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REGNRegeneron Pharmaceuticals

Health care · Pharmaceuticals · Nasdaq

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FY2025 at a glance

Sales up 1.0%, free cash flow up to $4.1B

XBRL, from each 10-K

RevenueStatements ↓

$14.3B

from $14.2B in FY2024

FY2016FY2025

Net incomeStatements ↓

$4.5B

from $4.4B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$4.1B

from $3.7B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$41.48

from $38.34 in FY2024

FY2016FY2025

Operating marginStatements ↓

24.9%

from 28.1% in FY2024

FY2016FY2025

Total debtStatements ↓

$2.0B

from $2.0B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	45.24	Sales (ttm)	16.9B	Net income (ttm)	4.8B	Sales growth	+1.0%	EPS growth	+8.2%	Sales Q/Q	+36.3%
Free cash flow	3.8B	Gross margin	-	Oper. margin	28.8%	Net margin	28.5%	FCF margin	22.6%	ROE	14.4%
ROA	10.8%	R&D / sales	40.8%	Dividend	-	Debt/Eq	0.06	Curr. ratio	3.35	Cash	3.7B
Op. cash flow (ttm)	4.8B	EBITDA	4.1B	EBITDA margin	28.7%	Net debt	-1.7B	Quick ratio	2.84	Interest cover	81.69
ROIC	8.7%	Tax rate	13.9%	Stock pay / sales	6.9%	Shares out.	105.6M	Shares Y/Y	-5.6%	Book / share	317.22
Cash / share	34.65	Sales / share	160.00	Asset turnover	0.38	Days sales out.	146	Sales 3Y CAGR	+5.6%	Sales 5Y CAGR	+11.0%
EPS 3Y CAGR	+2.8%	EPS 5Y CAGR	+6.3%	Employees	15,410	Sales / employee	1.1M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth slowed to +1.0%+8.3% → +1.0% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin narrowed to 24.9%28.1% → 24.9% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

REGN against Health care peers

Ten years, side by side → · All 60 →

REGNPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth

+1.0%51st of 60 · median +7.1%

Net margin

28.5%4th of 60 · median 9.6%

Return on equity

14.4%22nd of 54 · median 13.1%

Free cash flow margin

22.6%11th of 56 · median 15.5%

Debt / equity (less is better)

0.062nd of 49 · median 0.66

REGN and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
REGN Regeneron Pharmaceuticals	$16.9B	+1.0%	-	28.5%	14.4%	22.6%	0.06
UHS Universal Health Services	$18.4B	+9.7%	-	8.0%	19.2%	6.1%	0.75
IQV IQVIA	$17.3B	+5.9%	-	8.1%	20.9%	12.0%	2.41
VTRS Viatris	$14.7B	-3.0%	35.3%	-4.1%	-4.4%	14.3%	0.97
LH Labcorp	$14.6B	+7.2%	29.0%	6.9%	11.3%	8.8%	0.66
DVA DaVita	$14.2B	+6.5%	-	6.5%	-	9.1%	-

Profitability

2 of 3

✓
Net margin above the peer median28.5% vs 9.6%
!
Return on equity below 15%14.4%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 18.4% → 31.4%

Balance sheet

4 of 4

✓
Interest covered more than 5 timesOperating income is 81.7× interest expense
✓
Debt smaller than equityDebt / equity 0.06 on the latest balance sheet (peer median 0.66)
✓
Current assets cover current liabilitiesCurrent ratio 3.35
✓
More cash than debtNet cash $7.2B

Debt / equity at each year end, FY2016 to FY2025: 0.00 → 0.06

Cash and shareholders

3 of 3

✓
Free cash flow positive in every one of 10 years$4.1B last year
✓
Share count down over 5 years−5.6%
✓
Cash from operations above net income$5.0B vs $4.5B

Free cash flow, FY2016 to FY2025: 974.0M → 4.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 14.3B Net income 4.5B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

REGN's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue14.3B

Net income4.5B

Free cash flow4.1B

EPS (diluted)41.48

Diluted shares108.6M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Collaboration revenue	7.3B	51.1%	+21.0%
Libtayo	1.5B	10.1%	+19.3%
Other revenue	702.6M	4.9%	+36.4%
Other products	10.1M	0.1%	-

