Regeneron Pharmaceuticals Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	3,953,600)	4,338,400)	8,075,300)	3,513,200)	2,115,800)
Net noncash charges	734,500)	919,800)	922,500)	608,500)	514,700)
Changes in assets and liabilities	(94,100)	(243,300)	(1,916,500)	(1,503,600)	(200,500)
Net cash provided by operating activities	4,594,000)	5,014,900)	7,081,300)	2,618,100)	2,430,000)
Cash paid for interest, net of amounts capitalized, net of tax¹	68,787)	47,954)	48,323)	21,390)	21,775)
Capital expenditures	(718,600)	(590,100)	(551,900)	(614,600)	(429,600)
Free cash flow to the firm (FCFF)	3,944,187)	4,472,754)	6,577,723)	2,024,890)	2,022,175)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Regeneron Pharmaceuticals Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Regeneron Pharmaceuticals Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Regeneron Pharmaceuticals Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	5.90%	10.70%	13.40%	7.80%	12.90%
Interest Paid, Net of Tax
Cash paid for interest, net of amounts capitalized, before tax	73,100)	53,700)	55,800)	23,200)	25,000)
Less: Cash paid for interest, net of amounts capitalized, tax²	4,313)	5,746)	7,477)	1,810)	3,225)
Cash paid for interest, net of amounts capitalized, net of tax	68,787)	47,954)	48,323)	21,390)	21,775)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Cash paid for interest, net of amounts capitalized, tax = Cash paid for interest, net of amounts capitalized × EITR
= 73,100 × 5.90% = 4,313

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Regeneron Pharmaceuticals Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	89,620,825)
Free cash flow to the firm (FCFF)	3,944,187)
Valuation Ratio
EV/FCFF	22.72
Benchmarks
EV/FCFF, Competitors¹
AbbVie Inc.	14.26
Amgen Inc.	21.04
Bristol-Myers Squibb Co.	8.57
Danaher Corp.	35.73
Eli Lilly & Co.	637.41
Gilead Sciences Inc.	12.14
Johnson & Johnson	18.12
Merck & Co. Inc.	38.35
Pfizer Inc.	30.30
Thermo Fisher Scientific Inc.	29.37
Zoetis Inc.	39.81
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	26.49
EV/FCFF, Industry
Health Care	23.19

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Regeneron Pharmaceuticals Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	94,631,456)	80,327,035)	64,555,508)	52,128,277)	39,512,864)
Free cash flow to the firm (FCFF)²	3,944,187)	4,472,754)	6,577,723)	2,024,890)	2,022,175)
Valuation Ratio
EV/FCFF³	23.99	17.96	9.81	25.74	19.54
Benchmarks
EV/FCFF, Competitors⁴
AbbVie Inc.	14.89	12.15	13.18	13.95	11.60
Amgen Inc.	22.22	16.01	15.82	14.51	16.05
Bristol-Myers Squibb Co.	9.14	13.87	10.52	11.63	23.39
Danaher Corp.	36.34	25.74	28.25	30.66	37.11
Eli Lilly & Co.	655.33	59.14	38.37	39.01	36.26
Gilead Sciences Inc.	13.41	13.58	8.42	13.60	9.78
Johnson & Johnson	19.30	23.80	21.25	20.75	19.31
Merck & Co. Inc.	37.84	19.09	23.27	34.12	20.46
Pfizer Inc.	32.24	9.15	8.40	21.74	19.44
Thermo Fisher Scientific Inc.	28.85	31.61	33.14	26.14	28.88
Zoetis Inc.	47.16	54.71	49.22	43.54	47.27
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	27.50	18.37	16.44	20.25	19.59
EV/FCFF, Industry
Health Care	23.96	18.01	17.46	18.09	18.44

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 94,631,456 ÷ 3,944,187 = 23.99

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Regeneron Pharmaceuticals Inc. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical