REGN financial statements

The full income statement, balance sheet, and cash-flow statement for Regeneron Pharmaceuticals Inc. (REGN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 110.2M2024-09 109.9M2024-12 109.3M2025-03 108.0M2025-06 106.0M2025-09 105.1M2025-12 105.7M2026-03 104.8M2026-06 103.0M-6.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	14.3B YoY+1.0%	14.2B YoY+8.3%	13.1B YoY+7.8%	12.2B YoY-24.3%	16.1B YoY+89.1%
Research & development	5.85B YoY+14.0%	5.13B YoY+15.6%	4.44B YoY+23.6%	3.59B YoY+25.6%	2.86B YoY+8.1%
Selling, general & administrative	2.70B YoY-8.6%	2.95B YoY+12.3%	2.63B YoY+24.4%	2.12B YoY+15.9%	1.82B YoY+35.6%
Amortization of intangibles	179M YoY+38.7%	129M YoY+39.8%	92.2M YoY+145.2%	37.6M	0.00
Provision for credit losses	—	0.00	0.00	0.00	0.00
Operating income	3.58B YoY-10.3%	3.99B YoY-1.4%	4.05B YoY-14.6%	4.74B YoY-47.0%	8.95B YoY+150.1%
Interest expense	43.8M YoY-20.7%	55.2M YoY-24.4%	73.0M YoY+22.9%	59.4M YoY+3.7%	57.3M YoY+0.7%
Other non-operating income	1.70B YoY+100.9%	844M YoY+275.0%	225M YoY+25.6%	179M YoY-58.9%	436M YoY+50.1%
Gain (loss) on equity securities	956M YoY+711.9%	118M YoY+150.0%	-236M YoY-492.0%	-39.8M YoY-110.3%	386M YoY+97.0%
Pre-tax income	5.23B YoY+9.4%	4.78B YoY+13.8%	4.20B YoY-13.6%	4.86B YoY-47.9%	9.33B YoY+144.7%
Income tax	726M YoY+97.6%	367M YoY+49.5%	246M YoY-52.8%	520M YoY-58.4%	1.25B YoY+320.8%
Net income	4.50B YoY+2.1%	4.41B YoY+11.6%	3.95B YoY-8.9%	4.34B YoY-46.3%	8.08B YoY+129.9%
	$41.48 YoY+8.2%	$38.34 YoY+10.3%	$34.77 YoY-9.0%	$38.22 YoY-46.9%	$71.97 YoY+135.8%
EPS (basic)	$43.07 YoY+5.3%	$40.90 YoY+10.4%	$37.05 YoY-8.5%	$40.51 YoY-47.0%	$76.40 YoY+134.0%
	105M YoY-3.1%	108M YoY+1.1%	107M YoY-0.4%	107M YoY+1.3%	106M YoY-1.8%
	109M YoY-5.6%	115M YoY+1.2%	114M YoY+0.2%	114M YoY+1.2%	112M YoY-2.5%
Dividends per share	$3.41	—	—	—	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	18.0B YoY-3.4%	18.7B YoY-4.2%	19.5B YoY+22.6%	15.9B YoY+13.3%	14.0B YoY+43.3%
Cash & equivalents	3.12B YoY+25.3%	2.49B YoY-8.9%	2.73B YoY-12.1%	3.11B YoY+7.6%	2.89B YoY+31.5%
Short-term investments	5.49B YoY-15.9%	6.52B YoY-19.6%	8.11B YoY+75.0%	4.64B YoY+65.0%	2.81B YoY+101.6%
Accounts receivable	5.74B YoY-7.6%	6.21B YoY+9.6%	5.67B YoY+6.4%	5.33B YoY-11.7%	6.04B YoY+46.7%
Inventory	3.20B YoY+3.7%	3.09B YoY+19.6%	2.58B YoY+7.4%	2.40B YoY+23.1%	1.95B YoY+1.8%
Prepaid expenses	475M YoY+36.0%	349M YoY-9.7%	387M YoY-6.0%	411M YoY+23.7%	332M YoY+106.7%
	40.6B YoY+7.4%	37.8B YoY+14.1%	33.1B YoY+13.2%	29.2B YoY+14.9%	25.4B YoY+48.2%
