Regeneron Pharmaceuticals, Inc. (REGN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$10.2	$14.3	+40.0%	—	$4.3B	—
Q1 26	$8.9	$9.47	+6.4%	—	$3.6B	—
Q3 25	$9.64	$11.8	+22.7%	—	$3.8B	—
Q2 25	$8.44	$12.9	+52.7%	—	$3.7B	—
Q1 25	$8.48	$8.22	-3.1%	—	$3B	—
Q4 24	$11.2	$12.1	+7.9%	—	$3.8B	—
Q3 24	$11.7	$12.5	+6.5%	—	$3.7B	—
Q2 24	$10.6	$11.6	+8.9%	—	$3.5B	—
Q1 24	$10.1	$9.55	-5.4%	—	$3.1B	—
Q4 23	$10.8	$11.9	+10.3%	—	$3.4B	—
Q3 23	$10.7	$11.6	+8.1%	—	$3.4B	—
Q2 23	$9.9	$10.2	+3.4%	—	$3.2B	—
Q1 23	$9.56	$10.1	+5.5%	—	$3.2B	—
Q4 22	$10	$12.6	+25.5%	—	$3.4B	—
Q3 22	$9.48	$11.1	+17.5%	—	$2.9B	—
Q2 22	$8.76	$9.77	+11.5%	—	$2.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$43.1	—	—	$14.3B	—
FY24	—	$40.9	—	—	$14.2B	—
FY23	—	$37	—	—	$13.1B	—
FY22	—	$40.5	—	—	$12.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.9B	$5.9B	$5.1B	$6.6B	$8.5B	$16.1B	$12.2B	$13.1B	$14.2B	$14.3B
YoY change	+18.4%	+20.8%	-12.4%	+27.4%	+29.6%	+89.1%	-24.3%	+7.76%	+8.27%	+0.99%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.9B	5.9B	5.1B	6.6B	8.5B	16.1B	12.2B	13.1B	14.2B	14.3B
Cost of revenue	299.7M	397.1M	417.5M	765.1M	1.1B	2.4B	1.6B	1.8B	2B	2.1B
Gross profit	4.6B	5.5B	4.7B	5.8B	7.4B	13.6B	10.6B	11.3B	12.2B	12.2B
Gross margin	93.8%	93.2%	91.9%	88.3%	86.8%	84.8%	87.2%	86.2%	86.1%	85.4%
Research & development	2.1B	2.1B	1.5B	2.5B	2.7B	2.9B	3.6B	4.4B	5.2B	5.9B
Selling, general & administrative	1.2B	1.3B	1.1B	1.3B	1.3B	1.8B	2.1B	2.6B	3B	2.7B
Operating expenses	3.2B	3.4B	2.2B	3.6B	3.8B	4.6B	5.6B	7.1B	8.2B	8.5B
Operating income	1.3B	2.1B	2.5B	2.2B	3.6B	9B	5B	4.2B	4B	3.7B
Operating margin	27.4%	35.4%	49.3%	33.7%	42.1%	56%	41%	32.3%	28.1%	25.8%
Non-operating income, net	6.3M	24M	47.3M	249.5M	290.7M	342.5M	-235.9M	-456.8M	133M	855.7M
Pretax income	1.3B	2.1B	2.6B	2.4B	3.8B	9.3B	4.9B	4.2B	4.8B	5.2B
Income tax	434.3M	880M	109.1M	313.3M	297.2M	1.3B	520.4M	245.7M	367.3M	725.8M
Net income	895.5M	1.2B	2.4B	2.1B	3.5B	8.1B	4.3B	4B	4.4B	4.5B
Net margin	18.4%	20.4%	47.5%	32.3%	41.3%	50.2%	35.6%	30.1%	31.1%	31.4%
EBITDA	1.4B	2.2B	2.7B	2.7B	4.1B	9.3B	5.5B	5.1B	5.2B	5B
EPS	8.55	11.3	22.6	19.4	32.6	76.4	40.5	37	40.9	43.1
Diluted EPS	7.7	10.3	21.3	18.5	30.5	72	38.2	34.8	38.3	41.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.4B	3.4B	3.1B	3.5B	3.7B	3.8B	3B	3.7B	3.8B	3.9B	3.6B	4.3B
Cost of revenue	436.4M	517M	433.8M	480.2M	491.1M	565.4M	464.3M	530.2M	521.6M	584.6M	669.4M	576.5M
Gross profit	2.9B	2.9B	2.7B	3.1B	3.2B	3.2B	2.6B	3.1B	3.2B	3.3B	2.9B	3.7B
Gross margin	87%	84.9%	86.2%	86.5%	86.8%	85.1%	84.7%	85.6%	86.1%	84.9%	81.4%	86.6%
Research & development	1.1B	1.2B	1.2B	1.2B	1.3B	1.4B	1.3B	1.4B	1.5B	1.6B	1.5B	1.6B
Selling, general & administrative	640.5M	737.7M	689M	758.8M	714.4M	792.2M	633M	634.2M	657.8M	775M	647.7M	662.1M
Operating expenses	1.7B	1.9B	2B	2B	2.1B	2.2B	2B	2.1B	2.1B	2.4B	2.2B	2.3B
Operating income	1.2B	1B	758.5M	1.1B	1.2B	990.2M	591.7M	1.1B	1.1B	898.6M	744.8M	1.4B
Operating margin	36%	29.2%	24.1%	30.2%	31.7%	26.1%	19.5%	29.4%	29.6%	23.1%	20.7%	33.1%
Non-operating income, net	-216.1M	14.3M	-203.2M	393.9M	139.9M	-204.7M	148.5M	268M	497.6M	-36M	-84.2M	-65M
Pretax income	1.1B	1.1B	700.7M	1.6B	1.5B	958.1M	905M	1.5B	1.8B	1B	831.2M	1.5B
Income tax	103M	-12M	-21.3M	195.8M	152.4M	40.4M	96.3M	127.1M	303.3M	199.1M	104M	230.9M
Net income	1B	1.2B	722M	1.4B	1.3B	917.7M	808.7M	1.4B	1.5B	844.6M	727.2M	1.3B
Net margin	30%	33.8%	23%	40.4%	36%	24.2%	26.7%	37.9%	38.9%	21.7%	20.2%	30.2%
EBITDA	1.4B	1.3B	1B	1.4B	1.5B	1.3B	900.9M	1.4B	1.4B	1.2B	1B	1.7B
EPS	9.48	10.9	6.7	13.3	12.4	8.53	7.58	13.2	14.1	8.21	6.99	12.6
Diluted EPS	8.89	10.2	6.27	12.4	11.5	8.06	7.27	12.8	13.6	7.86	6.75	12.2

