Regeneron Pharmaceuticals key statistics and ratios

In fiscal 2025, Regeneron Pharmaceuticals had return on equity of 14.9%, an operating margin of 24.9%, debt equal to 6.4% of equity and a current ratio of 4.13. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Regeneron Pharmaceuticals: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	—	—	—	—	—	—	—	—	95.4%	93.9%	—	—	—	—	—	—	—
Operating margin	−19.5%	−21.2%	−46.0%	33.2%	35.3%	29.2%	30.5%	27.4%	35.4%	49.3%	33.7%	42.1%	55.7%	38.9%	30.9%	28.1%	24.9%	28.8%
Net margin	−17.9%	−22.8%	−49.7%	54.4%	19.7%	12.0%	15.5%	18.4%	20.4%	47.5%	32.3%	41.3%	50.2%	35.6%	30.1%	31.1%	31.4%	28.5%
Free-cash-flow margin	−44.1%	−0.1%	−44.6%	−9.0%	20.5%	14.9%	15.9%	20.0%	17.6%	35.2%	30.5%	23.6%	40.6%	36.3%	29.5%	25.8%	28.4%	22.6%
Return on equity	−17.1%	−22.6%	−43.8%	86.1%	25.7%	15.0%	20.5%	22.1%	22.6%	32.8%	21.3%	31.8%	54.2%	20.9%	16.3%	16.0%	14.9%	14.9%
Return on assets	−9.2%	−11.4%	−18.4%	44.1%	16.4%	10.0%	13.5%	14.2%	15.2%	23.8%	15.9%	22.0%	37.9%	15.9%	12.7%	12.5%	11.5%	11.3%
Asset turnover	0.51	0.50	0.37	0.81	0.84	0.83	0.87	0.77	0.75	0.50	0.49	0.53	0.75	0.45	0.42	0.40	0.37	0.40
Current ratio	4.55	3.28	4.49	7.37	6.01	3.18	3.59	2.56	3.82	4.47	3.67	3.63	3.56	5.06	5.69	4.73	4.13	3.35
Debt to equity	0.0%	0.0%	56.6%	23.6%	16.3%	6.0%	0.0%	0.0%	0.0%	0.0%	0.0%	17.9%	10.5%	8.7%	7.6%	6.8%	6.4%	5.9%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	10.1x	16.0x	22.0x	87.9x	184.8x	82.9x	89.9x	73.2x	62.9x	156.1x	79.8x	55.4x	72.3x	81.7x	104.2x
Effective tax rate	—	—	—	—	40.6%	55.6%	48.1%	32.7%	42.3%	4.3%	12.9%	7.8%	13.4%	10.7%	5.9%	7.7%	13.9%	15.3%
R&D as % of revenue	105.1%	106.6%	118.8%	45.4%	40.9%	45.1%	39.5%	42.2%	35.3%	28.5%	37.4%	31.2%	17.8%	29.5%	33.8%	36.1%	40.8%	39.0%
SG&A as % of revenue	14.0%	14.2%	26.3%	15.3%	16.5%	18.4%	20.4%	24.2%	22.5%	21.9%	20.5%	15.8%	11.4%	17.4%	20.1%	20.8%	18.8%	16.4%
Capital spending as % of revenue	25.7%	21.7%	12.8%	3.6%	7.4%	11.8%	16.5%	10.5%	4.6%	7.4%	6.6%	7.2%	3.4%	4.8%	5.5%	5.3%	6.3%	6.0%
Free cash flow ÷ net income	—	—	—	−16.5%	104.5%	124.0%	102.6%	108.8%	86.3%	74.1%	94.5%	57.0%	80.9%	102.0%	98.0%	83.0%	90.6%	79.4%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	8.2%	8.0%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	0.0%	0.0%	0.2%	13.8%	291.8%	25.2%	47.1%	57.7%	71.0%	93.3%	89.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Regeneron Pharmaceuticals: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	26.1%	19.5%	29.4%	27.4%	22.7%	17.8%	30.1%	40.0%
Net margin	24.2%	26.7%	37.9%	38.9%	21.7%	20.2%	30.2%	38.1%
Free-cash-flow margin	28.1%	26.9%	25.2%	37.8%	23.7%	23.5%	13.3%	29.0%
Current ratio	4.73	4.93	4.60	4.06	4.13	3.56	3.34	3.35
Debt to equity	6.8%	6.8%	6.6%	6.4%	6.4%	6.3%	6.3%	5.9%
R&D as % of revenue	37.3%	43.8%	38.7%	39.3%	41.9%	42.8%	38.0%	35.1%
SG&A as % of revenue	20.9%	20.9%	17.3%	17.5%	20.0%	18.0%	15.4%	13.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · September 30, 2026

What it owns · $44.4bn

Short-term assets $20.8bnLonger-term assets $23.6bn

What it owes, and who funded it · $44.4bn

Short-term liabilities $6.2bnLonger-term liabilities $4.7bnShareholders' equity $33.5bn

Short-term assets cover short-term liabilities $20.8bn of assets due within a year against $6.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities $20.8bn short-term assets against $4.7bn of longer-dated liabilities.
More cash than debt $3.7bn of cash against $2.0bn of debt.
Debt below 40% of shareholders' equity Debt is 6% of equity.
Debt burden no higher than five years ago Debt to equity moved from 10% to 6% over five years.
A year's operating cash flow covers at least 20% of debt $4.8bn of operating cash flow against $2.0bn of debt.
Operating profit covers interest at least five times over Operating income of $4.9bn against $47m of interest.

From Regeneron Pharmaceuticals's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

86 /100

Strong moat

How hard Regeneron Pharmaceuticals's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Net income has been a median 15.0% of total assets over 10 years.
Durability 20 / 20

Operating margin has been a median 34.1%; its worst year was 25.9%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 27.6% of revenue.
Discipline 12 / 20

The diluted share count fell 4.9% over five years; stock-based pay has been a median 6.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (90 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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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.