Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
Regeneron Pharmaceuticals Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The solvency profile of the organization demonstrates a consistent trend toward reduced financial risk and an improved balance sheet structure over the analyzed period. There is a systemic decrease in the reliance on debt relative to equity, capital, and total assets, indicating a strengthening of the long-term financial position.
- Debt-to-Equity and Debt-to-Capital Ratios
- A persistent downward trajectory is observed in both metrics. The debt-to-equity ratio declined from 0.14 in March 2022 to 0.08 by September 2026. Similarly, the debt-to-capital ratio moved from 0.12 to 0.07 over the same interval. These trends reflect a strategic shift toward equity-based financing and a reduction in total liabilities relative to shareholder equity.
- Debt-to-Assets Ratio
- The debt-to-assets ratio exhibits a steady decline, starting at 0.10 in March 2022 and ending at 0.06 in September 2026. This suggests that a smaller percentage of the company's asset base is funded by debt, thereby reducing the overall financial risk associated with asset financing.
- Financial Leverage
- Financial leverage remained relatively stable, fluctuating within a tight range between 1.27 and 1.33. While the specific debt ratios declined, the overall leverage ratio shows minimal variance, suggesting that the total asset-to-equity relationship has been maintained with high consistency.
- Interest Coverage Ratio
- The interest coverage ratio remained exceptionally high throughout the period, although it experienced significant volatility. A sharp decline was noted from a peak of 163.24 in March 2022 to a low of 57.85 in March 2024. Subsequently, a recovery phase occurred, with the ratio climbing back to 122.77 by September 2026. Despite the fluctuations, the magnitude of these values indicates a substantial margin of safety in the company's ability to service its interest obligations.
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Debt to Equity
Regeneron Pharmaceuticals Inc., debt to equity calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Finance lease liabilities, current portion | 720,000) | 720,000) | 720,000) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Long-term debt | 1,987,000) | 1,986,600) | 1,986,200) | 1,985,900) | 1,985,500) | 1,985,100) | 1,984,800) | 1,984,400) | 1,984,000) | 1,983,600) | 1,983,300) | 1,982,900) | 1,982,600) | 1,982,200) | 1,981,800) | 1,981,400) | 1,981,100) | 1,980,700) | 1,980,400) | ||||||
| Finance lease liabilities, excluding current portion | —) | —) | —) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | ||||||
| Total debt | 2,707,000) | 2,706,600) | 2,706,200) | 2,705,900) | 2,705,500) | 2,705,100) | 2,704,800) | 2,704,400) | 2,704,000) | 2,703,600) | 2,703,300) | 2,702,900) | 2,702,600) | 2,702,200) | 2,701,800) | 2,701,400) | 2,701,100) | 2,700,700) | 2,700,400) | ||||||
| Stockholders’ equity | 33,498,500) | 31,711,400) | 31,423,600) | 31,256,900) | 30,957,800) | 29,938,900) | 29,387,600) | 29,353,600) | 29,325,900) | 28,205,800) | 26,991,100) | 25,973,100) | 24,904,400) | 24,017,900) | 23,495,200) | 22,664,000) | 21,438,800) | 20,687,800) | 19,914,700) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | — | 49.22 | 20.19 | 11.78 | 10.42 | 9.24 | 5.73 | 5.02 | 4.74 | 4.68 | 3.67 | 4.35 | 4.98 | 4.51 | ||||||
