Stock Analysis on Net
Stock Analysis on Net

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Regeneron Pharmaceuticals Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable
Accrued payroll and related costs
Accrued clinical expenses
Accrued sales-related costs
Income tax-related costs
Other accrued expenses and liabilities
Accrued expenses and other current liabilities
Finance lease liabilities, current portion
Deferred revenue
Current liabilities
Long-term debt
Finance lease liabilities, excluding current portion
Deferred revenue
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Preferred Stock, par value $.01 per share; issued and outstanding: none
Class A Stock, convertible, par value $.001 per share
Common Stock, par value $.001 per share
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Treasury Stock, at cost
Stockholders’ equity
Total liabilities and stockholders’ equity

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Overall, the company’s liabilities and stockholders’ equity demonstrate a consistent upward trend from 2021 to 2025. Total liabilities increased significantly over the period, while stockholders’ equity also grew, albeit at a slower pace in earlier years. This growth is driven by increases in several key liability and equity accounts.

Current Liabilities
Current liabilities exhibited volatility, decreasing in 2022 before rising steadily through 2025. Accounts payable, accrued payroll, accrued sales-related costs, and accrued expenses and other current liabilities all contributed to this overall increase. A notable rise in income tax-related costs is observed from 2023 onwards. The finance lease liabilities, current portion, decreased to zero after 2021. Deferred revenue also showed an increasing trend, though with some fluctuation.
Noncurrent Liabilities
Noncurrent liabilities increased substantially throughout the period. Long-term debt remained relatively stable. However, finance lease liabilities (excluding the current portion) were introduced in 2022 and remained constant thereafter. A significant increase in other noncurrent liabilities, particularly from 2023, contributed heavily to the overall growth in this category. Deferred revenue also increased within the noncurrent portion.
Stockholders’ Equity
Stockholders’ equity experienced consistent growth from 2021 to 2025. This growth was primarily driven by increases in additional paid-in capital and retained earnings. Retained earnings demonstrated a strong upward trend, reflecting the company’s profitability. Accumulated other comprehensive income (loss) fluctuated, moving from a loss position to a positive balance by 2025. Treasury stock consistently decreased, indicating share repurchases, which reduced equity.
Total Liabilities
Total liabilities increased from US$6,666,000 thousand in 2021 to US$9,301,800 thousand in 2025, representing a substantial increase over the five-year period. The growth was more pronounced in the later years, driven by the expansion of both current and noncurrent liabilities.
Total Liabilities and Stockholders’ Equity
The combined value of total liabilities and stockholders’ equity increased steadily from US$25,434,800 thousand in 2021 to US$40,558,700 thousand in 2025. This indicates overall growth in the company’s financial size and scale.

The company appears to be increasingly reliant on liabilities to fund its operations and growth, as evidenced by the faster growth rate of liabilities compared to stockholders’ equity. The significant increase in other noncurrent liabilities warrants further investigation to understand the underlying drivers and potential risks.