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	38.4B	40B	40.3B	41B	52B	66.8B	77.3B	93.7B	76.9B	80.7B	77.4B
Enterprise value	37.9B	39.3B	38.2B	38.5B	51.1B	63.8B	72.2B	85.6B	70.6B	74.8B	69.8B
Shares outstanding	104.7M	106.3M	107.9M	109.2M	107.6M	105.7M	107.1M	106.7M	107.9M	104.6M	104.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	42.9	33.4	16.5	19.4	14.8	8.27	17.8	23.7	17.4	17.9	19.5
P/S	7.91	6.81	7.83	6.25	6.12	4.15	6.35	7.14	5.41	5.63	4.99
P/B	8.64	6.51	4.6	3.7	4.71	3.56	3.41	3.61	2.62	2.58	2.38
EV/EBITDA	26.3	17.5	14	14.4	12.5	6.83	13.1	16.7	13.6	15	14.8
EV/Sales	7.79	6.69	7.42	5.87	6.01	3.97	5.93	6.52	4.97	5.22	4.5
Earnings yield	2.33%	3%	6.07%	5.16%	6.76%	12.1%	5.61%	4.22%	5.74%	5.58%	5.13%
FCF yield	2.53%	2.59%	4.5%	4.88%	3.85%	9.78%	4.4%	3.91%	4.6%	4.66%	3.96%
PEG	—	—	—	—	—	—	—	—	—	—	-4.16