Property, plant & equipment	—	—	—	—	3.48B YoY+8.1%
Operating lease right-of-use	246M YoY+13.1%	217M YoY+178.7%	78.0M YoY+9.6%	71.2M	—
Intangible assets	1.26B YoY+9.5%	1.15B YoY+10.6%	1.04B YoY+13.4%	916M YoY+13564.2%	6.70M
Long-term investments	10.3B YoY+15.3%	8.90B YoY+64.9%	5.40B YoY-18.1%	6.59B YoY-3.6%	6.84B YoY+118.1%
Deferred tax assets	4.08B YoY+23.0%	3.31B YoY+28.7%	2.58B YoY+49.4%	1.72B YoY+96.6%	877M YoY+2.1%
Other non-current assets	1.82B YoY+60.3%	1.14B YoY+155.8%	444M YoY+32.0%	336M YoY+55.7%	216M YoY+28.6%
	4.37B YoY+10.8%	3.94B YoY+15.2%	3.42B YoY+9.0%	3.14B YoY-20.1%	3.93B YoY+45.8%
Accounts payable	939M YoY+18.9%	790M YoY+30.2%	607M YoY+3.0%	589M YoY+4.5%	564M YoY+18.6%
Accrued liabilities	2.88B YoY+13.8%	2.53B YoY+7.2%	2.36B YoY+13.7%	2.07B YoY-6.0%	2.21B YoY+34.2%
Deferred revenue	553M YoY-11.9%	628M YoY+36.8%	459M YoY-4.0%	478M YoY+8.1%	442M YoY-23.5%
Current lease liability	37.8M YoY+24.8%	30.3M YoY+59.5%	19.0M YoY+53.2%	12.4M	—
Finance lease liability (current)	0.00	—	—	0.00 YoY-100.0%	720M
	9.30B YoY+10.7%	8.41B YoY+18.3%	7.11B YoY+8.5%	6.55B YoY-1.7%	6.67B YoY+8.6%
Long-term debt	1.99B YoY+0.1%	1.98B YoY+0.1%	1.98B YoY+0.1%	1.98B YoY+0.1%	1.98B YoY+0.1%
Deferred revenue (non-current)	209M YoY+12.4%	186M YoY+46.6%	127M YoY+81.5%	69.8M YoY-4.8%	73.3M YoY+26.8%
Non-current lease liability	229M YoY+12.2%	204M YoY+197.1%	68.7M YoY+23.1%	55.8M	—
Operating lease liability (total)	267M YoY+13.8%	234M YoY+167.3%	87.7M	—	—
Finance lease liability (total)	720M YoY+0.0%	720M YoY+0.0%	720M YoY+0.0%	720M YoY+0.0%	720M YoY+0.3%
Finance lease liability	720M YoY+0.0%	720M YoY+0.0%	720M YoY+0.0%	720M	0.00 YoY-100.0%
Other non-current liabilities	2.02B YoY+28.5%	1.57B YoY+84.0%	854M YoY+33.9%	638M YoY-6.2%	680M YoY-1.0%
	31.3B YoY+6.5%	29.4B YoY+13.0%	26.0B YoY+14.6%	22.7B YoY+20.8%	18.8B YoY+70.2%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	14.0B YoY+8.9%	12.9B YoY+13.2%	11.4B YoY+14.1%	9.95B YoY+23.0%	8.09B YoY+20.4%
Retained earnings	35.8B YoY+13.0%	31.7B YoY+16.2%	27.3B YoY+17.0%	23.3B YoY+22.9%	19.0B YoY+74.1%
Treasury stock	18.6B YoY+22.7%	15.2B YoY+20.8%	12.6B YoY+21.3%	10.4B YoY+25.3%	8.26B YoY+24.9%
Accumulated other comprehensive income	77.5M YoY+1081.0%	-7.90M YoY+90.2%	-80.9M YoY+66.1%	-239M YoY-811.5%	-26.2M YoY-189.4%
Total liabilities & equity	40.6B YoY+7.4%	37.8B YoY+14.1%	33.1B YoY+13.2%	29.2B YoY+14.9%	25.4B YoY+48.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.98B YoY+12.6%	4.42B YoY-3.8%	4.59B YoY-8.4%	5.01B YoY-29.2%	7.08B YoY+170.5%
