Detailed financial statements for Regeneron Pharmaceuticals, Inc. (REGN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Regeneron Pharmaceuticals, Inc. is a global biopharmaceutical enterprise focused on discovering, inventing, developing, manufacturing, and bringing to market medical treatments for a wide array of illnesses.
Analysis Summary
Regeneron Pharmaceuticals, Inc. reported revenue of $14.34B in the most recent fiscal year, growing at a 5-year CAGR of 11.0%. Net income reached $4.50B, with a 5.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 84.9%, operating margin 25.6%, net margin 27.9%. Free cash flow grew at 15.3% CAGR over 5 years.
At the current price of $726.47, REGN trades at a P/E of 17.55 and an ROE of 14.41%. Market capitalisation stands at $74.8B, placing it among large-cap names.
Balance sheet quality for REGN: current ratio of 4.1, net cash position of $5.90B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $4.08B represents 91% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.86B | $5.87B | $6.71B | $6.56B | $8.50B | $16.07B | $12.17B | $13.12B | $14.20B | $14.34B |
| Cost of Revenue | $404.4M | $542.5M | $582.3M | $975.4M | $1.36B | $2.72B | $1.71B | $2.24B | $1.97B | $2.10B |
| Gross Profit | $4.46B | $5.33B | $6.13B | $5.58B | $7.14B | $13.35B | $10.47B | $10.87B | $12.23B | $12.24B |
| Research & Development | $1.95B | $1.93B | $2.04B | $2.24B | $2.50B | $2.62B | $3.06B | $3.99B | $5.23B | $5.85B |
| Selling, General & Admin | $1.18B | $1.32B | $1.56B | $1.34B | $1.35B | $1.82B | $2.12B | $2.54B | $2.95B | $2.70B |
| Operating Expenses | $3.13B | $3.25B | $3.59B | $3.37B | $3.56B | $4.40B | $5.08B | $6.52B | $8.24B | $8.66B |
| Operating Income | $1.33B | $2.08B | $2.53B | $2.21B | $3.58B | $8.95B | $5.39B | $4.35B | $3.99B | $3.58B |
| EBITDA | $1.44B | $2.25B | $2.73B | $2.67B | $4.10B | $9.67B | $5.26B | $4.69B | $5.32B | $5.82B |
| Interest Expense | $7.2M | $25.1M | $28.2M | $30.2M | $56.9M | $57.3M | $59.4M | $73.0M | $55.2M | $43.8M |
| Pre-tax Income | $1.33B | $2.08B | $2.55B | $2.43B | $3.81B | $9.33B | $4.86B | $4.20B | $4.78B | $5.23B |
| Income Tax | $434.3M | $880.0M | $109.1M | $313.3M | $297.2M | $1.25B | $520.4M | $245.7M | $367.3M | $725.8M |
| Net Income | $895.5M | $1.20B | $2.44B | $2.12B | $3.51B | $8.08B | $4.34B | $3.95B | $4.41B | $4.50B |
| EPS | $8.55 | $11.27 | $21.29 | $19.38 | $32.65 | $76.40 | $40.51 | $37.05 | $40.90 | $43.07 |
| EPS (Diluted) | $7.70 | $10.34 | $21.29 | $18.46 | $30.52 | $71.97 | $38.22 | $34.77 | $38.34 | $41.48 |
| Shares Outstanding (Diluted) | $116.3M | $115.9M | $114.8M | $114.6M | $115.1M | $112.2M | $113.5M | $113.7M | $115.1M | $108.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $3.75B | $3.88B | $3.61B | $4.29B |
| Gross Profit | $3.23B | $3.30B | $2.94B | $3.71B |
| Operating Income | $1.03B | $879.9M | $642.9M | $1.42B |
| EBITDA | $1.92B | $1.20B | $967.3M | $1.66B |
| Net Income | $1.46B | $844.6M | $727.2M | $1.30B |
| EPS | $14.09 | $8.21 | $6.99 | $12.59 |
