Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Regeneron Pharmaceuticals Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
- Current Ratio Trends
- The current ratio exhibits notable fluctuations throughout the periods analyzed. Starting at a high of 4.21 in March 2020, it decreased substantially to 2.12 by June 2020, indicating a temporary reduction in liquidity. Subsequently, it oscillated moderately around the mid-3 range through the end of 2021. From early 2022 onward, there is a marked increase, peaking at 5.69 in December 2023, suggesting an enhancement in the company's ability to cover short-term liabilities with current assets. However, a slight decline is visible in 2024, with the ratio settling near 4.9 by March 2025, which still indicates strong liquidity compared to earlier periods.
- Quick Ratio Patterns
- The quick ratio follows a similar general trend to the current ratio, albeit at somewhat lower levels, reflecting the exclusion of inventory from liquid assets. It began at 3.38 in March 2020, dropped significantly to 1.61 by June 2020, indicating reduced immediate liquidity. It then improved steadily, maintaining values mostly between 2.39 and 3.03 throughout 2020 and 2021. From early 2022, there is a consistent upward trend, reaching a peak around 4.82 in December 2023 before experiencing a modest decline to approximately 3.9 by March 2025. This pattern suggests strengthening liquidity positions while maintaining a buffer above one, indicative of healthy short-term financial stability without overreliance on less liquid current assets.
- Cash Ratio Movements
- The cash ratio, representing the most stringent liquidity measure by focusing solely on cash and cash equivalents, showed a low point of 0.85 in June 2020, down from 1.95 in March 2020. This reflects a reduction in immediately available cash resources relative to current liabilities during that quarter. From that period forward, there is a general upward trajectory, reaching levels above 3.0 by December 2023, implying a considerable buildup of cash reserves. In 2024, this ratio slightly decreases but remains above 2.2 through the first quarter of 2025. Such levels confirm a robust cash position, strengthening the company's capability to meet short-term obligations without needing to liquidate other assets.
- Overall Liquidity Insights
- The collective trend across all three key liquidity ratios indicates an initial strain in liquidity during the second quarter of 2020, likely reflecting broader market or operational challenges at that time. Subsequently, a persistent strengthening of liquidity is observable, with the company progressively enhancing its capacity to cover short-term liabilities through current, quick, and cash assets. The peak values attained near the end of 2023 suggest a strategic emphasis on maintaining ample liquidity buffers. The moderate decreases in these ratios during 2024 may indicate a controlled normalization of liquidity levels, avoiding excessive cash holdings while still preserving financial stability. Overall, the liquidity position remains strong and well-managed across the analyzed periods.
Current Ratio
Regeneron Pharmaceuticals Inc., current ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Current assets | ||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Current ratio1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
| 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-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Q1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- Over the reported periods, current assets showed an overall increasing trend with some fluctuations. Beginning at approximately $8.64 billion in March 2020, current assets initially dipped in June 2020 to about $7.86 billion but then increased steadily, peaking around December 2023 at nearly $19.48 billion. After this peak, a moderate decline was observed, with a reduction to approximately $17.57 billion by March 2025. This indicates a general growth in the company’s liquid or short-term resources over the timeframe, reflecting potentially stronger asset accumulation or liquidity management despite some recent softening.
- Current Liabilities
- Current liabilities exhibited considerable variation throughout the periods examined. Starting at roughly $2.06 billion in March 2020, the figure experienced a notable spike in June 2020, rising sharply to about $3.70 billion, then fluctuated within a range between approximately $2.87 billion and $3.93 billion in the subsequent quarters. The later years showed somewhat steadier levels around $3.10 billion to $3.94 billion, with occasional increases around mid-2024 and early 2025. This suggests a relatively stable but elevated short-term obligation level compared to the beginning of the period.
- Current Ratio
- The current ratio started high at 4.21 in March 2020, indicating strong liquidity. It then dropped notably to 2.12 in June 2020, before recovering in the following quarters to fluctuate mostly between 3.12 and 3.71 through the end of 2021. Beginning in 2022, an upward trend emerged, reaching values above 5.0 and peaking around 5.69 in December 2023. The ratio slightly declined thereafter but remained robust, staying above 4.7 until March 2025. The sustained ratios well above 1.0 throughout the period reflect the company’s strong ability to cover short-term liabilities with short-term assets, with liquidity improving significantly in later years.