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	93.8%	93.2%	91.9%	88.3%	86.8%	84.8%	87.2%	86.2%	86.1%	85.4%	86.6%
Operating margin	27.4%	35.4%	49.3%	33.7%	42.1%	56%	41%	32.3%	28.1%	25.8%	33.1%
Net margin	18.4%	20.4%	47.5%	32.3%	41.3%	50.2%	35.6%	30.1%	31.1%	31.4%	27.9%
ROE	20.1%	19.5%	27.9%	19.1%	31.9%	43%	19.1%	15.2%	15%	14.4%	14%
ROA	12.8%	13.7%	20.8%	14.3%	20.5%	31.7%	14.9%	12%	11.7%	11.1%	6.53%
ROIC	23%	22.1%	36.5%	22.4%	32.5%	49.4%	25.3%	22.4%	16%	12.6%	13.2%
Return on tangible assets	12.8%	13.7%	20.8%	14.3%	20.5%	31.8%	15.8%	12.8%	12.4%	11.8%	10.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.56	3.82	4.47	3.67	3.63	3.56	5.06	5.69	4.73	4.13	3.33
Quick ratio	2.24	3.18	3.67	2.99	2.91	3.07	4.29	4.94	3.95	3.39	2.78
Debt / equity	0.11	0.11	0.08	0.06	0.24	0.14	0.12	0.1	0.09	0.09	0.09
Debt / assets	0.07	0.08	0.06	0.05	0.16	0.11	0.09	0.08	0.07	0.07	0.06
Net debt / EBITDA	-0.39	-0.31	-0.77	-0.94	-0.22	-0.32	-0.92	-1.59	-1.21	-1.18	-0.97
Interest coverage	185.7	83.8	91.5	81.4	68	163.8	82.8	58.5	87.6	120.4	94.2
Effective tax rate	32.7%	42.3%	4.27%	12.9%	7.8%	13.4%	10.7%	5.85%	7.68%	13.9%	16.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	46.4	55.2	47.7	60.1	79	152.1	113.7	122.9	131.6	137.1	150.3
EPS (basic)	8.55	11.3	22.6	19.4	32.6	76.4	40.5	37	40.9	43.1	43.1
EPS (diluted)	7.7	10.3	21.3	18.5	30.5	72	38.2	34.8	38.3	41.5	38.6
Book value per share	42.5	57.8	81.2	101.6	102.5	177.6	211.6	243.4	272	298.8	316.1
FCF per share	9.3	9.73	16.8	18.3	18.6	61.8	31.7	34.4	32.8	36	33.7
Cash per share	9.92	13.3	26	29.4	33.3	53.9	72.3	101.6	83.5	82.3	80.1
Capex per share	—	—	—	—	—	—	—	—	0.19	8.59	8.69

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	0.14%	6.26%	5.93%
Capex / operating cash flow	—	—	—	—	—	—	—	—	0.41%	18%	19.7%
Payout ratio	—	—	—	—	—	—	—	—	—	8.22%	9.01%
Dividend yield	—	—	—	—	—	—	—	—	—	0.46%	0.5%

Yield

0.5%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.94

ex-dividend Aug 18, 2026

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 18, 2026	$0.94
May 20, 2026	$0.94
Feb 20, 2026	$0.94
Nov 20, 2025	$0.88
Aug 18, 2025	$0.88
May 20, 2025	$0.88
Feb 20, 2025	$0.88