| Amgen Inc. | 3.76 | 4.90 | 6.24 | 6.31 | 5.67 | 7.57 | 9.24 | 10.23 | 8.02 | 10.57 | 12.75 | 10.37 | 7.90 | 9.08 | 11.52 | 10.64 | 10.60 | 15.10 | 40.23 | ||||||
| Bristol-Myers Squibb Co. | 1.83 | 1.93 | 2.22 | 2.44 | 2.64 | 2.82 | 2.86 | 3.04 | 2.90 | 3.08 | 3.38 | 1.35 | 1.30 | 1.18 | 1.19 | 1.27 | 1.20 | 1.29 | 1.42 | ||||||
| Danaher Corp. | 0.49 | 0.51 | 0.35 | 0.35 | 0.33 | 0.33 | 0.32 | 0.32 | 0.34 | 0.34 | 0.34 | 0.34 | 0.42 | 0.38 | 0.39 | 0.39 | 0.41 | 0.43 | 0.47 | ||||||
| Eli Lilly & Co. | 1.23 | 1.62 | 1.39 | 1.60 | 1.79 | 2.18 | 2.44 | 2.37 | 2.19 | 2.13 | 2.05 | 2.34 | 1.80 | 1.70 | 1.69 | 1.52 | 1.58 | 1.97 | 1.77 | ||||||
| Gilead Sciences Inc. | 2.01 | 2.22 | 0.94 | 1.10 | 1.16 | 1.27 | 1.30 | 1.38 | 1.26 | 1.28 | 1.44 | 1.09 | 1.12 | 1.19 | 1.20 | 1.19 | 1.20 | 1.30 | 1.32 | ||||||
| Johnson & Johnson | 0.55 | 0.58 | 0.68 | 0.59 | 0.58 | 0.65 | 0.67 | 0.51 | 0.51 | 0.58 | 0.48 | 0.43 | 0.42 | 0.61 | 0.75 | 0.52 | 0.43 | 0.43 | 0.44 | ||||||
| Merck & Co. Inc. | 1.20 | 1.29 | 1.07 | 0.94 | 0.80 | 0.72 | 0.72 | 0.80 | 0.86 | 0.87 | 0.85 | 0.93 | 0.85 | 0.95 | 0.66 | 0.67 | 0.68 | 0.73 | 0.78 | ||||||
| Pfizer Inc. | 0.70 | 0.74 | 0.72 | 0.75 | 0.66 | 0.70 | 0.69 | 0.73 | 0.73 | 0.79 | 0.75 | 0.81 | 0.66 | 0.66 | 0.36 | 0.37 | 0.40 | 0.46 | 0.44 | ||||||
| Thermo Fisher Scientific Inc. | 0.76 | 0.81 | 0.83 | 0.74 | 0.70 | 0.70 | 0.69 | 0.63 | 0.72 | 0.75 | 0.78 | 0.75 | 0.78 | 0.78 | 0.83 | 0.78 | 0.67 | 0.72 | 0.81 | ||||||
| Vertex Pharmaceuticals Inc. | 0.22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 2,707,000 ÷ 33,498,500 = 0.08
2 Click competitor name to see calculations.
The entity's solvency profile exhibits a consistent strengthening of the balance sheet from March 2022 through September 2026. This improvement is characterized by a substantial expansion of the equity base coupled with highly stable debt levels, resulting in a progressive reduction of financial leverage.
- Total Debt Analysis
- Total debt remained nearly constant throughout the analyzed period, moving from 2,700,400 thousand US dollars in March 2022 to 2,707,000 thousand US dollars by September 2026. This marginal increase indicates a disciplined approach to debt management and an absence of significant new borrowing activities over the five-year span.
- Stockholders' Equity Growth
- A robust upward trend is evident in stockholders' equity, which increased from 19,914,700 thousand US dollars to 33,498,500 thousand US dollars. The consistent quarterly growth suggests strong internal capital accumulation, likely driven by retained earnings, which has materially enlarged the company's net worth.
- Debt to Equity Ratio Trend
- The debt to equity ratio experienced a steady decline, starting at 0.14 in March 2022 and reaching 0.08 by September 2026. This contraction reflects a shift toward a more conservative capital structure, significantly reducing the reliance on external debt. The continuous downward trajectory indicates an enhanced solvency position and a diminished risk profile regarding long-term obligations.