Quick Ratio
Regeneron Pharmaceuticals Inc., quick ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||
| Marketable securities | ||||||||||||||||||||||||||||
| Accounts receivable, net | ||||||||||||||||||||||||||||
| Total quick assets | ||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Quick ratio1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
| 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-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Q1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets value experienced notable fluctuations over the period. Starting at approximately $6.94 billion in March 2020, there was an initial decline by June 2020 followed by a recovery that peaked around December 2021 at about $11.73 billion. After reaching this peak, the value remained relatively stable with a gradual upward trend, reaching its highest point of approximately $16.51 billion in December 2023. However, a decline is observed thereafter, falling to about $13.91 billion by March 2025.
- Current Liabilities
- Current liabilities exhibited variability throughout the timeline. The data shows an increase from around $2.06 billion in March 2020 to a peak close to $3.93 billion in December 2021. Post-peak, the liabilities fluctuated moderately, hovering in the range of roughly $3.1 billion to $3.9 billion, ending at approximately $3.57 billion in March 2025. This indicates periods of increased short-term obligations, particularly noteworthy around the end of 2021 and early 2025.
- Quick Ratio
- The quick ratio reveals significant changes, starting at a strong 3.38 in March 2020 but dipping sharply to 1.61 by June 2020. Subsequently, the quick ratio recovered and stabilized in the 2.8 to 3.0 range throughout late 2020 and 2021. From early 2022 onward, the ratio improved markedly, peaking near 4.82 in December 2023, suggesting enhanced liquidity and better short-term financial health. Subsequently, a gradual decline occurred, with the quick ratio settling around 3.90 by March 2025, still maintaining a relatively healthy liquidity position.
- Overall Trends and Insights
- The overall data points to a company that managed to increase its liquid asset base significantly over the observed years, despite some interim declines. The increase in total quick assets outpaced the growth in current liabilities, resulting in an improved quick ratio in the later periods. The peak in quick ratio and quick assets near the end of 2023 implies a strategic buildup of liquid resources, potentially as a buffer for upcoming operational or financial demands. Nevertheless, the subsequent declines in quick assets and the quick ratio in 2024 and early 2025 indicate a possible tightening of liquidity management or increased use of quick assets to meet obligations or investments. Throughout, the quick ratio remained above 1.5 after mid-2020, reflecting a consistently sufficient capacity to cover short-term liabilities without reliance on inventory or other less liquid assets.
Cash Ratio
Regeneron Pharmaceuticals Inc., cash ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||
| Marketable securities | ||||||||||||||||||||||||||||
| Total cash assets | ||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Cash ratio1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
| 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-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Q1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total cash assets
- The total cash assets show a general upward trend from March 31, 2020, to December 31, 2023, increasing from approximately $4 billion to over $10.8 billion. There are some fluctuations, including a dip around March 31, 2020 to June 30, 2020, followed by a steady rise, peaking in December 2023. After this peak, total cash assets decline gradually through March 31, 2025, ending at about $8.3 billion. The data indicate strong cash growth over the first four years, with a tapering and reduction in the most recent quarters.
- Current liabilities
- Current liabilities exhibit a more volatile pattern, ranging between roughly $2 billion and $4 billion. The liabilities peaked at $3.7 billion in June 30, 2020, then generally oscillated around the $3 to $3.9 billion range in subsequent quarters. No consistent upward or downward trend is evident; instead, current liabilities appear to fluctuate within a moderate band. Towards the end of the period, liabilities increase somewhat, reaching approximately $3.9 billion in March 2025.
- Cash ratio
- The cash ratio, which measures the company's ability to cover current liabilities with cash assets, ranges from a low of 0.85 in June 2020 to a high of about 3.17 in December 2023. Initially, the ratio declined sharply in mid-2020, indicating a weaker liquidity position, but then steadily improved, surpassing a ratio of 2.0 from March 2022 onward. The ratio peaks near the end of 2023, signifying very strong liquidity, before slowly declining in early 2025 but remaining well above 2.0. This suggests robust liquidity management with a comfortable margin above minimum liquidity requirements during most of the analyzed period.
- Summary of trends
- The data reveal an overall improvement in liquidity and cash reserves over the multi-year period, despite some short-term fluctuations in liabilities. Cash assets have grown substantially, reflecting increased available resources, while current liabilities maintained a stable but slightly rising pattern. The strong cash ratio through the majority of the timeline suggests the company maintained a solid short-term financial position, with ample cash relative to obligations. A tapering of cash assets and a modest increase in liabilities towards the end of the period should be monitored for potential impact on liquidity.