Stock Analysis on Net
Stock Analysis on Net

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Price to FCFE (P/FCFE)

Intermediate level


Free Cash Flow to Equity (FCFE)

Regeneron Pharmaceuticals Inc., FCFE calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income 2,115,800  2,444,400  1,198,511  895,522  636,056 
Net noncash charges 514,700  447,700  1,035,134  349,684  464,897 
Changes in assets and liabilities (200,500) (697,000) (926,533) 228,190  229,827 
Net cash provided by operating activities 2,430,000  2,195,100  1,307,112  1,473,396  1,330,780 
Capital expenditures (429,600) (383,100) (272,626) (511,941) (677,933)
Proceeds in connection with finance lease liabilities —  —  57,000  5,085  27,373 
Payments in connection with finance lease liabilities —  —  (19,925) (32,774) (1,353)
Repayments of convertible senior notes —  —  —  (12,894) (166,467)
Free cash flow to equity (FCFE) 2,000,400  1,812,000  1,071,561  920,872  512,400 

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Regeneron Pharmaceuticals Inc.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Regeneron Pharmaceuticals Inc.’s FCFE increased from 2017 to 2018 and from 2018 to 2019.

Price to FCFE Ratio, Current

Regeneron Pharmaceuticals Inc., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
No. shares of common stock outstanding 106,392,394
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 2,000,400 
FCFE per share 18.80
Current share price (P) 555.24
Valuation Ratio
P/FCFE 29.53
Benchmarks
P/FCFE, Competitors1
Abbott Laboratories 65.26
AbbVie Inc. 4.12
Amgen Inc. 36.11
Biogen Inc. 6.78
Bristol-Myers Squibb Co. 5.37
Eli Lilly & Co. 17.37
Gilead Sciences Inc. 14.64
Illumina Inc. 147.75
Johnson & Johnson 23.05
Merck & Co. Inc. 19.35
Pfizer Inc. 10.85
Vertex Pharmaceuticals Inc. 47.19
Zoetis Inc. 57.64
P/FCFE, Sector
Pharmaceuticals & Biotechnology 13.71
P/FCFE, Industry
Health Care 15.26

Based on: 10-K (filing date: 2020-02-07).

1 Click competitor name to see calculations.

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


Price to FCFE Ratio, Historical

Regeneron Pharmaceuticals Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
No. shares of common stock outstanding1 110,019,809 109,277,189 107,696,798 106,080,755 104,788,145
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 2,000,400  1,812,000  1,071,561  920,872  512,400 
FCFE per share3 18.18 16.58 9.95 8.68 4.89
Share price1, 4 381.87 406.46 322.62 360.00 367.24
Valuation Ratio
P/FCFE5 21.00 24.51 32.42 41.47 75.10
Benchmarks
P/FCFE, Competitors6
Abbott Laboratories 53.19 70.38 5.13 18.90
AbbVie Inc. 3.64 7.33 19.98 8.15 3.73
Amgen Inc. 33.32 12.46 11.98 9.37 11.59
Biogen Inc. 9.16 12.11 34.09 15.05 6.58
Bristol-Myers Squibb Co. 5.80 18.62 20.01 52.51
Eli Lilly & Co. 15.87 35.28 11.27 14.04 52.66
Gilead Sciences Inc. 15.91 67.92 5.70 4.79 4.29
Illumina Inc. 149.01 27.24 57.76 65.66 85.02
Johnson & Johnson 23.06 24.90 14.21 14.18 16.84
Merck & Co. Inc. 18.08 22.76 43.01 24.26 9.61
Pfizer Inc. 10.09 18.96 16.06 12.30 12.81
Vertex Pharmaceuticals Inc. 42.50 40.75 135.82 125.60
Zoetis Inc. 51.91 13.91 23.76 291.75 12.58
P/FCFE, Sector
Pharmaceuticals & Biotechnology 12.99 21.30 16.49 12.08 10.84
P/FCFE, Industry
Health Care 14.21 22.98 17.13 13.52 9.19

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,000,400,000 ÷ 110,019,809 = 18.18

4 Closing price as at the filing date of Regeneron Pharmaceuticals Inc.’s Annual Report.

5 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= 381.87 ÷ 18.18 = 21.00

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Regeneron Pharmaceuticals Inc.’s P/FCFE ratio decreased from 2017 to 2018 and from 2018 to 2019.