$REGN

REGENERON PHARMACEUTICALS INC

CIK:0000872589|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenues	$ 4,290.7	$ 3,675.6	$ 7,896.1	$ 6,704.3
Expenses:
Research and development	1,631.6	1,421.7	3,175.1	2,749.1
Acquired in-process research and development	127.0	10.0	228.9	22.3
Selling, general, and administrative	662.1	634.2	1,309.8	1,267.2
Total Expenses	2,997.2	2,596.1	5,959.7	5,033.1
Income from operations	1,293.5	1,079.5	1,936.4	1,671.2
Other income (expense):
Other income (expense), net	245.3	442.8	446.5	764.8
Interest expense	(11.0)	(3.6)	(23.9)	(12.3)
Total other income (expense)	234.3	439.2	422.6	752.5
Income before income taxes	1,527.8	1,518.7	2,359.0	2,423.7
Income tax expense	230.9	127.1	334.9	223.4
Net income	$ 1,296.9	$ 1,391.6	$ 2,024.1	$ 2,200.3
Net income per share - basic (in dollars per share)	$ 12.62	$ 13.24	$ 19.58	$ 20.78
Net income per share - diluted (in dollars per share)	$ 12.23	$ 12.81	$ 18.95	$ 20.02
Weighted average shares outstanding - basic (in shares)	102.8	105.1	103.4	105.9
Weighted average shares outstanding - diluted (in shares)	106.0	108.6	106.8	109.9
Statements of Comprehensive Income
Net income	$ 1,296.9	$ 1,391.6	$ 2,024.1	$ 2,200.3
Other comprehensive income (loss), net of tax:
Unrealized (loss) gain on debt securities	(48.0)	22.1	(113.8)	60.2
Gain on foreign currency translation	0.3	1.3	0.5	0.2
Comprehensive income	1,249.2	1,415.0	1,910.8	2,260.7
Net product sales
Revenues:
Revenues	1,642.4	1,631.0	3,176.9	3,046.6
Expenses:
Cost of goods sold, collaboration and contract manufacturing	360.7	275.6	734.1	541.1
Collaboration revenue
Revenues:
Revenues	2,455.0	1,860.7	4,354.7	3,391.9
Other revenue
Revenues:
Revenues	193.3	183.9	364.5	265.8
Cost of collaboration and contract manufacturing
Expenses:
Cost of goods sold, collaboration and contract manufacturing	$ 215.8	$ 254.6	$ 511.8	$ 453.4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 2,024.1	$ 2,200.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	246.9	262.0
Stock-based compensation expense	500.4	507.4
Gains on marketable and other securities, net	(86.9)	(389.9)
Other, net	110.5	(17.7)
Deferred income taxes	(290.4)	(274.3)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	(837.3)	629.6
Increase in inventories	(1.6)	(194.8)
Increase in prepaid expenses and other assets	(517.7)	(410.2)
Increase (decrease) in deferred revenue	143.5	(125.2)
Increase in accounts payable, accrued expenses, and other liabilities	600.4	2.3
Total adjustments	(132.2)	(10.8)
Net cash provided by operating activities	1,891.9	2,189.5
Cash flows from investing activities:
Purchases of marketable and other securities	(4,706.0)	(5,394.4)
Sales or maturities of marketable and other securities	4,755.1	5,626.2
Capital expenditures	(470.8)	(448.3)
Payments for intangible assets	(99.9)	(230.0)
Net cash used in investing activities	(521.6)	(446.5)
Cash flows from financing activities:
Proceeds from issuance of Common Stock	212.3	92.1
Payments in connection with Common Stock tendered for employee tax obligations	(80.8)	(9.9)
Repurchases of Common Stock	(1,963.7)	(2,102.9)
Dividends paid	(194.6)	(186.4)
Other	0.0	(10.3)
Net cash used in financing activities	(2,026.8)	(2,217.4)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(1.2)	1.0
Net decrease in cash, cash equivalents, and restricted cash	(657.7)	(473.4)
Cash, cash equivalents, and restricted cash at beginning of period	3,123.7	2,489.0
Cash, cash equivalents, and restricted cash at end of period	$ 2,466.0	$ 2,015.6

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,455.8	$ 3,118.1
Marketable securities	5,538.8	5,487.1
Accounts receivable, net	6,565.4	5,741.1
Inventories	3,084.3	3,200.8
Prepaid expenses and other current assets	801.7	474.8
Total current assets	18,446.0	18,021.9
Marketable securities	9,828.3	10,260.6
Property, plant, and equipment, net	5,458.9	5,120.4
Intangible assets, net	1,309.8	1,257.4
Deferred tax assets	4,381.4	4,077.2
Other noncurrent assets	2,306.2	1,821.2
Total assets	41,730.6	40,558.7
Current liabilities:
Accounts payable	1,159.3	939.0
Accrued expenses and other current liabilities	2,966.5	2,876.4
Finance lease liabilities	720.0	0.0
Deferred revenue	684.8	553.0
Total current liabilities	5,530.6	4,368.4
Long-term debt	1,986.6	1,985.9
Finance lease liabilities	0.0	720.0
Deferred revenue	220.4	208.7
Other noncurrent liabilities	2,281.6	2,018.8
Total liabilities	10,019.2	9,301.8
Stockholders' equity:
Preferred Stock, par value $.01 per share; 30.0 shares authorized; shares issued and outstanding - none	0.0	0.0
Additional paid-in capital	14,700.6	13,995.0
Retained earnings	37,621.4	35,797.1
Accumulated other comprehensive (loss) income	(35.8)	77.5
Treasury Stock, at cost; 36.4 shares in 2026 and 33.7 shares in 2025	(20,574.9)	(18,612.8)
Total stockholders' equity	31,711.4	31,256.9
Total liabilities and stockholders' equity	41,730.6	40,558.7
Class A Stock
Stockholders' equity:
Common stock	0.0	0.0
Common Stock
Stockholders' equity:
Common stock	$ 0.1	$ 0.1