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Debt to Capital
Regeneron Pharmaceuticals Inc., debt to capital calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Finance lease liabilities, current portion | 720,000) | 720,000) | 720,000) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Long-term debt | 1,987,000) | 1,986,600) | 1,986,200) | 1,985,900) | 1,985,500) | 1,985,100) | 1,984,800) | 1,984,400) | 1,984,000) | 1,983,600) | 1,983,300) | 1,982,900) | 1,982,600) | 1,982,200) | 1,981,800) | 1,981,400) | 1,981,100) | 1,980,700) | 1,980,400) | ||||||
| Finance lease liabilities, excluding current portion | —) | —) | —) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | ||||||
| Total debt | 2,707,000) | 2,706,600) | 2,706,200) | 2,705,900) | 2,705,500) | 2,705,100) | 2,704,800) | 2,704,400) | 2,704,000) | 2,703,600) | 2,703,300) | 2,702,900) | 2,702,600) | 2,702,200) | 2,701,800) | 2,701,400) | 2,701,100) | 2,700,700) | 2,700,400) | ||||||
| Stockholders’ equity | 33,498,500) | 31,711,400) | 31,423,600) | 31,256,900) | 30,957,800) | 29,938,900) | 29,387,600) | 29,353,600) | 29,325,900) | 28,205,800) | 26,991,100) | 25,973,100) | 24,904,400) | 24,017,900) | 23,495,200) | 22,664,000) | 21,438,800) | 20,687,800) | 19,914,700) | ||||||
| Total capital | 36,205,500) | 34,418,000) | 34,129,800) | 33,962,800) | 33,663,300) | 32,644,000) | 32,092,400) | 32,058,000) | 32,029,900) | 30,909,400) | 29,694,400) | 28,676,000) | 27,607,000) | 26,720,100) | 26,197,000) | 25,365,400) | 24,139,900) | 23,388,500) | 22,615,100) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.12 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 1.06 | 1.09 | 1.10 | 1.05 | 1.04 | 1.00 | 0.98 | 0.95 | 0.92 | 0.91 | 0.90 | 0.85 | 0.83 | 0.83 | 0.82 | 0.79 | 0.81 | 0.83 | 0.82 | ||||||
| Amgen Inc. | 0.79 | 0.83 | 0.86 | 0.86 | 0.85 | 0.88 | 0.90 | 0.91 | 0.89 | 0.91 | 0.93 | 0.91 | 0.89 | 0.90 | 0.92 | 0.91 | 0.91 | 0.94 | 0.98 | ||||||
| Bristol-Myers Squibb Co. | 0.65 | 0.66 | 0.69 | 0.71 | 0.73 | 0.74 | 0.74 | 0.75 | 0.74 | 0.75 | 0.77 | 0.57 | 0.56 | 0.54 | 0.54 | 0.56 | 0.54 | 0.56 | 0.59 | ||||||
| Danaher Corp. | 0.33 | 0.34 | 0.26 | 0.26 | 0.25 | 0.25 | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | 0.26 | 0.30 | 0.28 | 0.28 | 0.28 | 0.29 | 0.30 | 0.32 | ||||||
| Eli Lilly & Co. | 0.55 | 0.62 | 0.58 | 0.62 | 0.64 | 0.69 | 0.71 | 0.70 | 0.69 | 0.68 | 0.67 | 0.70 | 0.64 | 0.63 | 0.63 | 0.60 | 0.61 | 0.66 | 0.64 | ||||||
| Gilead Sciences Inc. | 0.67 | 0.69 | 0.49 | 0.52 | 0.54 | 0.56 | 0.57 | 0.58 | 0.56 | 0.56 | 0.59 | 0.52 | 0.53 | 0.54 | 0.55 | 0.54 | 0.54 | 0.56 | 0.57 | ||||||
| Johnson & Johnson | 0.35 | 0.37 | 0.40 | 0.37 | 0.37 | 0.39 | 0.40 | 0.34 | 0.34 | 0.37 | 0.32 | 0.30 | 0.30 | 0.38 | 0.43 | 0.34 | 0.30 | 0.30 | 0.31 | ||||||
| Merck & Co. Inc. | 0.55 | 0.56 | 0.52 | 0.48 | 0.44 | 0.42 | 0.42 | 0.44 | 0.46 | 0.46 | 0.46 | 0.48 | 0.46 | 0.49 | 0.40 | 0.40 | 0.41 | 0.42 | 0.44 | ||||||
| Pfizer Inc. | 0.41 | 0.43 | 0.42 | 0.43 | 0.40 | 0.41 | 0.41 | 0.42 | 0.42 | 0.44 | 0.43 | 0.45 | 0.40 | 0.40 | 0.26 | 0.27 | 0.28 | 0.32 | 0.31 | ||||||
| Thermo Fisher Scientific Inc. | 0.43 | 0.45 | 0.45 | 0.42 | 0.41 | 0.41 | 0.41 | 0.39 | 0.42 | 0.43 | 0.44 | 0.43 | 0.44 | 0.44 | 0.45 | 0.44 | 0.40 | 0.42 | 0.45 | ||||||
| Vertex Pharmaceuticals Inc. | 0.18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,707,000 ÷ 36,205,500 = 0.07
2 Click competitor name to see calculations.
The solvency profile exhibits a consistent strengthening of the capital structure over the period from March 31, 2022, to September 30, 2026. A primary characteristic of this period is the stark divergence between the stability of total debt and the aggressive growth of total capital, resulting in a progressive reduction of financial leverage.
- Total Debt Trends
- Total debt remained remarkably stable throughout the analyzed timeframe. Starting at 2,700,400 thousand US dollars in March 2022 and ending at 2,707,000 thousand US dollars in September 2026, the increase was marginal and linear. This suggests a strategy of maintaining a constant debt ceiling without significant new borrowing or aggressive repayments.
- Total Capital Expansion
- Total capital demonstrated a robust and sustained upward trajectory. The value grew from 22,615,100 thousand US dollars in March 2022 to 36,205,500 thousand US dollars by September 2026. Given the stagnation of total debt, this growth is primarily attributable to an increase in equity, likely driven by accumulated retained earnings.
- Debt to Capital Ratio Analysis
- The debt to capital ratio shows a clear downward trend, decreasing from 0.12 in the first quarter of 2022 to 0.07 by the third quarter of 2026. The ratio experienced a gradual decline, dipping below 0.10 in early 2023 and stabilizing at 0.08 for several quarters before reaching its lowest point of 0.07. This contraction indicates a decreasing reliance on debt to fund the organization's capital base, thereby enhancing overall solvency and reducing financial risk.
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Debt to Assets
Regeneron Pharmaceuticals Inc., debt to assets calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Finance lease liabilities, current portion | 720,000) | 720,000) | 720,000) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Long-term debt | 1,987,000) | 1,986,600) | 1,986,200) | 1,985,900) | 1,985,500) | 1,985,100) | 1,984,800) | 1,984,400) | 1,984,000) | 1,983,600) | 1,983,300) | 1,982,900) | 1,982,600) | 1,982,200) | 1,981,800) | 1,981,400) | 1,981,100) | 1,980,700) | 1,980,400) | ||||||
| Finance lease liabilities, excluding current portion | —) | —) | —) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | 720,000) | ||||||
| Total debt | 2,707,000) | 2,706,600) | 2,706,200) | 2,705,900) | 2,705,500) | 2,705,100) | 2,704,800) | 2,704,400) | 2,704,000) | 2,703,600) | 2,703,300) | 2,702,900) | 2,702,600) | 2,702,200) | 2,701,800) | 2,701,400) | 2,701,100) | 2,700,700) | 2,700,400) | ||||||
| Total assets | 44,405,200) | 41,730,600) | 40,868,800) | 40,558,700) | 40,169,400) | 38,219,200) | 37,545,200) | 37,759,400) | 37,441,900) | 36,086,800) | 34,369,600) | 33,080,200) | 32,163,300) | 30,657,500) | 30,059,900) | 29,214,500) | 27,677,800) | 27,205,800) | 26,348,700) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 0.55 | 0.52 | 0.53 | 0.50 | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | 0.50 | 0.50 | 0.44 | 0.45 | 0.45 | 0.46 | 0.46 | 0.49 | 0.51 | 0.51 | ||||||
| Amgen Inc. | 0.56 | 0.60 | 0.62 | 0.60 | 0.61 | 0.64 | 0.64 | 0.65 | 0.66 | 0.69 | 0.69 | 0.67 | 0.67 | 0.68 | 0.69 | 0.60 | 0.61 | 0.62 | 0.62 | ||||||