10-K 0000872589-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4.9B	5.9B	5.1B	6.6B	8.5B	16.1B	12.2B	13.1B	14.2B	14.3B
Cost of revenue	194.6M	202.5M	237.5M	402.8M	-	-	-	-	-	-
R&D	2.1B	2.1B	1.5B	2.5B	2.6B	2.9B	3.6B	4.4B	5.1B	5.9B
SG&A	1.2B	1.3B	1.1B	1.3B	1.3B	1.8B	2.1B	2.6B	3.0B	2.7B
Operating income	1.3B	2.1B	2.5B	2.2B	3.6B	8.9B	4.7B	4.0B	4.0B	3.6B
Interest expense	7.2M	25.1M	28.2M	30.2M	56.9M	57.3M	59.4M	73.0M	55.2M	43.8M
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	880.0M	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	4.0B	4.4B	4.5B
EPS (diluted)	7.70	10.34	21.29	18.46	30.52	71.97	38.22	34.77	38.34	41.48
Diluted shares	116.3M	115.9M	114.8M	114.6M	115.1M	112.2M	113.5M	113.7M	115.1M	108.6M
Depreciation & amortization	104.7M	145.5M	148.2M	210.3M	235.9M	286.2M	341.4M	421.0M	482.9M	543.7M
EBITDA	1.4B	2.2B	2.7B	2.4B	3.8B	9.2B	5.1B	4.5B	4.5B	4.1B
Operating margin	27.4%	35.4%	49.3%	33.7%	42.1%	55.7%	38.9%	30.9%	28.1%	24.9%
Net margin	18.4%	20.4%	47.5%	32.3%	41.3%	50.2%	35.6%	30.1%	31.1%	31.4%
Revenue growth	-	+20.8%	-12.4%	+27.4%	+29.6%	+89.1%	-24.3%	+7.8%	+8.3%	+1.0%
EPS growth	-	+34.3%	+106%	-13.3%	+65.3%	+136%	-46.9%	-9.0%	+10.3%	+8.2%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	535.2M	812.7M	1.5B	1.6B	2.2B	2.9B	3.1B	2.7B	2.5B	3.1B
Short-term investments	503.5M	596.8M	1.3B	1.6B	1.4B	2.8B	4.6B	8.1B	6.5B	5.5B
Receivables	1.3B	1.5B	1.7B	2.1B	4.1B	6.0B	5.3B	5.7B	6.2B	5.7B
Inventory	399.4M	726.1M	1.2B	1.4B	1.9B	2.0B	2.4B	2.6B	3.1B	3.2B
Current assets	3.2B	4.3B	6.4B	7.7B	9.8B	14.0B	15.9B	19.5B	18.7B	18.0B
Property & equipment	2.1B	2.4B	2.6B	2.9B	3.2B	3.5B	-	-	-	-
Total assets	7.0B	8.8B	11.7B	14.8B	17.2B	25.4B	29.2B	33.1B	37.8B	40.6B
Accounts payable	-	178.2M	218.2M	418.1M	475.5M	564.0M	589.2M	606.6M	789.5M	939.0M
Current liabilities	1.2B	1.1B	1.4B	2.1B	2.7B	3.9B	3.1B	3.4B	3.9B	4.4B
Total debt	-	-	-	0	2.0B	2.0B	2.0B	2.0B	2.0B	2.0B
Total liabilities	2.5B	2.6B	3.0B	3.7B	6.1B	6.7B	6.6B	7.1B	8.4B	9.3B
Shareholders' equity	4.4B	6.1B	8.8B	11.1B	11.0B	18.8B	22.7B	26.0B	29.4B	31.3B
Retained earnings	1.7B	2.9B	5.3B	7.4B	10.9B	19.0B	23.3B	27.3B	31.7B	35.8B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.5B	1.3B	2.2B	2.4B	2.6B	7.1B	5.0B	4.6B	4.4B	5.0B
Capital spending	511.9M	272.6M	383.1M	429.6M	614.6M	551.9M	590.1M	718.6M	755.9M	898.4M
Free cash flow	974.0M	1.0B	1.8B	2.0B	2.0B	6.5B	4.4B	3.9B	3.7B	4.1B
Stock-based pay (added back)	559.9M	507.3M	427.4M	464.3M	432.0M	601.7M	725.0M	885.0M	982.8M	993.7M
Dividends paid	-	-	-	-	-	-	-	0	0	370.3M
Buybacks	0	0	4.4M	275.9M	5.8B	1.6B	2.1B	2.2B	2.6B	3.4B
Acquisitions	-	-	-	-	-	0	230.3M	54.9M	16.5M	3.3M
Debt raised	-	-	0	0	2.0B	0	0	-	-	-
Investing cash flow	-1.0B	-1.0B	-1.5B	-2.0B	-70.6M	-5.4B	-3.8B	-3.2B	-2.5B	-629.1M
Financing cash flow	-700.5M	-24.4M	-77.1M	-252.1M	-2.0B	-1.0B	-1.0B	-1.8B	-2.2B	-3.7B

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	559.9M	507.3M	427.4M	464.3M	432.0M	601.7M	725.0M	885.0M	982.8M	993.7M
Stock-based pay / revenue	11.5%	8.6%	8.3%	7.1%	5.1%	3.7%	6.0%	6.7%	6.9%	6.9%
Operating lease cost	-	-	-	-	-	10.3M	12.4M	19.2M	36.5M	35.8M
Operating lease cash paid	-	-	-	-	-	10.2M	7.7M	22.5M	41.4M	39.6M
Right-of-use assets	-	-	-	-	-	-	71.2M	78.0M	217.4M	245.8M
Operating lease liabilities	-	-	-	23.6M	-	-	68.2M	87.7M	234.4M	266.8M
Finance lease liabilities	-	-	-	713.9M	717.2M	719.7M	720.0M	720.0M	720.0M	720.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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