REGENERON PHARMACEUTICALS, INC.

Listed Company

REGNCIK 0000872589NasdaqLarge AcceleratedPharmaceutical PreparationsNew YorkFY ends Dec 31

Period

FY 2025

Revenue

$14.34B

Net Income

$4.50B

Total Assets

$40.56B

Equity

$31.26B

Shares Out

94.41M

Op. Cash Flow

$4.98B

+ 13F Filer

Business

REGENERON PHARMACEUTICALS, INC. is a fully integrated biotechnology company that invents, develops, manufactures, and commercializes medicines for serious diseases. It offers marketed biologic and antibody-based therapies and product candidates across ophthalmology, immunology and inflammation, oncology, hematology, genetic medicines, and other specialty areas, including EYLEA, Dupixent, Libtayo, Praluent, and multiple investigational bispecifics and gene-editing programs. The company operates as a single business segment encompassing discovery, clinical development, manufacturing, and commercialization. Regeneron distributes products globally (U.S., EU, Japan and rest of world) through wholesalers, specialty distributors, pharmacies, hospitals, physicians and collaborators/co-commercialization partners.

Summary from filing dated 2025-02-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from contract with customer	14,343	14,202	13,117	12,173	16,072
Research and development	5,850	5,132	4,439	3,593	2,860
Acquired in-process research and development	124	101	186	255	48
Selling, general, and administrative	2,700	2,954	2,631	2,116	1,825
Other operating (income) expense, net	−10	53	−2	−90	−46
Total expenses	10,765	10,211	9,070	7,434	7,125
Income from operations	3,578	3,991	4,047	4,739	8,947
Other income (expense), net	1,697	844	225	179	436
Interest expense	−44	−55	−73	−59	—
Total other income (expense)	1,653	789	152	120	379
Income before income taxes	5,231	4,780	4,199	4,859	9,326
Income tax expense	726	367	246	520	1,251
Net income	4,505	4,413	3,954	4,338	8,075
Net income per share - basic (in dollars per share)	43.07	40.9	37.05	40.51	76.4
Net income per share - diluted (in dollars per share)	41.48	38.34	34.77	38.22	71.97
Weighted average shares outstanding - basic (in shares)	105	108	107	107	106
Weighted average shares outstanding - diluted (in shares)	109	115	114	114	112
Unrealized gain on debt securities	83	74	158	−214	−56
Gain (loss) on foreign currency translation	2	−600,000	−300,000	0	—
Comprehensive income	4,590	4,486	4,112	4,126	8,020

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3,118	2,488	2,730	3,106	2,886
Marketable securities	5,487	6,524	8,115	4,636	2,809
Accounts receivable, net	5,741	6,212	5,667	5,329	6,037
Inventories	3,201	3,087	2,581	2,402	1,951
Prepaid expenses and other current assets	475	349	387	411	332
Total current assets	18,022	18,661	19,479	15,884	14,015
Marketable securities	10,261	8,900	5,397	6,592	6,838
Property, plant, and equipment, net	5,120	4,600	4,146	3,763	3,482
Intangible assets, net	1,257	1,149	1,039	916	7
Deferred tax assets	4,077	3,314	2,575	1,724	877
Other noncurrent assets	1,821	1,136	444	336	216
Total assets	40,559	37,759	33,080	29,215	25,435
Accounts payable	939	790	607	589	564
Accrued expenses and other current liabilities	2,876	2,527	2,358	2,074	2,207
Deferred revenue	553	628	459	478	442
Total current liabilities	4,368	3,944	3,423	3,141	3,933
Long-term debt	1,986	1,984	1,983	1,981	1,980
Finance lease liabilities	720	720	720	720	0
Deferred revenue	209	186	127	70	73
Other noncurrent liabilities	2,019	1,571	854	638	680
Total liabilities	9,302	8,406	7,107	6,551	6,666
Commitments and contingencies	—	—	—	—	—
Preferred Stock, par value $.01 per share; 30.0 shares authorized; shares issued and outstanding - none	0	0	0	0	0
Additional paid-in capital	13,995	12,856	11,354	9,949	8,088
Retained earnings	35,797	31,673	27,260	23,307	18,968
Accumulated other comprehensive income (loss)	78	−8	−81	−239	−26
Treasury Stock, at cost; 33.7 shares in 2025 and 28.2 shares in 2024	−18,613	−15,167	−12,560	−10,353	−8,261
Total stockholders' equity	31,257	29,354	25,973	22,664	18,769
Total liabilities and stockholders' equity	40,559	37,759	33,080	29,215	25,435

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	544	483	421	341	286
Stock-based compensation expense	994	983	885	725	602
(Gains) losses on marketable and other securities, net	−946	−118	266	37	−387
Other, net	136	36	−100,000	368	569
Deferred income taxes	−785	−757	−838	−746	−147
Decrease (increase) in accounts receivable	498	−554	−339	708	−1,927
Increase in inventories	−275	−620	−272	−697	−494
Increase in prepaid expenses and other assets	−375	−408	−120	−149	−241
(Decrease) increase in deferred revenue	−52	228	38	32	−120
Increase in accounts payable, accrued expenses, and other liabilities	737	735	599	−138	866
Total adjustments	474	8	640	677	−994
Net cash provided by operating activities	4,979	4,421	4,594	5,015	7,081
Purchases of marketable and other securities	−10,958	−16,617	−11,646	−7,488	−7,048
Sales or maturities of marketable and other securities	11,546	15,027	9,442	5,551	2,215
Capital expenditures	−898	−756	−719	−590	−552
Proceeds from sale of property, plant, and equipment	0	20	0	0	—
Payments for intangible assets	−315	−126	−208	−1,027	0
Acquisitions, net of cash acquired	−3	−17	−55	−230	0
Net cash used in investing activities	−629	−2,468	−3,185	−3,785	−5,385
Proceeds from issuance of Common Stock	636	1,465	1,146	1,520	1,672
Payments in connection with Common Stock tendered for employee tax obligations	−532	−1,029	−701	−446	−1,033
Repurchases of Common Stock	−3,439	−2,603	−2,235	−2,083	−1,645
Dividends paid	−370	0	0	—	—
Other	−10	−33	0	0	—
Net cash used in financing activities	−3,715	−2,201	−1,790	−1,009	−1,006
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	300,000	−700,000	−400,000	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	635	−249	−382	221	691
Cash paid for interest (net of amounts capitalized)	42	53	73	54	56

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 2 positions

Reported AUM

$33.80M

Holdings

Top sector

$33.80M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$33.80M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
Intellia Therapeutics, Inc.	—	3.70M	$33.29M	98.5%
Adicet Bio, Inc.	—	60.5K	$509.0K	1.5%