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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Regeneron Pharmaceuticals Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Regeneron Pharmaceuticals Inc., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a significant increase from 2.64 in 2020 to a peak of 4.62 in 2021. However, in the subsequent years, it declined steadily, reaching 3.09 by 2024. This suggests that the efficiency of using fixed assets to generate sales improved sharply in 2021 but then decreased gradually through to 2024.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This metric shows a similar trend to the net fixed asset turnover. It rose from 2.58 in 2020 to 4.52 in 2021, after which it declined consistently to 2.95 in 2024. This indicates that considering leased assets also revealed a comparable pattern of asset utilization efficiency over the period.
- Total Asset Turnover
- The total asset turnover ratio increased from 0.50 in 2020 to 0.63 in 2021, indicating an improvement in overall asset efficiency. Nonetheless, after 2021, it experienced a continuous downward trend, falling to 0.38 by 2024. This decline suggests a reduced efficiency in generating revenue from total assets in the later years.
- Equity Turnover
- The equity turnover ratio increased moderately from 0.77 in 2020 to 0.86 in 2021, indicating better use of shareholder equity in generating sales. From 2021 onwards, it declined steadily, reaching 0.48 by 2024. This decreasing trend points to diminishing revenue generation capacity relative to shareholders' equity over the period.
Net Fixed Asset Turnover
Regeneron Pharmaceuticals Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Net fixed asset turnover = Revenues ÷ Property, plant, and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenues demonstrated significant volatility over the period. Starting from approximately 8.5 billion USD in 2020, revenues nearly doubled to about 16.1 billion USD in 2021, indicating a strong growth phase. However, the following year saw a notable decline to around 12.2 billion USD in 2022, representing a substantial decrease. Revenues rebounded moderately in 2023 and 2024, reaching approximately 13.1 billion USD and 14.2 billion USD, respectively. This pattern suggests fluctuations in revenue streams with a peak in 2021 and a partial recovery thereafter.
- Property, Plant, and Equipment (PP&E) Trends
- The net value of property, plant, and equipment showed consistent growth across the five years. Beginning at about 3.2 billion USD in 2020, the asset base increased steadily each year, reaching nearly 4.6 billion USD by 2024. This upward trend indicates ongoing investment in fixed assets, potentially supporting capacity expansion or modernization efforts.
- Net Fixed Asset Turnover Ratio Analysis
- The efficiency ratio measuring how effectively net fixed assets are used to generate revenues experienced a decline over the period. The ratio peaked at 4.62 in 2021, correlating with the surge in revenues that year. Starting from 2.64 in 2020, the ratio sharply increased in 2021 before decreasing over the next three years to 3.09 by 2024. The decline suggests that asset utilization efficiency has weakened despite the growing asset base, possibly due to revenues not keeping pace with the expanding fixed asset investments.
- Overall Insights
- The period under review is characterized by significant revenue fluctuations and steady increases in capital investment. While the company expanded its fixed asset base progressively, the ability to convert these assets into revenue diminished slightly after the 2021 peak. This may indicate challenges in sustaining revenue growth proportionate to asset growth or changes in operational efficiency. Continuous monitoring of asset utilization and revenue generation will be vital to assess long-term financial performance and capital efficiency.
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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 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 analysis of the financial data reveals several notable trends across the five-year period.
- Revenues
- The revenues demonstrate a significant increase from 2020 to 2021, nearly doubling from approximately 8.5 billion USD to 16.1 billion USD. However, there is a decline in 2022, with revenues falling to around 12.2 billion USD. Following this dip, the revenues gradually recover and show a steady upward trend in 2023 and 2024, reaching about 14.2 billion USD by the end of 2024. This indicates a period of volatility with a strong rebound but not yet reaching the peak witnessed in 2021.
- Property, Plant, and Equipment (Net)
- This asset category consistently increases throughout the period, starting at approximately 3.3 billion USD in 2020 and rising each year to reach roughly 4.8 billion USD in 2024. This steady growth suggests ongoing investment in fixed assets and infrastructure expansion or upgrades over these years.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio peaks in 2021 at 4.52, coinciding with the highest revenue year, indicating an efficient use of fixed assets to generate sales. However, it declines significantly in 2022 to 3.17 and continues a gradual downward trend to 2.95 by 2024. This decline suggests that despite increasing asset base, the efficiency of asset utilization to produce revenues is decreasing over the later years, potentially reflecting either slower revenue growth relative to asset growth or changes in operational dynamics.
Overall, the data highlights a period of rapid revenue growth followed by a contraction and partial recovery, alongside consistent capital investment. The decreasing trend in fixed asset turnover ratio indicates that asset growth is outpacing revenue growth in later years, which may require attention to optimize asset utilization moving forward.
Total Asset Turnover
Regeneron Pharmaceuticals Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the five-year period.
- Revenues
- Revenues exhibited a strong increase from 8,497,100 thousand US dollars in 2020 to 16,071,700 thousand US dollars in 2021, representing a significant growth rate. However, the following year saw a decline to 12,172,900 thousand US dollars in 2022. Subsequently, revenues gradually recovered, reaching 13,117,200 and 14,202,000 thousand US dollars in 2023 and 2024, respectively. Overall, the data indicates initial robust growth, followed by a setback in 2022 and a partial recovery afterwards.
- Total Assets
- Total assets steadily increased throughout the period, rising from 17,163,300 thousand US dollars in 2020 to 37,759,400 thousand US dollars in 2024. This consistent growth in asset base suggests ongoing investments and possible expansion of the company's capacity or resources over the years.
- Total Asset Turnover
- The total asset turnover ratio rose from 0.5 in 2020 to a peak of 0.63 in 2021, indicating improved efficiency in using assets to generate revenues during that year. However, from 2022 onwards, the ratio declined gradually each year, reaching 0.38 in 2024. This decreasing trend suggests that although the asset base increased considerably, the company generated relatively fewer revenues per unit of assets, which may reflect either declining operational efficiency or significant asset accumulation not yet translating into proportional revenue.
In summary, the period shows an initial phase of strong revenue growth and improved asset utilization, followed by a challenge in 2022 when revenues declined and asset turnover started to deteriorate. Nonetheless, total assets expanded steadily, and revenues showed signs of recovery towards 2024. The divergence between asset growth and asset turnover efficiency may warrant further investigation to understand underlying causes such as investments in new projects, capital expenditures, or changes in market conditions.
Equity Turnover
Regeneron Pharmaceuticals Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Equity turnover = Revenues ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenues exhibited significant growth from 2020 to 2021, nearly doubling from approximately 8.5 billion US dollars to over 16 billion US dollars. However, in 2022, revenues declined substantially to around 12.2 billion US dollars. Following this decrease, revenues showed a gradual recovery in 2023 and 2024, increasing to about 13.1 billion and 14.2 billion US dollars, respectively, but not returning to the peak level observed in 2021.
- Stockholders’ Equity Trends
- Stockholders’ equity showed a consistent upward trajectory throughout the period. It rose steadily from roughly 11 billion US dollars in 2020 to nearly 29.4 billion US dollars by the end of 2024. This indicates ongoing accumulation of equity capital or retained earnings, reflecting a strengthening financial position over the years.
- Equity Turnover Ratio Analysis
- The equity turnover ratio, which measures how efficiently the company uses its equity to generate revenues, decreased consistently from 0.77 in 2020 to 0.48 in 2024. This downward trend suggests that despite increasing equity, revenue generation per unit of equity has declined, possibly reflecting lower asset utilization efficiency or strategic shifts resulting in slower revenue growth relative to equity expansion.
- Overall Insights
- While revenues showed considerable volatility, peaking in 2021 before declining and slowly recovering, stockholders’ equity grew steadily each year. The declining equity turnover ratio indicates that the growth in equity has outpaced revenue increases, potentially signaling a need for improved operational efficiency or a reassessment of capital deployment strategies to enhance revenue generation relative to equity base.