Regeneron Pharmaceuticals Inc., adjustment to net income

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (as reported)	3,953,600)	4,338,400)	8,075,300)	3,513,200)	2,115,800)
Add: Unrealized gain (loss) on debt securities	158,200)	(213,600)	(56,400)	9,100)	35,900)
Net income (adjusted)	4,111,800)	4,124,800)	8,018,900)	3,522,300)	2,151,700)

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Regeneron Pharmaceuticals Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	30.14%	35.64%	50.25%	41.35%	26.91%
Adjusted net profit margin	31.35%	33.89%	49.89%	41.45%	27.36%
Return on Equity (ROE)
Reported ROE	15.22%	19.14%	43.03%	31.86%	19.08%
Adjusted ROE	15.83%	18.20%	42.72%	31.95%	19.40%
Return on Assets (ROA)
Reported ROA	11.95%	14.85%	31.75%	20.47%	14.29%
Adjusted ROA	12.43%	14.12%	31.53%	20.52%	14.53%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Regeneron Pharmaceuticals Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Regeneron Pharmaceuticals Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Regeneron Pharmaceuticals Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income	3,953,600)	4,338,400)	8,075,300)	3,513,200)	2,115,800)
Revenues	13,117,200)	12,172,900)	16,071,700)	8,497,100)	7,863,400)
Profitability Ratio
Net profit margin¹	30.14%	35.64%	50.25%	41.35%	26.91%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	4,111,800)	4,124,800)	8,018,900)	3,522,300)	2,151,700)
Revenues	13,117,200)	12,172,900)	16,071,700)	8,497,100)	7,863,400)
Profitability Ratio
Adjusted net profit margin²	31.35%	33.89%	49.89%	41.45%	27.36%

2023 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenues
= 100 × 3,953,600 ÷ 13,117,200 = 30.14%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 4,111,800 ÷ 13,117,200 = 31.35%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Regeneron Pharmaceuticals Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income	3,953,600)	4,338,400)	8,075,300)	3,513,200)	2,115,800)
Stockholders’ equity	25,973,100)	22,664,000)	18,768,800)	11,025,300)	11,089,700)
Profitability Ratio
ROE¹	15.22%	19.14%	43.03%	31.86%	19.08%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	4,111,800)	4,124,800)	8,018,900)	3,522,300)	2,151,700)
Stockholders’ equity	25,973,100)	22,664,000)	18,768,800)	11,025,300)	11,089,700)
Profitability Ratio
Adjusted ROE²	15.83%	18.20%	42.72%	31.95%	19.40%

2023 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 3,953,600 ÷ 25,973,100 = 15.22%

² Adjusted ROE = 100 × Adjusted net income ÷ Stockholders’ equity
= 100 × 4,111,800 ÷ 25,973,100 = 15.83%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Regeneron Pharmaceuticals Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income	3,953,600)	4,338,400)	8,075,300)	3,513,200)	2,115,800)
Total assets	33,080,200)	29,214,500)	25,434,800)	17,163,300)	14,805,200)
Profitability Ratio
ROA¹	11.95%	14.85%	31.75%	20.47%	14.29%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	4,111,800)	4,124,800)	8,018,900)	3,522,300)	2,151,700)
Total assets	33,080,200)	29,214,500)	25,434,800)	17,163,300)	14,805,200)
Profitability Ratio
Adjusted ROA²	12.43%	14.12%	31.53%	20.52%	14.53%

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 3,953,600 ÷ 33,080,200 = 11.95%

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 4,111,800 ÷ 33,080,200 = 12.43%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Regeneron Pharmaceuticals Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

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