| EPS (Diluted) | $13.62 | $7.86 | $6.75 | $12.20 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $535.2M | $812.7M | $1.47B | $1.62B | $2.19B | $2.89B | $3.11B | $2.73B | $2.49B | $3.12B |
| Short-term Investments | $503.5M | $596.8M | $1.34B | $1.60B | $1.39B | $2.81B | $4.64B | $8.11B | $6.52B | $5.49B |
| Receivables | $1.61B | $1.97B | $2.24B | $2.79B | $4.11B | $6.04B | $5.33B | $5.67B | $6.21B | $5.74B |
| Inventory | $399.4M | $726.1M | $1.15B | $1.42B | $1.92B | $1.95B | $2.40B | $2.58B | $3.09B | $3.20B |
| Total Current Assets | $3.91B | $5.60B | $7.96B | $7.69B | $9.78B | $14.01B | $15.88B | $19.48B | $18.66B | $18.02B |
| Property, Plant & Equipment | $2.08B | $2.36B | $2.58B | $2.89B | $3.22B | $3.48B | $3.76B | $4.15B | $4.60B | $5.12B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $6.7M | $915.5M | $1.04B | $1.15B | $1.26B |
| Total Assets | $6.97B | $8.76B | $11.73B | $14.81B | $17.16B | $25.43B | $29.21B | $33.08B | $37.76B | $40.56B |
| Accounts Payable | $135.0M | $178.2M | $218.2M | $418.1M | $475.5M | $564.0M | $589.2M | $606.6M | $789.5M | $939.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.24B | $1.14B | $1.44B | $2.10B | $2.70B | $3.93B | $3.14B | $3.42B | $3.94B | $4.37B |
| Long-term Debt | 0 | 0 | 0 | 0 | $1.98B | $1.98B | $1.98B | $1.98B | $1.98B | $1.99B |
| Total Liabilities | $2.52B | $2.62B | $2.98B | $3.72B | $6.14B | $6.67B | $6.55B | $7.11B | $8.41B | $9.30B |
| Retained Earnings | $1.75B | $2.95B | $5.25B | $7.38B | $10.89B | $18.97B | $23.31B | $27.26B | $31.67B | $35.80B |
| Total Equity | $4.45B | $6.14B | $8.76B | $11.09B | $11.03B | $18.77B | $22.66B | $25.97B | $29.35B | $31.26B |
| Total Debt | $481.1M | $703.5M | $708.5M | $713.9M | $2.70B | $2.70B | $2.70B | $2.70B | $2.70B | $2.71B |
| Net Debt | -$557.6M | -$706.0M | -$2.10B | -$2.50B | -$891.3M | -$3.00B | -$5.04B | -$8.14B | -$6.31B | -$5.90B |
| Working Capital | $2.67B | $4.46B | $6.52B | $5.59B | $7.08B | $10.08B | $12.74B | $16.06B | $14.72B | $13.65B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $2.51B | $3.12B | $2.96B | $2.46B |
| Total Assets | $40.17B | $40.56B | $40.87B | $41.73B |
| Total Liabilities | $9.21B | $9.30B | $9.45B | $10.02B |
| Total Equity | $30.96B | $31.26B | $31.42B | $31.71B |
| Total Debt | $2.71B | $2.71B | $2.71B | $1.99B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $895.5M | $1.20B | $2.44B | $2.12B | $3.51B | $8.08B | $4.34B | $3.95B | $4.41B | $4.50B |
| Depreciation & Amortization | $104.7M | $145.5M | $148.2M | $210.3M | $235.9M | $286.2M | $341.4M | $421.0M | $482.9M | $543.7M |
| Stock-based Compensation | $559.9M | $507.3M | $427.4M | $464.3M | $432.0M | $601.7M | $725.0M | $885.0M | $982.8M | $993.7M |
| Change in Working Capital | $228.2M | -$926.5M | -$697.0M | -$200.5M | -$1.50B | -$1.92B | -$243.3M | -$94.1M | -$618.3M | $532.6M |
| Operating Cash Flow | $1.49B | $1.31B | $2.20B | $2.43B | $2.62B | $7.08B | $5.01B | $4.59B | $4.42B | $4.98B |
| Capital Expenditure | -$511.9M | -$272.6M | -$383.1M | -$429.6M | -$614.6M | -$551.9M | -$590.1M | -$926.4M | -$755.9M | -$898.4M |
