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Regeneron Pharmaceuticals cash flow statement

In fiscal 2025, Regeneron Pharmaceuticals's operations generated $4.98bn of cash; it spent $898m on capital projects, leaving free cash flow of $4.08bn. It returned $370m in dividends and $3.44bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations−7099−142−755897521,3311,4861,3072,1952,4302,6187,0815,0154,5944,4214,9794,846
Depreciation and amortisation14203137415375105146148210236286341421483544513
Stock-based pay31405694215322459560507427464432602725885983994996
Capital spending9710057491563336785122733834306155525907197568981,020
Free cash flow−167−0−199−1244324196539741,0351,8122,0002,0046,5294,4253,8753,6654,0813,826
Free cash flow after stock pay−199−40−255−218217981944145271,3851,5361,5725,9283,7002,9902,6823,0872,830
Dividends paid——————————————00370383
Share buybacks———————0042765,8471,6452,0832,2352,6033,4393,035
Shares issued92014464571262061272401152122,5751,6721,5201,1461,4656361,017

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Regeneron Pharmaceuticals's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Regeneron Pharmaceuticals.