| Bristol-Myers Squibb Co. | 0.48 | 0.49 | 0.51 | 0.50 | 0.51 | 0.52 | 0.54 | 0.54 | 0.53 | 0.55 | 0.56 | 0.42 | 0.41 | 0.40 | 0.40 | 0.41 | 0.40 | 0.42 | 0.44 | ||||||
| Danaher Corp. | 0.28 | 0.29 | 0.22 | 0.22 | 0.21 | 0.21 | 0.21 | 0.21 | 0.22 | 0.22 | 0.22 | 0.22 | 0.25 | 0.23 | 0.23 | 0.23 | 0.24 | 0.25 | 0.26 | ||||||
| Eli Lilly & Co. | 0.33 | 0.39 | 0.37 | 0.38 | 0.37 | 0.40 | 0.43 | 0.43 | 0.41 | 0.40 | 0.41 | 0.39 | 0.35 | 0.34 | 0.36 | 0.33 | 0.33 | 0.36 | 0.35 | ||||||
| Gilead Sciences Inc. | 0.51 | 0.53 | 0.39 | 0.42 | 0.43 | 0.45 | 0.44 | 0.45 | 0.43 | 0.44 | 0.45 | 0.40 | 0.40 | 0.40 | 0.41 | 0.40 | 0.40 | 0.42 | 0.42 | ||||||
| Johnson & Johnson | 0.23 | 0.24 | 0.27 | 0.24 | 0.24 | 0.26 | 0.27 | 0.20 | 0.20 | 0.23 | 0.20 | 0.18 | 0.18 | 0.24 | 0.27 | 0.21 | 0.18 | 0.18 | 0.19 | ||||||
| Merck & Co. Inc. | 0.41 | 0.42 | 0.38 | 0.36 | 0.32 | 0.30 | 0.30 | 0.32 | 0.32 | 0.34 | 0.32 | 0.33 | 0.33 | 0.35 | 0.29 | 0.28 | 0.28 | 0.30 | 0.30 | ||||||
| Pfizer Inc. | 0.31 | 0.31 | 0.31 | 0.31 | 0.30 | 0.30 | 0.30 | 0.30 | 0.31 | 0.32 | 0.31 | 0.32 | 0.30 | 0.30 | 0.18 | 0.18 | 0.19 | 0.21 | 0.20 | ||||||
| Thermo Fisher Scientific Inc. | 0.36 | 0.38 | 0.38 | 0.36 | 0.35 | 0.35 | 0.35 | 0.32 | 0.35 | 0.36 | 0.37 | 0.35 | 0.36 | 0.36 | 0.37 | 0.35 | 0.32 | 0.33 | 0.36 | ||||||
| Vertex Pharmaceuticals Inc. | 0.14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 2,707,000 ÷ 44,405,200 = 0.06
2 Click competitor name to see calculations.
The solvency profile demonstrates a consistent improvement in financial stability over the observed period from March 2022 to September 2026. This trend is characterized by a strategic stagnation of total debt coupled with significant expansion of the total asset base, resulting in a lowered reliance on leveraged financing.
- Total Debt Trend
- Total debt levels remained remarkably stable throughout the analyzed timeframe. The balance increased only marginally from US$ 2,700.4 million in March 2022 to US$ 2,707.0 million in September 2026. This minimal fluctuation suggests a highly disciplined approach to borrowing and a lack of new significant debt issuance over the 20-quarter period.
- Total Asset Growth
- Total assets experienced substantial and consistent growth, rising from US$ 26.35 billion to US$ 44.41 billion. This represents a significant increase in the organization's resource base, with particularly strong growth observed between December 2023 and September 2026, indicating an expansion of the balance sheet strength.
- Debt to Assets Ratio Analysis
- The debt to assets ratio exhibited a steady downward trajectory, declining from 0.10 in early 2022 to 0.06 by September 2026. Because the asset base expanded while debt remained nearly flat, the proportion of assets financed by debt decreased steadily. This trend indicates an improvement in the solvency position and a reduction in financial risk.
The divergence between stagnant debt obligations and growing asset values indicates that growth has been funded primarily through internal cash flows or equity rather than external borrowing. The reduction of the ratio to 6% highlights a strong capital structure and an enhanced capacity to meet long-term obligations.
