Regeneron Pharmaceuticals Inc., current enterprise value calculation

Current share price (P)	$701.85
No. shares of common stock outstanding	109,889,531
US$ in thousands
Common equity (market value)¹	77,125,967)
Add: Preferred Stock, par value $.01 per share; issued and outstanding: none (per books)	—)
Total equity	77,125,967)
Add: Finance lease liabilities, current portion (per books)	—)
Add: Long-term debt (per books)	1,982,900)
Add: Finance lease liabilities, excluding current portion (per books)	720,000)
Total equity and debt	79,828,867)
Less: Cash and cash equivalents	2,730,000)
Less: Marketable securities	8,114,800)
Enterprise value (EV)	68,984,067)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 701.85 × 109,889,531

Regeneron Pharmaceuticals Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$936.33	$780.86	$622.36	$494.90	$381.87
No. shares of common stock outstanding¹	109,761,896	109,325,532	108,539,282	107,131,899	110,019,809
US$ in thousands
Common equity (market value)³	102,773,356)	85,367,935)	67,550,508)	53,019,577)	42,013,264)
Add: Preferred Stock, par value $.01 per share; issued and outstanding: none (book value)	—)	—)	—)	—)	—)
Total equity	102,773,356)	85,367,935)	67,550,508)	53,019,577)	42,013,264)
Add: Finance lease liabilities, current portion (book value)	—)	—)	719,700)	—)	—)
Add: Long-term debt (book value)	1,982,900)	1,981,400)	1,980,000)	1,978,500)	—)
Add: Finance lease liabilities, excluding current portion (book value)	720,000)	720,000)	—)	717,200)	713,900)
Total equity and debt	105,476,256)	88,069,335)	70,250,208)	55,715,277)	42,727,164)
Less: Cash and cash equivalents	2,730,000)	3,105,900)	2,885,600)	2,193,700)	1,617,800)
Less: Marketable securities	8,114,800)	4,636,400)	2,809,100)	1,393,300)	1,596,500)
Enterprise value (EV)	94,631,456)	80,327,035)	64,555,508)	52,128,277)	39,512,864)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 936.33 × 109,761,896

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Regeneron Pharmaceuticals Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

Enterprise Value (EV)