Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Regeneron Pharmaceuticals Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported	0.40	0.42	0.63	0.50	0.53
Adjusted	0.43	0.44	0.65	0.53	0.58
Liquidity Ratio
Current Ratio
Reported	5.69	5.06	3.56	3.63	3.67
Adjusted	6.57	5.96	4.02	4.61	5.11
Solvency Ratios
Debt to Equity
Reported	0.10	0.12	0.14	0.24	0.06
Adjusted	0.12	0.13	0.15	0.25	0.07
Debt to Capital
Reported	0.09	0.11	0.13	0.20	0.06
Adjusted	0.10	0.11	0.13	0.20	0.06
Financial Leverage
Reported	1.27	1.29	1.36	1.56	1.34
Adjusted	1.27	1.28	1.33	1.49	1.21
Profitability Ratios
Net Profit Margin
Reported	30.14%	35.64%	50.25%	41.35%	26.91%
Adjusted	25.17%	27.95%	48.60%	43.32%	28.35%
Return on Equity (ROE)
Reported	15.22%	19.14%	43.03%	31.86%	19.08%
Adjusted	13.81%	15.88%	42.12%	34.23%	20.09%
Return on Assets (ROA)
Reported	11.95%	14.85%	31.75%	20.47%	14.29%
Adjusted	10.86%	12.41%	31.57%	22.97%	16.54%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Regeneron Pharmaceuticals Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Regeneron Pharmaceuticals Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Regeneron Pharmaceuticals Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Regeneron Pharmaceuticals Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Regeneron Pharmaceuticals Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total 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 adjusted total 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 adjusted total assets.	Regeneron Pharmaceuticals Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Regeneron Pharmaceuticals Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Revenues	13,117,200)	12,172,900)	16,071,700)	8,497,100)	7,863,400)
Total assets	33,080,200)	29,214,500)	25,434,800)	17,163,300)	14,805,200)
Activity Ratio
Total asset turnover¹	0.40	0.42	0.63	0.50	0.53
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted revenues²	13,155,100)	12,205,300)	15,951,500)	8,645,200)	8,157,400)
Adjusted total assets³	30,504,800)	27,490,800)	24,557,900)	16,304,400)	13,981,000)
Activity Ratio
Adjusted total asset turnover⁴	0.43	0.44	0.65	0.53	0.58

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 13,117,200 ÷ 33,080,200 = 0.40

² Adjusted revenues. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 13,155,100 ÷ 30,504,800 = 0.43

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Regeneron Pharmaceuticals Inc. adjusted total asset turnover 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
Reported
Selected Financial Data (US$ in thousands)
Current assets	19,479,200)	15,884,100)	14,014,900)	9,779,100)	7,689,100)
Current liabilities	3,423,400)	3,141,300)	3,932,500)	2,697,400)	2,096,600)
Liquidity Ratio
Current ratio¹	5.69	5.06	3.56	3.63	3.67
Adjusted
Selected Financial Data (US$ in thousands)
Current assets	19,479,200)	15,884,100)	14,014,900)	9,779,100)	7,689,100)
Adjusted current liabilities²	2,964,500)	2,663,400)	3,490,500)	2,119,700)	1,504,900)
Liquidity Ratio
Adjusted current ratio³	6.57	5.96	4.02	4.61	5.11

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 19,479,200 ÷ 3,423,400 = 5.69

² Adjusted current liabilities. See details »

³ 2023 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 19,479,200 ÷ 2,964,500 = 6.57

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Regeneron Pharmaceuticals Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt	2,702,900)	2,701,400)	2,699,700)	2,695,700)	713,900)
Stockholders’ equity	25,973,100)	22,664,000)	18,768,800)	11,025,300)	11,089,700)
Solvency Ratio
Debt to equity¹	0.10	0.12	0.14	0.24	0.06
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	2,790,600)	2,769,600)	2,767,900)	2,763,900)	782,100)
Adjusted stockholders’ equity³	23,983,300)	21,488,000)	18,407,200)	10,942,100)	11,509,000)
Solvency Ratio
Adjusted debt to equity⁴	0.12	0.13	0.15	0.25	0.07

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 2,702,900 ÷ 25,973,100 = 0.10

² Adjusted total debt. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 2,790,600 ÷ 23,983,300 = 0.12

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Regeneron Pharmaceuticals Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt	2,702,900)	2,701,400)	2,699,700)	2,695,700)	713,900)
Total capital	28,676,000)	25,365,400)	21,468,500)	13,721,000)	11,803,600)
Solvency Ratio
Debt to capital¹	0.09	0.11	0.13	0.20	0.06
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	2,790,600)	2,769,600)	2,767,900)	2,763,900)	782,100)
Adjusted total capital³	26,773,900)	24,257,600)	21,175,100)	13,706,000)	12,291,100)
Solvency Ratio
Adjusted debt to capital⁴	0.10	0.11	0.13	0.20	0.06

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,702,900 ÷ 28,676,000 = 0.09

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 2,790,600 ÷ 26,773,900 = 0.10

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Regeneron Pharmaceuticals Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total assets	33,080,200)	29,214,500)	25,434,800)	17,163,300)	14,805,200)
Stockholders’ equity	25,973,100)	22,664,000)	18,768,800)	11,025,300)	11,089,700)
Solvency Ratio
Financial leverage¹	1.27	1.29	1.36	1.56	1.34
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	30,504,800)	27,490,800)	24,557,900)	16,304,400)	13,981,000)
Adjusted stockholders’ equity³	23,983,300)	21,488,000)	18,407,200)	10,942,100)	11,509,000)
Solvency Ratio
Adjusted financial leverage⁴	1.27	1.28	1.33	1.49	1.21

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 33,080,200 ÷ 25,973,100 = 1.27

² Adjusted total assets. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 30,504,800 ÷ 23,983,300 = 1.27

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Regeneron Pharmaceuticals Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
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
Selected Financial Data (US$ in thousands)
Adjusted net income²	3,311,600)	3,411,800)	7,752,500)	3,745,100)	2,312,600)
Adjusted revenues³	13,155,100)	12,205,300)	15,951,500)	8,645,200)	8,157,400)
Profitability Ratio
Adjusted net profit margin⁴	25.17%	27.95%	48.60%	43.32%	28.35%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × 3,953,600 ÷ 13,117,200 = 30.14%

² Adjusted net income. See details »

³ Adjusted revenues. See details »

⁴ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenues
= 100 × 3,311,600 ÷ 13,155,100 = 25.17%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total 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
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
Selected Financial Data (US$ in thousands)
Adjusted net income²	3,311,600)	3,411,800)	7,752,500)	3,745,100)	2,312,600)
Adjusted stockholders’ equity³	23,983,300)	21,488,000)	18,407,200)	10,942,100)	11,509,000)
Profitability Ratio
Adjusted ROE⁴	13.81%	15.88%	42.12%	34.23%	20.09%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 3,953,600 ÷ 25,973,100 = 15.22%

² Adjusted net income. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 3,311,600 ÷ 23,983,300 = 13.81%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total 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
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
Selected Financial Data (US$ in thousands)
Adjusted net income²	3,311,600)	3,411,800)	7,752,500)	3,745,100)	2,312,600)
Adjusted total assets³	30,504,800)	27,490,800)	24,557,900)	16,304,400)	13,981,000)
Profitability Ratio
Adjusted ROA⁴	10.86%	12.41%	31.57%	22.97%	16.54%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 3,953,600 ÷ 33,080,200 = 11.95%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 3,311,600 ÷ 30,504,800 = 10.86%

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

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Regeneron Pharmaceuticals Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)