Regeneron Pharmaceuticals Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	4,412,600)	3,953,600)	4,338,400)	8,075,300)	3,513,200)
Net noncash charges	626,200)	734,500)	919,800)	922,500)	608,500)
Changes in assets and liabilities	(618,300)	(94,100)	(243,300)	(1,916,500)	(1,503,600)
Net cash provided by operating activities	4,420,500)	4,594,000)	5,014,900)	7,081,300)	2,618,100)
Cash paid for interest, net of amounts capitalized, net of tax¹	48,550)	68,787)	47,954)	48,323)	21,390)
Capital expenditures	(755,900)	(718,600)	(590,100)	(551,900)	(614,600)
Proceeds from sale of property, plant, and equipment	20,100)	—)	—)	—)	—)
Free cash flow to the firm (FCFF)	3,733,250)	3,944,187)	4,472,754)	6,577,723)	2,024,890)

Based on: 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), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Regeneron Pharmaceuticals Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Regeneron Pharmaceuticals Inc. FCFF decreased from 2022 to 2023 and from 2023 to 2024.

Regeneron Pharmaceuticals Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	7.70%	5.90%	10.70%	13.40%	7.80%
Interest Paid, Net of Tax
Cash paid for interest, net of amounts capitalized, before tax	52,600)	73,100)	53,700)	55,800)	23,200)
Less: Cash paid for interest, net of amounts capitalized, tax²	4,050)	4,313)	5,746)	7,477)	1,810)
Cash paid for interest, net of amounts capitalized, net of tax	48,550)	68,787)	47,954)	48,323)	21,390)

Based on: 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), 10-K (reporting date: 2020-12-31).

¹ See details »

² 2024 Calculation
Cash paid for interest, net of amounts capitalized, tax = Cash paid for interest, net of amounts capitalized × EITR
= 52,600 × 7.70% = 4,050

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Regeneron Pharmaceuticals Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	69,784,067)
Free cash flow to the firm (FCFF)	3,733,250)
Valuation Ratio
EV/FCFF	18.69
Benchmarks
EV/FCFF, Competitors¹
AbbVie Inc.	20.76
Amgen Inc.	15.63
Bristol-Myers Squibb Co.	10.20
Danaher Corp.	28.93
Eli Lilly & Co.	202.28
Gilead Sciences Inc.	18.99
Johnson & Johnson	18.43
Merck & Co. Inc.	26.68
Pfizer Inc.	30.93
Thermo Fisher Scientific Inc.	26.13
Vertex Pharmaceuticals Inc.	33.48
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	27.78
EV/FCFF, Industry
Health Care	24.71

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Regeneron Pharmaceuticals Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	72,047,086)	94,631,456)	80,327,035)	64,555,508)	52,128,277)
Free cash flow to the firm (FCFF)²	3,733,250)	3,944,187)	4,472,754)	6,577,723)	2,024,890)
Valuation Ratio
EV/FCFF³	19.30	23.99	17.96	9.81	25.74
Benchmarks
EV/FCFF, Competitors⁴
AbbVie Inc.	20.05	14.89	12.15	13.18	13.95
Amgen Inc.	15.35	22.22	16.01	15.82	14.51
Bristol-Myers Squibb Co.	—	9.14	13.87	10.52	11.63
Danaher Corp.	28.93	36.34	25.74	28.25	30.66
Eli Lilly & Co.	200.93	655.33	59.14	38.37	39.01
Gilead Sciences Inc.	—	13.41	13.58	8.42	13.60
Johnson & Johnson	18.16	19.30	23.80	21.25	20.75
Merck & Co. Inc.	—	37.84	19.09	23.27	34.12
Pfizer Inc.	—	32.24	9.15	8.40	21.74
Thermo Fisher Scientific Inc.	26.13	28.85	31.61	33.14	26.14
Vertex Pharmaceuticals Inc.	—	29.45	16.68	22.47	16.00
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	—	27.24	17.95	16.12	19.74
EV/FCFF, Industry
Health Care	—	24.06	17.76	17.08	18.03

Based on: 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), 10-K (reporting date: 2020-12-31).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 72,047,086 ÷ 3,733,250 = 19.30

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Regeneron Pharmaceuticals Inc. EV/FCFF ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical