relative stability between 2021 and 2023, fluctuating around US$780,000 thousand. A decrease is observed in 2024 to US$715,900 thousand, followed by a partial recovery to US$788,000 thousand in 2025. The changes in this figure are less dramatic than those seen in net product sales.
- Area Asset Turnover
- The area asset turnover ratio shows a marked upward trend. Starting at 0.09 in 2022, it increased to 0.42 in 2023, and continued to rise to 0.60 in 2024 and 0.66 in 2025. This indicates a growing efficiency in utilizing assets to generate sales within the Rest of World area. The initial low value in 2022 suggests limited sales relative to the asset base, while the subsequent increases demonstrate improved asset utilization.
The consistent growth in the area asset turnover ratio, coupled with the substantial increase in net product sales, suggests successful expansion and improved operational efficiency in the Rest of World geographic area. The relatively stable level of net property, plant, and equipment suggests that sales growth is not being driven by significant capital investment, further highlighting the improved asset utilization.
Net product sales
Regeneron Pharmaceuticals Inc., net product sales by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Rest of world | |||||
| Total |
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).
Net product sales demonstrate a shifting geographic distribution over the observed period. The United States consistently represents the majority of total net product sales, though a notable trend of decline is present. Simultaneously, sales from regions outside of the United States are increasing, albeit from a significantly smaller base.
- United States Net Product Sales
- Net product sales in the United States experienced a substantial decrease from US$12,117.2 million in 2021 to US$6,820.7 million in 2022. This decline moderated in subsequent years, with sales reaching US$6,753.7 million in 2023 and US$7,199.7 million in 2024. However, a further decrease is observed in 2025, with sales falling to US$5,791.5 million. This represents an overall decline of approximately 52.3% from 2021 to 2025.
- Rest of World Net Product Sales
- Net product sales from regions excluding the United States were initially unavailable in 2021. Sales began at US$73.0 million in 2022 and increased significantly to US$324.3 million in 2023. This growth continued, reaching US$429.5 million in 2024 and US$517.6 million in 2025. This represents a substantial increase over the period, though the absolute values remain considerably lower than those generated in the United States.
- Total Net Product Sales
- Total net product sales mirrored the trends of the individual regions. A decrease from US$12,117.2 million in 2021 to US$6,893.7 million in 2022 was followed by a period of moderate growth, reaching US$7,629.2 million in 2024. Total sales then decreased to US$6,309.1 million in 2025. The overall trend from 2021 to 2025 shows a net decrease in total net product sales.
- Geographic Contribution
- In 2021, the United States accounted for 100% of total net product sales. By 2025, the United States contributed approximately 91.8% of total net product sales, while the Rest of World accounted for approximately 8.2%. This indicates a gradual diversification of revenue streams, with increasing reliance on international markets, though the United States remains the dominant source of revenue.
The observed trends suggest a potential shift in the company’s geographic focus or market dynamics impacting sales within the United States. Further investigation into the factors driving these changes would be beneficial.
Net property, plant, and equipment
Regeneron Pharmaceuticals Inc., net property, plant, and equipment by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Rest of world | |||||
| Total |
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).
Net property, plant, and equipment exhibited consistent growth overall between 2021 and 2025. However, a divergence in trends is apparent when examining the geographic distribution of these assets. The United States consistently represents the majority of the total net property, plant, and equipment value, and demonstrates a clear upward trajectory throughout the period. The Rest of World segment shows a more volatile pattern, with an initial slight increase followed by a decline, and a subsequent recovery.
- United States Trend
- Net property, plant, and equipment in the United States increased from US$2,684.4 million in 2021 to US$4,332.4 million in 2025. This represents a cumulative growth of approximately 61.4% over the five-year period. The annual increases were consistently positive, ranging from approximately US$275.6 million to US$448.6 million. This suggests a sustained investment in property, plant, and equipment within the United States.
- Rest of World Trend
- The Rest of World segment experienced a more complex trend. Starting at US$797.8 million in 2021, it rose slightly to US$803.0 million in 2022. A subsequent decrease was observed in 2023, falling to US$771.4 million, and continued in 2024 to US$715.9 million. However, the segment showed a recovery in 2025, increasing to US$788.0 million. Overall, the Rest of World segment experienced minimal net growth over the five-year period.
- Total Net Property, Plant, and Equipment
- Total net property, plant, and equipment increased from US$3,482.2 million in 2021 to US$5,120.4 million in 2025, representing a cumulative growth of approximately 46.8%. The growth rate was relatively consistent year-over-year, driven primarily by the increases in the United States segment. The fluctuations in the Rest of World segment had a moderating effect on the overall growth rate.
The observed trends suggest a strategic focus on expanding property, plant, and equipment within the United States. The Rest of World segment’s performance indicates potential factors influencing investment decisions in those regions, such as regional economic conditions, project completions, or asset disposals. Further investigation into the specific drivers behind the Rest of World fluctuations may be warranted.