Depreciation & amortization	544M YoY+12.6%	483M YoY+14.7%	421M YoY+23.3%	341M YoY+19.3%	286M YoY+21.3%
Intangible amortization	179M YoY+38.7%	129M YoY+39.8%	92.2M YoY+145.2%	37.6M	0.00
Share-based compensation	994M YoY+1.1%	983M YoY+11.1%	885M YoY+22.1%	725M YoY+20.5%	602M YoY+39.3%
Deferred income taxes	-785M YoY-3.7%	-757M YoY+9.6%	-838M YoY-12.2%	-746M YoY-407.4%	-147M YoY-294.6%
Change in receivables	-498M YoY-189.9%	554M YoY+63.5%	339M YoY+147.9%	-708M YoY-136.7%	1.93B YoY+42.1%
Change in inventory	275M YoY-55.6%	620M YoY+128.1%	272M YoY-61.0%	697M YoY+40.9%	494M YoY-6.6%
	-629M YoY+74.5%	-2.47B YoY+22.5%	-3.19B YoY+15.8%	-3.78B YoY+29.7%	-5.38B YoY-7527.1%
Capital expenditure	898M YoY+18.9%	756M YoY+5.2%	719M YoY+21.8%	590M YoY+6.9%	552M YoY-10.2%
Free cash flow	4.08B YoY+11.3%	3.66B YoY-5.4%	3.88B YoY-12.4%	4.42B YoY-32.2%	6.53B YoY+225.9%
Acquisitions	3.30M YoY-80.0%	16.5M YoY-69.9%	54.9M YoY-76.2%	230M	0.00
Proceeds from sale of PP&E	0.00 YoY-100.0%	20.1M	0.00	0.00	—
	-3.72B YoY-68.8%	-2.20B YoY-22.9%	-1.79B YoY-77.4%	-1.01B YoY-0.3%	-1.01B YoY+49.0%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	636M YoY-56.6%	1.47B YoY+27.9%	1.15B YoY-24.6%	1.52B YoY-9.1%	1.67B YoY-35.1%
Common stock repurchased	3.44B YoY+32.1%	2.60B YoY+16.5%	2.23B YoY+7.3%	2.08B YoY+26.6%	1.65B YoY-71.9%
Dividends paid	370M	0.00	0.00	0.00	0.00
Other financing activities	-10.3M YoY+69.2%	-33.4M	0.00	0.00	—
FX effect on cash	300K YoY+142.9%	-700K YoY-75.0%	-400K	0.00	0.00
Net change in cash	635M YoY+355.1%	-249M YoY+34.8%	-382M YoY-272.4%	221M YoY-68.0%	691M YoY+19.7%
Interest paid	41.6M YoY-20.9%	52.6M YoY-28.0%	73.1M YoY+36.1%	53.7M YoY-3.8%	55.8M YoY+140.5%
Income taxes paid	1.25B YoY+68.6%	743M YoY-14.6%	870M YoY-42.1%	1.50B YoY+23.3%	1.22B YoY+547.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	80.9B YoY+0.0%	80.9B YoY-18.8%	99.6B YoY+22.4%	81.4B YoY+13.6%	71.6B YoY+32.2%
P/E	18.0× YoY-2.0%	18.3× YoY-26.5%	25.0× YoY+64.7%	15.2× YoY+70.9%	8.9× YoY-42.5%
P/S	5.6× YoY-1.0%	5.7× YoY-25.1%	7.6× YoY+28.1%	5.9× YoY+33.2%	4.5× YoY-30.1%
P/B	2.6× YoY-6.1%	2.8× YoY-31.1%	4.0× YoY+5.4%	3.8× YoY-0.5%	3.8× YoY-22.3%
P/FCF	19.8× YoY-10.2%	22.1× YoY+2.1%	21.6× YoY+34.9%	16.0× YoY+46.2%	11.0× YoY-59.4%
	5.6% YoY+2.1%	5.5% YoY+36.1%	4.0% YoY-39.3%	6.6% YoY-41.5%	11.3% YoY+73.8%
	5.0% YoY+11.3%	4.5% YoY-2.0%	4.6% YoY-25.9%	6.2% YoY-31.6%	9.1% YoY+146.5%
	0.44%	—	—	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: REGN's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all REGN filings on SEC EDGAR → Not investment advice.