Regeneron Pharmaceuticals (REGN) financial statements
Regeneron Pharmaceuticals reported revenue of $14.3B in fiscal 2025, up 12.8% a year over 9 years.
Net income was $4.5B and the operating margin 24.9%, against 27.4% in 2016.
Free cash flow was $4.1B, and the company returned $370M in dividends and $3.4B in net buybacks.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Regeneron Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9B | $5.9B | $5.1B | $6.6B | $8.5B | $16.1B | $12.2B | $13.1B | $14.2B | $14.3B |
| Cost of revenue | $195M | $203M | $238M | $403M | — | — | — | — | — | — |
| Gross profit | $4.7B | $5.7B | $4.9B | $6.2B | — | — | — | — | — | — |
| Research and development | $2.1B | $2.1B | $1.5B | $2.5B | $2.6B | $2.9B | $3.6B | $4.4B | $5.1B | $5.9B |
| Selling, general and admin | $1.2B | $1.3B | $1.1B | $1.3B | $1.3B | $1.8B | $2.1B | $2.6B | $3.0B | $2.7B |
| Operating income | $1.3B | $2.1B | $2.5B | $2.2B | $3.6B | $8.9B | $4.7B | $4.0B | $4.0B | $3.6B |
| Interest expense | $7M | $25M | $28M | $30M | $57M | $57M | $59M | $73M | $55M | $44M |
| Pre-tax income | $1.3B | $2.1B | $2.6B | $2.4B | $3.8B | $9.3B | $4.9B | $4.2B | $4.8B | $5.2B |
| Income tax | $434M | $880M | $109M | $313M | $297M | $1.3B | $520M | $246M | $367M | $726M |
| Net income | $896M | $1.2B | $2.4B | $2.1B | $3.5B | $8.1B | $4.3B | $4.0B | $4.4B | $4.5B |
| EPS (diluted) | $7.70 | $10.34 | $21.29 | $18.46 | $30.52 | $71.97 | $38.22 | $34.77 | $38.34 | $41.48 |
| Diluted shares | 116M | 116M | 115M | 115M | 115M | 112M | 114M | 114M | 115M | 109M |
| Gross margin | 96.0% | 96.6% | 95.4% | 93.9% | — | — | — | — | — | — |
| Operating margin | 27.4% | 35.4% | 49.3% | 33.7% | 42.1% | 55.7% | 38.9% | 30.9% | 28.1% | 24.9% |
| Net margin | 18.4% | 20.4% | 47.5% | 32.3% | 41.3% | 50.2% | 35.6% | 30.1% | 31.1% | 31.4% |
Balance sheet
Fiscal years, from Regeneron Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.0B | $1.4B | $2.8B | $3.2B | $3.6B | $5.7B | $7.7B | $10.8B | $9.0B | $8.6B |
| Receivables | $1.3B | $1.5B | $1.7B | $2.1B | $4.1B | $6.0B | $5.3B | $5.7B | $6.2B | $5.7B |
| Inventory | $399M | $726M | $1.2B | $1.4B | $1.9B | $2.0B | $2.4B | $2.6B | $3.1B | $3.2B |
| Total current assets | $3.2B | $4.3B | $6.4B | $7.7B | $9.8B | $14.0B | $15.9B | $19.5B | $18.7B | $18.0B |
| Property, plant and equipment | $2.1B | $2.4B | $2.6B | $2.9B | $3.2B | $3.5B | $3.8B | $4.1B | $4.6B | $5.1B |
| Total assets | $7.0B | $8.8B | $11.7B | $14.8B | $17.2B | $25.4B | $29.2B | $33.1B | $37.8B | $40.6B |
| Total current liabilities | $1.2B | $1.1B | $1.4B | $2.1B | $2.7B | $3.9B | $3.1B | $3.4B | $3.9B | $4.4B |
| Long-term debt | — | — | — | $0 | $2.0B | $2.0B | $2.0B | $2.0B | $2.0B | $2.0B |
| Total liabilities | $2.5B | $2.6B | $3.0B | $3.7B | $6.1B | $6.7B | $6.6B | $7.1B | $8.4B | $9.3B |
| Shareholders' equity | $4.4B | $6.1B | $8.8B | $11.1B | $11.0B | $18.8B | $22.7B | $26.0B | $29.4B | $31.3B |
| Net debt | -$535M | -$813M | -$1.5B | -$1.6B | -$215M | -$906M | -$1.1B | -$747M | -$504M | -$1.1B |
Cash flow
Fiscal years, from Regeneron Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $1.3B | $2.2B | $2.4B | $2.6B | $7.1B | $5.0B | $4.6B | $4.4B | $5.0B |
| Capital spending | $512M | $273M | $383M | $430M | $615M | $552M | $590M | $719M | $756M | $898M |
| Free cash flow | $974M | $1.0B | $1.8B | $2.0B | $2.0B | $6.5B | $4.4B | $3.9B | $3.7B | $4.1B |
| Stock-based compensation | $560M | $507M | $427M | $464M | $432M | $602M | $725M | $885M | $983M | $994M |
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $370M |
| Share buybacks (net) | $0 | $0 | -$4M | -$276M | -$5.8B | -$1.6B | -$2.1B | -$2.2B | -$2.6B | -$3.4B |
| Net borrowing | — | — | $0 | $0 | $2.0B | $0 | $0 | — | — | — |
| Free cash flow margin | 20.0% | 17.6% | 35.2% | 30.5% | 23.6% | 40.6% | 36.3% | 29.5% | 25.8% | 28.4% |
| Dividends per share | — | — | — | — | — | — | — | — | — | $3.41 |
Questions
What was Regeneron Pharmaceuticals's revenue in 2025?
$14.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Regeneron Pharmaceuticals generate?
$4.1B in fiscal 2025 (operating cash flow minus capital spending).
From Regeneron Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.