| Acquisitions | 0 | 0 | $1.07B | $429.6M | $614.6M | $551.9M | -$230.3M | -$54.9M | -$16.5M | -$3.3M |
| Stock Repurchased | -$143.2M | -$301.7M | -$191.6M | -$463.9M | -$6.53B | -$2.68B | -$2.53B | -$2.23B | -$3.63B | -$3.97B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$370.3M |
| Free Cash Flow | $974.0M | $1.03B | $1.81B | $2.00B | $2.00B | $6.53B | $4.42B | $3.67B | $3.66B | $4.08B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.62B | $1.17B | $1.08B | $574.5M |
| Capital Expenditure | -$201.4M | -$248.7M | -$230.6M | -$240.2M |
| Free Cash Flow | $1.42B | $922.0M | $848.3M | $334.3M |
| Dividends Paid | -$91.2M | -$92.7M | -$97.8M | -$96.8M |
| Stock-based Compensation | $237.0M | $249.3M | $257.4M | $243.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.8% | +14.3% | -2.3% | +29.6% | +89.1% | -24.3% | +7.8% | +8.3% | +1.0% | |
| Net Income Growth (YoY) | +33.8% | +104.0% | -13.4% | +66.0% | +129.9% | -46.3% | -8.9% | +11.6% | +2.1% | |
| EPS Growth (YoY) | +31.8% | +88.9% | -9.0% | +68.5% | +134.0% | -47.0% | -8.5% | +10.4% | +5.3% | |
| Shares Change (YoY) | -0.3% | -1.0% | -0.2% | +0.4% | -2.5% | +1.2% | +0.2% | +1.2% | -5.6% | |
| FCF Growth (YoY) | +6.2% | +75.2% | +10.4% | +0.2% | +225.9% | -32.2% | -17.1% | -0.1% | +11.3% | |
| Gross Margin | 91.7% | 90.8% | 91.3% | 85.1% | 84.0% | 83.1% | 86.0% | 82.9% | 86.1% | 85.4% |
| Operating Margin | 27.4% | 35.4% | 37.8% | 33.7% | 42.1% | 55.7% | 44.2% | 33.2% | 28.1% | 24.9% |
| EBITDA Margin | 29.7% | 38.3% | 40.7% | 40.7% | 48.3% | 60.2% | 43.2% | 35.8% | 37.4% | 40.6% |
| Net Margin | 18.4% | 20.4% | 36.4% | 32.3% | 41.3% | 50.2% | 35.6% | 30.1% | 31.1% | 31.4% |
| FCF Margin | 20.0% | 17.6% | 27.0% | 30.5% | 23.6% | 40.6% | 36.3% | 28.0% | 25.8% | 28.4% |
| Effective Tax Rate | 32.7% | 42.3% | 4.3% | 12.9% | 7.8% | 13.4% | 10.7% | 5.9% | 7.7% | 13.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $8.37 | $8.93 | $15.78 | $17.46 | $17.41 | $58.19 | $38.99 | $32.26 | $31.84 | $37.57 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.41 |
| Shares Outstanding (Basic) | $116.2M | $115.9M | $114.8M | $109.2M | $107.6M | $105.7M | $107.1M | $106.7M | $107.9M | $104.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 14.41% |
| Return on Invested Capital | 8.51% |
| Return on Assets | 11.11% |
| Gross Margin | 84.86% |
| Operating Margin | 25.56% |
| Net Margin | 27.86% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 3.34 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 7.49 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 42.93 | 33.36 | 17.54 | 19.37 | 14.80 | 8.27 | 17.81 | 23.71 | 17.42 | 17.92 |
| P/B | 9.59 | 7.09 | 4.90 | 3.70 | 4.71 | 3.56 | 3.41 | 3.61 | 2.62 | 2.58 |
| P/S | 8.78 | 7.42 | 6.39 | 6.25 | 6.12 | 4.15 | 6.35 | 7.14 | 5.41 | 5.63 |
| Gross Margin | 91.7% | 90.8% | 91.3% | 85.1% | 84.0% | 83.1% | 86.0% | 82.9% | 86.1% | 85.4% |
| Operating Margin | 27.4% | 35.4% | 37.8% | 33.7% | 42.1% | 55.7% | 44.2% | 33.2% | 28.1% | 24.9% |
| Net Margin | 18.4% | 20.4% | 36.4% | 32.3% | 41.3% | 50.2% | 35.6% | 30.1% | 31.1% | 31.4% |
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