Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Regeneron Pharmaceuticals Inc., solvency ratios
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Regeneron Pharmaceuticals Inc. debt to equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Regeneron Pharmaceuticals Inc. debt to capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Regeneron Pharmaceuticals Inc. debt to assets ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Regeneron Pharmaceuticals Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Regeneron Pharmaceuticals Inc. interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Debt to Equity
Regeneron Pharmaceuticals Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Finance lease liabilities, current portion | 719,700 | — | — | — | — | |
| Long-term debt | 1,980,000 | 1,978,500 | — | — | — | |
| Finance lease liabilities, excluding current portion | — | 717,200 | 713,900 | 708,500 | 703,453 | |
| Total debt | 2,699,700 | 2,695,700 | 713,900 | 708,500 | 703,453 | |
| Stockholders’ equity | 18,768,800 | 11,025,300 | 11,089,700 | 8,757,300 | 6,144,078 | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.14 | 0.24 | 0.06 | 0.08 | 0.11 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| AbbVie Inc. | 4.98 | 6.58 | — | — | 7.33 | |
| Amgen Inc. | 4.97 | 3.51 | 3.09 | 2.71 | 1.40 | |
| Eli Lilly & Co. | 1.88 | 2.94 | 5.88 | 1.30 | 1.18 | |
| Gilead Sciences Inc. | 1.27 | 1.73 | 1.09 | 1.28 | 1.64 | |
| Johnson & Johnson | 0.46 | 0.56 | 0.47 | 0.51 | 0.57 | |
| Merck & Co. Inc. | 0.87 | 1.26 | 1.02 | 0.94 | 0.71 | |
| Moderna Inc. | 0.05 | 0.05 | 0.03 | 0.03 | — | |
| Pfizer Inc. | 0.50 | 0.63 | 0.83 | 0.66 | 0.61 | |
| Thermo Fisher Scientific Inc. | 0.85 | 0.63 | 0.60 | 0.69 | 0.83 | |
| Zoetis Inc. | 1.45 | 1.91 | 2.38 | 2.95 | 2.80 | |
| Debt to Equity, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.95 | 1.22 | 1.22 | 1.06 | 0.95 | |
| Debt to Equity, Industry | ||||||
| Health Care | 0.84 | 0.99 | 1.00 | 0.94 | 0.89 | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 2,699,700 ÷ 18,768,800 = 0.14
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Regeneron Pharmaceuticals Inc. debt to equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Debt to Capital
Regeneron Pharmaceuticals Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Finance lease liabilities, current portion | 719,700 | — | — | — | — | |
| Long-term debt | 1,980,000 | 1,978,500 | — | — | — | |
| Finance lease liabilities, excluding current portion | — | 717,200 | 713,900 | 708,500 | 703,453 | |
| Total debt | 2,699,700 | 2,695,700 | 713,900 | 708,500 | 703,453 | |
| Stockholders’ equity | 18,768,800 | 11,025,300 | 11,089,700 | 8,757,300 | 6,144,078 | |
| Total capital | 21,468,500 | 13,721,000 | 11,803,600 | 9,465,800 | 6,847,531 | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.13 | 0.20 | 0.06 | 0.07 | 0.10 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| AbbVie Inc. | 0.83 | 0.87 | 1.14 | 1.27 | 0.88 | |
| Amgen Inc. | 0.83 | 0.78 | 0.76 | 0.73 | 0.58 | |
| Eli Lilly & Co. | 0.65 | 0.75 | 0.85 | 0.57 | 0.54 | |
| Gilead Sciences Inc. | 0.56 | 0.63 | 0.52 | 0.56 | 0.62 | |
| Johnson & Johnson | 0.31 | 0.36 | 0.32 | 0.34 | 0.37 | |
| Merck & Co. Inc. | 0.46 | 0.56 | 0.50 | 0.48 | 0.42 | |
| Moderna Inc. | 0.05 | 0.05 | 0.03 | 0.03 | — | |
| Pfizer Inc. | 0.33 | 0.39 | 0.45 | 0.40 | 0.38 | |
| Thermo Fisher Scientific Inc. | 0.46 | 0.39 | 0.37 | 0.41 | 0.45 | |
| Zoetis Inc. | 0.59 | 0.66 | 0.70 | 0.75 | 0.74 | |
| Debt to Capital, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.49 | 0.55 | 0.55 | 0.51 | 0.49 | |
| Debt to Capital, Industry | ||||||
| Health Care | 0.46 | 0.50 | 0.50 | 0.49 | 0.47 | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,699,700 ÷ 21,468,500 = 0.13
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Regeneron Pharmaceuticals Inc. debt to capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Debt to Assets
Regeneron Pharmaceuticals Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Finance lease liabilities, current portion | 719,700 | — | — | — | — | |
| Long-term debt | 1,980,000 | 1,978,500 | — | — | — | |
| Finance lease liabilities, excluding current portion | — | 717,200 | 713,900 | 708,500 | 703,453 | |