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Financial Leverage
Regeneron Pharmaceuticals Inc., financial leverage calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Total assets | 44,405,200) | 41,730,600) | 40,868,800) | 40,558,700) | 40,169,400) | 38,219,200) | 37,545,200) | 37,759,400) | 37,441,900) | 36,086,800) | 34,369,600) | 33,080,200) | 32,163,300) | 30,657,500) | 30,059,900) | 29,214,500) | 27,677,800) | 27,205,800) | 26,348,700) | ||||||
| Stockholders’ equity | 33,498,500) | 31,711,400) | 31,423,600) | 31,256,900) | 30,957,800) | 29,938,900) | 29,387,600) | 29,353,600) | 29,325,900) | 28,205,800) | 26,991,100) | 25,973,100) | 24,904,400) | 24,017,900) | 23,495,200) | 22,664,000) | 21,438,800) | 20,687,800) | 19,914,700) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 1.33 | 1.32 | 1.30 | 1.30 | 1.30 | 1.28 | 1.28 | 1.29 | 1.28 | 1.28 | 1.27 | 1.27 | 1.29 | 1.28 | 1.28 | 1.29 | 1.29 | 1.32 | 1.32 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | — | 95.89 | 40.65 | 23.78 | 20.94 | 18.59 | 13.00 | 11.26 | 10.52 | 10.14 | 8.04 | 8.84 | 9.77 | 8.80 | ||||||
| Amgen Inc. | 6.69 | 8.18 | 10.07 | 10.46 | 9.37 | 11.83 | 14.40 | 15.63 | 12.07 | 15.34 | 18.51 | 15.59 | 11.83 | 13.31 | 16.59 | 17.79 | 17.44 | 24.51 | 64.62 | ||||||
| Bristol-Myers Squibb Co. | 3.79 | 3.93 | 4.31 | 4.87 | 5.22 | 5.43 | 5.32 | 5.67 | 5.46 | 5.56 | 6.01 | 3.23 | 3.15 | 2.92 | 2.96 | 3.12 | 3.01 | 3.08 | 3.26 | ||||||
| Danaher Corp. | 1.74 | 1.76 | 1.58 | 1.59 | 1.56 | 1.56 | 1.56 | 1.57 | 1.57 | 1.57 | 1.56 | 1.58 | 1.67 | 1.64 | 1.65 | 1.68 | 1.72 | 1.76 | 1.80 | ||||||
| Eli Lilly & Co. | 3.68 | 4.20 | 3.74 | 4.24 | 4.83 | 5.52 | 5.67 | 5.55 | 5.31 | 5.30 | 4.99 | 5.94 | 5.16 | 4.95 | 4.75 | 4.65 | 4.71 | 5.51 | 5.03 | ||||||
| Gilead Sciences Inc. | 3.94 | 4.17 | 2.39 | 2.60 | 2.72 | 2.83 | 2.95 | 3.05 | 2.95 | 2.93 | 3.21 | 2.72 | 2.80 | 2.95 | 2.95 | 2.97 | 2.97 | 3.11 | 3.17 | ||||||
| Johnson & Johnson | 2.42 | 2.37 | 2.47 | 2.44 | 2.43 | 2.46 | 2.48 | 2.52 | 2.54 | 2.53 | 2.46 | 2.44 | 2.33 | 2.55 | 2.77 | 2.44 | 2.35 | 2.33 | 2.39 | ||||||
| Merck & Co. Inc. | 2.96 | 3.10 | 2.80 | 2.60 | 2.50 | 2.40 | 2.38 | 2.53 | 2.64 | 2.58 | 2.62 | 2.84 | 2.59 | 2.70 | 2.30 | 2.37 | 2.41 | 2.48 | 2.61 | ||||||
| Pfizer Inc. | 2.30 | 2.36 | 2.30 | 2.41 | 2.25 | 2.32 | 2.30 | 2.42 | 2.38 | 2.47 | 2.40 | 2.54 | 2.22 | 2.22 | 1.94 | 2.06 | 2.10 | 2.24 | 2.23 | ||||||
| Thermo Fisher Scientific Inc. | 2.09 | 2.15 | 2.18 | 2.07 | 2.02 | 2.00 | 2.01 | 1.96 | 2.05 | 2.08 | 2.13 | 2.11 | 2.14 | 2.15 | 2.24 | 2.21 | 2.08 | 2.14 | 2.26 | ||||||
| Vertex Pharmaceuticals Inc. | 1.57 | 1.35 | 1.37 | 1.37 | 1.44 | 1.40 | 1.39 | 1.37 | 1.42 | 1.36 | 1.29 | 1.29 | 1.32 | 1.32 | 1.31 | 1.30 | 1.28 | 1.31 | 1.31 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 44,405,200 ÷ 33,498,500 = 1.33
2 Click competitor name to see calculations.
The financial position demonstrates a consistent and substantial expansion of the balance sheet over the analyzed period. Both total assets and stockholders' equity exhibit a sustained upward trajectory, reflecting a steady increase in the organization's overall scale and net worth.
- Asset Expansion
- Total assets increased from US$ 26.35 billion in March 2022 to US$ 44.41 billion by September 2026. This growth was characterized by a persistent quarterly rise, with a more pronounced acceleration observed between June 2026 and September 2026.
- Equity Growth
- Stockholders' equity grew from US$ 19.91 billion in March 2022 to US$ 33.50 billion by September 2026. The progression of equity closely parallels the growth of total assets, indicating that the expansion of the resource base has been largely funded through equity rather than a significant increase in liabilities.
- Financial Leverage Stability
- The financial leverage ratio remained remarkably stable throughout the period, fluctuating within a narrow range between 1.27 and 1.33. A slight downward trend was observed from March 2022 (1.32) reaching a trough of 1.27 in December 2023 and March 2024, followed by a gradual return to 1.33 by September 2026. This stability suggests a disciplined approach to maintaining a constant capital structure despite the significant increase in the absolute value of assets and equity.
The alignment between asset growth and equity growth has resulted in a neutralized effect on financial leverage. The lack of significant volatility in the leverage ratio indicates a low-risk solvency profile and a consistent strategy regarding the balance between debt and equity financing.
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Interest Coverage
Regeneron Pharmaceuticals Inc., interest coverage calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Net income | 1,948,700) | 1,296,900) | 727,200) | 844,600) | 1,460,000) | 1,391,600) | 808,700) | 917,700) | 1,340,600) | 1,432,300) | 722,000) | 1,159,600) | 1,007,800) | 968,400) | 817,800) | 1,197,100) | 1,315,700) | 852,100) | 973,500) | ||||||
| Add: Income tax expense | 335,400) | 230,900) | 104,000) | 199,100) | 303,300) | 127,100) | 96,300) | 40,400) | 152,400) | 195,800) | (21,300) | (12,000) | 103,000) | 114,500) | 40,200) | 127,600) | 194,100) | 111,100) | 87,600) | ||||||
| Add: Interest expense | 10,600) | 11,000) | 12,900) | 12,200) | 19,300) | 3,600) | 8,700) | 10,500) | 13,800) | 14,800) | 16,100) | 18,300) | 17,800) | 18,900) | 18,000) | 17,400) | 15,300) | 13,100) | 13,600) | ||||||
| Earnings before interest and tax (EBIT) | 2,294,700) | 1,538,800) | 844,100) | 1,055,900) | 1,782,600) | 1,522,300) | 913,700) | 968,600) | 1,506,800) | 1,642,900) | 716,800) | 1,165,900) | 1,128,600) | 1,101,800) | 876,000) | 1,342,100) | 1,525,100) | 976,300) | 1,074,700) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 122.77 | 94.25 | 108.44 | 120.42 | 123.21 | 134.19 | 105.27 | 87.59 | 79.88 | 69.47 | 57.85 | 58.52 | 61.70 | 69.61 | 73.97 | 82.80 | 108.62 | 116.35 | 163.24 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Amgen Inc. | 5.19 | 4.86 | 4.38 | 4.26 | 3.89 | 3.53 | 3.18 | 2.46 | 2.45 | 2.10 | 2.38 | 3.73 | 4.54 | 5.43 | 6.51 | 6.22 | 6.83 | 6.97 | 6.40 | ||||||
| Danaher Corp. | 14.38 | 17.31 | 17.95 | 16.97 | 16.41 | 15.01 | 16.80 | 17.71 | 16.11 | 17.61 | 17.81 | 18.64 | 23.66 | 29.65 | 35.60 | 40.30 | 41.32 | 35.26 | 33.54 | ||||||
| Gilead Sciences Inc. | -1.51 | -0.96 | 11.68 | 10.57 | 10.71 | 8.20 | 7.94 | 1.71 | 1.18 | 2.58 | 2.11 | 8.27 | 8.88 | 9.03 | 8.84 | 7.22 | 5.80 | 6.73 | 6.97 | ||||||
| Johnson & Johnson | 19.03 | 25.90 | 25.00 | 34.55 | 36.24 | 33.48 | 34.09 | 23.10 | 23.92 | 26.40 | 29.06 | 20.51 | 19.09 | 23.89 | 31.49 | 79.71 | 141.63 | 160.27 | 164.15 | ||||||
| Thermo Fisher Scientific Inc. | 6.10 | 6.17 | 6.03 | 6.12 | 6.19 | 6.09 | 6.25 | 6.03 | 5.62 | 5.62 | 5.53 | 5.54 | 5.98 | 6.64 | 8.28 | 11.56 | 13.59 | 15.70 | 16.73 | ||||||
| Vertex Pharmaceuticals Inc. | 122.10 | 800.17 | 502.52 | 350.11 | 348.55 | 258.29 | -11.94 | 9.12 | 7.76 | 6.14 | 111.61 | 100.32 | 96.54 | 90.90 | 82.27 | 78.23 | 70.08 | 66.72 | 48.17 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q3 2026 Calculation
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (2,294,700 + 1,538,800 + 844,100 + 1,055,900)
÷ (10,600 + 11,000 + 12,900 + 12,200)
= 122.77
2 Click competitor name to see calculations.
The solvency profile reflects a period of significant volatility in the interest coverage ratio, characterized by a prolonged contraction followed by a recovery and subsequent stabilization. Despite these fluctuations, the ratio remains high throughout the period, indicating a substantial margin of safety for meeting interest obligations from operating profits.
- Interest Coverage Ratio Trends
- A consistent downward trend is observed from March 2022 through March 2024, with the ratio declining from a peak of 163.24 to a low of 57.85. This decline represents a significant reduction in the earnings cushion available to service debt. However, a reversal occurred starting in June 2024, with the ratio climbing back to 134.19 by June 2025. The most recent quarters show the ratio fluctuating between 94.25 and 122.77, suggesting a return to a more stable, albeit lower, baseline compared to the early 2022 levels.
- Earnings Before Interest and Tax (EBIT) Performance
- Operating earnings exhibit considerable quarterly volatility. While EBIT dipped to a low of 716.8 million in March 2024, there is a clear upward trajectory in the latter half of the analysis period. A notable peak is reached in September 2026, where EBIT rises to 2.29 billion. This growth in operating income has been a primary driver in restoring the interest coverage ratio during the 2025 and 2026 periods.
- Interest Expense Dynamics
- Interest expenses showed a gradual increase from March 2022 (13.6 million) to a peak in June 2023 (18.9 million). A sharp decline in interest costs is evident between December 2023 and June 2025, with expenses reaching a period low of 3.6 million. This reduction in debt-servicing costs contributed significantly to the spike in the interest coverage ratio observed in mid-2025. In the final year of the data, interest expenses stabilized in the range of 10.6 million to 12.9 million.
- Solvency Correlation Analysis
- The observed fluctuations in the interest coverage ratio are the result of the interplay between operating volatility and debt cost management. The initial decline in solvency margins was driven by the combination of rising interest expenses and fluctuating EBIT. The subsequent recovery was facilitated by a drastic reduction in interest expenses coupled with a strong expansion in EBIT toward the end of 2026, reinforcing the company's ability to comfortably cover its financial obligations.
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