REGENERON PHARMACEUTICALS, INC. Earnings Per Share Disclosure
Year Ended December 31, | ||||||||||||||||||||
| (In millions, except per share data) | 2025 | 2024 | 2023 | |||||||||||||||||
| Net income - basic and diluted | $ | 4,504.9 | $ | 4,412.6 | $ | 3,953.6 | ||||||||||||||
| Weighted average shares - basic | 104.6 | 107.9 | 106.7 | |||||||||||||||||
| Effect of dilutive securities: | ||||||||||||||||||||
| Stock options | 1.9 | 4.8 | 4.9 | |||||||||||||||||
| Restricted stock awards and restricted stock units | 2.1 | 2.4 | 2.1 | |||||||||||||||||
| Weighted average shares - diluted | 108.6 | 115.1 | 113.7 | |||||||||||||||||
| Net income per share - basic | $ | 43.07 | $ | 40.90 | $ | 37.05 | ||||||||||||||
| Net income per share - diluted | $ | 41.48 | $ | 38.34 | $ | 34.77 | ||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
| (Shares in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Stock options | 6.2 | 1.6 | 1.8 | |||||||||||||||||
Restricted stock awards and restricted stock units | 0.2 | — | — | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 5, 2025 | |
| 2023 | Feb 5, 2024 | |
| 2022 | Feb 6, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.