| Total debt | 2,699,700 | 2,695,700 | 713,900 | 708,500 | 703,453 | |
| Total assets | 25,434,800 | 17,163,300 | 14,805,200 | 11,734,500 | 8,764,286 | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.11 | 0.16 | 0.05 | 0.06 | 0.08 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| AbbVie Inc. | 0.52 | 0.57 | 0.75 | 0.68 | 0.53 | |
| Amgen Inc. | 0.54 | 0.52 | 0.50 | 0.51 | 0.44 | |
| Eli Lilly & Co. | 0.35 | 0.36 | 0.39 | 0.29 | 0.30 | |
| Gilead Sciences Inc. | 0.39 | 0.46 | 0.40 | 0.43 | 0.48 | |
| Johnson & Johnson | 0.19 | 0.20 | 0.18 | 0.20 | 0.22 | |
| Merck & Co. Inc. | 0.31 | 0.35 | 0.31 | 0.30 | 0.28 | |
| Moderna Inc. | 0.03 | 0.02 | 0.02 | 0.02 | — | |
| Pfizer Inc. | 0.21 | 0.26 | 0.31 | 0.26 | 0.25 | |
| Thermo Fisher Scientific Inc. | 0.37 | 0.31 | 0.30 | 0.34 | 0.37 | |
| Zoetis Inc. | 0.47 | 0.53 | 0.56 | 0.60 | 0.58 | |
| Debt to Assets, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.32 | 0.36 | 0.36 | 0.34 | 0.33 | |
| Debt to Assets, Industry | ||||||
| Health Care | 0.30 | 0.33 | 0.33 | 0.33 | 0.32 | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 2,699,700 ÷ 25,434,800 = 0.11
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Regeneron Pharmaceuticals Inc. debt to assets ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Financial Leverage
Regeneron Pharmaceuticals Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total assets | 25,434,800 | 17,163,300 | 14,805,200 | 11,734,500 | 8,764,286 | |
| Stockholders’ equity | 18,768,800 | 11,025,300 | 11,089,700 | 8,757,300 | 6,144,078 | |
| Solvency Ratio | ||||||
| Financial leverage1 | 1.36 | 1.56 | 1.34 | 1.34 | 1.43 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| AbbVie Inc. | 9.51 | 11.51 | — | — | 13.89 | |
| Amgen Inc. | 9.13 | 6.69 | 6.17 | 5.31 | 3.17 | |
| Eli Lilly & Co. | 5.44 | 8.27 | 15.07 | 4.47 | 3.88 | |
| Gilead Sciences Inc. | 3.23 | 3.76 | 2.74 | 2.98 | 3.44 | |
| Johnson & Johnson | 2.46 | 2.76 | 2.65 | 2.56 | 2.61 | |
| Merck & Co. Inc. | 2.77 | 3.62 | 3.26 | 3.09 | 2.56 | |
| Moderna Inc. | 1.74 | 2.86 | 1.35 | 1.28 | — | |
| Pfizer Inc. | 2.35 | 2.44 | 2.65 | 2.51 | 2.41 | |
| Thermo Fisher Scientific Inc. | 2.33 | 2.00 | 1.97 | 2.04 | 2.23 | |
| Zoetis Inc. | 3.06 | 3.61 | 4.26 | 4.93 | 4.85 | |
| Financial Leverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 2.98 | 3.43 | 3.39 | 3.15 | 2.89 | |
| Financial Leverage, Industry | ||||||
| Health Care | 2.81 | 3.02 | 2.98 | 2.89 | 2.76 | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 25,434,800 ÷ 18,768,800 = 1.36
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Regeneron Pharmaceuticals Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level. |
Interest Coverage
Regeneron Pharmaceuticals Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income | 8,075,300 | 3,513,200 | 2,115,800 | 2,444,400 | 1,198,511 | |
| Add: Income tax expense | 1,250,500 | 297,200 | 313,300 | 109,100 | 880,000 | |
| Add: Interest expense | 57,300 | 56,900 | 30,200 | 28,200 | 25,119 | |
| Earnings before interest and tax (EBIT) | 9,383,100 | 3,867,300 | 2,459,300 | 2,581,700 | 2,103,630 | |
| Solvency Ratio | ||||||
| Interest coverage1 | 163.75 | 67.97 | 81.43 | 91.55 | 83.75 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| AbbVie Inc. | 6.36 | 2.38 | 5.72 | 4.86 | 7.72 | |
| Amgen Inc. | 6.60 | 7.44 | 8.09 | 7.86 | 8.36 | |
| Eli Lilly & Co. | 19.12 | 21.11 | 14.15 | 14.95 | 10.77 | |
| Gilead Sciences Inc. | 9.27 | 2.70 | 6.19 | 8.24 | 13.10 | |
| Johnson & Johnson | 125.46 | 83.07 | 55.49 | 18.91 | 19.92 | |
| Merck & Co. Inc. | 18.22 | 11.58 | 13.84 | 12.27 | 9.65 | |
| Moderna Inc. | 739.06 | -74.31 | -76.85 | -123.16 | — | |
| Pfizer Inc. | 19.83 | 6.17 | 12.23 | 10.03 | 10.69 | |
| Thermo Fisher Scientific Inc. | 17.49 | 14.07 | 7.02 | 5.89 | 5.10 | |
| Zoetis Inc. | 12.11 | 9.64 | 9.08 | 9.20 | 9.71 | |
| Interest Coverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 16.98 | 8.81 | 11.04 | 9.91 | 11.01 | |
| Interest Coverage, Industry | ||||||
| Health Care | 12.77 | 7.19 | 8.61 | 8.05 | 9.38 | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 9,383,100 ÷ 57,300 = 163.75
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Regeneron Pharmaceuticals Inc. interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |