Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Long-term Activity Ratios (Summary)
Regeneron Pharmaceuticals Inc., long-term (investment) activity ratios
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
A consistent decline in asset utilization efficiency is evident across the examined ratios from 2021 to 2025. This trend suggests a decreasing ability to generate revenue from its asset base. The rate of decline appears to be accelerating in the later years of the period.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio decreased steadily from 4.62 in 2021 to 2.80 in 2025. This indicates that the company is generating less revenue for each dollar invested in net fixed assets. The decline, while consistent, is more pronounced between 2023 and 2025.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- A similar downward trend is observed when including operating lease right-of-use assets, moving from 4.52 in 2021 to 2.67 in 2025. This suggests that the inclusion of these assets does not significantly alter the overall trend of decreasing efficiency, and that the decline is not solely attributable to changes in fixed asset composition. The rate of decline mirrors that of the standard net fixed asset turnover.
- Total Asset Turnover
- The total asset turnover ratio exhibits a substantial decrease, falling from 0.63 in 2021 to 0.35 in 2025. This signifies a weakening ability to generate sales from its entire asset base. The decline is particularly noticeable between 2021 and 2022, and continues at a consistent pace through 2025.
- Equity Turnover
- The equity turnover ratio also demonstrates a declining trend, decreasing from 0.86 in 2021 to 0.46 in 2025. This indicates that the company is generating less revenue for each dollar of equity invested. The rate of decline is consistent with the other turnover ratios, suggesting a broad-based trend in asset utilization.
Collectively, these ratios point to a diminishing return on asset investment. Further investigation is warranted to understand the underlying causes of these declines, such as potential overinvestment in assets, decreased sales, or changes in industry dynamics. The accelerating rate of decline in the later years suggests that the issue may be intensifying.
Net Fixed Asset Turnover
Regeneron Pharmaceuticals Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | ||||||
| Property, plant, and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, 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. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | ||||||
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
Net fixed asset turnover = Revenues ÷ Property, plant, and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates a consistent downward trend over the five-year period. Revenues experienced fluctuations, while property, plant, and equipment, net, increased steadily. This combination resulted in a declining ratio, indicating decreasing efficiency in generating revenue from fixed assets.
- Net Fixed Asset Turnover
- The ratio began at 4.62 in 2021 and decreased to 2.80 in 2025. This represents a substantial decline in the company’s ability to generate sales revenue for each dollar invested in fixed assets.
- The most significant decrease occurred between 2021 and 2022, falling from 4.62 to 3.23. Subsequent declines were more gradual, moving from 3.23 in 2022 to 3.16 in 2023, 3.09 in 2024, and finally to 2.80 in 2025.
Revenues decreased from 2021 to 2022, contributing to the initial drop in the turnover ratio. While revenues recovered and increased in subsequent years, the growth in net property, plant, and equipment consistently outpaced revenue growth. This suggests the company was investing in fixed assets at a rate faster than its ability to generate revenue from those assets.
- Revenue Trend
- Revenues decreased significantly from US$16,071,700 thousand in 2021 to US$12,172,900 thousand in 2022. A recovery was then observed, with revenues increasing to US$13,117,200 thousand in 2023, US$14,202,000 thousand in 2024, and US$14,342,900 thousand in 2025.
- Fixed Asset Investment
- Net property, plant, and equipment increased steadily throughout the period, from US$3,482,200 thousand in 2021 to US$5,120,400 thousand in 2025. This consistent investment, coupled with the revenue pattern, explains the observed decline in the net fixed asset turnover ratio.
The continued investment in fixed assets may indicate a long-term strategic plan for expansion or modernization. However, the declining turnover ratio suggests that the current level of investment is not yet translating into proportional revenue gains. Further investigation into the nature of these investments and their expected returns would be beneficial.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Regeneron Pharmaceuticals Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | ||||||
| Property, plant, and equipment, net | ||||||
| Operating lease right-of-use assets (included in Other noncurrent assets) | ||||||
| Property, plant, and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), 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. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | ||||||
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property, plant, and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio, calculated using property, plant, and equipment net of accumulated depreciation (including operating lease and right-of-use assets), demonstrates a consistent decline over the five-year period. Revenues experienced fluctuations, while the value of net fixed assets consistently increased, contributing to the observed trend.
- Revenue Trend
- Revenues decreased from US$16,071.7 million in 2021 to US$12,172.9 million in 2022, representing a significant drop. A subsequent recovery was observed, with revenues increasing to US$13,117.2 million in 2023 and further to US$14,202.0 million in 2024. This upward trend continued modestly into 2025, reaching US$14,342.9 million. Despite the recovery, revenues in 2025 remained below the level recorded in 2021.
- Net Fixed Asset Trend
- Property, plant, and equipment, net (including operating lease and right-of-use assets), exhibited a steady increase throughout the period. The value rose from US$3,553.4 million in 2021 to US$3,834.2 million in 2022, US$4,224.4 million in 2023, US$4,817.1 million in 2024, and finally to US$5,366.2 million in 2025. This consistent growth indicates ongoing investment in fixed assets.
- Net Fixed Asset Turnover Ratio Trend
- The net fixed asset turnover ratio decreased steadily from 4.52 in 2021 to 2.67 in 2025. The initial decline from 2021 to 2022 was substantial, moving from 4.52 to 3.17. The ratio continued to decrease, albeit at a slower pace, reaching 3.11 in 2023, 2.95 in 2024, and ultimately 2.67 in 2025. This suggests a diminishing efficiency in generating revenue from the company’s fixed asset base.
- Combined Impact
- The decreasing net fixed asset turnover ratio, coupled with the fluctuating revenue stream and consistently increasing fixed asset base, suggests that the company is requiring a greater investment in fixed assets to generate each dollar of revenue. This could be due to a number of factors, including increased capacity, modernization of equipment, or a shift in production processes. Further investigation would be required to determine the underlying causes and assess the implications for future profitability and investment strategies.
Total Asset Turnover
Regeneron Pharmaceuticals Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, 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. | ||||||
| Total Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Total Asset Turnover, Industry | ||||||
| Health Care | ||||||
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
Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio demonstrates a consistent decline over the five-year period. This indicates a decreasing efficiency in utilizing assets to generate revenue.
- Total Asset Turnover Trend
- The ratio decreased from 0.63 in 2021 to 0.35 in 2025. This represents a substantial reduction in the company’s ability to generate sales from its asset base.
- Year-over-Year Changes
- From 2021 to 2022, the ratio experienced a significant drop, falling from 0.63 to 0.42. This represents a 33.3% decrease. A further, though less dramatic, decrease occurred from 2022 to 2023 (0.42 to 0.40), a decline of 4.8%. The rate of decline accelerated slightly from 2023 to 2024 (0.40 to 0.38, a 5.0% decrease) and continued to decrease from 2024 to 2025 (0.38 to 0.35, a 7.9% decrease).
- Relationship to Revenue and Assets
- While revenues experienced fluctuations, including a decrease from 2021 to 2022, the primary driver of the declining asset turnover appears to be the consistent growth in total assets. Total assets increased steadily throughout the period, growing from US$25,434,800 in 2021 to US$40,558,700 in 2025. Revenue growth did not keep pace with this asset expansion, resulting in the observed decrease in the turnover ratio.
The continued decline in the total asset turnover ratio warrants further investigation to determine the underlying causes and potential implications for operational efficiency and profitability.
Equity Turnover
Regeneron Pharmaceuticals Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenues | ||||||
| Stockholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, 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. | ||||||
| Equity Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Equity Turnover, Industry | ||||||
| Health Care | ||||||
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
Equity turnover = Revenues ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The equity turnover ratio demonstrates a consistent downward trend over the five-year period. Revenues experienced fluctuations, while stockholders’ equity steadily increased, contributing to the observed decline in equity turnover.
- Equity Turnover
- The equity turnover ratio decreased from 0.86 in 2021 to 0.46 in 2025. This indicates a diminishing ability to generate revenue from each dollar of stockholders’ equity. The most significant decrease occurred between 2021 and 2022, falling to 0.54, and the decline continued, albeit at a slower pace, through 2025.
- Revenue Trend
- Revenues decreased substantially from US$16,071,700 thousand in 2021 to US$12,172,900 thousand in 2022. A recovery was then observed, with revenues increasing to US$13,117,200 thousand in 2023 and further to US$14,202,000 thousand in 2024. Revenue growth stabilized between 2024 and 2025, reaching US$14,342,900 thousand. While revenues recovered from the 2022 dip, they did not return to the 2021 level.
- Stockholders’ Equity Trend
- Stockholders’ equity exhibited a consistent upward trend throughout the period, increasing from US$18,768,800 thousand in 2021 to US$31,256,900 thousand in 2025. This steady growth in equity, coupled with the revenue fluctuations, directly contributed to the decreasing equity turnover ratio.
The combination of relatively stable, and ultimately increasing, stockholders’ equity alongside fluctuating revenues resulted in a consistent reduction in the equity turnover ratio. This suggests the company is utilizing a larger equity base to generate a similar level of revenue over time.