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.4B	$3.4B	$3.1B	$3.5B	$3.7B	$3.8B	$3B	$3.7B	$3.8B	$3.9B	$3.6B	$4.3B
YoY change	+14.5%	+0.58%	-0.54%	+12.3%	+10.6%	+10.3%	-3.7%	+3.62%	+0.9%	+2.51%	+19%	+16.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1B	1.4B	2.8B	3.2B	3.6B	5.7B	7.7B	10.8B	9B	8.6B
Receivables	1.6B	2B	2.2B	2.4B	4.1B	6B	5.3B	5.7B	6.2B	5.7B
Inventory	399.4M	726.1M	1.2B	1.4B	1.9B	2B	2.4B	2.6B	3.1B	3.2B
Total current assets	3.2B	4.3B	6.4B	7.7B	9.8B	14B	15.9B	19.5B	18.7B	18B
Property, plant & equipment	805.1M	917M	1.1B	1.2B	1.3B	1.4B	1.5B	1.7B	2B	2B
Goodwill & intangibles	—	—	—	—	—	6.7M	1.8B	2.1B	2.3B	2.5B
Total assets	7B	8.8B	11.7B	14.8B	17.2B	25.4B	29.2B	33.1B	37.8B	40.6B
Accounts payable	135M	178.2M	218.2M	418.1M	475.5M	564M	589.2M	606.6M	789.5M	939M
Short-term debt	129.6M	—	—	—	—	719.7M	—	—	—	—
Total current liabilities	1.2B	1.1B	1.4B	2.1B	2.7B	3.9B	3.1B	3.4B	3.9B	4.4B
Long-term debt	351.6M	703.5M	708.5M	713.9M	2.7B	2B	2.7B	2.7B	2.7B	2.7B
Total liabilities	2.5B	2.6B	3B	3.7B	6.1B	6.7B	6.6B	7.1B	8.4B	9.3B
Shareholders' equity	4.4B	6.1B	8.8B	11.1B	11B	18.8B	22.7B	26B	29.4B	31.3B
Total debt	481.1M	703.5M	708.5M	713.9M	2.7B	2.7B	2.7B	2.7B	2.7B	2.7B
Net debt	-54.1M	-109.2M	-759.2M	-903.9M	502M	-185.9M	-404.5M	-27.1M	216.2M	-412.2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	8.4B	8.6B	8.8B	8B
Receivables	—	—	—	—	—	—	—	—	5.7B	5.7B	5.7B	6.6B
Inventory	—	—	—	—	—	—	—	—	3.3B	3.2B	3.1B	3.1B
Total current assets	—	—	—	—	—	—	—	—	18B	18B	18.2B	18.4B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	2B	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	1.4B	2.5B	1.3B	1.3B
Total assets	—	—	—	—	—	—	—	—	40.2B	40.6B	40.9B	41.7B
Accounts payable	—	—	—	—	—	—	—	—	903.8M	939M	1B	1.2B
Short-term debt	—	—	—	—	—	—	—	—	—	—	720M	720M
Total current liabilities	—	—	—	—	—	—	—	—	4.4B	4.4B	5.1B	5.5B
Long-term debt	—	—	—	—	—	—	—	—	2.7B	2.7B	2B	2B
Total liabilities	—	—	—	—	—	—	—	—	9.2B	9.3B	9.4B	10B
Shareholders' equity	—	—	—	—	—	—	—	—	31B	31.3B	31.4B	31.7B
Total debt	—	—	—	—	—	—	—	—	2.7B	2.7B	2.7B	2.7B
Net debt	—	—	—	—	—	—	—	—	199.1M	-412.2M	-256.4M	250.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	895.5M	1.2B	2.4B	2.1B	3.5B	8.1B	4.3B	4B	4.4B	4.5B
Depreciation & amortization	104.7M	145.5M	148.2M	210.3M	235.9M	286.2M	341.4M	421M	482.9M	543.7M
Stock-based compensation	559.9M	507.3M	427.4M	464.3M	432M	601.7M	725M	885M	982.8M	993.7M
Change in working capital	204.7M	-813.2M	-608.9M	-120.7M	-1.6B	-1.7B	-94.7M	26M	-210.8M	907.9M
Operating cash flow	1.4B	1.4B	2.3B	2.6B	2.7B	7.7B	5.1B	4.4B	4.9B	5B
Capital expenditure	—	—	—	—	—	—	—	—	20.1M	-898.4M
Investing cash flow	-534.9M	-732.6M	-1.1B	-1.6B	544M	-4.8B	-2.4B	-2.3B	-1.6B	-313.8M
Dividends paid	—	—	—	—	—	—	—	—	—	-370.3M
Share repurchases	-143.2M	-301.7M	-191.6M	-463.9M	-6.5B	-2.7B	-2.5B	-2.9B	-3.6B	-4B
Financing cash flow	-200.3M	-326.1M	-264.3M	-440.1M	-2B	-1B	-1B	-1.8B	-2.2B	-3.7B
Net change in cash	714.6M	361.7M	939M	603M	1.3B	1.9B	1.7B	398.9M	1.2B	949.7M
Free cash flow	974M	1B	1.8B	2B	2B	6.5B	3.4B	3.7B	3.5B	3.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1B	1.2B	722M	1.4B	1.3B	917.7M	808.7M	1.4B	1.5B	844.6M	727.2M	1.3B
Depreciation & amortization	105.4M	113M	114.1M	120.7M	121.7M	126.4M	126.9M	135.1M	136.7M	145M	123.2M	123.7M
Stock-based compensation	203.9M	240.4M	230.1M	223.2M	225.1M	304.4M	255.7M	251.7M	237M	249.3M	257.4M	243M
Change in working capital	83.2M	-87M	518.4M	-382.2M	-315.9M	-31.1M	309.1M	2.8M	672.9M	-76.9M	235.1M	-330.1M
Operating cash flow	1.3B	1.1B	1.4B	1.3B	1.2B	1.1B	1.4B	1.6B	1.6B	1.2B	1.1B	813M
Capital expenditure	0	—	—	—	0	0	—	—	-201.4M	-248.7M	-230.6M	-240.2M
Investing cash flow	-296.4M	247.3M	-1.5B	-361.4M	-332.5M	617.6M	919M	-687.2M	-359.6M	262.3M	-380M	-41.7M
Dividends paid	—	—	—	—	—	—	-93.8M	-92.6M	-91.2M	-92.7M	-97.8M	-96.8M
Share repurchases	-675.9M	-747.1M	-635M	-915.7M	-855.3M	-1.2B	-1B	-1.1B	-667M	-1.2B	-867.5M	-1.2B
Financing cash flow	-407.3M	-446.1M	47.1M	-478.1M	-600.6M	-1.1B	-1.1B	-1.1B	-717.9M	-780.1M	-802.2M	-1.2B
Net change in cash	559.1M	923.4M	-83.9M	433.4M	240.8M	587.3M	1.2B	-190.3M	541.2M	652.9M	-103.3M	-453.3M
Free cash flow	914.4M	776.2M	1.4B	143.1M	1B	995.8M	773.6M	737.6M	1.4B	880M	799.4M	521.8M

Regeneron Pharmaceuticals, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement