Regeneron Pharmaceuticals
REGN · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
Regeneron Pharmaceuticals reported revenue of $14.3B in the fiscal year ended Dec 2025, up 1.0% from the year before. Operating income was $3.6B, an operating margin of 24.9%, and net income was $4.5B. Operating cash flow of $5B less capital expenditure of $898M left free cash flow of $4.1B. It held more cash than debt (net cash $1.1B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $16.1B | $12.2B | $13.1B | $14.2B | $14.3B |
| Research & development | $2.9B | $3.6B | $4.4B | $5.1B | $5.9B |
| Selling, general & admin | $1.8B | $2.1B | $2.6B | $3B | $2.7B |
| Operating income | $8.9B | $4.7B | $4B | $4B | $3.6B |
| Interest expense | $57M | $59M | $73M | $55M | $44M |
| Pre-tax income | $9.3B | $4.9B | $4.2B | $4.8B | $5.2B |
| Income tax | $1.3B | $520M | $246M | $367M | $726M |
| Net income | $8.1B | $4.3B | $4B | $4.4B | $4.5B |
| Diluted EPS | 71.97 | 38.22 | 34.77 | 38.34 | 41.48 |
| Diluted shares | 112M | 114M | 114M | 115M | 109M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.9B | $3.1B | $2.7B | $2.5B | $3.1B |
| Receivables | $6B | $5.3B | $5.7B | $6.2B | $5.7B |
| Inventory | $2B | $2.4B | $2.6B | $3.1B | $3.2B |
| Current assets | $14B | $15.9B | $19.5B | $18.7B | $18B |
| Net PP&E | $3.5B | – | – | – | – |
| Total assets | $25.4B | $29.2B | $33.1B | $37.8B | $40.6B |
| Payables | $564M | $589M | $607M | $790M | $939M |
| Deferred revenue | $442M | $478M | $459M | $628M | $553M |
| Current liabilities | $3.9B | $3.1B | $3.4B | $3.9B | $4.4B |
| Long-term debt | $2B | $2B | $2B | $2B | $2B |
| Total liabilities | $6.7B | $6.6B | $7.1B | $8.4B | $9.3B |
| Shareholders' equity | $18.8B | $22.7B | $26B | $29.4B | $31.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $7.1B | $5B | $4.6B | $4.4B | $5B |
| Capital expenditure | $552M | $590M | $719M | $756M | $898M |
| Free cash flow | $6.5B | $4.4B | $3.9B | $3.7B | $4.1B |
| Depreciation & amortisation | $286M | $341M | $421M | $483M | $544M |
| Stock-based compensation | $602M | $725M | $885M | $983M | $994M |
| Acquisitions | $0 | $230M | $55M | $17M | $3M |
| Share buybacks | $1.6B | $2.1B | $2.2B | $2.6B | $3.4B |
| Dividends paid | – | – | $0 | $0 | $370M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −24.3% | 7.8% | 8.3% | 1.0% |
| Operating income growth (YoY) | – | −47.0% | −14.6% | −1.4% | −10.3% |
| EPS growth (YoY) | – | −46.9% | −9.0% | 10.3% | 8.2% |
| Operating margin | 55.7% | 38.9% | 30.9% | 28.1% | 24.9% |
| Net margin | 50.2% | 35.6% | 30.1% | 31.1% | 31.4% |
| Return on equityBlank when equity is negative | 43.0% | 19.1% | 15.2% | 15.0% | 14.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 41.6% | 18.2% | 13.6% | 11.8% | 9.9% |
| Free cash flow margin | 40.6% | 36.3% | 29.5% | 25.8% | 28.4% |
| Cash conversion (CFO ÷ net income) | 0.88x | 1.16x | 1.16x | 1.00x | 1.11x |
| Receivable days | 137 | 160 | 158 | 160 | 146 |
| Interest cover | 156x | 79.8x | 55.4x | 72.3x | 81.7x |
| Debt ÷ equity | 0.11x | 0.09x | 0.08x | 0.07x | 0.06x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$906M | −$1.1B | −$747M | −$504M | −$1.1B |
| Current ratio | 3.56x | 5.06x | 5.69x | 4.73x | 4.13x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.