Stock Analysis on Net

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Enterprise Value (EV) 

Microsoft Excel

Current Enterprise Value (EV)

Regeneron Pharmaceuticals Inc., current enterprise value calculation

Microsoft Excel
Current share price (P) $547.36
No. shares of common stock outstanding 107,965,497
US$ in thousands
Common equity (market value)1 59,095,994
Add: Preferred Stock, par value $.01 per share; issued and outstanding: none (per books)
Total equity 59,095,994
Add: Finance lease liabilities, current portion (per books)
Add: Long-term debt (per books) 1,984,400
Add: Finance lease liabilities, excluding current portion (per books) 720,000
Total equity and debt 61,800,394
Less: Cash and cash equivalents 2,488,200
Less: Marketable securities 6,524,300
Enterprise value (EV) 52,787,894

Based on: 10-K (reporting date: 2024-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 547.36 × 107,965,497


Historical Enterprise Value (EV)

Regeneron Pharmaceuticals Inc., EV calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Share price1, 2 $716.72 $936.33 $780.86 $622.36 $494.90
No. shares of common stock outstanding1 109,324,682 109,761,896 109,325,532 108,539,282 107,131,899
US$ in thousands
Common equity (market value)3 78,355,186 102,773,356 85,367,935 67,550,508 53,019,577
Add: Preferred Stock, par value $.01 per share; issued and outstanding: none (book value)
Total equity 78,355,186 102,773,356 85,367,935 67,550,508 53,019,577
Add: Finance lease liabilities, current portion (book value) 719,700
Add: Long-term debt (book value) 1,984,400 1,982,900 1,981,400 1,980,000 1,978,500
Add: Finance lease liabilities, excluding current portion (book value) 720,000 720,000 720,000 717,200
Total equity and debt 81,059,586 105,476,256 88,069,335 70,250,208 55,715,277
Less: Cash and cash equivalents 2,488,200 2,730,000 3,105,900 2,885,600 2,193,700
Less: Marketable securities 6,524,300 8,114,800 4,636,400 2,809,100 1,393,300
Enterprise value (EV) 72,047,086 94,631,456 80,327,035 64,555,508 52,128,277

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 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Annual Report.

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 716.72 × 109,324,682


Equity Trends
The common equity, which is equivalent to total equity in this dataset, exhibits a consistent upward trend over four consecutive years from December 31, 2020, through December 31, 2023. The value increased from approximately $53.0 billion to about $102.8 billion, nearly doubling over this period. However, in the final year ending December 31, 2024, there is a notable decline, with equity falling to approximately $78.4 billion. This represents a significant reduction of nearly 24% from the prior year, reversing the prior expanding equity trend.
Total Equity and Debt
Total equity and debt increases steadily from $55.7 billion at the end of 2020 to about $105.5 billion by the end of 2023. The growth mirrors the earlier equity gains and suggests an increasing scale of financing through both equity and debt. Similar to total equity, this metric experiences a marked contraction in 2024, declining to approximately $81.1 billion. This decline may indicate debt reduction, equity erosion, or a combination of both, given the simultaneous decrease in total equity.
Enterprise Value (EV)
The enterprise value follows a comparable growth scenario from 2020 through 2023, rising from $52.1 billion to $94.6 billion, reflecting improving firm valuation and increased company size. In 2024, EV declines to $72.0 billion, a decrease of about 24%. This pattern of decline aligns with the reductions observed in total equity and total capital, suggesting comprehensive valuation compression potentially due to market factors, operational performance, or capital structure adjustments.
General Observations
The data suggests a phase of robust growth in market value and capital structure size over four years, followed by a significant correction or contraction in the most recent year. The declines in 2024 across common equity, total equity and debt, and enterprise value are substantial and may warrant further investigation into underlying causes such as market conditions, business performance, or strategic corporate actions impacting valuation and financing.