Regeneron Pharmaceuticals Inc., current enterprise value calculation

Current share price (P)	$737.45
No. shares of common stock outstanding	105,719,806
US$ in thousands
Common equity (market value)¹	77,963,071)
Add: Preferred Stock, par value $.01 per share; issued and outstanding: none (per books)	—)
Total equity	77,963,071)
Add: Finance lease liabilities, current portion (per books)	—)
Add: Long-term debt (per books)	1,985,900)
Add: Finance lease liabilities, excluding current portion (per books)	720,000)
Total equity and debt	80,668,971)
Less: Cash and cash equivalents	3,118,100)
Less: Marketable securities	5,487,100)
Enterprise value (EV)	72,063,771)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 737.45 × 105,719,806

Regeneron Pharmaceuticals Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$775.06	$716.72	$936.33	$780.86	$622.36
No. shares of common stock outstanding¹	105,719,806	109,324,682	109,761,896	109,325,532	108,539,282
US$ in thousands
Common equity (market value)³	81,939,193)	78,355,186)	102,773,356)	85,367,935)	67,550,508)
Add: Preferred Stock, par value $.01 per share; issued and outstanding: none (book value)	—)	—)	—)	—)	—)
Total equity	81,939,193)	78,355,186)	102,773,356)	85,367,935)	67,550,508)
Add: Finance lease liabilities, current portion (book value)	—)	—)	—)	—)	719,700)
Add: Long-term debt (book value)	1,985,900)	1,984,400)	1,982,900)	1,981,400)	1,980,000)
Add: Finance lease liabilities, excluding current portion (book value)	720,000)	720,000)	720,000)	720,000)	—)
Total equity and debt	84,645,093)	81,059,586)	105,476,256)	88,069,335)	70,250,208)
Less: Cash and cash equivalents	3,118,100)	2,488,200)	2,730,000)	3,105,900)	2,885,600)
Less: Marketable securities	5,487,100)	6,524,300)	8,114,800)	4,636,400)	2,809,100)
Enterprise value (EV)	76,039,893)	72,047,086)	94,631,456)	80,327,035)	64,555,508)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 775.06 × 105,719,806

The enterprise value exhibited a generally increasing trend from 2021 to 2023, followed by declines in the subsequent two years. A consistent relationship exists between common equity (market value), total equity, and enterprise value throughout the observed period.

Enterprise Value Trend: Enterprise value increased from US$64.56 billion in 2021 to US$94.63 billion in 2023, representing a compound annual growth rate of approximately 13.7%. However, a decrease was observed in 2024, with enterprise value falling to US$72.05 billion, and this downward trend continued into 2025, reaching US$76.04 billion. The decline from the 2023 peak to 2025 represents a decrease of approximately 19.7%.
Equity and Debt Relationship: Total equity and debt consistently exceeded total equity throughout the period, indicating the presence of debt financing. The difference between total equity and total equity and debt represents the total debt. This total debt component appears to have a relatively stable contribution to the overall enterprise value.
Common Equity and Enterprise Value: Common equity (market value) and enterprise value moved in a similar pattern over the five years. The enterprise value consistently remained below the common equity (market value), suggesting a net cash position or a relatively low debt level when compared to market capitalization. The correlation between these two metrics suggests that changes in investor perception of the company’s equity value directly influence the enterprise value.

The fluctuations in enterprise value from 2023 to 2025 warrant further investigation to determine the underlying causes, such as changes in market conditions, company performance, or debt levels. The consistent relationship between equity components and enterprise value suggests that valuation is heavily influenced by equity market dynamics.

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Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)